Understanding the Concept of Entrepreneurship Management and Its Contribution in Organization

Abstract

Entrepreneurship is the process of implementing innovative business ideas into reality and also provide solutions to challenges which may arise. There is separate dedicated team in an organization which will help the individuals to give their latest and new ideas for startups or idea of new technique and help them to convert it in reality. The team will identify all the risks that are related to that particular idea and provide solutions and helps the business to make profits. There are many types of entrepreneurships which will be discussed in detail in this paper. In order to implement new innovative ideas, the entrepreneurs will perform risk analysis and follows life cycle process and turn the idea into reality. Entrepreneurship management is the field, where the entrepreneurs perform market analysis and try to give innovative ideas for business or give solutions to improve existing ideas which in turn helps to increase the profits of the business. The paper will explain the characteristics and benefits as well as challenges of the entrepreneurship