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Entrepreneurship  The activity of setting up a business or businesses, taking on financial risks in the hope of profit.  Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are called entrepreneurs.  Entrepreneurship has been described as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit".  Entrepreneurship is the act of being an entrepreneur, or "the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits".  In economics, entrepreneurship combined with land, labor, natural resources and capital can produce profit. Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and increasingly competitive global marketplace.  The most obvious example of entrepreneurship is the starting of new businesses.

 The exploitation of entrepreneurial opportunities may include:[9] i. Developing a business plan ii. Hiring the human resources iii. Acquiring financial and material resources iv. Providing leadership v. Being responsible for both the venture's success or failure vi. Risk aversion 

A person who sets up a business or businesses, taking on financial risks in the hope of profit is called entrepreneur

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Intrapreneurship  Intrapreneurship is the act of behaving like an entrepreneur while working within a large organization. Intrapreneurship is known as the practice of a corporate management style that integrates risk-taking and innovation approaches, as well as the reward and motivational techniques that are more traditionally thought of as being the province of entrepreneurship.  Pinchot (1984) defined intrapreneurs as "dreamers who do. Those who take hands-on responsibility for creating innovation of any kind, within a business".

Types of Entrepreneurs Entrepreneurs are classified into different types based on different classifications as mentioned below:

Based on the Type of Business: 1. Trading Entrepreneur: As the name itself suggests, the trading entrepreneur undertake the trading activities. They procure the finished products from the manufacturers and sell these to the customers directly or through a retailer. These serve as the middlemen as wholesalers, dealers, and retailers between the manufacturers and customers. 2. Manufacturing Entrepreneur: The manufacturing entrepreneurs manufacture products. They identify the needs of the customers and, then, explore the resources and technology to be used to manufacture the products to satisfy the customers’ needs. In other words, the manufacturing entrepreneurs convert raw materials into finished products. 3. Agricultural Entrepreneur: The entrepreneurs who undertake agricultural pursuits are called agricultural entrepreneurs. They cover a wide spectrum of agricultural activities like cultivation, marketing of agricultural produce, irrigation, mechanization, and technology.

Based on the Use of Technology: 1. Technical Entrepreneur: The entrepreneurs who establish and run science and technologybased industries are called ‘technical entrepreneurs.’ Speaking alternatively, these are the entrepreneurs who make use of science and technology in their enterprises. Expectedly, they use new and innovative methods of production in their enterprises. 2. Non-Technical Entrepreneur: Based on the use of technology, the entrepreneurs who are not technical entrepreneurs are non-technical entrepreneurs. The forte of their enterprises is not science and technology. They are concerned with the use of alternative and imitative methods of marketing and distribution strategies to make their business survive and thrive in the competitive market.

Based on Ownership: 1. Private Entrepreneur: A private entrepreneur is one who as an individual sets up a business enterprise. He / she it’s the sole owner of the enterprise and bears the entire risk involved in it. 2. State Entrepreneur: When the trading or industrial venture is undertaken by the State or the Government, it is called ‘state entrepreneur.’ 3. Joint Entrepreneurs: When a private entrepreneur and the Government jointly run a business enterprise, it is called ‘joint entrepreneurs.’

Based on Gender: 1. Men Entrepreneurs: When business enterprises are owned, managed, and controlled by men, these are called ‘men entrepreneurs.’ 2. Women Entrepreneurs: Women entrepreneurs are defined as the enterprises owned and controlled by a woman or women having a minimum financial interest of 51 per cent of the capital and giving at least 51 per cent of employment generated in the enterprises to women.

Based on the Size of Enterprise: 1. Small-Scale Entrepreneur: An entrepreneur who has made investment in plant and machinery up to Rs 1.00 crore is called ‘small-scale entrepreneur.’ 2. Medium-Scale Entrepreneur: The entrepreneur who has made investment in plant and machinery above Rs 1.00 crore but below Rs 5.00 crore is called ‘medium-scale entrepreneur.’ 3. Large-Scale entrepreneur: The entrepreneur who has made investment in plant and machinery more than Rs 5.00 crore is called ‘large-scale entrepreneur.’

