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Small Business Entrepreneurship: The Meaning of Small Business: Small Business Means Small in Operation, Employment

Small businesses are classified as small in operations, employment, capital, and technology, giving them different advantages and disadvantages than medium and large businesses. Small scale industries are broadly divided into traditional and modern industries. An entrepreneur is defined as an individual who takes on risk to infuse resources with value for society through a dynamic process of creating wealth incrementally. Entrepreneurship involves coordinating, innovating, and performing the function of an entrepreneur by creating new businesses or producing products through new methods of production using innovative technologies.

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70 views

Small Business Entrepreneurship: The Meaning of Small Business: Small Business Means Small in Operation, Employment

Small businesses are classified as small in operations, employment, capital, and technology, giving them different advantages and disadvantages than medium and large businesses. Small scale industries are broadly divided into traditional and modern industries. An entrepreneur is defined as an individual who takes on risk to infuse resources with value for society through a dynamic process of creating wealth incrementally. Entrepreneurship involves coordinating, innovating, and performing the function of an entrepreneur by creating new businesses or producing products through new methods of production using innovative technologies.

Uploaded by

raazoo19
Copyright
© © All Rights Reserved
Available Formats
Download as RTF, PDF, TXT or read online on Scribd
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Small Business Entrepreneurship

The meaning of small business: small business means small in operation, employment,
products, capital, technology etc. thus small scale organizations have different set of
advantages n disadvantages compared to medium and large scale organizations.
CLASSIFICATION
Small scale industries are broadly classified into two sectors.
1. Traditional industries
2. modern industries

Entrepreneur And Entrepreneurship


Entrepreneur is defined as a dynamic process of creating incremental wealth by
individuals who assume the risk of equity, time, and career to infuse resources with value
for society.
According to Joel Dean, the entrepreneur sees the value of new idea and is able organize
and carry out the job of turning it into cash.

Entrepreneurship: the function performed by entrepreneur is known as entrepreneur.


It is related to coordination, innovation and performance of entrepreneur. It is the system
of creating new business.
Generally entrepreneur tries to bring revolution in production by using new technology
for producing new products or by producing old products from new method.

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