Salient Features of Entrepreneurship

Question 1

What are the Salient Features of Entrepreneurship

Answer 1

1. It is an art of correct practice.
2. It is a wealth creating venture
3. It provides goods and services.
4. It entails opening and managing self-owned enterprise
5. It is a risk-taking venture.

Question 2

Entrepreneurship is an art- it is dynamic that if political, social, economic activities change
entrepreneurial activities will eventually change.
Entrepreneurship is closely related to creativity. Creativity results in new ideas which are the
backbone of entrepreneurship.
Art in entrepreneurship is also related to correct practice or ways of carrying out entrepreneurial
activities.
This means that the owner has the freedom to manage and operate his/her business, however,
has to perform the entrepreneurial activities correct regardless of whether they are undertaken
easily or not.

Answer 2

. It is an art of correct practice.

Question 3

improvement in the quality of life of the owner and
cascade to the development of the local economy and eventually the of the whole country.

Answer 3

wealth creating venture

Question 4

When the customers are satisfied or delighted with the products and services offered by an
entrepreneur, the customers will patronize the product, there will be repeat purchases, is also its
owner.

Answer 4

It provides goods and services.

Question 5

The feature highlights the concept of opening-self owned; it is plainly about ownership
The business is considered as self-owned when the person managing its daily activities.

Answer 5

It entails opening and managing self-owned enterprise

Question 6

Risk is inherent in an entrepreneurial venture.
Risk cannot be detached from any entrepreneurial venture; the only way to remove the risk is to
close the business venture

Answer 6

It is a risk-taking venture.