Entrepreneurship Development

ENTREPRENEURSHIP DEVELOPMENT FOR RURAL FAMILIES 4(1+3)

Lesson 7 : Types of Enterprises

Family enterprise

It is an enterprise that is owned, directly managed and financed by single individuals, usually the family heads. The owner, also known as proprietor, accepts all risks and responsibilities and operates an enterprise with the assistance of his family members. Ex: Medical shops, Photography etc.

Features:

1. They are a sort of proprietorship ventures and are run on a tiny or small scale.
2. They do not have much scope for growth due to the very nature of business like skilled manpower, specialized technical education etc.