State the differences between entrepreneurship and self-employment? (3) Ans: The differences between entrepreneurship and self-employment are as follows:

| Basis | Entrepreneurship | Self-employment | | --- | --- | --- | | Innovation | Involves the task of sensing opportunities and innovating products and services. | Full time involvement in own occupation in which a person may or may not innovate product and service. | | Scope | All entrepreneurs are self-employed. | All self-employed persons may not necessarily be entrepreneurs. | | Stage | It is the terminal stage of entrepreneurial growth. | It is the middle stage of entrepreneurial growth. |