ENTREPRENEURSHIP

Detailed explanation-1: -Outsourcing business functions is sometimes called contracting out or business process outsourcing. Outsourcing can involve using a large third-party provider, such as a company like IBM to manage IT services or FedEx Supply Chain for third-party logistics services.

Detailed explanation-2: -Offshoring is the relocation of a business process from one country to another-typically an operational process, such as manufacturing, or supporting processes, such as accounting. Usually this refers to a company business, although state governments may also employ offshoring.

Detailed explanation-3: -Self-sourcing, on the other hand, is the process of using internal human resources staff to advertise, manage applications, etc., for potential direct-hires. Insourcing is the process of using a third-party staffing firm either through traditional direct hires or through contingency (temporary) arrangements.

Detailed explanation-4: -Business process outsourcing (BPO) is a business practice in which an organization contracts with an external service provider to perform an essential business function or task.