Explain entrepreneurship. Describe key
entrepreneurial characteristics.
Answer: Entrepreneurs are people who assume the risk
of business ownership. Entrepreneurship is the process of seeking business
opportunities under conditions of risk. Some entrepreneurs have a goal of
independence and financial security, whereas others want to launch a new
venture that can be grown into a large business. Most successful entrepreneurs
are resourceful and concerned for customer relations. They have a strong desire
to be their own bosses and can handle ambiguity and surprises. Today's
entrepreneur is often an open-minded leader who relies on networks, business
plans, and consensus and is just as likely to be female as male. Finally,
although successful entrepreneurs understand the role of risk, they do not
necessarily regard what they do as being risky.
Source: Business Essentials, 8e (Ebert/Griffin) – Global Edition
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