Economic Activities
Done with the aim of earning money
Involves production, distribution, or exchange of goods/services
Helps in livelihood and economic growth
Examples: farming, teaching (job), running a shop, working in an office, factory work
Result: Income (wages, salary, profit)
1. Private Entrepreneur
A person who starts and manages a business alone
No government involvement
Takes all the risk
Enjoys all the profit
2. Public Entrepreneur
ON THE BASIS OF NATURE OF THE ENTERPRISE
1. Trading EntrepreneurA trading entrepreneur is a middleman between manufacturers and customers. They buy products and sell them to customers. Their main work is procuring (buying) goods and making them available to final customers.
2. Manufacturing EntrepreneurA manufacturing entrepreneur produces goods by converting raw materials into finished products. They identify what customers need and create those products to meet demand.
3. Business Entrepreneur
A business entrepreneur is a broad term that includes both trading and manufacturing entrepreneurs. They come up with an idea to start a new business and turn that idea into reality, whether it is small or large.
On the basis of depth of technology employed:
A successful entrepreneur must have an entrepreneurial spirit (a strong mindset to succeed). There is no fixed rule to become successful, but some important qualities help:
1. Desire to Work
Must have a strong wish to work
Should have determination to succeed
