What is meant by cottage industry?

What is meant by cottage industry?

A business or manufacturing activity carried on in a person’s home

Or

An industry where the creation of products and services is home-based, rather than factory-based. While products and services created by cottage industry are often unique and distinctive given the fact that they are usually not mass-produced, producers in this sector often face numerous disadvantages when trying to compete with much larger factory-based companies.

Source: http://www.investorwords.com/1163/cottage_industry.html#ixzz2avTg4hrz

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