However, there are some negative characteristics as well, some of which have also been listed below : Cunning *IQ- Intelligence Quotient, EQ -Emotional Quotient, SQ – Spiritual QuotientĪn entrepreneur must possess a combination of all the three, in order to be successful. Well versed in managerial skill and strong team builder Entrepreneurs possess several qualities, which according to Napoleon are 90 attributes. 1.3 Characteristics/Qualities of an EntrepreneurĮntrepreneurs have many of the same character traits as leaders, similar to the Great Man Theory of Leadership. In many countries, the term entrepreneur is often associated with a person who starts his/her own new business. the term was used for architects and contractor of public works. It is commonly used to describe an individual who organizes and operates a business or businesses, taking on financial risk to do so.Īround 1700 A.D. The term entrepreneur is a French word, and is derived from the French word “ enterprendre”. Cole defined an entrepreneur as an ‘organization builder’. ( vi) In the 20th century the theorist Arthur H. Innovation is the specific tool of entrepreneurs, the means by which they exploit changes as an opportunity for a different business or different service”. Drucker’s Views on Entrepreneur – “An entrepreneur is the one who always searches for change, responds to it and exploits it as an opportunity. “Entrepreneur is an employer, master, merchant but explicitly considered as a capitalist”. She/he is proprietary capitalist, a supplier of capital and at the same time a manager who intervenes between the labour and the consumer. ( iv) Adam Smith’s definition – “The entrepreneur is an individual, who forms an organization for commercial purpose. ( iii) Schumpeter’s Definition – The entrepreneur, in an advanced economy is an individual who introduces something new in the economy – a method of production not yet tested by experience in the branch of manufacturing, a product with which consumers are not yet familiar, a new source of raw material or of new markets and the like”. ( ii) According to the International Encyclopaedia, an entrepreneur is “An individual who bears the risk of operating a business in the face of uncertainty about the future conditions”. ( i) According to Oxford Dictionary an entrepreneur is “A person who sets up a business or businesses, taking on financial risks in the hope of profit”. Let us now consider some definitions to understand who an entrepreneur is: If one desires to be an entrepreneur, the given equation is what describes, what an entrepreneur actually isĮntrepreneur + Capital = Products + Customers = Business. The entrepreneur is usually a sole proprietor, a partner, or the one who owns the majority of shares in an incorporated venture. An entrepreneur supplies risk capital as a risk taker, and monitors and controls the business activities. An entrepreneur is someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service will be produced. Understanding the Meaning an Entrepreneurīefore the concept of entrepreneurship is explored, it is important to, first, understand the meaning of ‘entrepreneur’ & also know who can be an entrepreneur. (Hons.)/ B.Com., NCWEB, SOL, and Central Universities throughout India 1. This book is helpful for students of B.Com. Entrepreneurship in Indian Society Check out Taxmann's Entrepreneurship Development which is a comprehensive & authentic textbook written to familiarize the students with entrepreneurship as a career option and creative thinking and behaviour for effectiveness at work. Entrepreneurship – Meaning, Nature & ConceptĤ. Understanding the Meaning an EntrepreneurĢ.
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