Summary Concept of Entrepreneur, Entrepreneurship and Entrepreneurship Development
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Course
Finance
Institution
Indian Institute Of Management
Entrepreneurship is the process of identifying, creating, and pursuing opportunities to build innovative and sustainable ventures. An entrepreneur is an individual who takes on the financial risk of starting and managing a new business, often with the goal of financial profit and growth. Entreprene...
Concept of Entrepreneur, Entrepreneurship
and Entrepreneurship Development
Introduction
The term „entrepreneur‟ has been defined differently by different writers and
thinkers. It is relatively a new term and concept used in economic sphere.
Over the period, due to its increasing relevance in economic domain, it has
become the buzzword in the economic literature. With the advancement in
technology, general trend towards globalisation, change in industrial
structure, deregulation and privatization etc, entrepreneurial activity is
increasing around the globe. Entrepreneurs have been recognised as an
important source of economic growth. They create jobs and play a pivotal role
in the development country‟s economy.
Entrepreneurship is generally said to be the practice of starting new venture in
response to perceived opportunities. It helps in the establishment of small
scale business which results into large organizations capable of creating
numerous job opportunities. Entrepreneurship has been identified as one of
the major trends shaping business, economy, and even society. The modern
study of entrepreneurship owes a lot to the pioneering efforts of Joseph
Schumpeter and other Austrian economists. Later on Peter Drucker, Frank
Wright and many others have significantly contributed to the growth of
entrepreneurship development and research.
In recent times, entrepreneurship and entrepreneurs have received a lot of
attention from academicians, writers, media and general public. The
, achievements and contributions of entrepreneurs have been acknowledged by
society and many entrepreneurs have been honoured and awarded for their
services like Dhirubhai Ambani, Lakshmi Mittal, Bill Gates etc.
Concept of Entrepreneur, Entrepreneurship and
Entrepreneurship Development
● Entrepreneur: The word „entrepreneur‟ is derived from the French
word “entreprendre‟ which means „to undertake‟. The term
entrepreneur was first brought up by Richard Cantillon, a French baker
in 18th Century to mean, “A person who is uncertainty bearer”. Richard
Cantillon was the first person who used the term entrepreneur for
economic activities. J.B.Say another Frenchman, expanded Cantillon‟s
ideas and said that entrepreneur is “an organizer who combines various
factors of production to produce a socially viable product”.
So, Entrepreneur is a person who launches his own venture. He organizes,
manages and takes the risk of developing those new products or processes
for which the market demand exists but these are not currently being supplied
in the market. An entrepreneur bears the risk of a new venture if there is a
chance to earn profits. He is a front man who brings together various factors
of production and creates value by developing a new product or process.
Thus, an entrepreneur may be described as a person who has the ability to
explore the markets, identify opportunities for growth, make best use of
available resources and implement actions to maximize those opportunities.
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