Entrepreneurship is the powerful process of creating progressive wealth and remodeling things of value that have relevance on the welfare of an entrepreneur. Entrepreneurship is the activity of emplacing a business or businesses, taking on financial risks in the hope of profit. We can say that “Entrepreneurship” is the creation or withdrawal of ethic.
Entrepreneurship is the ability and accessible to develop, organize and run a business enterprise, along with any of its unpredictability in order to make a profit. The most notable example of entrepreneurship is to raise a new business.
In economics, entrepreneurship connected with natural resources, land, labour can give rise a profit.
Entrepreneur is basically someone who is capable to establish, supervise and succeed in bringing up a “New business” to make profits while taking risks. The entrepreneurs are also known “origin or innovators of creating new ideas and to bring new set ups in market places”.
Essential types of Entrepreneurship:
Entrepreneurship can be classified into four main types.
1: Small Business Entrepreneurship:
The person who create his/ her own business in small scale or they may hire a member from their own family or any local employee like a grocery store, hairdresser, carpenter, travel agent, consultant, plumber, electrician etc are included in this category. Such people are unable to make their business very profitable. They can’t become millionaire or billionaire. They may need to progress their business by taking loans from their family members or their relatives.
2: Calculable Startup Entrepreneurship:
The persons including in this type of category are confident in themselves by thinking that they will surely change the vision and the way of thinking of the world. They mold the thinking of the capitalists and keep on focusing to experiment the models by hiring the best and most brilliant employees. They require more roots to fuel and bring up their projects.
3: Large company Entrepreneurship:
The companies come in such type of category are known by offering new and innovative main products. The main pressure on such companies are of grand competition, customer satisfaction and off and on changes in the technologies; so such companies or entrepreneurs try to create new sets in the big/ famous market places. To subsist with the existing organizations and rapid changes in the technologies, the companies try to innovate or construct new and advanced products internally.
4: Social Entrepreneurship:
There are many different entrepreneurs who try to focus on creating the products which can resolve or sort out social problems and requirements. Their only aim is to do work socially not profitably.
On the whole, every entrepreneur is successful if he/ she has definite goal , ability to take risk, leadership qualities, innovation, open- mindedness, flexibility and knowledge of the products. Entrepreneurship increases the rate of employment and its focal point is to introduce new products in the market with advance features and qualities of the products. Entrepreneurship increases the living- standard of a person by raising the income level. An entrepreneur also shares out the research for finance and development of the institutions and in the economy.