Entrepreneurial Mind

Entrepreneurship and Economic Development

Topics
• Entrepreneurship and Economic Development
• Types of Entrepreneurship / Entrepreneurship Classification

WHAT IS ECONOMIC DEVELOPMENT?

• Economic development is the process by which emerging economies

become advanced economies.
• In other words, the process by which countries with low living standards
become nations with high living standards.
• Economic development also refers to the process by which the overall
health, well-being, and academic level of the general population
improves.
• During the development, there is a population shift from agriculture to
industry, and then to services.
• A long life expectancy (healthcare), for example, is one of the results of
economic development. Improved productivity, higher literacy rates, and
better public education are also consequences.
• Put simply: economic development is all about improving living
standards.
• Improved living standards refers to higher levels of education and literacy, workers' income, health, and lifespans.
• “The process in which an economy grows or changes and becomes more advanced, especially when both economic and
social conditions are improved” (The Cambridge Dictionary).

CONCEPTS OF ENTREPRENEURSHIP: REVIEW

Entrepreneurship
• Is a process of creating, launching and managing business operation
• The "act" of being an entrepreneur

Entrepreneur
• An individual who undertakes innovations, finances, and business acumen to transform innovations to economic goods

ROLE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT – FUNDAMENTALS OF ENTREPRENEURSHIP

Entrepreneurship has been identified as a vital process in economic development.

