ENTREPRENEUR

• The word ‘entrepreneur’ is derived from the French verb enterprendre. It means “ to undertake.”• The term “entrepreneur” was applied to business initially by the French economist, Cantillon, in the 18th century, to designate a dealer who purchases the means of production for combining them into marketable products.

ENTREPRENEURSHIP may defined in various ways, but the four key elements involved in it are:

i. Innovation.ii. Risk-taking.iii.Vision.iv.Organising skill.

MEANING• An individual who bears the risk of operating a

business in the face of uncertainity about the future conditions.

• An entrepreneur is a person who has possession of an enterprise, or venture, and assumes significant accountability for the inherent risks and the outcome. It is an ambitious leader who combines land, labor, and capital to often create and market new goods or services.

WORKING DEFINITION

An entrepreneur is a person who combines various factors of production, processes raw material, converts the raw material into a finished product and creates utility and sells the produce in the market to earn profit.

ENTREPRENEURS ARE MADE AND

NOT BORN.

JOSEPH A. SCHUMPETER

• The entrepreneur in an advanced economy is an individual who introduces something new in the economy.

• Entrepreneur is who innovates, raises money, assembles input,chooses managers and sets the organisation going with his ability to identify.

PETER DRUCKER

Entrepreneur as one who always searches for change, respond to it and exploits it as an opportunity . Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or services.

E.E. HAGGEN

• An entrepreneur is an economic man who tries to maximise his profits by innovations.

• Innovations involve problem- solving and the entrepreneurs gets satisfaction from using his capabilities in attacking problems.

ENTREPRENEURSHIP

• It requires a requires a willingness to take calculated risks – both personal and financial, and then to do everything possible to reduce the chances of failure.  

• It also includes the ability to build an entrepreneurial or venture team to complement your (the entrepreneur) own skills and talents.

HOW PEOPLE BECOME AN ENTREPRENEUR?• By Necessity and Opportunity, Design and Default• Triggered by ‘Social Disruption or Interruption”• Entrepreneurs are created in good and bad

economic times.• Achievements and Financial Rewards for an

Entrepreneur.• Many begins but few make it.

ENTREPRENEUR TRAITS most important for success:

• Innovative & Opportunistic• Willingness to take risk• Initiative• Self reliance• Perseverance (keep trying to achieve something)• Need to achieve• Self confidence

  

ENTREPRENEUR TRAITS important for success

• Leadership • Competitiveness• Good physical health• Creative• High level of energy• Versatility

•  Ability to get along

•  Patience

• Well organized

•  Desire for money • Tolerate uncertainty• Need for power• Need for affiliation

  

ENTREPRENEUR TRAITS least important for success