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Entrepreneur Def.
Joseph A. Schumpeter An entrepreneur is an innovator
who carries out new combinations to initiate & accelerate the process of economic development. Richard Cantillion An entrepreneur is an individual decision-maker who uses to assume risk & provide management to the firm. Peter Drucker Entrepreneur is one who always searches for change, responds to it & exploits an opportunity. Innovation is a specific tool of entrepreneurs, the means by which they exploit change as an opportunity for different business & service.
individuals who as a single decision maker, key planner & sole risk taker organises, manages & runs the enterprise / venture whereby he reallocates resources beneficially for the best interest of his / their enterprise / venture. An entrepreneur is an individual who organizes and operates a business or businesses, taking on financial risk to do so.
Entrepreneur Characteristics
Innovator: New techniques of Production, New Markets, New
Products, New Sources of Materials & New type of industrial reorganisation. Individual or Group of Individuals Talented & Motivated: Managerials Skills, high level of Motivation, motivates others. Decision-Maker : key decision maker. Risk-taker Pioneer of Economic Development Key Planner Co-ordinator Creative & Sound Personality Promoter - Organiser
Entrepreneur Characteristics
Employer: generation of employment opportunities Owner: Enjoys all Profit & losses of the firm Producer: increases productivity, new products & new process Creator of Wealth: by proper utilisation & re-allocation of resources. Fulfilling demand . Dynamic Leader: Dynamic nature, creative, managerial ability. Manager: Plans, Organises, Directs, Co-ordinates, motivates & controls. Searcher for Economic Opportunities Independent thinker & Ambitious Person of Special Qualities: Drives, Self confidence, independent motives, need for achievement, sense of responsibility, tact & excellence in work.
Entrepreneur Types
Innovating Entrepreneurs
Imitating Fabian: Shy, do not take risk, follows traditions. Drone: No focus on growth, struggle to exist. Routine: continue to work on well established concerns N-entrepreneurs: working on completely new things.
Working in unknown areas Political: Advancement through election. Private: self employed owner of a firm. Criminal: Illegal activities.
Entrepreneur Types
Revolutionary: Non profit Objectives
Business: develops new business opportunities taking
production and marketing resources Corporate: Plans, develops and manage Corporate Bodies 1st Gen: Start business / industrial units by means of their innovative skills. Professional: Establish new biz then sell it out, to start another with the proceeds of sale.
enterprise. ...Employer: Creates employment opportunities. ...Producer: maximise production process ...Co-ordinator: of all functions internal and external ...Market Maker: creates new markets ...Decision-Maker ...Risk-Taker: operates under uncertainty ...Manipulator of Market Information: to benefit is firm.
...Forex Earner
Entrepreneur Functions
Innovation, Establishment of Enterprise, Risk-bearing, Organising, Co-ordination, Searching for Economic Opportunities, Economic Development, Leadership, Decision Making, Manager of Firm, Re-allocation of resources and creation of new ones, Motivation, Adapting to change, Maximising Production.
Entrepreneur Qualities
Innovativeness, Creativity, Self- Confidence, Decisiveness, Leadership, Risk-taking ability, Perseverance & Hardworking, Strong Personality, High aspirations, Adaptability & flexibility, Knowledge of market opportunities, Competence, Motivation, Managerial Qualities.