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•  Wage Employment: It exists as a partnership between two entities : the employer and the employee. In this type of
                employment, an employee receives compensation for his/her work in the form of wages or salary. It does not involve
                risks and the amount paid is fixed with certain incentives irrespective whether an employer is having loss or profit
                in his business. The continuity of the service in case of wage employment depends on the terms and conditions laid
                down in the contract between the two parties, as well as the relationship between the employer and the employee.
                Let us understand the difference between Wage Employment and Entrepreneurship

                          Factors                 Wage Employment                        Entrepreneurship
                  Nature of Work         Individuals work for an employer or a  Initiate and operate their own businesses.
                                         company  and receive  a fixed wage  or  Responsible  for  their  own  profits  and
                                         salary  in exchange  of work done by  losses.
                                         them.
                  Risk and Responsibility  The level of risk is comparatively lower  Entrepreneurship involves a higher level of
                                         with stable income and job security.  risk-taking.  It has  uncertainties, financial
                                                                              risks, and market fluctuations.
                  Income Structure       Employees  receive  a regular and  Entrepreneurs' income is  often variable
                                         predictable income  in  the form of  and  depends on  the success of their
                                         wages or salaries.                   business.

                  Job Security           Employees typically enjoy job security  Entrepreneurs face  the  risk  of business
                                         as long  as they  adhere  to the terms  failure, which may result in financial losses
                                         and  conditions of  their employment  and sometimes closing of the business.
                                         contracts.

                  Work Structure         Employees  follow a predefined  work  Entrepreneurship  involves diverse roles,
                                         structure with  assigned  tasks and  including marketing, finance, operations,
                                         responsibilities.                    and strategic planning.



                      ENTREPRENEURSHIP DEVELOPMENT

              Entrepreneurship  development is the process of enhancing  knowledge  and  improving skills  of an entrepreneur
              through structured training and classroom programs. Through this process, a person is equipped with the required
              skills and knowledge needed for starting and running the enterprise. Hence, this will be a big effort in preparing new
              entrepreneurs which will pave the way for a better economy and make the path for the creation of a developed society.
              Entrepreneurial Development Programs have been designed and supported by the government of almost all countries
              to develop entrepreneurial abilities among the interested people. These programs help them to identify, develop,
              polish and strengthen their entrepreneurial skills so that they play their entrepreneurship role effectively and become
              a successful entrepreneur.




                      Tick ( ) if you know this.
                        Innovation means doing something in a creative and different way.

                        Organisation plays an important role if a startup is launched at a large scale with a big investment.
                         An Entrepreneur is a person who invests his time, energy and money to initiate an exclusive idea
                       for a new venture.



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