1.

ENTREPRUNERSHIP..........................................................
..........2
2. TYPES OF ENTREPRUNER
ORG...................................................5
2.1. INDIVIDUAL
PROPRIETORSHIP.............................................5
2.2.
PARTNERSHIP...................................................................
....6
2.3. JOINT STOCK
COMPANY.......................................................8
2.4. CO-OPERATIVE
SOCIETIES...................................................11
2.5. PUBLIC OR STATE
UNDERTAKINGS.....................................13
3.
BIBLIOGRAPHY..................................................................
.......15

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Entrepreneurship :It is the process of begining of a business or other organization.

The entrepreneur develops a business model, acquires the human and other
required resources, and is fully responsible for its success or failure.
Entrepreneurship operates within an entrepreneurship ecosystem.

In recent years, "entrepreneurship" has been extended from its origins in business to
include social and political activity. Entrepreneurship within an existing firm or large
organization has been referred to as intrepreneurship and may include corporate
ventures where large entities spin off subsidiary organizations.Entrepreneurs are
leaders willing to take risk and exercise initiative, taking advantage of market
opportunities by planning, organizing, and employing resources, often by innovating
new or improving existing products. More recently, the term entrepreneurship has
been extended to include a specific mindset(see also entrepreneurial mindset)
resulting in entrepreneurial initiatives, e.g. in the form of social
entrepreneurship, political entrepreneurship, or knowledge entrepreneurship.
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According to Paul Reynolds, founder of the Global Entrepreneurship Monitor, "by the
time they reach their retirement years, half of all working men in the United States
probably have a period of self-employment of one or more years; one in four may
have engaged in self-employment for six or more years. Participating in a new
business creation is a common activity among U.S. workers over the course of their
careers."In recent years, entrepreneurship has been claimed as a major driver
of economic growth in both the United States and Western Europe.

Entrepreneurial activities differ substantially depending on the type of organization

and creativity involved. Entrepreneurship ranges in scale from solo, part-time
projects to large-scale undertakings that create many jobs. Many "high value"
entrepreneurial ventures seek venture capital or angel funding (seed money) in order
to raise capital for building the business. Many organizations exist to support wouldbe entrepreneurs, including specialized government agencies, business
incubators, science parks, and some NGOs.

Beginning in 2008, an annual "Global Entrepreneurship Week" event aimed at

"exposing people to the benefits of entrepreneurship" and getting them to "participate
in entrepreneurial-related activities".

Entrepreneur, is a loanword from French. It is defined as an individual who organizes

or operates a business or businesses. Credit for coining the
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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 Gnral, or Essay on the Nature 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".

Cantillon defined the term as a person who pays a certain price for a product and
resells it at an uncertain price: "making decisions about obtaining and using the
resources while consequently admitting the risk of enterprise." The word first
appeared in the French dictionary entitled "Dictionnaire Universel de Commerce"
compiled by Jacques des Bruslons and published in 1723.

Successful entrepreneurs have the ability to lead a business in a positive direction by

proper planning, to adapt to changing environments and understand their own
strengths and weakness.

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A sole proprietorship, also known as the sole trader or simply aproprietorship, is

a type of business entity that is owned and run by one individual or one legal person
and in which there is no legal distinction between the owner and the business. The
owner is in direct control of all elements and is legally accountable for the finances of
such business and this may include debts, loans, loss etc.

The owner receives all profits (subject to taxation specific to the business) and has
unlimited responsibility for all losses and debts. Every asset of the business is owned
by the proprietor and all debts of the business are the proprietor's. It is a "sole"
proprietorship in contrast with partnerships (which have at least 2 owners).

A sole proprietor may use a trade name or business name other than his, her or its
legal name. They will have to legally trademark their business name, the process
being different depending upon country of residence.

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A partnership is an arrangement in which parties agree to cooperate to advance

their mutual interests.

Since humans are social beings, partnerships between individuals, businesses,

interest-based organizations, schools,governments, and varied combinations
thereof, have always been and remain commonplace. In the most frequently
associated instance of the term, a partnership is formed between two or more
businesses in which partners (owners) co-labor to achieve and share profits and
losses (see business partners). Partnerships exist within, and across, sectors. Nonprofit, religious, and political organizations may partner together to increase the
likelihood of each achieving their mission and to amplify their reach. In what is
usually called an alliance, governments may partner to achieve their national
interests, sometimes against allied governments holding contrary interests, as
occurred during World War II and the Cold War. Ineducation, accrediting
agencies increasingly evaluate schools by the level and quality of their partnerships
with other schools and a variety of other entities across societal sectors. Some
partnerships occur at personal levels, such as when two or more individuals agree to
domicile together, while other partnerships are not only personal, but private, known
only to the involved parties.

Partnerships present the involved parties with special challenges that must be
navigated unto agreement. Overarching goals, levels of give-and-take, areas of
responsibility, lines of authority and succession, how success is evaluated and
distributed, and often a variety of other factors must all be negotiated. Once
agreement is reached, the partnership is typically enforceable by civil law, especially
if well documented. Partners who wish to make their agreement affirmatively explicit
and enforceable typically draw up Articles of Partnership. It is common for
information about formally partnered entities to be made public, such as through a
press release, a newspaper ad, or public records laws.

