Any kind of task in this world that keeps the nature of a business in itself is called entrepreneurship. We can also define this term in this way that,
“The process of setting up a business is called entrepreneurship.”
Now the most asking thing is this who is the guy who sets up this entrepreneurship, the man is called an entrepreneur who runs a business to generate more revenue than investment. The entrepreneur plays a role of an innovator, a source of new ideas and, provides his services. Successful entrepreneurship rewards a man with profit, fame, and continued growth opportunity.
4 types of Entrepreneurship
1. Small business entrepreneurship:-
It includes all small businesses around us in form of small stores and shops like grocery stores, carpenters, small hotels, stationery stores, sports goods, and all goods use in our daily life. To run their businesses, these people hire their family members or employers. The revenue that is generated from this type of business is just suitable to feed a family but this type of entrepreneurship would not make one’s millionaire. These entrepreneurs also take loans from their families and friends to drive their businesses persistently.
2. Scalable startup entrepreneurship:-
This type of entrepreneur thinks that their vision can change the world. For the sake of practical implementation of their thoughts, they contact such type of people who think out of the box and then these entrepreneurs persuade them to invest their money in their ideas. They try to hire the best and shiny employees for their projects.
3. Large scale entrepreneurship:-
These large-scale companies try to improve the lifestyle of a society. For this purpose, they offer innovative products that might be upgraded versions of their previous products. They keep a birds-eye view on competition in the market and try to survive in the market because it builds large pressures on these companies. They take a survey on customer preferences and try to take a product in the market according to these requirements. As technology changes so fast, they try to.
4. Social entrepreneurship:-
This type of entrepreneur only works for society. Profit-making is not their goal. They launch such products that could fulfill the consumers’ demand. They try to resolve the issues of society.
Importance of entrepreneurship:-
- Creation of employment: As employment is a common issue worldwide. Entrepreneurship help to decline the employment level. How it is happen? Because a new freshman in either skill wants to experience as well as a source of income. Entrepreneurship provides this opportunity to all the newbies to come and get experience. So it creates an environment of mutual benefit between a newbie and company because, in this policy, the company gets employers to get their services to generate revenue.
- Innovation: It is the hub of innovation. When an innovative product is launched in the market, it motivates other rivals to make some more good products that may compete with other products. It leads to a competitive society. The more a society is competitive, the more developed it is!
- Support research and development: Every product that is being launched in the market should be tested before promoting. For this purpose, entrepreneurs contact research institutes to refine their products. It causes research development in a nation. It fosters assessment in the right direction on anything in society. It throws a very positive impact on society and enhances the intellectual level of society.