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Entrepreneurship
 The capacity and willingness to develop, organize and manage a business venture
along with any of its risks in order to make a profit. The most obvious example of
entrepreneurship is the starting of new businesses.
 the process of starting a business or other organization.
Entrepreneur
 It is defined as an individual who organizes or operates a business or businesses.
 Credit for coining the term entrepreneur generally goes to the French
economist Jean-Baptiste Say, but in fact the Irish-French economist Richard
Cantillon defined it first in his Essai sur la Nature du Commerce en Général,
or Essay on theNature of Trade in General, a book William Stanley
Jevons considered the "cradle of political economy” Cantillon used the term
differently. Biographer Anthony Breer noted that Cantillon saw the entrepreneur
as a risk-taker while Say considered the entrepreneur a "planner".
 A person who organizes and manages any enterprise, especially a business,
usually with considerable initiative and risk.
Types of Entrepreneurs
1. Social Entrepreneurs
 A rapidly growing and vibrant sector, social entrepreneurs play an important role
in providing products and services with the overall intention of creating social
good, operating from a triple bottom line perspective of people, planet, profit
 “These are people who recognize social problems, decide to roll up their sleeves
and get into action using entrepreneurial principles to organize, create, and
manage a venture to implement social change that is sustainable, good for the
planet and for the highest good of humanity.” - Christophe Poizat,
2. Serial Entrepreneurs
 Serial entrepreneurs set up businesses, and bring them to a stage of development
where they can move on either by selling according to a pre-determined exit
strategy, or place the enterprise in the hands of a successor or group of successors
whilst retaining some degree of investment and/or strategic input, whilst they
start their next venture, with a view to repeating the process again.
3. Lifestyle Entrepreneurs
 Lifestyle entrepreneurs choose businesses that reflect their passions and they are
more focused on doing something they love than on the pure profit motive for
starting a business. This includes making deliberate choices to fit a business
around a way of living, for example preserving time with children and family, for
a hobby or interest, a sport, or some other element of their life which they wish
to retain a place of importance.
4. Solopreneurs
 The ‘one man band’ – An individual who operates alone in an enterprise and
manages all aspects of the business themselves. Increasingly possible and
prevalent with the advent of the internet, email, VOIP, etc and the consequent
ability to perform multiple tasks, coupled with the ease of outsourcing to other
freelancers through the ready supply available through websites.

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Technology
 refers to the collection of tools, including machinery, modifications, arrangements and
procedures used by humans
How Does Technology Improve a Business?
by Amanda C. Kooser, Demand Media
Think back to how business was done a few decades ago. There was no email, Internet,
mobile marketing, telecommuting or smartphones. Now communications are instantaneous,
huge amounts of information move through email and the Internet and powerful tools are in the
hands of owners and employees. Innovations in technology have improved operations at
companies of all sizes and helped turn small local businesses into global businesses.
Communication
Cell phones have become small business necessities for owners and employees. These
devices are lifelines for staying in touch whenon the road and responding to customer inquiries
in a timely manner. Smartphones raise the bar with access to the Internet, email and business
applications in a small hand held device. Email, text messaging and social networking are other
advances in communication that keep small businesses connected to their customer bases and
improve internal communication within the company.
Marketing
Technology has freed small businesses from the restrictions of prints ads when it comes
to reaching new and existing customers. Internet marketing ranges from a simple informational
website, to advertising on search engines, to online product sales. Email marketing is an
effective and low cost method to reach a large group of people with a newsletter, coupons or
business updates. Mobile marketing is a relatively new frontier that reaches people through text
messaging, advertising on mobile applications and offering branded applications that tie
customers into what is happening with the business in a fun and entertaining way.
Productivity
Small businesses need to wring every ounce of productivity out of their operations and
technology tools help employees get tasks done more quickly. This may range from printing out
marketing materials to providing customer service through email or online chat. The key is to
keep employees focused when using technology and to use it appropriately with the goal of
saving time. Sometimes, a phone call may be more efficient and productive than an email.
Provide employees with the right hardware and updated software to keep them working at peak
proficiency.
Customer Service
Technology brings businesses closer to customers. Businesses use email to answer
questions, offer online chat to help customers that are visiting the business website, and equip
call centers with the latest phone equipment that makes customer service agents more efficient.
Give customers a choice of ways to contact the company. Technology is powerful, but keep the
people element in mind and don't skimp on training employees in effective customer service
techniques and the proper use of the technology.
Telecommuting
Many small businesses now offer telecommuting and flex time as benefits. Colleagues
can stay in touch from different locations, and when working different hours, by using email,