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While partnerships stand to amplify mutual interests and success, some are
considered ethically problematic. When a politician, for example, partners with a
corporation to advance the latter's interest in exchange for some benefit, a conflict of
interest results; consequentially, the public good may suffer. While technically legal in
some jurisdictions, such practice is broadly viewed negatively or as corruption.

Governmentally recognized partnerships may enjoy special benefits in tax policies.

Among developed countries, for example, business partnerships are often favored
over corporations in taxation policy, since dividend taxes only occur on profits before
they are distributed to the partners. However, depending on the partnership structure
and the jurisdiction in which it operates, owners of a partnership may be exposed to
greater personal liability than they would as shareholders of a corporation. In such
countries, partnerships are often regulated via anti-trust laws, so as to
inhibit monopolistic practices and foster free market competition. Enforcement of the
laws, however, varies considerably. Domestic partnerships recognized by
governments typically enjoy tax benefits, as well.

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A partnership is an arrangement in which parties agree to cooperate to advance

their mutual interests.

Since humans are social beings, partnerships between

individuals, businesses, interest-based organizations, schools,governments, and
varied combinations thereof, have always been and remain commonplace. In the
most frequently associated instance of the term, a partnership is formed between
two or more businesses in which partners (owners) co-labor to achieve and share
profits and losses (see business partners). Partnerships exist within, and across,
sectors. Non-profit, religious, and political organizations may partner together to
increase the likelihood of each achieving their mission and to amplify their reach. In
what is usually called an alliance, governments may partner to achieve their national
interests, sometimes against allied governments holding contrary interests, as
occurred during World War II and the Cold War. Ineducation, accrediting
agencies increasingly evaluate schools by the level and quality of their partnerships
with other schools and a variety of other entities across societal sectors. Some
partnerships occur at personal levels, such as when two or more individuals agree to
domicile together, while other partnerships are not only personal, but private, known
only to the involved parties.

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Partnerships present the involved parties with special challenges that must be
navigated unto agreement. Overarching goals, levels of give-and-take, areas of
responsibility, lines of authority and succession, how success is evaluated and
distributed, and often a variety of other factors must all be negotiated. Once
agreement is reached, the partnership is typically enforceable by civil law, especially
if well documented. Partners who wish to make their agreement affirmatively explicit
and enforceable typically draw up Articles of Partnership. It is common for
information about formally partnered entities to be made public, such as through a
press release, a newspaper ad, or public records laws.

While partnerships stand to amplify mutual interests and success, some are
considered ethically problematic. When a politician, for example, partners with a
corporation to advance the latter's interest in exchange for some benefit, a conflict of
interest results; consequentially, the public good may suffer. While technically legal in
some jurisdictions, such practice is broadly viewed negatively or as corruption.

Governmentally recognized partnerships may enjoy special benefits in tax policies.

Among developed countries, for example, business partnerships are often favored
over corporations in taxation policy, since dividend taxes only occur on profits before
they are distributed to the partners. However, depending on the partnership structure
and the jurisdiction in which it operates, owners of a partnership may be exposed to
greater personal liability than they would as shareholders of a corporation. In such
countries, partnerships are often regulated via anti-trust laws, so as to
inhibit monopolistic practicesand foster free market competition. Enforcement of the
laws, however, varies considerably. Domestic partnerships recognized by
governments typically enjoy tax benefits, as well.

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Ownership of stock confers a large number of privileges. The company is managed

on behalf of the shareholders by a Board of Directors, elected at an Annual General
Meeting. The shareholders also vote to accept or reject an Annual Report and
audited set of accounts. Individual shareholders can sometimes stand for
directorships within the company, should a vacancy occur, but this is uncommon.

The shareholders are usually liable for any of the company debts that exceed the
company's ability to pay. Meanwhile, the limit of their liability only extends to the face
value of their shareholding. This concept of limited liability largely accounts for the
success of this form of business organization.

Ordinary shares entitle the owner to a share in the company's net profit. This is
calculated in the following way: the net profit is divided by the total number of
owned shares, producing a notional value per share, known as a dividend. The
individual's share of the profit is thus the dividend multiplied by the number of shares
that they own.

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A cooperative ("coop") or co-operative ("co-op") is an autonomous association of

persons who voluntarily cooperate for their mutual social, economic, and cultural
benefit. Cooperatives include non-profit community organizations and businesses
that are owned and managed by the people who use its services (a consumer
cooperative) or by the people who work there (a worker cooperative) or by the
people who live there (a housing cooperative), hybrids such as worker cooperatives
that are also consumer cooperatives or credit unions, multi-stakeholder cooperatives
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such as those that bring together civil society and local actors to deliver community
needs, and second and third tier cooperatives whose members are other
cooperatives.

