According to Wikipedia, Entrepreneurship “has traditionally been defined as the process of designing, launching and running a new business, which typically begins as a small business, such as a startup company, offering a product, process or service for sale or hire”. There are many important features of entrepreneurship that must be well-understood by all startup enthusiasts, who are working on their own business ventures, and here we will focus on the four most essential ones.

The Innovation Factor

Innovation plays key role in entrepreneurship. In order to succeed, the business ventures must aim to bringing fresh ideas, improved and unique products and innovative solutions to the marketplace. It is all about making things better through development, novelty and forward-thinking.

The Human Resource

Entrepreneurship relies excessively on the human potential. The qualities of successful entrepreneurs include talent, experience, leadership skills, creativity, and ambition for success. The list goes on and on. But every entrepreneur needs a strong team of people, who complement each others’ skills, work effectively together and share the same vision and mission as everyone else in the company. Success is a team work and the importance of the human resource shouldn’t be underestimated.

The Value

Business ventures, which are created with the mission and vision to provide products and services to their customers that will make their lives much better, are more likely to succeed. By bringing value to the clients, by solving a problem and giving optimal satisfaction for the price paid, the entrepreneurs are to create loyal customer network. And we all know how important clients are, because a venture without customers is not a business – it is just a hobby.

The Risk Capacity

Starting a business is very risky venture, built on uncertainty and probability. The amount of risk, which the entrepreneurs must take in order to achieve their goals and make their businesses profitable, defines the risk capacity. It is one of the most important features of entrepreneurship, because is inseparable past of launching and growing a company.