Features or Characteristics of an Entrepreneur | UNIT 1-Entrepreneurship: Concept and Functions

Entrepreneurship (starting and running a business) has changed over time.
In the past, people saw business differently based on what was happening in the world economy at that time. Earlier, Entrepreneurship used to be product-centric, but now it’s more idea-centric.

Product-centric business- Product product-centric business creates or sells a specific product, and the business revolves around making, selling, and improving that product. The aim is to create the best product and sell it to as many customers as possible. Example: Think of a company that makes and sells a smartwatch. The business is all about improving the smartwatch, its features, design, and how well it works.

Idea-Centric Business- Instead of just making a product, the idea-centric business is driven by a unique idea that solves a problem or fulfills a need. The idea can lead to creating many products or services over time. The goal is to continuously innovate and create new solutions based on a core idea, which might lead to new products or services in the future. Example: Think of a company like Uber. The idea was to make transportation easier and more affordable through a ride-sharing app. Uber didn’t just focus on one car or service, but on the entire idea of changing how we travel.

Accordingly, a wide range of small and mid-sized businesses have emerged and gained popularity with the affluent middle class, determined to spend more, as well as derive value out of every rupee spent.