The International Co-operative Alliance was the first international association formed
by the movement. It includes the World Council of Credit Unions. A second
organization was formed later in Germany, the International Raiffeisen Union. In the
United States, the National Cooperative Business Association (NCBA) serves as the
sector's oldest national membership association. It is dedicated to ensuring that
cooperative businesses have the same opportunities as other businesses operating
in the country and that consumers have access to cooperatives in the marketplace. A
U.S. National Cooperative Bank was formed in the 1970s. By 2004, a new
association focused on worker co-ops was founded, the United States Federation of
Worker Cooperatives.

Cooperation dates back as far as human beings have been organizing for mutual
benefit. Tribes were organized as cooperative structures, allocating jobs and
resources among each other, only trading with the external communities. In alpine
environments, trade could only be maintained in organized cooperatives to achieve a
useful condition of artificial roads such as Viamala in 1472. Pre-industrial Europe is
home to the first cooperatives from an industrial context.

In 1761, the Fenwick Weavers' Society was formed in Fenwick, East

Ayrshire,Scotland to sell discounted oatmeal to local workers. Its services expanded
to include assistance with savings and loans, emigration and education. In
1810,Welsh social reformer Robert Owen, from Newtown in mid-Wales, and his
partners purchased New Lanark mill from Owen's father-in-law David Dale and
proceeded to introduce better labour standards including discounted retail shops
where profits were passed on to his employees. Owen left New Lanark to pursue
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other forms of cooperative organization and develop co-op ideas through writing and
lecture. Cooperative communities were set up in Glasgow, Indiana and Hampshire,
although ultimately unsuccessful. In 1828, William King set up a newspaper, The
Cooperator, to promote Owen's thinking, having already set up a co-operative store
in Brighton.,

The Rochdale Society of Equitable Pioneers, founded in 1844, is usually considered

the first successful cooperative enterprise, used as a model for modern co-ops,
following the 'Rochdale Principles'. A group of 28 weavers and other artisans
in Rochdale, England set up the society to open their own store selling food items
they could not otherwise afford. Within ten years there were over 1,000 cooperative
societies in the United Kingdom.

Other events such as the founding of a friendly society by the Tolpuddle Martyrs in
1832 were key occasions in the creation of organized labor and consumer
movements.

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A government-owned corporation, state-owned company, state-owned

enterprise, state-owned entity, state enterprise, publicly owned
corporation, government business enterprise, commercial government
agency, public sector undertaking or parastatal is a legal entity that
undertakes commercial activities on behalf of an owner government. Their legal
status varies from being a part of government to stock companies with a state as a
regular stockholder. There is no standard definition of a government-owned
corporation (GOC) or state-owned enterprise (SOE), although the two terms can be
used interchangeably. The defining characteristics are that they have a distinct legal
form and they are established to operate in commercial affairs. While they may also
have public policy objectives, GOCs should be differentiated from other forms of
government agencies or state entities established to pursue purely non-financial
objectives.

Government-owned corporations are common with natural monopolies and

infrastructure such as railways and telecommunications, strategic goods and
services (mail, weapons), natural resources and energy, politically sensitive
business, broadcasting, demerit goods (alcohol) and merit goods (healthcare).

GOCs can be fully owned or partially owned by government. As a definitional issue, it

is difficult to determine categorically what level of state ownership would qualify an
entity to be considered as "state-owned", since governments can also own
regular stock, without implying any special interference. As an example, the Chinese
Investment Corporation agreed in 2007 to acquire a 10% interest in the global
investment bank Morgan Stanley, but it is unlikely that this would qualify the latter as
a government-owned corporation. Government-owned or state-run enterprises are
often the result ofcorporatization, a process in which government agencies and

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departments are re-organized as semi-autonomous corporate entities, sometimes

with partial shares listed on stock exchanges.

The term 'government-linked company' (GLC) is sometimes used to refer

to corporate entities that may be private or public (listed on a stock exchange) where
an existing government owns a stake using a holding company. There are two main
definitions of GLCs are dependent on the proportion of the corporate entity a
government owns. One definition purports that a company is classified as a GLC if a
government owns an effective controlling interest (>50%), while the second definition
suggests that any corporate entity that has a government as a shareholder is a GLC.

Government-owned corporations often operate in sectors where there is a natural

monopoly, or where the government has strategic interest. However, government
ownership of industry corporations is common.

Nationalization also forcibly converts a private corporation into a government-owned

corporation.

In most OPEC countries, the governments own the oil companies operating on their
soil. A notable example is the Saudinational oil company, Saudi Aramco, which the
Saudi government bought in 1988 and changed its name from Arabian American Oil
Company to Saudi Arabian Oil Company. The Saudi government also owns and
operates Saudi Arabian Airlines, and owns 70% of SABIC, as well as many other
companies. They are, however, being privatized gradually.

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1.

MICRO ECONOMIC THEORY (BY-

M.L. JINGHAN)

2. www.entrepreneur.com
3.

WIKIPEDIA

4.

LEGAL ECONOMICS (BY- K.C.

GOPALAKRISHNAN)

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