Professional Documents
Culture Documents
Draft Entrepenuer
Draft Entrepenuer
A number of definitions have been given of an entrepreneur-The economists view him as a fourth
factor of production along with land labour and capital.The sociologists feel that certain
communities and cultures promote entrepreneurship like for example in India we say that
Gujaratis and Sindhis are very enterprising.Still others feel that entrepreneurs are innovators who
come up with new ideas for products,markets or techniques.
To put it very simply an entrepreneur is someone who perceives opportunity, organizes resources
needed for exploiting that opportunity and exploits it. Computers, mobile phones,washing
machines, ATMs, Credit Cards, Courier Service, and Ready to eat Foods are all examples of
entrepreneurial ideas that got converted into products or services.Some definitions of an
entrepreneur are listed below:
ENTREPRENEUR
The word "entrepreneur" is derived from a French root ‘entreprendre’, meaning, "toundertake".
The term "entrepreneur" seems to have been introduced into economic theory byCantillon (1755)
but Say (1803) first accorded the entrepreneur prominence. It wasSchumpeter however, who
really launched the field of entrepreneurship by associating itclearly with innovation. Drucker’s
definition of entrepreneurship, namely a systematic, professional discipline, brought a new level
of understanding to the domain (Maurer,Shulman, Ruwe & Becherer 1995:526). Sharma and
Chrisman (1999:12) identified twoclusters of thought on the meaning of entrepreneurship. One
group focused on thecharacteristics of entrepreneurship (e.g. innovation, growth, uniqueness)
while a secondgroup focused on the outcomes of entrepreneurship (e.g. the creation of value).
He is a moderate risk taker and works under uncertainty for achieving thegoal.
He is innovative
Scribd
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions!
Cancel Anytime.
from the French word ‘entrependre’ meaning one who undertakes or one who is a‘go-between’
Richard Cantillon
: An entrepreneur is a person who pays a certain price for a product toresell it at an uncertain
price, thereby making decisions about obtaining and using theresources while consequently
admitting the risk of enterprise.
J.B. Say
: An entrepreneur is an economic agent who unites all means of production- land of one, the
labour of another and the capital of yet another and thus produces a product. Byselling the
product in the market he pays rent of land, wages to labour, interest on capital andwhat remains
is his profit. He shifts economic resources out of an area of lower and into anarea of higher
productivity and greater yield.
Schumpeter:
According to him entrepreneurs are innovators who use a process of shatteringthe status quo of
the existing products and services, to set up new products, new services.
David McClleland
Peter Drucker
Kilby:
Emphasizes the role of an imitator entrepreneur who does not innovate but imitatestechnologies
innovated by others. Are very important in developing economies.
Albert Shapero
: Entrepreneurs take initiative, accept risk of failure and have an internallocus of control.
G. Pinchot
: Intrapreneur is an entrepreneur within an already established organization.Definition of
Entrepreneurs Today
Concept of Entrepreneurship
risky process. It involves a fusion of capital, technology and human talent. Entrepreneurshipis
equally applicable to big and small businesses, to economic and non-economic
activities.Different entrepreneurs might have some common traits but all of them will have
somedifferent and unique features. If we just concentrate on the entrepreneurs then there will be
asmany models as there are ventures and we will not be able to predict or plan, how and
where,and when these entrepreneurs will start their ventures.. Entrepreneurship is a philosophy-
it is the way one thinks,one acts and therefore it can exist in any situation be it business or
government or in the fieldof education, science and technology or poverty alleviation or any
others.
Peter
.ENTERPRISE
Such entrepreneurial endeavors target significant yields with a similarly abnormal state of
vulnerability. The entrepreneur is eager to chance his or her money related security and vocation,
investing energy just as capital on an unsure endeavor, organizing the fundamental capital, crude
materials, producing areas and talented workers. Promoting, deals and appropriation are other
vital angles which are constrained by the entrepreneur.
Regardless of whether a portion of these capacities are redistributed, the hazard is still conveyed
by the entrepreneur. This makes entrepreneurship not the same as acquiring or potentially
maintaining a current business, working for a startup or entrepreneur for a pay, being an
appointed operator, or selling effectively accessible products or administrations as an
establishment or vendor.
Instances of Entrepreneurship
_____________________________________________
Exchanging products—like purchasing whole heaps of marked cleanser at discount rates and
offering them at retail rates at your retail shop or on the web—does not establish
entrepreneurship. In any case, producing your own creative, home grown cleanser, acquiring a
patent on it and promoting it for business utilizing similar deals channels qualifies as
entrepreneurship.
Nothing in this world comes free. In the primary precedent, the entrepreneur takes a hazard on
the time, exertion and budgetary ventures expected to make the home grown cleanser, getting
vital licenses and taking care of lawful debate emerging from any shopper protests and rivalries.
In the last model, the entrepreneur is responsible for guaranteeing a solid network of property
proprietors willing to offer appropriate offices, just as the duty regarding dealing with clashes
What's entrepreneurship by a definition?
Entrepreneurship
Here, I will start off by saying that entrepreneurship is a process. It is a process of designing,
launching and running a business, which often at the beginning is a small business.
The difference
It is needless to say both nouns represent almost the same thing, for the exception that
entrepreneurs are people and entrepreneurship is a process.
Entrepeneurs are organizers while entrepreneurship is an organization.
In other words, an entrepreneur starts a business with an idea and build the business as per the
goals and objectives.
An Entrepreneur refers to a person who organises, manages and operates multiple businesses
with different goals and takes financial risks also. Study in entrepreneurship or business
management with specialisation will help you become an entrepreneur.
Example:
You can also understand the differences between entrepreneur & entrepreneurship from the
following table.