Entrepreneurship is the factor that organises and co-ordinates the human and material resources in the production of goods and services. The entrepreneur can also be referred to as the innovator, risk-taker, or decision maker. He gets profit as a reward for his services, and sometimes incurs losses.
Features of Entrepreneurship
- He employs all other factors of production, including labour.
- His reward is profit.
- He bears all the risks of the business.
- He makes the decisions and also generates the ideas in the business.