what is entrepreneurship  , the term Entrepreneurship meaning of an entrepreneur, meaning of Entrepreneurship 

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Entrepreneurship is the ability and willingness to

  • develop
  • plan
  • and run a business venture
  • and any uncertainty of it to make a profit.
  • The most striking example of business is the start of new businesses.

Business vision is defined by acquisition and risk and is an integral part of the nation’s ability to succeed in a ever-changing and highly competitive global market environment.

What Are the 4 Types of Entrepreneurship

It is divided into the following types:

Small Businesses-

These businesses are hairdressers, grocery store, travel agent, consultant, carpenter, plumber, electrician, etc. These people run or own their own businesses and hire family members or a local worker. For them, profit would be able to support their family.

Scalable Startup Entrepreneurship-

The budding entrepreneur is starting a business knowing that their vision can change the world. They attract thoughtful investors and encourage people who think outside the box. The research focuses on risky business and experimental models,

Large Business Company-

These large companies have defined the life cycle. Most of these companies grow and continue to provide new and innovative products around their core products.

Changes in technology, customer preferences, new competition, etc., create

  • pressure on large companies to create a new product
  • and sell it to a new set of customers in a new market.

Social Entrepreneurship-

This type of business is focused on producing a product and services that address the needs and problems of the community. Their only motto and goal is to serve the community and not to make a profit.

Entrepreneurial Features:

Risk potential

Starting any new business involves a large amount of risk of failure. Therefore, an entrepreneur needs to be brave and able to assess and risk, which is an important part of being an entrepreneur.

Innovation-

It should be something very new to generate new ideas, start a company and make a profit from it. A change could be the introduction of a new product to the market or a process that does the same thing but in an effective and economical way.

Vision quality and leadership-

To make the concept a reality, more resources and staff are needed. Here, the quality of leadership is important because leaders refer and guide their employees on the right path to success.

Open Mind-

In business, all situations can be opportunityed and used for the benefit of the company. For example, Paytm recognized the difficulty of making money and acknowledged that the need for online shopping would be greater, so it took advantage of the situation and grew significantly during this time.

Flexible-

The entrepreneur should be flexible and flexible. To be on top, the entrepreneur must be equipped to accept changes in product and service, if needed.

Know your product-

It is important to know if the product or service available meets the needs of the current market. Being able to turn around and change as needed is an important part of business.

Entrepreneurship Importance:

Creating a Job –

An entrepreneur creates a job. Provides entry-level work, which is required to gain the knowledge and training of unskilled staff.

Innovation-

It is an innovation platform that provides businesses with new products, market, technology and product quality, etc., and enhances people’s quality of life.

Impact on Community and Community Development-

A community becomes larger when the employment base is large and diverse. It brings change to society and promotes institutions such as higher education costs, better sanitation, fewer shacks, a higher standard of housing.

Who is an entrepreneur

Meaning of Entrepreneur

An entrepreneur is defined as a person with the ability and desire to

  • manage and succeed in a start-up business with the appropriate risk, to make a profit.
  • establish business

An excellent business example is the start of a new business.

Entrepreneurs are often identified as the

  • source of new ideas or innovators,
  • and bring new ideas to market by replacing old ones with new ones.

It can be categorized into

  • a small or
  • domestic business in international companies.
  • In economics, the profits made by an entrepreneur include land, natural resources, labor and money.

What do you understand by term ’entrepreneur’

An entrepreneur is someone who builds a new, risky business and enjoys many rewards. The process of starting a business is known as the entrepreneurship.

An entrepreneur is often seen as the inventor, the source of new ideas, goods, services, and business and / or processes.

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