2. Entrepreneurship is neither science nor art. It is the Practice. It has a
Entrepreneurship is the practice of starting new organisation or revitalising
mature organisation, particularly new business generallyin response
It is in the creation of more wealth, and in the
constant innovation from prevailing to the next
best practice s, that the significanceand
importance of Entrepreneurship lies.
Definition and Concept of Entrepreneurship
3. Nature of Entrepreneurship
Innovation and Creativity: Entrepreneurship is closely linked to innovation and the ability to think creatively. Entrepreneurs often
identify new opportunities, create novel solutions, and introduce innovative products or services to the market.
Risk and Uncertainty: Entrepreneurship involves taking calculated risks. Starting a new venture comes with uncertainty, and
entrepreneurs must be willing to face potential failures and navigate through challenges.
Independence and Autonomy: Entrepreneurs enjoy a high degree of independence and control
Opportunity-Driven: Entrepreneurship is often driven by the identification of opportunities in the
Entrepreneurs must be adaptable and flexible in adjusting their strategies.
Here are some key aspects that highlight the nature of entrepreneurship:
over their ventures. They have the freedom to shape their business strategies and make decisions
based on their vision.
market or gaps in existing products or services. Entrepreneurs spot these opportunities and
capitalize on them to create value.
• Proactivity and Initiative: Successful entrepreneurs are proactive self-starters. They don't
wait for opportunities to come to them; instead, they actively seek out possibilities and take initiative to pursue them.
• Adaptability and Flexibility: The business landscape is dynamic and subject to change.
4. Types of Entrepreneurship
Small Business Entrepreneurship-
Scalable Startup Entrepreneurship-
Large Company Entrepreneurship-
It is classified into the following 4 types:
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.
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
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.
• 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.
5. 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.
Innovation- It should be highly innovative to generate new ideas, start a company and earn
Visionary and Leadership quality- To be successful, the entrepreneur should have a clear
Flexible- An entrepreneur should be flexible and open to change according to the situation. To be on the top, a businessperson
should be equipped to embrace change in a product and service, as and when needed.
Not all entrepreneurs are successful; there are definite characteristics that make entrepreneurship
successful. A few of them are mentioned below:
profits out of it. Change can be the launching of a new product that is new to the market .
vision of his new venture. However, to turn the idea into reality, a lot of resources and
employees are required.
• Know your Product- A company owner should know the product offerings and also be aware of the latest trend in
the market. It is essential to know if the available product or service meets the demands of the current market, or
whether it is time to tweak it a little.
Features of Entrepreneurship
6. PROS AND CONS OF ENTREPRENEURSHIP:
While aspiring entrepreneurs have the potential to earn massive fame and fortune by starting a
successful business, entrepreneurship isn't without its challenges. Here are some of the pros and cons.
Pros of entrepreneurship:
Work flexibility: Entrepreneurship means self-employment, which comes with the ability to set your own
schedule and work where you want.
Ability to follow your passion: If your innovative idea is related to your passions or hobbies,entrepreneurship
enables you to make a career out of what you love.
Total control: Because they own their own businesses, entrepreneurs have complete control of their
entrepreneurial ventures, with the ability to make decisions quickly.
• Creativity: Without the burdens of bureaucracy common in large, mature companies, entrepreneurs
can solve problems creatively and experiment often.
• Unlimited earning potential: As famous entrepreneurs like Mark Zuckerberg or Bill Gates
show,a startup entrepreneur with a successful business idea can make million.
7. Cons of entrepreneurship:
Financial risk: Becoming an entrepreneur means putting money on the line for your idea. If it
Long hours: Between brainstorming new ideas, wooing potential investors, and managing the day-to-day
Greater responsibility: As the leader of your own business, everyone will be looking to you for vision and
direction, which can cause tremendous personal stress.
High competition: Just because your business idea is innovative doesn't mean you won't face still competition,
whether from established firms in your industry or other entrepreneurs looking to beat you to the finish line.
Unreliable income: While successful entrepreneurs may see a big payday, it won't happen overnight. In the
meantime, expect lean times as you invest all of your income into growing your business.
doesn't work out, you'll be responsible for dealing with disappointed investors and outstanding
operations of their businesses, many entrepreneurs work long and hard to make.
8. Some Successful Entrepreneurs in India
1) Utkarsh Kawatra – Founder of myHQ :
Utkarsh Kawatra is the CEO and co-founder of myHQ, a startup that offers affordable co-working spaces
in India. He has a master’s degree in M.Tech from the Indian Institute of Technology, Delhi. He started
myHQ in the year 2016 and is responsible for the overall strategy and growth of the company, which has
raised funding from prominent investors.
2) Kiran Mazumder Shaw , Founder and CEO of Biocon Limited :
Executive Chairperson – Biocon Limited and Biocon Biologics Limited. Kiran Mazumdar-Shaw is a first-
generation entrepreneur and global business leader with over 4 decades of experience in biotechnology.
Fueled by her passion, she started her biotech journey in 1978 from her garage in India.
3) Bhavish Aggarwal – Founder of Ola :
Bhavish Aggarwal is a co-founder of Ola, one of India’s biggest ride-hailing startups. Aggarwal began his journey in
2010 with Ola, which began in Mumbai as a taxi aggregator. Ola has become one of India’s most well-known and
dependable ride-hailing services thanks to Aggarwal’s emphasis on technology and innovation.
4) Aditi Gupta, Co-founder of Menstrupedia Comic :
Aditi Gupta is an Indian author and co-founder of Menstrupedia Comic. She and her husband,
both National Institute of Design Alumni, co-founded Menstrupedia Comic in 2012. In 2014,
she was named in the Forbes India 30 Under 30 2014 list.
9. 5) Kunal Shah – Founder of CRED :
Kunal Shah is a prominent figure in the Indian startup scene. He founded CRED,
a credit card payment management platform, in 2018. But his entrepreneurial journey
began much earlier, in 2000, with FreeCharge, which Snapdeal eventually acquired. With
over 5 million users on the platform, CRED has disrupted India’s traditional way of managing
credit card payments.
6) Falguni Nayar, CEO of Nykaa :
Falguni is the founder of Nykaa.com & well-known face amongst women entrepreneurs in India. Post a
grandly successful career of over 25 years in financial services, 18 of which were spent with the Kotak
Mahindra group as Managing Director, among other designations, Falguni Nayar took the entrepreneurial
plunge and launched Nykaa.com. Falguni has built India’s leading beauty retailer by creating an immense n
etwork spread across 850+ brands.
7) Byju Raveendran – Founder of BYJU :
With more than 80 million users, BYJU’s has completely transformed the Indian educational landscape. It has
become one of the most prosperous start-ups in India thanks to Raveendran’s vision and creative thinking. Due to
Raveendran’s commitment to his job, he received numerous honours and recognition, including inclusion on the
Forbes 30 under 30 Asia list in 2016.
8) Suchi Mukherjee, CEO of Limeroad :
Suchi Mukherjee is the founder and CEO of Limeroad.com, a social commerce site for the urban woman.
This website brings together the fun of picking clothes from a magazine-like layout with
convenience of an online retail portal.