Exploring the Essence of Entrepreneurship Through Definitions and Characteristics
Delve into the concept of entrepreneurship through historical origins, various definitions by renowned economists, and key characteristics exemplifying the entrepreneurial spirit. Discover the basics, vision, innovation, and leadership associated with entrepreneurs, along with their risk-taking nature and trust in self. Uncover the intrinsic qualities that set entrepreneurs apart, such as their innovation, risk-bearing abilities, and desire for responsibility.
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Presentation Transcript
CONCEPT OF ENTREPRENEUR The word entrepreneur is derived from the French verb enterprendre. It means to undertake 16thcentury, the Frenchman who organized and led military expeditions referred as entrepreneurs. Till 1800 this concept was used by French economist for adventures, government contractors, architects and traders to those who bought labour and material at uncertain prices and sold the resultant product as contracted prices, and those who risked capital in manufacturing.
DEFINITIONS OF ENTREPRENEUR According to Richard Cantillion, An entrepreneur is an agent who buys means of production at certain prices in order to combine them into a product which is going to sell at prices that are uncertain. In the words of Frank Knight, An entrepreneur is a specialized group or persons who bear risks and meet uncertainty. As per Alfred Marshall, Entrepreneur is an individual who adventures or undertakes risks, who brings together the capital and labour required for the work, who arranges or engineers its general plan, and who superintends its minor details.
In the words of Peter Drucker, The entrepreneur always searches for change, responds to it, and exploits it as an opportunity. Joseph Schumpter, Entrepreneur is a person who foresees the opportunity and tries to exploit it by introducing a new product, a new method of production, a new market, a new source of raw materials or a new combination of factors of production.
BASICS OF ENTREPRENEUR Opportunities Challenges ORGANISATION ACHIEVEMENT RISK ENTREPRENEUR VISION ENTERPRISE INNOVATION LEADERSHIP MANAGEMENT Cultural Values Economic Activities
CHARACTERISHTICS OF AN ENTREPRENEUR Risk Bearer Skill at organizing Desire for Responsibility Confidence in his Ability Desire for Immediate Feedback Innovator High Achiever
Trust in Self Opportunity Focused Dynamic Agent Future oriented Prefers Achievement over Money Flexibility
Sense of Urgency Internal Lucas of Control More than Manager Action oriented Different from Capitalist and Investors Entrepreneurs can be made Positive in his action Trustee of society
