Meaning of Entrepreneurship, Enterprise & Self Employment

What is Entrepreneurship?

Entrepreneurship is the process of identifying and beginning a business endeavour, financing and organising the expected resources, and taking the risks and rewards that are associated with the business ventures.

People who bring business ventures into existence are known as entrepreneurs. They are the owners of business ventures. They are the organisers and bear all the risks associated with the business.

What is an Enterprise?

An enterprise is a company or a business organisation (private or public) set up for either economic or non-economic reasons. It could be a non-profit organisation like non-governmental organisations (NGOs) etc.

Today, we have many enterprises in construction, hospitality, industry, manufacturing, food services, etc.

What is Self-Employment?

Self-employment is a situation in which a person works for himself, rather than accepting employment from either the private or government sector.

The individual can engage in the production of soap, matches, candles, chemicals, etc, or may render services, for example, shoemaking, barbing, hairdressing, carpentry, bricklaying, plumbing, advertising, communication, transportation, etc.