SHREE KRISHNA PRANAMI

PUBLIC SCHOOL

IT ASSIGNMENT

Name – Soumay Loura

Class – 9 “B”
th

Roll No. – 28
ADM. No. – 4428

SUBMITTED To :-
Ms. Navpreet & Mr. Anil
Entrepreneurship

What Is Entrepreneurship ?
Essentially, entrepreneurship is the process of
developing, organizing, and running a new business to
generate profit while taking on financial risk. In a broader
sense, entrepreneurship is the process of transforming
the status quo by solving the most pressing problems
and pain points in our society, often by introducing an
innovative product or service or creating new markets.

Meaning of Entrepreneur
The entrepreneur is defined as someone who has the
ability and desire to establish, administer and succeed in
a start up venture along with risk entitled to it, to make
profits. The best example of entrepreneurship is the
starting of a new business venture. 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.
 What are the 3 Types of
Entrepreneurship?
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 Start up 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.
 Characteristics of
Entrepreneurship:
Not all entrepreneurs are successful; there are definite
characteristics that make entrepreneurship successful. A
few of them are mentioned below:

• 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.
• 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.
• 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.
Being able to be accountable and then alter as needed
is a vital part of entrepreneurship.
 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.
• Increase Standard of Living- Entrepreneurship helps
to improve the standard of living of a person by
increasing the income. The standard of living means,
increase in the consumption of various goods and
services by a household for a particular period.
• Supports research and development- New products
and services need to be researched and tested before
launching in the market. Therefore, an entrepreneur
also dispenses finance for research and development
with research institutions and universities. This
promotes research, general construction, and
development in the economy.
 What is an enterprise?
The definition of an enterprise is not cut-and-dried. Many
explanations are actually quite broad and, in some cases,
even vague. For example, Tim Ottenbreit, founder of says
that an enterprise describes the action of someone who
has taken the initiative to run a business. He defines it as
“a legal entity possessing the right to do business on its
own.”

Alan Pelz-Sharpe, founder of Deep Analysis, confirms that

there are lots of definitions of “enterprise,” many of which
conflict with one another. Based on his expertise, he
loosely defines an enterprise as a “for-profit company with
huge revenue.” He says enterprises are neither medium-
sized businesses nor small businesses, but rather very
large ones.

Of course, that raises questions about what’s considered

“huge” revenue and what exactly makes a company large in
the first place. This is where things get a little murky.
 Characteristics of an
enterprise
According to Maksym Babych, CEO of SpdLoad, “In the U.S.
there are no clear rules on what to define as an enterprise.
However, the E.U. defines enterprise level as more than
250 employees.”

In this case, large relates to the number of employees the

company has. Charles Edge, director at JAMF Software,
agrees with the E.U. standard, stating, “I typically think of
an enterprise as an organization with 250 or more people.”

As for revenue standards, this ranges from $10 million at

the low end to $1 billion or more. There is no set financial
criteria or cut-off number. In addition to size and revenue,
several other features are commonly found among
enterprises. According to Ottenbreit, every enterprise must
oversee its products and services in the form of B2B or
B2C transactions.

Edge says there is also significantly more emphasis on

scale and compliance when a company is operating at the
enterprise level. “This means that more diligence is often
taken to plan and prepare, so you want to be much more
deliberate than you might be in a small business.”

Babych adds that enterprise-level companies are always

owned by shareholders and have professional C-level
management, too.
 What isn’t an enterprise?
Another way of defining an enterprise is to identify what an
enterprise isn’t.

For example, some very large organizations meet employee

and/or revenue criteria comfortably, but they’re not
considered enterprises because they’re non-profit
organizations, explains Pelz-Sharpe. “Harvard University is
essentially a large enterprise, but because it is technically
not-for-profit, it doesn’t get listed.”

The same goes for large governmental organizations that

may generate billions of dollars in revenue and have
thousands of employees. They aren’t enterprises because
they’re non-profit organizations.

