Employability Skills III: Myths and types of entrepreneurship

Hello students, welcome to Kwickprep. Many people believe you need crores of rupees and a business family to start a company. Is that true? Today we will bust common myths about entrepreneurship and learn its different types.

First, a new word. A myth is a belief that many people hold, but it is not true. Myths about business stop many young people from trying. So let us check each myth against facts.

Here are the first three myths. Myth one says entrepreneurs are born, not made. The fact is that skills like planning and confidence can be learned. Myth two says you need a lot of money to start. The fact is that many businesses start small, like tuition classes or a home bakery. Myth three says you need a great new invention. The fact is that improving an existing idea also works, like a faster delivery service.

Here are three more myths. Myth four says only rich or business families can start. The fact is that people from every background succeed. Myth five says entrepreneurs are their own bosses with free time. The fact is they answer to customers and often work longer hours. Myth six says most businesses fail, so do not try. The fact is that careful planning lowers risk, and failure teaches lessons.

Pause and predict. Your friend says she cannot start a business because she is not from a business family. Myth or fact? It is a myth. The seven women who started Lijjat Papad came from ordinary homes and borrowed only eighty rupees.

Entrepreneurship comes in many types. We can group them by the purpose of the business. We can group them by its size. We can group them by who owns or starts it.

Let us start with purpose. Business entrepreneurship aims mainly at earning profit, like a mobile repair shop. Social entrepreneurship aims to solve a social problem, like Goonj, which reuses old clothes for villages. Innovative entrepreneurship brings a new idea or technology to the market, like a new payment app.

Next, size. Small business entrepreneurship means a local business that supports a family, like a kirana store. Scalable startup entrepreneurship means a business built to grow very fast, often with investor money, like Zomato. Large company entrepreneurship means an existing big company starting new products, like Tata launching new electric cars.

Finally, the type by owner. Individual entrepreneurship means one person starts and owns the business. Women entrepreneurship means a woman starts and runs it, like Kiran Mazumdar-Shaw who founded Biocon. Rural entrepreneurship means a business in a village, often using local farm products. Intrapreneurship means an employee creates a new idea inside the company where they work.

Let us practise. A farmer's group in a village makes organic jaggery and sells it online. This is rural entrepreneurship. It uses local sugarcane and gives jobs in the village. If the group mainly aims to raise farmers' income, it is also social entrepreneurship.

So, do you need crores to start? No, that is a myth. Many businesses start small with savings or a small loan. Government schemes like Mudra loans help small businesses get money.

Let us revise what we learned today. A myth is a popular belief that is not true. Entrepreneurs are made, can start small, and come from every background. By purpose, types are business, social and innovative. By size, they are small business, scalable startup and large company. By owner, they are individual, women, rural and intrapreneurship.