• Entrepreneurs play an influential role in the economic growth and standard of living in the country.
• Entrepreneurship and economic development are intimately related.
• Schumpeter opines, that the entrepreneurial process is a major factor in economic development.
• The entrepreneur is the key to economic growth.
• Whatever be the form of the economic and political set-up of the country, entrepreneurship is indispensable for economic
development.
• Without entrepreneurship or entrepreneurs, it is likely to have economic growth. [5:50]
Here are some of the important roles an entrepreneur plays in the economic development of a country:
1. Promotes Capital Formation
• Entrepreneurs promote capital formation by mobilizing the idle
savings of the public.
• They employ their own as well as borrowed resources for setting up
their enterprises.
• Such types of entrepreneurial activities lead to value addition and
creation of wealth, which is very essential for the industrial and
economic development of the country.
• From the idle savings of the public in the bank (loans), the entrepreneurs set up their business and capital
formation.
2. Creates Large-Scale Employment Opportunities
• Entrepreneurs provide immediate large-scale employment to the unemployed which is a chronic problem of
underdeveloped nations, such as the Philippines.
• With the setting up of more and more businesses (both on small and large-scale, as time passes, these enterprises
grow, providing numerous job opportunities.
• In this way, entrepreneurs play an effective role in reducing the problem of unemployment in the country, which in
turn clears the path towards the economic development of the nation.
• Giving jobs to people and reducing the unemployment rate of the country is one of the roles of entrepreneurship.
3. Promotes Balanced Regional Development
• Entrepreneurs help to remove regional disparities through setting up of industries in less developed and backward
areas.
• The growth of industries and businesses in these areas lead to a large number of public benefits like road
transport, health, education, entertainment, etc.
• Setting up more industries lead to more development of backward regions and thereby promotes balanced
regional development.
• One example of this is the province Oslob. It used to be a sleeping town, but because of the tourism for butandings
or whale sharks, more and more investors went to Oslob and tried to open up businesses. Gaisano Mall and
Mandani Bay Hotel are being constructed in Oslob, giving employment to the people and opportunities to the
locals.
4. Reduces Concentration of Economic Power
• Economic power is the natural outcome of industrial and business activity.
• Industrial development normally leads to a concentration of economic power in the hands of a few individuals
which results in the growth of monopolies.
• In order to redress this problem, a large number of entrepreneurs need to be developed, which will help reduce
the concentration of economic power amongst the population.
• An example is Manila. Entrepreneurship reduces the concentration in Manila. We don’t need to go to Manila to
work. Businesses can open in other provinces and in turn, give revenue or income to the region.
5. Wealth Creation and Distribution
• It stimulates equitable redistribution of wealth and income in the interest of the country to more people and
geographic areas, thus giving larger sections of the society.
• Entrepreneurial activities also generate more activities and give a
multiplier effect in the economy.
• For example, Manila again.
6. Increasing Gross National Product Per Capita Income
• Entrepreneurs are always on the lookout for opportunities.
• They explore and exploit different opportunities, encourage
effective resource mobilization of capital and skill, bringing in
new products and services and develop markets for growth of
the economy.
 • In this way, they help increase gross national products as well as per capita income of the people in a country.
• An increase in gross national product and per capita income of the people in a country is a sign of economic
growth.
• It improves the living standard of the people.
7. Improvement in the Standard of Living
• An increase in the standard of living of people is a characteristic feature of the economic development of the
country.
• Entrepreneurs play a key role in increasing the standard of living of the people by adopting the latest innovations
in the production of a wide variety of goods and services in a large scale, that too at a lower cost.
• This enables the people to avail of better quality goods at lower prices which results in the improvement of their
standard of living.
• If there would be a lot of goods available, especially if sold in a cheaper amount due to competition, people would
be more likely to invest and buy.
• Examples are vaccines or medicines (related to health), electronics, light, internet connection, TV, satellite,
technology, and comfort, etc.
8. Promotes Country’s Export Trade
• Entrepreneurs help in promoting a country’s export trade, which is an important ingredient of economic
development.
• They produce goods and services on a large scale for the purpose of earning huge amounts of foreign exchange
from export in order to combat the import dues requirement.
• Hence, import substitution and export promotion ensure economic independence and development.
9. Induces Backward and Forward Linkages
• Entrepreneurs like to work in an environment of change and try to maximize profits by innovations.
• When an enterprise is established in accordance with the changing technology, it induces backward and forwards
linkages that stimulate the process of economic development in the country.
• In the Philippines, we are not yet in this stage compared to other Asian countries such as Korea and Japan who use
innovations. That is something we should improve on so that we can also stimulate the process of our economy. It
is better to create something innovative to sell to other countries to also have linkages and help develop our
country.
• For example, Korea, during the 1970s, was not that rich because of the civil war. However, it expanded and
became one of the G20 countries in the world, because they saw the trend in building ships and manufacturing
cars. Export trade is really important. Delicacies aren’t that good compared to technology.
10. Facilitates Overall Development
• Entrepreneurs act as catalytic agent for change which results in chain reaction.
• Once an enterprise is established, the process of industrialization is set in motion.
• This unit will generate demand for various types of units required by it and there will be so many other units which
require the output of this unit.
• This leads to overall development of an area due to increase in demand and setting up of more and more units.
• In this way, the entrepreneurs multiply their entrepreneurial activities,
thus creating an environment of enthusiasm and conveying an
impetus for overall development of the area.
• Catalytic agent – in group psychotherapy, refers to a participant who
stimulates an emotional reaction from fellow participants. Thus, this
person actively participates and facilitates the process of sharing
experiences.
• For example, because the demand grew for smartphones, a lot of
companies tried to copy the product. That is why there are a lot of
cellphone companies also selling smartphones. Entrepreneurs trigger
other entrepreneurs to follow, leading to the growth of the economy.
 TYPES OF ENTREPRENEURSHIP / ENTREPRENEURSHIP CLASSIFICATION

There used to be 9 types, but as of 2017, there are now 26 types.

1. Administrative Entrepreneurship
• Under this category, all the administrative techniques and functions of entrepreneurial activity is included.
• It gives a very effective way to manage all the current as well as future situations that avail the business with merits
and a competitive edge.
• This is in fact, the traditional Research & Development management approach.
• It is the joint efforts of both the general management and scientific-technical personnel to identify areas for
research and development of new products, techniques, or the improvement of the existing ones.
• There are few examples of Administrative Entrepreneurship that can give an idea such as management of quality,
redesigning of job, new techniques to do things and management by consensus.
• All these tasks of this type of entrepreneurship maximize the efficiency of an organization and nukes the
achievements of the firm and sustain in the competitive marketplace.
• Examples: The government of Bangladesh consider old-age pension scheme as administrative entrepreneurship.

2. Opportunistic Entrepreneurship
• “Hit the iron when it is hot” this proverb describes this kind of entrepreneurship and is the best exhibit of the features
of Opportunistic Entrepreneurship.
• While it is still hot or in-demand, you have to grab the opportunity and make a business out of it.
• New opportunities are also offered by the changes in the environment but not every business owner is able to
identify the opportunities and utilize the same in a timely manner.
• The opportunistic entrepreneurship describes as identifying, exploiting and performs the upcoming opportunities
in the first hand.
• Examples: FedEx, Arthur Fry and Lan Hancock, and Frank Epperson (popsicle-inventor at 11 years old), John
Pemberton (Coca-cola), etc.
• “Opportunity can come from any source and any time, it’s about how you respond.”

