Characteristics of entrepreneurship :
1. Systematic Activity: Entrepreneurship is a systematic, step-by-step and purposeful activity. It has certain temperamental, skill and other knowledge and competency requirements that can be acquired, learnt and developed, both by formal educational and vocational training as well as by observation and work experience.
2. Lawful and Purposeful Activity: The object of entrepreneurship is lawful business.
3. Innovation: From the point of view of the firm, innovation may be cost saving or revenue enhancing, Entrepreneurship is creative in the sense that it involves creation of value.
4. Organisation of Production: Production, implying creation of form, place, time personal utility, requires the combined utilisation of diverse factors of production, land, labour, capital and technology. Entrepreneur, in response to a perceived business opportunity mobilises these resources into a productive enterprise or firm.
5. Risk-taking: As the entrepreneur contracts for an assured supply of the various inputs for his project, the risk of paying them off whether or not the venture succeeds.
It is generally believed that entrepreneurs take high risks.
