1.2 Definition of entrepreneurship
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.
Profit is earned by proper use of resources.
1.3 Characteristics of Entrepreneurship
It is a profit-oriented activity.
It starts with identifying an opportunity.
It involves taking risk.
It requires best use of available resources.
It involves decision-making.
Innovation is an important part of entrepreneurship Types of Entrepreneurship (a) Innovative Entrepreneurship (b) Imitative Entrepreneurship (c) Fabian Entrepreneurship (d) Drone Entrepreneurship
Innovative entrepreneurs introduce new ideas, products, or methods.
They create new markets or change existing ones.
They find new ways to produce and market products.
Their businesses stand out and sometimes create entirely new demand.
Examples: Steve Jobs, Bill Gates.