3. Acquisitive Entrepreneurship
• This type of entrepreneurship learns from other competencies. This type of entrepreneurship learns from the
collection of demonstrable features and skills that allows as well as improves the efficiency of the business and other
related competencies is known as Acquisitive Entrepreneurship.
• It acquires something new of value, the competitive environment etc.
• It achieves the competitors’ technical capacities. It keeps entrepreneurship sustainable in a competitive enrionment.
• The highlighted point is that some failures never prevent them from learning and developing new skills but also
encourages them to figure out such new things all the times.
• It is learning why you failed, the reason why you failed, and how you are going to learn from it and be successful.
• Examples: Imagesbazaar.com is an example of Acquisitive entrepreneurship, the founder Sandeep Maheshwari
failed to produce the master piece in his first year of lauch, but later on he discovered how he can make his a idea
big success.
• ImagesBazaar is an imperative resource for searching, purchasing and downloading creative Indian images and
videos. ImagesBazaar is a collective endeavour of thousands of passionate photographers led by Sandeep
Maheshwari, who is a World Record Holder in creative photography.
• It captures the essence of India for serving it to the global audience. Some other services offered by our company
ranges from photography, production, coordination, art direction, location, casting, make-up to costumes and
styling. They are the first Indian stock photography company to employ full time creative researchers for studying
market trends and consumer needs. Thousands of leading brands across the globe use their content for their
advertising, marketing and publishing needs.

4. Incubative Entrepreneurship
• It generates and nurses new ideas and ventures within the organization.
• It executes them in a productive manner and ensures material gain for the organization.
 • It manages it in a productive way and makes sure the material gain for the business firm.
• They pursue and help to get differentiated technologies to promote creations and innovations.
• Microsoft and Nokia always incubates new varieties, types of products and creates product differentiation in the
market.
• What are business incubators? Learn more at: https://www.thebalancesmb.com/what-is-a-business-incubator-
4842230

5. Imitative Entrepreneurship
• Under an agreement with a franchise, this entrepreneurship imitates or copying the operative products and
services.
• It is a model that assists to spread a new technology across the globe so that people can utilize it.
• It involves the adoption of current technologies from across the world and takes on existing technologies with some
few modifications that suit the local conditions.
• Example: Walton BD. produced many products like refrigerators, motorbikes and other electronic products without
being the real creator of those products. Another example can be China where mobile technologies is adapted and
modified to take this to new level.

6. Private Entrepreneurship
• Initiate entrepreneurship under the private sector is named as Private Entrepreneurship.
• The government of every nation gives ample support services via public as well as private concerns to motivate non-
public initiative in taking the ventures of Entrepreneurship.
• Moreover, it speeds up the economic development and maintains a balance between a layer and mutual
relationship.
• Examples: Tesla, Disney, different food chains and hospitals all are examples of private entrepreneurship.

7. Public Entrepreneurship
• Public Entrepreneurship referred to as the entrepreneurship that is come under the government through the various
development agencies.
• All developed and underdeveloped nations take initiative in venture ideas to meet the preliminary shortage of
private Entrepreneurs.
• These are different from private entrepreneurs because they work under government to solve public and
environment issues.
• Also, they are not social entrepreneurs because they are bound to governments rules and regulations.
• For Examples: Hyman Rickover submarine, Nancy Hank, the chair person of national endowment of arts, and LTO
are the examples of public entrepreneurs.

8. Individual Entrepreneurship
• It is entrepreneurship that is managed and executed by an individual or a member of a family with some personal
motives as well as initiatives, thus it is called as individual Entrepreneurship.
• Examples: Steve Jobs, J.k Rolling and Mark Zukerberg etc.

