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Concept of Entrepreneur
Individuals who take initiative to establish business
Meaning of entrepreneur
An entrepreneur is a person who has already started or
is in the process of starting an enterprise. Definition Joseph Schumpeter Entrepreneur is an innovator who brings economic development through new combinations of factors of production.
Definitions
Websters dictionary
one who organizes, manages and assumes the risk of a business or Entreprise.
A. H.Cole
Entrepreneurship is a purposeful activity of an individual or a group of associated individuals, undertaken to initiate, maintain or organize profit oriented business unit for the production and distribution of economic goods and service.
ENTREPRENEURSHIP
Entrepreneurship is the practice
INTRAPRENEURSHIP
Intrapreneurship is the practice of entrepreneurship by employees within an organization. An intrapreneur is an individual employed by an organization for remuneration, which is based on the financial success of the unit he is responsible for.
of embarking on a new business or reviving an existing business by pooling together a bunch of resources, in order to exploit new found opportunities. An entrepreneur takes substantial risk in being the owner and operator of a business with expectations of financial profit and other rewards that the business may generate.
TYPES OF ENTREPRENEUR
Types of entrepreneur
Innovative entrepreneurs
Imitative entrepreneurs
Fabian entrepreneurs
Drone entrepreneurs
This is the type of person who becomes involved with start ups once they have received a fair bit. The Setup For Failure Entrepreneur This is the kind of entrepreneur that has failure written all over everything he does. All he does is complain, and when he takes on a project it is too ambitious and destined to fail even before he starts.
Some people just want to live the life and act the part. They promote entrepreneurship, have lots of ideas about entrepreneurship but they dont actually do anything. Well, maybe consult a bit on the side. The Cash-flow Entrepreneur This entrepreneur doesnt think about anything except money. In general that can be a good thing for an entrepreneur but some people overdo it. Entrepreneurship is about the bottom-line but also about innovation, inspiring your team, thinking ahead and building something out of nothing.
. First focus should be in making your company more successful and then using your success to make the world a better place.
Entrepreneur is the person who takes the initiative of establishing a business enterprise. He is also designated as the captain of the industry, business organizer, and the business manager. An entrepreneur is responsible for the performance areas of:
PRODUCTION
HUMAN RESOURCE
SALES/MARKETING
TECHNOLOGY
FINANCE
smooth operation.
He performs distributive functions by making necessary payment to land,
Organisational function,
Innovative function,
Managerial function
1. Risk-bearing function: The functions of an entrepreneur as risk bearer is specific in nature. The entrepreneur assumes all possible risks of business which emerges due to the possibility of changes in the tastes of consumers, modern techniques of production and new inventions. 2. Organisational Function:
3. Innovative Function: The basic function an entrepreneur performs is to innovate new products, services, ideas and informations for the enterprise. The entrepreneur foresees the potentially profitable opportunity and tries to exploit it. 4. Managerial Function: Entrepreneur performs a managerial function like determination of business objectives, formulation of production plans, product analysis and
as with the society at large for improving the firms image before others.
Economists view
The position of the entrepreneur in modern
production. Co-ordination involves selection of the right type of factors, employment of each factor in the right quantity, use of the best technical devices, division of labour, reduction of waste etc.
Insurable
Noninsurable
Risks
nation and sustains the process of economic development in the following ways:
Entrepreneurship Reducing unrest and social tension amongst youth Innovations in enterprises Improvement in living standards Economic independence
Conclusion
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