In the same vein, Pelz-Sharpe says you could have a small

hedge fund that manages billions of dollars but has only a
handful of employees. Because the company doesn’t come
close to the typical 250 employee minimum, the company
isn’t considered an enterprise no matter how large its
revenue.
 Examples of enterprises
With a better understanding of what an enterprise is and
isn’t, let’s discuss some enterprise examples.

Pelz-Sharpe says all Fortune 500 companies are

considered enterprises. That includes companies such as
Ford, Microsoft, GE, and Oracle. Edge’s list includes
Walmart, Exxon, Apple, Amazon, UnitedHealth Group,
McKesson, CVS, and AT&T. These are all large companies
that meet or exceed the loosely defined enterprise criteria.

While there isn’t a single definition of “enterprise,” you can

safely assume that an enterprise is a very large, for-profit
company with more than 250 employees that generates a
ton of revenue and has the right to conduct business on its
own.
An Example Startup : Mimyk

A phD student from mechanical engineering department of IIISc , Shantanu

Chakrawarthy wanted to work on the science of touch . Simultaneously, a professor at the
IISc , G K Ananthasuresh had requested from the Asian institution of gastroenterology in
Hyderabad to develop a simulation platform for endoscopy and other medical
procedures . The two objective met , and Chakrawarthy started working under the
guidance of Ananthasuresh . He understood how doctor perceive the sense of , and raw
the possibility of developing a simulation device . With help from computer science and
automatic department , they could develop a low cost endoscopy training with advantage
of touch called Endo Mimyk devices introduced are very important for surgeon and
international physician all over the world but are surgeon and international physician all
over the world but are usually very costly; therefore, birth to a start up Mimyk happened .
 Ritesh Agarwal
Ritesh Agarwal is an Indian former billionaire entrepreneur who is a
founder and CEO of OYO Rooms.

Early years

Ritesh Agarwal was born in a Marwari family[2] in Bissam

Cuttack, Odisha, India and brought up
in Titilagarh.[3][4][5][6][7] Ritesh comes from a family that used to run
a small shop in Southern Odisha city called Ravaged and his
schooling was completed from Sacred Heart School
in Rayagada.[8] At the age of 13, he started selling SIM
cards.[9] He graduated from St. Johns Senior Secondary School,
Bundi Road, Kota, Rajasthan and moved to Delhi in 2011 for
college.[10] He dropped out of college, and was selected for
the Thiel Fellowship (started by Peter Thiel) in 2013.

Career

Agarwal started a budget accommodation portal, Oravel Stays,

for booking budget hotels. It was accepted into the accelerator
program by Venture Nursery in September 2012, and later was
one of the winners of the 2013 Theil Fellowship program,
receiving a grant of $100,000. The company was launched as
OYO Rooms in May 2013.
By September 2018, the company raised $1 billion.] In July
2019, it was reported that Agarwal purchased $2 billion in
shares in the company, tripling his stake.
His net worth in 2020 was estimated to be approximately $1.1
billion (₹7253 crore) according to Hurun Rich List 2020. As of
February 2020, he is the youngest self made billionaire in the
world.
He is listed in the Forbes 30 under 30 list for Asia.

Awards

In June 2022, he was recognised by the International

Hospitality Institute on the Global 100 in Hospitality, a
list featuring the 100 Most Powerful People in Global
Hospitality.
DIFFERENCE BETWEEN BUSINESS AND
ENTREPRENEURSHIP
Although the difference between a businessman and entrepreneur
tends to be quite narrow, there are aspects where the two differ. If
we were still living in the medieval age, businessman would be the
merchant and entrepreneur would be the inventor. Merchants sold
goods, foods, castles, etc. Inventors created new inventions like the
agrarian system to improve the harvest, and of course earned money
from their inventions.
Here are few areas where there is a difference in approach between
businessmen and entrepreneurship:

1. Objective :-

Businessmen run their business for the primary purpose of making

profits. Entrepreneurs intend to make profits but with a purpose of
making a difference. They want to change the world by addressing a
problem. They are passionate about providing unique solutions for
problems in the community.