9. Mass Entrepreneurship
• The emergence of this category of entrepreneurship occurs when there is a presence of a lot of favorable climate of
encouragement as well as a motivation among the common masses and this describes the Mass Entrepreneurship.
• It leads to increase the small and large enterprises in a nation.
• This is the type of category most Filipinos are in.
• Examples: Food caterers, beauty salon and local shops

10. Small Business Entrepreneurship

• A greater number of businesses in society are small that employ more than 50% of total non-government workers
in the Philippines.
 • The profit in these types of businesses is pretty less as the main reason behind them among employers is creating a
living for their families.
• A small entrepreneur can be the person who operates a business by hiring local people of family members. The
majority of them funds their business through friends or family or business loans.
• Some premier examples of Small Business Entrepreneurship are grocery stores, plumbers, confectionary stores,
electricians, house cleaners, consultants, and hair dressers, among others.

11. Large Company Entrepreneurship [51:00]

• Can be defined as organizations that have a solid set of life cycles.
• There is solid involvement of sustaining innovation providing new sort of products (disruptive innovations).
• It includes customization in customer tastes as wells as dealing with new competitors.
• It means, the creation of a new business within the present organization.
• Advantages: Solid availability of resources, brand name, better team, reforming the structure of the team, growth,
innovation, maximization in productivity, employee morale, competitive advantage, recruitment and retention of
employee, boosting profitability.
• Disadvantages
▪ Job Security: The chances of risks are always associated with something while trying something new. The
corporate entrepreneur put their job in danger if their plans fail to execute as per expectations. There are
lots of examples where the entrepreneurs have to fail due to the under performance of their plan.
▪ Extended Approval Cycles: While working in a large company, there is a need to deal with longer approval
cycles. The corporate entrepreneurs aren’t allowed to make decisions instantly as they need to take
approval from the company’s head first.
▪ Fear of Failure: Employees’ of the company must not feel the fear of implementation of new ideas for the
very first time as it may be positive or negative too. The fear sometimes must be present in the employees.
▪ No Action, Only Encouragement: Leaders are always motivating the employees to adopt the inventive
technologies and give great lectures on investment in the field of innovation. When it comes to taking
action, then they allocate resources in the basic business projects rather than the extremely profitable and
rewarding business projects.
▪ Extreme Creativity in Ideas are Required: A solid plan and strategies have to be made by the large company
entrepreneur in order to convince the management to invest their resources in this inventive idea.
• For more information, please visit: https://101entrepreneurship.org/large-company-entrepreneurship-advantages-
and-disadvantages/
• Some Examples are LG, Tata, Microsoft, etc.
• Disruptive innovation is an innovation that creates a new market and value network and eventually disrupts an
existing market and value network, displacing established market-leading firms, products, and alliances.
• Disruptive innovation refers to a new development that dramatically changes the way a structure or industry
functions.
• The internet is an example of a disruptive innovation, in that it turned the business world on its head, forcing
companies to either adapt or lose out. Examples are Cryptocurrency, Netflix, Uber, 3D Printers.

12. Scalable Startup Entrepreneurship

• The majority of people believe that small business and Scalable Startup Entrepreneurship is same.
• However, they are pretty different in reality.
• Can be defined as a business model where an organization is started on the basis of a unique idea.
• It involved everything that ranges from creating a plan to all the way up launching the business. This form of
Entrepreneurship involved a great sort of work, education, and experience.
• This type of entrepreneurship commences with a vision that they can make some changes in the world.
• Their investment comes from the venture capitalist as well as by employing efficient employees.
• Their goal is to find out the repeatable and scalable business model. Once they find that model, they further started
raising funds from venture capitalists for the growth of the business.
• Highly Scalable Business Models – scalability defines as the easy growth of the business.
• Examples: e-commerce websites, Facebook, Twitter, Instagram, and online store like Amazon, Angkas, etc.
• Advantages
▪ Choice Liberty: There is a great sort of freedom offered by this entrepreneurship type to individuals.
Creativity is one of the main things that play a solid role in beginning and operation of the business.
 ▪ Low Investment: A small scale business can begin with limited capital without too much money. The
entrepreneurs who have little low money usually go with this idea.
▪ Flexibility: Every company has its set of requirements and demands for the operation of business
successfully. The same is the case with a startup as there are chances that it may not get fulfilled even by
an established provider. The level of flexibility in startups is pretty strong that it gives you the liberty to set
according to needs.
▪ Questioning Freedom: There will be a great level of liberty provided to entrepreneurs for asking questions
that they may not get while working for others. It helps in finding incorrect steps in the system quite easily.
Having this freedom not only results in saving time but also assists in creating a better product.
• Disadvantages
▪ Risks: A great number of startups get failed only in the first year of its operations. It means the chances of
failure are pretty high in startups that the entrepreneurs need to keep in mind.
▪ Commitment: There is a great sort of commitment asked by startups that ask tons of effort from
entrepreneurs. You have to create a solid customer base, credit lines, and many more.
▪ Excessive Responsibility: When compared with operating an establishment, the level of responsibilities is
quite high in a startup. There is an involvement of many things that range from marketing, business license,
and many more.
• For more information, please visit: https://101entrepreneurship.org/scalable-startup-entrepreneurship-definition-
and-examples/

