ENTREPRENEURSHIPThe capacity and willingness to undertake conception,organization, and management of a productive venture with allattendant risks, while seeking profit as a reward.In economics, entrepreneurship is regarded as a factor ofproduction together with land, labor, natural resources, andcapital. Entrepreneurial spirit is characterized by innovationand risk-taking, and an essential component of a nationsability to succeed in an ever changing and more competitiveglobal marketplace.
DEFINITIONConventional Business1. conforming to the usual practices of accepted standards of conduct or taste2. lacking originality or individuality; unimaginative and routine3. commonly believed to be true, but often false (conventional wisdom)The term conventional can be used to refer to warfare,indicating non-nuclear, customary warfare. While accepted andconventional ways can be good, not thinking "outside the box"can pose limits. When someone or something defies convention,it means that established methods or thinking dont apply--itmeans they are unconventional.
E-Business1. The term used to describe the information systems and applications that support and drive business processes, most often using web technologies.2. E-Business allows companies to link their internal and external processes more efficiently and effectively, and work more closely with suppliers and partners to better satisfy the needs and expectations of their customers.3. E-Business is much more than just a web presence. There are a vast array of internet technologies all designed to help businesses work smarter not harder.
NATURE OF EACH BUSINESS• Nature of business refers to the type or general category of business or commerce you are describing. For example, if you worked at McDonalds, the nature of your business is food services.• Nature of business means what type of business you are doing like Wholesale, Retail or Service, Manufacturing, Marketing and etc.• Nature of business means what exactly your business is doing and what is the service/product you are offering. For example the nature of "Walmart" as a business is "Retail" and the nature of "Microsoft" is "Software."
ADVANTAGES & DISADVANTAGES OF E-BUSINESSAdvantagesWorldwide presenceCost effective marketing and promotionsDeveloping a competitive strategyBetter customer services
DisadvantagesSectoral limitationsCostly e-business solutions for optimizationLow system security