Entrepreneurship is an economic activity done to earn profit.
It means finding new ideas or opportunities in the market.
It involves starting and running a business.
Entrepreneurship includes creating new products or services.
It is done under risk and uncertainty.
Activities that human beings perform in daily life are called human activities.
Human activities are divided into two types:
A job means working for someone else (company/organization) in return for a fixed salary or wages.
Fixed working hours
Work time is mostly defined (e.g., 9–5).
Extra work after hours is not a daily routine.
Category A: no savings, low-paying jobs, casual work
Category B: some savings, works for others, salary/wages, employee/manager
Category C: own business/shop, profit, self-employed, solopreneur
Self-employed: own clinic/business, works for self
Meaning: Business that is owned, managed, and controlled by women.
Govt. of India definition:
Women must have at least 51% financial interest (capital).
Enterprise should give at least 51% of employment to women.
Schumpeter definition (simple):
Introduced by Burgelman.
Business is owned by a corporate organization.
An individual uses innovation and managerial skills.
Organizes, manages, and controls a large corporate enterprise.
1.4.3 Based on use of Technology
(a) Technical Entrepreneurship deals with establishing and running industry
based on science and technology. They use innovative methods of
production.
(b) Non-Technical Entrepreneurship is concerned with the use of alternative
and imitative methods of marketing and distribution strategies to make
Related to agriculture and farming.
Includes crop cultivation and farming.
Involves storage, processing, and marketing of farm products.
Uses irrigation systems.
Applies modern tools, machinery, and technology.
Innovative Entrepreneurship – Points for Notes
Innovative entrepreneurship means starting a business with new ideas.
The entrepreneur creates something different, not a copy.
They turn ideas into a successful business.
They introduce new products or services.
They use creative marketing methods.
