Entrepreneurship is a term that encompasses the wide range of activities, practices, and occupations involved in creating something new, while avoiding established means or institutions. Entrepreneurship is a process of innovation based on creativity, but it’s much more than just an innovative shubhodeep prasanta das activity. Here are some basic principles of entrepreneurship:
Entrepreneurship is an economic miracle
That is to say, entrepreneurs create value out of nothing. They create something from nothing that acts as a real input in the production process. Therefore, production with an entrepreneur-meaning production without entrepreneurs-is impossible. It’s a miracle because it makes possible the realization of many things that do not exist.
Entrepreneurship produces prosperity
The basic principle of entrepreneurship is that it unleashes productive forces and fulfills needs that could not be satisfied any other way. In the absence of entrepreneurship, consumers are only able to satisfy their needs through barter, gift, or theft, which means that they cannot enjoy the good things that come from creating new wealth. For entrepreneurs, however, creating more value than what has already been created is a way to increase the utility of all residents as well as of their own assets and/or capital.
An entrepreneur creates the future
An entrepreneur brings something new into the world. Entrepreneurship is not just inventing something new or creating a design or a process; rather, it is bringing that invention/design/process into being in the real world. It entails starting a business and seeking to make a profit by successfully transferring resources through time and space to create an output that did not previously exist-something we call production.
Entrepreneurship involves taking risks
An entrepreneur is someone who deals with uncertainty, because he creates something where there was nothing before. Furthermore, he cannot know everything about what he is creating; nor can he control everything that happens to the entity that he creates. There are always some leftover circumstances that will affect his entrepreneurial activity, and these circumstances can never be interpreted and predicted with an absolute degree of certainty.