13. Social Entrepreneurship

• In this type of entrepreneurship, people in business are the innovators who target on development of products and
services, so that social requirements and problems can be solved.
• Unlike scalable startup entrepreneurship, the main motive of entrepreneurs in this case is improving the world.
• While businessmen aim to define, compete or create a market with the goal of earning in mind, the social
entrepreneur looks at his community, sees the challenges, and commits to their improvement.
• These social enterprises range from a variety of industries and beneficiaries such as infants and mothers,
employment assistance, and the environment.
• What is more impressive is that these small companies are assisting and committing to causes right at their own
country, helping their own countrymen while earning revenue.
• To become an effective social entrepreneur is all about being Richard Branson and Mother Teresa all at the same
time as further described by the Schwab Foundation, an institution established in 1998 under the Swiss Federal
Government with 260 social entrepreneurs in its community that continues to grow with its annual selection of new
members under a fine-toothed selection process.
• Social entrepreneurship was fuelled by the unprecedented advances in economy, which were not parallel to the
progress in the social standing of people. Because of this, there was a great divide between rich and poor, and the
number of marginalized rose exponentially in number. While most turned its cheek, a few took it as an opportunity
to make a difference.
• To further understand and imbibe what social entrepreneurship is all about, it’s worth looking at its history through
its most popular proponents, the people who looked and saw the reality of social injustice and did something about
it.

Types of Social Enterprises

There are many kinds of social enterprises and these can be classified succinctly into these three:
1. Leverage non-profit: uses funds in innovative ways to be able to fulfil a need. Usually, these enterprises have a more
traditional way of tackling the issues they take up.
2. Hybrid non-profit: uses profit to be able to support its causes and operations. Funding comes from market or government
failures aside from grants and support from the private sector.
3. Social business venture: uses set-up businesses in line with the enterprise to support its operations. This mostly happens to
social enterprises due to lack of funds and/or support, like Dr. Maria Montessori.

Premier Examples
▪ Dr. Maria Montessori: who revolutionized early childhood education – Montessori schools.
▪ Florence Nightingale: She opened the first nursing school and provided modern nursing practices that are still being followed
today.
▪ William Lever: William Lever’s social mission is all about the whole idea that cleanliness can be achieved by every person. He
started with his Sunlight Soap that comes pre-cut and added palm oils so that it will be quick to lather. The one in the market
 at that time was cut from a big batch at a store and was harder to use. He also started a six-hour workweek for employees, a
far cry from the conditions in other factories in the manufacturing business, so that they can also focus on their exercise
routine and further care for their health. Today, Lever Bros. is the multinational Unilever who has William Lever’s mission at
the core of its business practices.

1. Philippines’ Gawad Kalinga: Sustainable way of getting the poor out of poverty

Two words have been used to describe Gawad Kalinga’s Tony Meloto over the years: insane and visionary. His idea was perceived
by many in the beginning as utopian as his main objective was to eradicate poverty by 2024 in the Philippines and his path to
this goal is by creating sustainable villages.

It’s no surprise that Meloto would choose this path. After all, he grew up exposed to the squatters living alongside his home. After
a stint in the corporate world as a purchasing manager, Meloto was exposed to gangs and violence in one village that is mired in
deep poverty. Instead of dole outs, he thought of making the place progressive by first providing a good home to these people as
he believed that true human dignity springs from a person who lives in a peaceful and clean environment.

To make this happen, his social enterprise model consists of the local government, volunteers, and companies coming together
to create sustainable communities. Instead of just setting up housing, he made sure that every community has a means to earn
and conduct business to prevent them from returning to squatter living and violence.