2. Uniqueness that stands out :-

A business man might run a business that might be based on a

concept that is not original or unique. He can be someone who takes
up franchising, renting out flats, and gets profit from running these.
Businessmen invest energy, resources and time to run the business
based on an already existing model. On the other hand, an
entrepreneur is someone who invests energy, resources and time to
build a model that is original and has been evolved from scratch.
Even if it’s an existing product, he gives a unique spin to it thus
carving out a niche space for it.

3. Risks :-

The complexity and severity of risks that businesses take are based
on calculations. This means that businesses take risks based on math.
They take risks after gauging the results of several analysis tests.
They act before the risk to meet these risks. Entrepreneurs on the
other hand, sky dive into risks. They are crazy risk takers who would
rather act on the risks to overcome them.

4. Time invested to achieve goals :-

Businessmen act fast. The aspirations of business owners are

grounded on what immediately lies ahead of them. They act for the
present and thus act to fortify what lies within reach. Since they are
more concerned about the everyday operations they are always on
their feet. Entrepreneurs have a vision that extends beyond the
present and into the future. They work towards goals that are not
just for that year but for the long term. So they work it out like an art
and might be slower than businessmen.
5. Leadership traits :-

An entrepreneur is inspirational, innovative, artistic,

perseverant and influential. He would generally work with or
hires people who have the aptitude or potential skill. A
Businessman is an adept planner, a knowledgeable manager,
a result analyst who keeps things in control and has a clear
sense of direction. He works with/hires people based on
traits and knowledge. Businessmen and entrepreneurs are
both indispensable for the economy. Aspiring to take up
your own venture? Whether you are a businessman or an
entrepreneur, we will help your venture grow. Reach out to
us for financial assistance.
Employment vs. entrepreneurship
Here are 15 key differences between being an employee and being
an entrepreneur:

1. Compensation plan

Compensation for employees depends on their employment type. If they have a

salary, then their pay checks contain a fixed amount. If they receive an hourly
wage, then the employer processes payments based on the number of hours
the associates worked. Employees can also receive income bonuses, such as
commission and overtime pay. The compensation for entrepreneurs depends
on the rates they charge for their services and the number of clients they're
servicing. Their incomes may fluctuate based on the busyness of their work
schedules.

2. Work schedule

Since entrepreneurs work for themselves, they often have the freedom to
design their own work schedules. For example, they may prefer working during
the evening over the morning, or they may be available three days a week.
Employees work on a schedule that their employers provide, which can be
during the company's standard business hours. They may also have shifts that
their immediate supervisors create.

3. Job security

The role of a traditional employee may be more secure than an entrepreneur.

Employees can enjoy a fixed income and stable work schedule, and their
position may require them to fulfil the same tasks. For instance, a customer
service representative may work for the same department store for 30 years.
Entrepreneurs operate their own businesses, and their client management can
influence the stability of their roles. For example, a professional who completes
fewer projects can cause the trajectory of their careers to change. It's also
possible for entrepreneurs to find stability once their businesses become more
established.

4. Decision-making

As business owners, entrepreneurs may make all the decisions regarding their
careers. For example, they may decide when to expand their clientele or create
a new work schedule. The decision-making role for employees depends on their
rank in the organizational hierarchy. A professional in an executive position
may make more choices than an entry-level coworker. Employees may also
consult with their colleagues for their decision-making and justify their
conclusions to their teams. Entrepreneurs may not explain their choices to
anyone if they work by themselves or have founded their own workforce.

5. Independence

Entrepreneurs may have more independence in their roles than employees. As

their own immediate supervisors, entrepreneurs can work how they want to
and can hold themselves accountable for their work conduct. Employees may
undergo performance reviews, where they receive feedback from managers on
how they can improve. Their workflow may rely on the employer's standards.

