Entrepreneurship: Service to the society

The culture of a community also may influence how much entrepreneurship there is within it. Different levels of entrepreneurship may stem from cultural differences that make entrepreneurship more or less rewarding personally. A community that accords the highest status to those at the top of hierarchical organizations or those with professional expertise may discourage entrepreneurship. A culture or policy that accords high status to the ‘self-made’ individual is more likely to encourage entrepreneurship. Entrepreneurship can provide wealth in different ways. Entrepreneurship is not only an efficient tool in facing the challenges of today, but also creating potential markets for any entrepreneurial venture in both developing & developed countries. Entrepreneurship is the process of creating something new, with value, by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risk, and receiving the resulting rewards of monetary and personal satisfaction and independence. This paper emphasizes on the importance of entrepreneurship in society and what are the characteristic features of an entrepreneur which make them different from the rest of the people.