Today, Gawad Kalinga has created 3,000 villages and counting and has put up the Center for Social Innovation, a Silicon Valley-
like lab that seeks to create more social entrepreneurs. One such success story that it has created to espouse its message is its
Human Heart Nature business, which is pro-poor and pro-environment. It creates a line of cosmetics that are natural and organic
with ingredients coming from farms tended to by the people living in Gawad Kalinga villages.

Because of its so-called radical optimism, Gawad Kalinga

is a sought-after partner by corporations for their
corporate social responsibility programs and countries in
Europe for partnerships.

2. SafePoint Trust

It is controlled by Marc Koska and involved in the world of

redesigning medical tools. Additionally, they introduce the
low-cost non-reusable syringes for clinics that lack money
globally. Since its foundation, this firm has delivered more
than 4 billion safe injections in more than 50 nations
around the globe.

3. Ashoka.org

A not-for-profit organization registered in the US and

whose name was derived from a social welfare leader who
was a unifying force in India during the 3rd century BC,
further expounds on social entrepreneurs as change
agents who have new approaches and creative solutions
to society’s problems.

14. Intrapreneurship
• This term was coined by Gifford Pinchot in
the year 1973.
• It is based related to the fostering the
activities of entrepreneurs in a large
organization by making improvements in
the products and branding them to
increase the profitability.
 • The valuable asset for an organization considered as innovation and dedicated efforts by the intrapreneur.
• The four elements of Intrapreneurship are the right structure, suitable manpower, reward and collaboration for a
bright future.
• This entrepreneurship is very significant in this changing world of competitiveness in the marketplace.
• For instance, some of the examples of this type of entrepreneurship are Google, Intel, 3M and so on.
• Intrapreneurship is the act of behaving like an entrepreneur while working within a large organization (wiki).
• Intrapreneur is an employee who is tasked with developing an innovative idea within a company and can draw on it
resources to do so (dictionary.com)
• They are just hired by the company.

15. Technopreneurship
• It is a blend of two words, technology and Entrepreneurship.
• It a kind of entrepreneurship in the intensive technology context and the process of amalgamating the
entrepreneurial skills and technology where the technology is used as an essential part.
• It is a sort of new breed of entrepreneurship and needs an entrepreneur who is creative, techno-savvy, passionate
as well as the ability to calculate associated risk in advance.
• IT plays an important role and gives benefits such as generate employment, the best utilization of resources, growth
of technology and creates capital.
• The most Popular Examples of technopreneurship are Microsoft, Apple, Facebook, Twitter, Instagram and so on.

16. Cultural Entrepreneurship

• These entrepreneurs’ changes culturally who organize cultural, financial, social as well as human capital to make a
profit out of it.
• They produce products that are culturally good and generating a lot of opportunities for economy, society and
culture.
• These firms are coming from micro, small to large enterprises.
• Such entrepreneurship works in cultural professions such as artists, writers, musicians, dancers, advertisers,
bloggers, architects and so on.
• The motive of such firms is the betterment of society by leverage the business.
• Sometimes, cultural entrepreneurs lie on media tools like Twitter and Kickstarter to change the ideas, belief and
behaviour of the people through communication and influence.
• Examples: Singers, Musicians, Artists and Writers.

17. International Entrepreneurship

• It is the whole process of entrepreneurship conducts ad, performs the activities of the business across the
boundaries of the nation.
• It involves various activities such as opening new branches of a business firm in new locations, exporting the
products to other countries and get a license to sell as well as promote the products across the nations.
• The highlighted purpose of this entrepreneurship is to fulfill and satisfy the needs and wants of the target audiences.
• This entrepreneurship gets the benefit when the demand for products increases internationally but the need for the
same product is domestically not required or decreasing.
• It is very significant in different aspects such as lower the cost of manufacturing, increase in sales and profit,
Globalization, cheap labors, developing the habit of Customer relation Management and utilizes the talent to a great
extent along with the managerial competencies.
• Examples: Google, Apple and McDonalds etc.

18. Ecopreneurship
• It is also named as “Green entrepreneurship”.
• It involves the perspectives that signify corporation with the environment by working on their goals as well as
profitability.
• This term gained popularity in the year 1990s and termed as “Environmental entrepreneurship”.
• Last but not least, this entrepreneurship is concerned with the problems of the environment while focusing on the
operations of the business firm and its profit margin.
 • It has three main concepts such as Eco-innovation, Eco-opportunity and Eco-commitment.
• Examples: Body Shop and Ben and Jerry’s, Patagoina, Clif Bars and Grow Green Happiness, Human Nature etc.