Based on Clarence Danhof Classification: 1. Innovating Entrepreneurs: Innovating entrepreneurs are one who introduce new goods, inaugurate new method of production, discover new market and reorganise the enterprise. It is important to note that such entrepreneurs can work only when a certain level of development is already achieved, and people look forward to change and improvement. 2. Imitative Entrepreneurs: These are characterised by readiness to adopt successful innovations inaugurated by innovating entrepreneurs. Imitative entrepreneurs do

not innovate the changes themselves, they only imitate techniques and technology innovated by others. 3. Fabian Entrepreneurs: They are the second generation Entrepreneur and they are very skeptic about taking a step unless and until they are definite, it would be a loss, if not steps are not taken in time. 4. Drone Entrepreneurs:

These entrepreneurs are reluctant to change since they are very conservative and do not want to make any changes in the organization. They are happy with their present mode of business and do not want to change even if they are suffering the losses.

Nature of Entrepreneurship: 1. Economic and dynamic activity: Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilisation of scarce resources. Since this value creation activity is performed continuously in the midst of uncertain business environment, therefore, entrepreneurship is regarded as a dynamic force. 2. Related to innovation: Entrepreneurship involves a continuous search for new ideas. Entrepreneurship compels an individual to continuously evaluate the existing modes of business operations so that more efficient and effective systems can be evolved and adopted. In other words, entrepreneurship is a continuous effort for synergy (optimization of performance) in organizations.

3. Profit potential: “Profit potential is the likely level of return or compensation to the entrepreneur for taking on the risk of developing an idea into an actual business venture.” Without profit potential, the efforts of entrepreneurs would remain only an abstract and a theoretical leisure activity. 4. Risk bearing: The essence of entrepreneurship is the ‘willingness to assume risk’ arising out of the creation and implementation of new ideas. New ideas are always tentative and their results may not be instantaneous and positive.

Importance of Entrepreneurship: 1. Development of managerial capabilities: Entrepreneurship helps in identifying and developing managerial capabilities of entrepreneurs. An entrepreneur studies a problem, identifies its alternatives, compares the alternatives in terms of cost and benefits implications, and finally chooses the best alternative. This exercise helps in sharpening the decision making skills of an entrepreneur 2. Creation of organisations: Entrepreneurship results into creation of organisations when entrepreneurs assemble and coordinate physical, human and financial resources and direct them towards achievement of objectives through managerial skills.

3. Improving standards of living: By creating productive organisations, entrepreneurship helps in making a wide variety of goods and services available to the society which results into higher standards of living for the people. Possession of luxury cars, computers, mobile phones, rapid growth of shopping malls, etc. are pointers to the rising living standards of people, and all this is due to the efforts of entrepreneurs. 4. Means of economic development: Entrepreneurship involves creation and use of innovative ideas, maximisation of output from given resources, development of managerial skills, etc., and all these factors are so essential for the economic development of a country. 5. A

Creation of job opportunities

Entrepreneurship firms contributed a large share of new jobs. It provides entry-level jobs so necessary fur training or gaining experience for unskilled workers.The small enterprises arc the only sector that generates large portion of total employment every year. Moreover, entrepreneurial ventures prepare and supply experienced labor to the large industrie

Entrepreneurial Skills

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Optimism: Are you an optimistic thinker? Optimism is truly an asset, and it will help get you through the tough times that many entrepreneurs experience as they find a business model that works for them.

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Vision: Can you easily see where things can be improved? Can you quickly grasp the "big picture," and explain this to others? And can you create a compelling vision of the future, and then inspire other people to engage with that vision?

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Initiative: Do you have initiative , and instinctively start problem-solving or business improvement projects? Desire for Control: Do you enjoy being in charge and making decisions? Are you motivated to lead others?

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Drive and Persistence: Are you self-motivated and energetic? And are you prepared to work hard, for a very long time, to realize your goals?

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Risk Tolerance: Are you able to take risks, and make decisions when facts are uncertain?

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Resilience: Are you resilient , so that you can pick yourself up when things don't go as planned? And do you learn and grow from your mistakes and failures? (If you avoid taking action because you're afraid of failing, our article on Overcoming Fear of Failure can help you face your fears and move forward.)

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Leadership and Motivation: Can you lead and motivate others to follow you and deliver your vision? And are you able to delegate work to others? As a successful entrepreneur, you'll have to depend on others to get beyond a very early stage in your business – there's just too much to do all on your own!

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Communication Skills: Are you competent with all types of communication ? You need to be able to communicate well to sell your vision of the future to investors, potential clients, team members, and more.

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Listening: Do you hear what others are telling you? Your ability to listen can make or break you as an entrepreneur. Make sure that you're skilled at active listening and empathetic listening.

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Personal Relations: Are you emotionally intelligent ? The higher your EI, the easier it will be for you to work with others. The good news is that you can improve your emotional intelligence!

