Mppsc, Paper-4, Part-B, Unit-1, (Upadated _2024-25), §Concept & Significance of Entrepreneurship§



§Meaning:-     ∆} " Entrepreneurship is the ability and readiness to develop, organize & run a business enterprise, along with any of its uncertainties in order to make a profit."

∆} The most prominent example of entrepreneurship is that - the starting of new business.




§Types:-  There're four types of Entrepreneurship-

1) Small Business Entrepreneurship :-   ×}These business are a hairdresser, grocery store, travel agent, carpenter etc.
×} These people run their own business & hire family members & local employees.


2) Scalable Start-up Entrepreneurship :-  ×} This start-up entrepreneur starts a business knowing that their vision can change the world.
×} They attract investors who think & encourage people who think out of the box.


3) Large Company Entrepreneurship :- ×} These huge companies have defined the life-cycle.
×} Most of these companies grow & sustain by offering new & innovative products that revolve around their main products.


4) Social Entrepreneurship :- ×} This type of entrepreneurship focuses on producing products & services that solve the social needs & problems.
×} There only goal is that - To work for society & not make any profit.



 

§Characteristics:- ∆} To be successful, the entrepreneur should have a clear vision.

∆} In a business, every circumstance can be an opportunity & used for the benifit of profit. For instance-Paytm.

∆} An entrepreneur should be flexible & open to change as per situation.

∆} Entrepreneur should have highly innovative to generate new ideas, start a company & earn profit out of it.

∆} Business involves a considerable amount of failure risk, therefore an entrepreneur should have ability to take risk.





§Importance :- ∆} Entrepreneurship generates employment.
∆} It is a hub of innovation, that provides new-product venture, market, technology & quality of goods etc.

∆} A society becomes greater if employment base is large & diversed.

∆} Entrepreneurship helps to improve the standerd of living of person by increasing of income.

∆} Entrepreneurship drives economic growth & creates new job.

§ Way forward:- ∆} Be creative - It is a part of entrepreneurship, as it helps you identify and take advantages of opportunities.
∆} Develop Skills - Enhance your knowledge, build your network and develop your leadership skills.








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