Entrepreneurship: Characteristics, Types, Qualities & Economic Impact
Classified in Economy
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Characteristics of Entrepreneurship
- Economic and Dynamic Activity
- Related to Innovation
- Profit Potential
- It is a Continuous Process
- Risk Bearing
- Entrepreneurship is a Philosophy
- Discipline
Need and Importance
- Development of Managerial Capabilities
- Creation of Organization
- Improve Standards of Living
- Means of Economic Development
Types of Entrepreneurs
- Innovative Entrepreneur
- Imitating Entrepreneur
- Fabian Entrepreneur
- Drone Entrepreneur
Qualities of an Entrepreneur
- Innovativity
- Extremely Energetic
- Self-Confidence
- Risk Taker
- Future-Oriented
- Responsible
- Decision Taker
- Collective Analysis of Facts
- Flexibility
Functions of Entrepreneurship
- Risk Bearing
- Organizational
- Innovative
- Managerial
- Decision Making
Role of Entrepreneur in Small Business
- Wealth Creation
- Create Jobs
- Balanced Regional Development
- GDP Contribution
- Improve Standard of Living
- Exports
Importance of Entrepreneurship
- Free Market Evolution
- Efficiency Improvements
- Dynamic Efficiency
- New Markets
- New Gig Economy
- New Values
Role of Entrepreneurship in Economic Development
- Employment Generation
- National Income
- Balanced Regional Development
- Dispersal of Economic Power
- Better Standards of Living
- Creating Innovation
Types of Unemployment in India
- Seasonal
- Voluntary
- Frictional
- Cyclic
- Disguised
MSME Objectives
- Promotion of Entrepreneurship
- Employment Generation
- Promotion of Innovation and Technology
- Contribution to GDP
- Regional Development
MSME Functions
- Manufacturing
- Service Providing
- Employment Generation
- Innovation and Adoption
- Contribution to Export
MSME Challenges
- Access to Finance
- Infrastructure Constraint
- Technology Adoption
- Market Access and Competition
- Skill Shortages
Industrial sickness refers to a condition in which an industrial unit or enterprise is unable to operate profitably and sustain its operations due to various internal and external factors. Here are the details:
Causes of Industrial Sickness
Financial Mismanagement
Technological Obsolescence
Market Changes
Policy and Regulatory Factors
External Economic Factors
Labor Issues
Impact of Industrial Sickness:
Impact of Industrial Sickness
Unemployment
Loss of Investments
Bankruptcy and Insolvency
Social Disruption
Economic Decline
Prevention and Rehabilitation:
Prevention and Rehabilitation
Early Detection
Financial Restructuring
Technological Upgradation
Policy Support
Skill Development