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Negotiation: Are you a good negotiator ? Not only do you need to negotiate keen prices, you also need to be able to resolve differences between people in a positive, mutually beneficial way.

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Ethics: Do you deal with people based on respect, integrity , fairness, and truthfulness? Can you lead ethically ? You'll find it hard to build a happy, committed team if you deal with people – staff, customers or suppliers – in a shabby way

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Creative Thinking: Are you able to see situations from a variety of perspectives and come up with original ideas? (There are many creativity tools that will help you do this.)

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Problem Solving: How good are you at coming up with sound solutions to the problems you're facing? Tools such as Cause & Effect Analysis , the 5 Whys Technique, and CATWOE are just some of the problem-solving tools that you'll need to be familiar with.

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Recognizing Opportunities: Do you recognize opportunities when they present themselves? Can you spot a trend ? And are you able to create a plan to take advantage of the opportunities you identify?

Personality Traits All Entrepreneurs Must Have

1. Passion

Entrepreneurs aren’t in it for the money. While that may be an added bonus, the true benefit is doing what they love. Building a business takes a lot of time and effort. It means putting in longer hours and doing extra work. If you don’t love what you do, you're not going to want to do what it takes to achieve success. Entrepreneurs aren’t afraid of hard work because they are so focused on their dream and their vision. They don’t give up when a challenge arises. They stick with their passion and see it through. As Steve Jobs once said, according to the Smithsonian Institution, “I'm convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” 2. Motivation

Entrepreneurs are dedicated to their work. They aren’t reliant on a manager or colleague to push them toward their goals or to get their work done. Their drive comes from within and allows them to motivate others in turn. In his book, “Leaders Eat Last: Why Some Teams Pull Together and Others Don’t,” motivational speaker Simon Sinek writes, “If your actions inspire others to dream more, learn more, do more and become more, you are a leader.” Entrepreneurs know how to communicate their dream and inspire others to join them on their journey to achieving it. 3. Optimism

When you’re just starting out, it can seem like getting your business off the ground will never happen. But entrepreneurs don’t think like that. They are optimistic about the future and are always looking ahead. In his essay “Thoughts on Various Subjects,” Jonathan Swift wrote, “Vision is the art of seeing things invisible.” Entrepreneurs have a vision they share with others. Their team understands why they do what they do, what the goal is and what their role is on the path to success.

To be a successful entrepreneur, you must be goal-oriented. But it’s not enough to just set goals. You must make a plan and do everything you can to reach those goals. Everything you do must have a purpose. 4. Creativity

Entrepreneurs don’t think the same way as everyone else. They see the world differently and think outside the box. Businesses are built on big ideas, and those big ideas need to come from a place of creativity, from a way of thinking that differs from everyone else’s thinking. In “Conversations with Maya Angelou,” Jeffrey M. Elliot quoted Maya Angelou as saying, “You can’t use up creativity. The more you use, the more you have.” Entrepreneurs are always looking for new ways of doing things and how they can make them better. They aren’t satisfied with the status quo. By being creative, they come up with ideas that change the world. 5. Risk-Takers

Risk taking is par for the course when you’re starting a new business. But taking risks shouldn’t scare you. It’s necessary to achieve your goals, and successful entrepreneurs understand this. In his book “The Four-Hour Workweek” entrepreneur and author Tim Ferriss writes, “What we fear doing most is usually what we most need to do.” If you’re afraid to take the leap, you’ll never get anywhere. Staying complacent will never allow you to achieve greatness. Entrepreneurs don’t let uncertainty and potential failure stop them from doing what needs to be done. Instead, entrepreneurs look at challenges and risks as opportunities, not as problems. As businessman Robert Kiyosaki wrote on Twitter, “Everyone can tell you the risk. An entrepreneur can see the reward.

Achievement Motivation:

Features: a. It is lateral personal disposition to strive for a particular goal. b. It’s person’s deep and driving desire to do something important to attain the feelings of personal accomplishment. c. It is personal disposition to achieve something difficult and bigger. Characteristics a. They like to undertake risks for personal accomplishment. b. They have high level of perseverance to attain their goal. They do not give up even failure after failure. But, they try again and again till the goal is not achieved. They follow the apt proverb: ‘Fall seven times, stand up eighth.’ c. They show courage and fortitude to keep on moving toward their goal instead of adversities. d. Entrepreneurs with high level of achievement motivation tend to be more creative and innovative.

