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What is entrepreneurship? Explain its various types. 

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Explain the various types of entrepreneurship.

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Entrepreneurship: 

Entrepreneurship is the art of self-managing a business, setting up new enterprises that equally contains risk. Prof. Uday Pareek and Manohar Nadkarni have explained this in simple terms and said that. “Entrepreneurship means the general tendency in the society to set up new enterprises”.

Types of Entrepreneurship are: 

(1) On the basis of size: 

1. Large-Scale Industry – 

A type of business that requires capital in a large amount, big machines are used, also labour is used in an equally large amount, the people employed for the tasks are highly skilled and qualified. 

2. Small-Scale Industry – 

A type of business that requires capital in small amount and people of a single-family along some with the help of some hired workers ensure production according to the requirements of local markets or regional markets.

(2) Based on Capital Ownership: 

1. Private Entrepreneurship – 

The type of business in which the risks are borne by a single person, and the capital invested are also borne by a single person only. 

2. Joint-Venture Entrepreneurship – 

The type of entrepreneurship, in which the government and a privately-owner enterprise jointly collect the limited capital is known as joint venture entrepreneurship. The government tries to bring growth and development through this. 

3. Co-operative Entrepreneurship – 

Such an enterprise in which the business is operated and formed with the objective of co-operativeness is called cooperative entrepreneurship. The most prominent example of co-operative entrepreneurship is the cooperative of ‘Lijjat papad’ set up by women entrepreneurs.

(3) On the Basis of Leadership: 

1. Individual Entrepreneurship – 

The Entrepreneurship in which the single individual takes the entire decision is called Individual Entrepreneurship. 

2. Group Entrepreneurship – 

A type of Entrepreneurship, in which, more than one persons manage and operate the business and take decisions. In this organization, founders and managers are specialists.

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