An engine that creates growth in an economy. Entrepreneurs have the willingness and capacity to develop, manage and organise a business venture to make the profit. In management colleges, we all study about the four major factors of production which are Land, Labour, Capital and Entrepreneur. An entrepreneur is the one who manages all other production factors efficiently and gives innovation in product or services. Here are the 3 R’s of Entrepreneurship-
Entrepreneurs are risk takers and go through various uncertainties in the business. It is not guaranteed that the business will work or not. Sometimes they may end up losing their money or may get loads of profit.
Entrepreneurs have an intelligent mind. They play with limited resources and make the best possible output of what they had. One has to be willing to do more with less if thinking of becoming an entrepreneur.
Entrepreneurs invest money in their own business, and there are possibilities of making endless money if resources are utilised efficiently. They also be the resources of other people by providing employment opportunities.