How does entrepreneurship differ from income generation? (3) Ans: The differences between entrepreneurship and income generation are as follows:

| Basis | Entrepreneurship | Income generation | | --- | --- | --- | | Objective | It refers to the activity of innovating products and services, planning and organising production and services and their marketing and deciding future of the enterprise. | It refers to activities which are often taken up on part time and are practiced for the purpose of raising additional income. | | Scope | Scope is very intensive. All entrepreneurs are income generating persons. | Scope is very narrow. All income generating persons may or may not be entrepreneurs. | | Stage | It is the terminal stage of entrepreneurial growth. | It is the initial stage of entrepreneurial growth. |