Significance a. It is an essential ingredient and hallmark of entrepreneurship development leading to industrial and economic development. b. This serves the major sources of the entrepreneurial supply. c. This is a psychological construct that keeps entrepreneurs activated towards their goals. d. Being inner drive, it is significant for the people for all walks of life be entrepreneurs, managers, leaders, social workers and so on. e. This also serves as one of the effective inventions for organizational development and, in turn, national development.

Accounting: Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities.

Labour law Labour law (US spelling: labor law, sometimes incorrectly conflated with employment law) is the area of law most commonly relating to the relationship between trade unions, employers and the government.

Necessity and Importance of Labour Law: (1) Improves industrial relation i.e. employee-employer relations and minimizes industrial disputes. (2) Prospects workers form exploitation by the employers or management (3) Helps workers in getting fair wages (4) Minimizes labour unrest (5) Reduces conflicts and strikes etc. (6) Ensures job security for workers (7) Promotes welcome environment conditions in the industrial system (8) Fixes rest pauses and work hours etc. (9) Provides compensation to workers, who are victims of accidents

Role of central government and state government in promoting entrepreneurship Government plays a very important role in developing entrepreneurship. Government develop industries in rural and backward areas by giving various facilities with the objective of balances regional development.The government set programmes to help entrepreneurs in the field of technique, finance, market and entrepreneurial development so that they help to accelerate and adopt the changes in industrial development. Various institutions were set up by the central and state governments in order to fulfill this objective.

1. Provide infrastructure especially for those entrepreneurs who are working in remote areas. It is the role of the Government to put up good infrastructure for well accessibility of these industries and vice versa. 2. Predictable taxation. Entrepreneurs should be well acquainted with what kind and how much taxation is levied on their goods and not to get a shock of their lives. 3. It is the role of the Government to provide resources and funds for the middle class entrepreneurs. Startup capital and skills to enable them tun their business swiftly is the role of the Government.

4. It is also the role of the Government to levy heavy taxes on imports. This is a sure way of creating local market for the locally produced goods.

Industrial sickness  Industrial sickness is defined all over the world as "an industrial company (being a company registered for not less than five years) which has, at the end of any financial year, accumulated losses equal to, or exceeding, its entire net worth and has also suffered cash losses in such financial year and the financial year immediately preceding such financial year"

 Industrial sickness specially in small-scale Industry has been always a demerit for the Indian economy, because more and more industries like – cotton, Jute, Sugar, Textiles small steel and engineering industries are being affected by this sickness problem.

 Industrial sickness is an umbrella term applied to various things associated with industry that make people ill and cause them to miss work. The solutions needs to be tailored to the specific industry, and only in that way real effect can be made on improving the health and productivity of the industrial workforce.

Remedial measures to overcome Sickness 1. Identifying sickness at initial stage Sickness in Small Scale Industries are not a sudden phenomenon but it is a gradual process taking 5 to 7 years eroding the health of a unit beyond cure. Therefore, the identification and detection of the sickness at incipient stage is the first and foremost measure to detect and reduce industrial sickness. Sickness must be identified at initial stage.

2. Financial assistance Lending agencies need to relax their lengthy process and other norms for extending credit to the SSIs. To combat the incidence of sickness financial institutions should grant credit without delay to SSI sector.

3. Improving Infrastructure Infrastructure facilities can be improved by setting up industrial estates. Common testing centres etc., infrastructural problems can be solved by improving the roadways, waterways, establishing telecommunication systems

4. Technology Up-gradation Funds may be provided by the financial institutions for adoption of advanced technology. Similarly, some sort of training may be provided for use of the latest technology to overcome technological problems. Technological up-gradation can help to overcome technological obsolescence.

5. Marketing assistance Marketing assistance may be provided to entrepreneurs for marketing the goods produced by them. Government must help to market the goods. Government and Non-Government Organizations (N.G.Os) can come forward for marketing the goods produced by the SSI sector. The problem of poor marketing of the products can be solved by coordinated efforts of entrepreneurs and promotional agencies.

6. Liquidation It is better to wind up the business when there is no possibility to revive the unit.

7. Government Interventions Interventions must be made by the government to prevent sickness. Periodic review of financial statements can help to identify and prevent sickness at initial stage.

8. Training A proper environment must be created where an entrepreneur will be educated and will have a proper knowledge, skill and experience about internal and external environment of business to compete with largescale industries and multinational companies.

9. Rehabilitation Potentially viable sick units should be dealt well for the purpose of rehabilitation. Rehabilitation is a remedy considered for industrial units, which have already become sick and for the units that are on the verge of collapse.