MEANING OF ENTREPRENEURSHIP
the process of identifying opportunities, taking risks, and organising resources to create and run a business or venture with the goal of making a profit or solving a problem.
DEFINITION
the activity of creating, managing, and running a business to earn profit or provide value.
CHARACTERISTICS OF ENTREPRENEURSHIP
the qualities or traits that help a person start, manage, and grow a business successfully.
Risk-taking – willing to take calculated risks.
Innovative – comes up with new ideas or solutions.
Confident – believes in themselves and their vision.
Hardworking – dedicated and persistent.
Decision-making – able to make quick and effective choices.
Leadership – can guide and motivate others.
TYPES OF ENTREPRENEURSHIP
Innovative Entrepreneurship
Comes up with new ideas and turns them into business.
Creates new ways to sell products and sometimes creates a new market.
Example: Steve Jobs, Bill Gates
Imitative Entrepreneurship
Copies existing business ideas and improves them.
Adopts changing technologies to compete better.
Example: Small shopping complexes, small car manufacturers
Fabian Entrepreneurship
Avoids risks and innovations.
Follows old customs, traditions, or past practices.
Focuses on safe, familiar business paths.
Drone Entrepreneurship
Does not change or improve anything.
Satisfied with the current business, even if it keeps losing money.