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online collaboration tools and mobile computing devices. When in the office, workers can share
digital documents, convey information through presentations and create training videos to bring
new employees up to speed.
Teleconferencing
Teleconferencing over the phone is one of the simplest conferencing methods, but
advancement in recent years have brought web conferencing to the fore. Web conferencing can
bring together web cams, audio and collaborative online meeting spaces to create an extremely
interactive environment. Participants can see each other, work together on documents and
recreate the in-person meeting experience no matter where they are in the world. This is one
way that small businesses can extend their reach to include global customers and workers.
E-Commerce
 It is trading in products or services using computer networks, such as the Internet.
Electronic commerce draws on technologies such as mobile commerce, electronic funds
transfer, supply chain management, Internet marketing, online transaction
processing, electronic data interchange (EDI), inventory management systems, and
automated data collection systems.
Advantages and disadvantages of E-commerce
Written by Ajeet Khurana, Ecommerce Expert
*Pro= advantage; Con=Disadvantage
1. Pro: No Standing in Queues or Being Placed on Hold Forever
For customers, this is one of the most popular conveniences of ecommerce.
2. Con: Lack of Personal Touch
I miss the personal touch and relationship that develops with a retail store. In
comparison, ecommerce is far more sterile.
3. Pro and Con: Easier to Compare Prices
There are several shopping search engines and comparison shopping websites that help
consumers locate the best prices. While buyers love this, sellers find it too restrictive as many of
them get filtered out of the consumer's consideration set.
4. Pro: Access to Stores Located Remotely
Especially for people who are not situated in major urban centers, this can be a big
advantage. Likewise ecommerce opens new markets for ecommerce businesses.
5. Con: Inability to Experience the Product Before Purchase
There are many products that consumers want to touch, feel, hear, taste and smell before they
buy. Ecommerce takes away that luxury.
6. Pro: No Need for a Physical Store
Since there is no need for a physical store, ecommerce businesses save on one of the
biggest cost overheads that retailers have to bear.

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7. Con: Need for an Internet Access Device
Ecommerce can only be transacted with the help of an Internet access device such as a
computer or a smartphone.
8. Con: Need for an Internet Connection
Not just does one need an access device, one also needs Internet connectivity to
participate in ecommerce.
9. Pro and Con: Common Availability of Coupons and Deals
Though there is nothing about ecommerce that makes it intrinsically oriented to
discounts, the way online business has evolved has led to lowered prices online. This is an
advantage for the buyer, but a disadvantage for the seller.
10. Pro: Lots of Choices
Since there are no shelf size or store size limitations, ecommerce businesses are able to
list many different items.
Types of E-commerce
Written by Ajeet Khurana, Ecommerce Expert
The two parameters of classifying ecommerce businesses that make the most sense are:
1. type of goods sold
2. nature of participants
Classifying Ecommerce Business Based on Type of Goods Sold
Ecommerce businesses sell:
 Physical goods, e.g., books, gadgets, furniture, appliances, and the like
 Digital goods, e.g., software, ebooks, music, text, images, video and the like
 Services, e.g., tickets, insurance, and the like.
Classifying Ecommerce Business Based on Nature of Participants
The two most commonparticipants in ecommerce are businesses and consumers. Based on this
we can come up with four primary ecommerce types:
1. Business to Business Ecommerce (B2B Ecommerce)
In this type of ecommerce, both participants are businesses. As a result, the volume and value
of B2B ecommerce can be huge. An example of business to business ecommerce could be a
manufacturer of gadgets sourcing components online.
2. Business to Consumer Ecommerce (B2C Ecommerce)
When we hear the term ecommerce, most people think of B2C ecommerce. That is why a
name like Amazon.com pops up in most discussions about ecommerce. Elimination of the

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need for physical stores is the biggest rationale for business to consumer ecommerce. But the
complexity and cost of logistics can be a barrier to B2C ecommerce growth.
3. Consumer to Business Ecommerce (C2B Ecommerce)
On the face of it, C2B ecommerce seems lop-sided. But online commerce has empowered
consumers to originate requirements that businesses fulfill. An example of this could be a job
board where a consumer places her requirements and multiple companies bid for winning the
project. Another example would be a consumer posting his requirements of a holiday
package, and various tour operators making offers.
4. Consumer to Consumer Ecommerce (C2C Ecommerce)
The moment you think of C2C ecommerce eBay.com comes to mind. That is because it is the
most popular platform that enables consumers to sell to other consumers. Since eBay.com is a
business, this form of ecommerce could also be called C2B2C ecommerce (consumer to
business to consumer ecommerce).