1. What is entrepreneurship?

 Entrepreneurship is the ability and readiness to develop, organize and run a business
enterprise, along with any of its uncertainties in order to make a proof in order to make a
profit.
 In economics, entrepreneurship connected with land, labour, natural resources and capital can generate a profit.
The entrepreneurial vision is defined by discovery and risk-taking and is an indispensable part of a nation’s
capacity to succeed in an ever-changing and more competitive global marketplace.
 FATHER OF ENTREPRENEURSHIP: Joseph Alois Schumpeter is regarded as the father of
entrepreneurship. He introduced the concept of entrepreneurship.
 What are the two main types of entrepreneurship: There are many types of entrepreneurship, two
examples of such are:
I. Small business entrepreneurship
II. Large company entrepreneurship
 What are the key concepts of entrepreneurship?
The 4 key concepts of entrepreneurship are as follows:
1.Innovation
2.Risk taking
3.Vision
4.Organisation

2. What are entrepreneur traits?

1.Passion

2.Risk taking ability

3.Persisting nature

4.Innovative

5.Leading from the front

6.Ethical in nature

3. Meaning of Entrepreneur.
 The entrepreneur is defined as someone who has the ability and desire to establish, administer and succeed in a
startup venture along with risk entitled to it, to make profits. The entrepreneurs are often known as a source of
new ideas or innovators, and bring new ideas in the market by replacing old with a new invention.

 It can be classified into small or home business to multinational companies. In economics, the profits that an
entrepreneur makes is with a combination of land, natural resources, labour and capital.

 In a nutshell, anyone who has the will and determination to start a new company and deals with all the risks that
go with it can become an Entrepreneur.

4. It is classified into the following types:

. Small Business Entrepreneurship-

These businesses are a hairdresser, grocery store, travel agent, consultant, carpenter, plumber, electrician, etc. These
people run or own their own business and hire family members or local employee. For them, the profit would be able to
feed their family and not making 100 million business or taking over an industry. They fund their business by taking small
business loans or loans from friends and family.

. Scalable Startup Entrepreneurship: This start-up entrepreneur starts a business knowing that their vision can change the
world. They attract investors who think and encourage people who think out of the box. The research focuses on a scalable
business and experimental models, so, they hire the best and the brightest employees. They require more venture capital
to fuel and back their project or business.

. Large Company Entrepreneurship- These huge companies have defined life-cycle. Most of these companies grow and
sustain by offering new and innovative products that revolve around their main products. The change in technology,
customer preferences, new competition, etc., build pressure for large companies to create an innovative product and sell it
to the new set of customers in the new market. To cope with the rapid technological changes, the existing organisations
either buy innovation enterprises or attempt to construct the product internally.

. Social Entrepreneurship- This type of entrepreneurship focuses on producing product and services that resolve social
needs and problems. Their only motto and goal is to work for society and not make any profits

. Characteristics of Entrepreneurship:
.Ability to take a risk- Starting any new venture involves a considerable amount of failure risk. Therefore, an entrepreneur
needs to be courageous and able to evaluate and take risks, which is an essential part of being an entrepreneur.

.Innovation- It should be highly innovative to generate new ideas, start a company and earn profits out of it. Change can be
the launching of a new product that is new to the market or a process that does the same thing but in a more efficient and
economical way.

.Visionary and Leadership quality- To be successful, the entrepreneur should have a clear vision of his new venture.
However, to turn the idea into reality, a lot of resources and employees are required. Here, leadership quality is paramount
because leaders impart and guide their employees towards the right path of success.

.Open-Minded- In a business, every circumstance can be an opportunity and used for the benefit of a company. For
example, Paytm recognised the gravity of demonetization and acknowledged the need for online transactions would be
more, so it utilised the situation and expanded massively during this time.

Importance of Entrepreneurship:

Creation of Employment- Entrepreneurship generates employment. It provides an entry-level job, required for gaining
experience and training for unskilled workers.

Innovation- It is the hub of innovation that provides new product ventures, market, technology and quality of goods, etc.,
and increase the standard of living of people.

Impact on Society and Community Development- A society becomes greater if the employment base is large and
diversified. It brings about changes in society and promotes facilities like higher expenditure on education, better
sanitation, fewer slums, a higher level of homeownership. Therefore, entrepreneurship assists the organisation towards a
more stable and high quality of community life

Conclusion: At last, I want to conclude that entrepreneurship is the future and will help to establish new opportunities
and businesses that will globally provide a platform for upcoming entrepreneurs to share their ideas and skills to benefit
the whole community. If provided proper resources one can set the bar for our future generation that will surely invent
new technologies and skills for a better future that no one has ever imagined.