19. Agripreneurship
• A formidable role has been played by agriculture in the growth of the economy and its development too.
• When a business owner started to make developments in the field of agriculture, then it is known as Agripreneurship.
• It is like a simple business and includes all the operations of a business firm such as manufacturing, production and
distribution of farm supplies.
• In addition to this, it also includes floriculture, horticulture, sericulture, animal husbandry, biotechnology and so on.
• Basically, it is a type of farming business includes the profitability, use of digital technologies to improve farming,
farm management, and innovative solutions and reduce the wastage of crops.
• Examples: Spin Farming, Rantachook, Herbal Processing Units, Plant Clinics are also the examples of agripreneurship.

20. Transpreneurship
• When the people from various groups of gender such as transgender and Hijra, comes up with some small scale
businesses to fulfil their day to day needs, then it is widely known as Transpreneruship.
• It is associated with the third class of gender where people are not only beggars or sex workers, but they get their
bread and butter from doing any small-scale business.
• For example: A fair was organized by “Anam Prem” in Mumbai where thirty-five stalls were there and most of the
shopkeepers belong to transgender started their stalls of different products such as food, artificial jewellery, artificial
flowers and so on.

21. Commercial Entrepreneurship

• This type of entrepreneurship associated with the profitability only and emphasized the opportunities and not on
the resources.
• It uses the available resources lies between the hierarchies as well as handles the network on behalf of the entity.
• It is viewed as profit-based entrepreneurship as all the operations held by taking profit as a major motive.
• This concept was coined about 250 years ago and focuses on the economy.
• Examples: Any organization that works for profit like Tiktok, Facebook, Snapchat, and not for society issues (Lazada,
Shopee).

22. E- Entrepreneurship
• This is also known as E-Entrepreneurship or Cyberpreneurship.
• We can combine E-entrepreneurship and Commercial Entrepreneurship to form E-Commerce.
• In this world of full of technology, the sea of opportunities is there where individual, organizations as well as social
and nations can use their mobile phone and computer again and again to access the online services.
• The influence and outreach of the internet are already known by every business and there is less presence of brick-
and-mortar (traditional) businesses.
• Every business owner tries to shift to online business and get a reward from technology.
• The term “Entrepreneurship” indicates analyzing and identifying the bunch of resources and converts the same to
online venture business.
• This sort of entrepreneur is also known as SENs (Self Employed Entrepreneurs).
• Examples: Amazon, Ebay and Etsy etc.

23. Domestic Entrepreneurship

• When a business owner produces goods and provides services within the boundaries of a nation, then it is known
as Domestic Entrepreneurship.
• They follow all the rules and regulations related to the business established by the government of the country to
grow their business domestically.
• It complies with the policies of the government, highly convenient, culturally sensitive, adapts the technologies,
better understand the local system, more opportunities for growth and risk as well as reward.
• For Examples: House Cleaning, Dog Walking and Freelance writing etc.
24. Trading Entrepreneurship
• These are a kind of mediator between the manufacturer of a product and its customers or retailers or wholesalers.
• All the activities related to the trading of an organization are done through such type of entrepreneurs. It serves as
middlemen for dealers, wholesalers, manufacturers and the customers.
• Examples: Paul Tudon Jones, Nick Leeson and John Key etc.

25. State Entrepreneurship

• When a business firm is managed and operated wholly by the state or the government of the state, then it is
defined as “State Entrepreneurship”.
• All the trading, as well as industrial ventures, are fully undertaken by the state only and not a single entrepreneur is
there.
• Examples: MCWD, Any Business that is based on state like Investpunjab in India.

26. Joint Entrepreneurship

• It is a collaboration of private and public entrepreneurship.
• When a business enterprise if partly owned, controlled and managed by a private entrepreneur and the government,
then it is named as Joint Entrepreneurship.
• Examples: PAG-IBIG, VECO, Smart Phone development by Nokia and Microsoft, Globe, Smart, and Sun.

Dear Pessimist, Optimist, and Realist,

While you guys argued whether the glass is half full or half empty, I sold the glass.
Sincerely, Entrepreneur-ist