6. Benefits

Another difference between employment and entrepreneurship is the benefits

package. When professionals receive a job offer, the company may agree to
provide a health insurance plan, a retirement plan and a signing bonus, for
example. Benefits can persuade a professional to accept the offer. When
entrepreneurs find new clients, they may not receive perks outside of their
normal compensation. For example, a business owner may pay for private
health insurance because they don't have a traditional employer.

7. Responsibility

Entrepreneurs may have greater responsibilities than traditional employees.

Along with administering the services they provide to clients, business owners
may meet with potential investors and perform maintenance at their office
meetings, for example. They may also spearhead promotional efforts to raise
awareness of the business to the public. Employees, especially those who work
at the entry level, may only be responsible for the tasks that apply to their
specific job titles.

8. Financial investment

Being an entrepreneur can require a hefty financial investment. The expenses

may include equipment, paid promotional campaigns and rent and
maintenance fees for office space. It's often the entrepreneur's responsibility to
provide the materials that keep their business functioning. An employee may
have no financial responsibility since the company they work for provides
everything for them to meet the employer's expectations.

9. Project diversity

While it's possible for employees to multi-task with several projects, the
diversity of their work relies on the companies that employ them. For instance,
a professional's workday may only be as versatile as the number of clients the
company seeks. They may also find it challenging to change their assignments
if the company is steering the direction. Entrepreneurs are in control of their
own projects, and their responsibilities may be so expansive that their
schedules are more diverse than employees. They have the freedom to enforce
changes and oversee new initiatives.

10. Work environment

To fulfil their roles, employees and entrepreneurs may work in different work
environments. Employees may work in an office building that the employer
owns, and they may have a designated area to complete their assignments.
Some associates may telecommute, but their employers may require disclosure
about the location of their workspaces. Entrepreneurs can control where they
work, which means they can opt to work in an office that they rent or own, or
they can work from home.

11. Risk

The career of an entrepreneur can have a higher risk than that of an employee.
To own a successful business, owners invest time and resources on their own. It
can be challenging to predict if the business runs well enough to yield a livable
income and professional fulfilment. Employees may only devote time to their
roles, and they can have the flexibility to pursue other job opportunities. With
traditional employment, the company founder is taking the risk, not members
of its workforce.

12. Collaboration

A company may encourage its employees to collaborate with their colleagues

on work assignments. The manager may assign a task and require team
members to share their perspectives with one another and work together to
achieve a common goal. The employer may also have several divisions, such as
human resources, marketing and finance, which align with one another to
benefit the agency. Collaboration can ensure productivity and cohesion in a
traditional workplace. Entrepreneurs may work alone, so collaboration may not
be prevalent in their business.

13. Opportunities

Business owners may encounter more opportunities than associates who work
for companies. For example, an entrepreneur may expand their business to a
new market, which changes their responsibilities and affects their income.
Employees may depend on their employers to offer opportunities for change in
their workplace. If the company doesn't offer internal promotions or new
activities, then the role of an employee may stay the same.

14. Company policies

Employers often require employees to adhere to company policies, such as

dress codes and ethical standards and safety regulations. Employees may agree
to follow the policies as a condition of their employment, and they can have
access to the rules in a company handbook. Since entrepreneurs own their
businesses, they may not have any regulations to obey. They can carry out their
work tasks in ways they deem fit.

15. Competition

Traditional employees may work in competitive environments. For internal

promotions, they may distinguish themselves from their coworkers who are
pursuing the same positions. If a manager plans to select one person to
spearhead a project, professionals may compete against their teammates to
seize the opportunity. The internal work atmosphere for entrepreneurs is not
competitive because they may work by themselves. They may aim to exceed
other independent contractors in their field, but they may not compete with
anyone inside their business.