Who is an Entrepreneur?

Basic terms used in Entrepreneurship

In Business Management Studies

Who is an Entrepreneur?

An Entrepreneur is the person who promotes a business is called an Entrepreneur. He collects factors of production such as land, labour, capital to start a business venture. He performs two important activities i.e. organizing the factors and bearing the risk of organizing.

Definition of Entrepreneur-

1. According to Peter Ducker, “An Entrepreneur is one who gathers and uses resources to produce results”.
2. According to J. B. Say, “Entrepreneur is one who combines the land of one, the labour of another and capital of yet another and then produces a product by selling the product in the market, he pays interest on capital, rent on land and wages to labors and what remains is his or her profit”.

Theory of Schumpeter-

According to Schumpeter , “The entrepreneur is an advanced economy or an individual who introduces something new in the economy, a method of production not yet tested by experience in the branch of manufacture concerned, a product with which consumers are not yet familiar, a new source of raw material or of new markets and like”.

What is Entrepreneurship?

Entrepreneurship is the quality of entrepreneur. It is an economic concept.

The term Entrepreneurship has been derived from French word ‘Entrepreneur’, the meaning of which is ‘to undertake the risk of the new enterprise’

 

Definitions of Entrepreneurship

1.  According to Richard Cantillon ‘Entrepreneurship is basically an economic concept. It is also a dynamic concept. It gives different meaning in different times and places. It was very simple in olden days by restricting’.
2.  According to Adam Smith, ‘An economic process to convert newly generated economic idea into practice to response to economic realistic with the object of achieving  commercial objectives ‘.

Entrepreneurship Culture

Entrepreneurial culture-

The term culture in general refers to a pattern of beliefs and behaviors that have been learnt from other members of the society. It is a cultivated behavior.

The corporate culture influences the level of commitment. People are conditioned to behave, perform and accept certain kinds of channels because of their culture.   

Keywords-

• Meaning of #entrepreneur
• Meaning of #entrepreneurship
• Definitions relating to Entrepreneur and Entrepreneurship

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