The word entrepreneur is derived from the French word “Entreprendre”, which is loosely translated to English as, to mean, to do something or to undertake. Therefore, entrepreneur defined as someone who undertakes a business venture. The first academic to use the word was the economist Richard Cantillon in 1730; Cantillon adds a risk taker element into the definition. The basic definition of an entrepreneur is a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk (dictionary.com, 2014). However, Scholars did not come up with a single definition for the word entrepreneur. Dan Martin argues on his online blog about the definition of the word entrepreneur as follows; an entrepreneur is a person who sees an opportunity which others do not fully recognise, to meet unsatisfied demand or to improve the performance of the existing business (Martin, 2010).
The economist Joseph Schumpeter argues that, an entrepreneur is a person who demolishes the existing economic order by bringing in novel products and services, by making new forms of organization, or by exploiting new raw materials (D. Bygrave & Zacharakis, 2010). The economist Jean Baptiste say, used the term Entrepreneur to refer to an individual who create value in an economy by moving resources from areas of low productivity into areas with higher yield and (Dees, 1998).
3. What is it that makes the entrepreneur? And who is an entrepreneur?
John Stanworth, Celia Stanworth, Bill Granger and Stephanie Blyth, tried to define who becomes an entrepreneur from a psychological point of view. In their argument, they grouped the motivation to be an entrepreneur into different psychological groups. In the psychological mo...
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...e.co.uk/: http://www.businesszone.co.uk/blogs/dan-martin/dan-martin-editor039s-blog/what-entrepreneur-brilliant-definition
McGlade, A. (2013, 1 14). The Making of an Entrepreneur. Retrieved from http://www.forbes.com: http://www.forbes.com/sites/alanmcglade/2013/01/14/the-making-of-an-entrepreneur/
Sanworth, J., Stanworth, C., Granger, B., & Blyth, S. (1989). Who Becomes an Entrepreneur? International Small Business Journal, 11.
The Economist. (2009, March 12). The United States of Entrepreneurs. Retrieved from http://www.economist.com: http://www.economist.com/node/13216037
Thornberry, N. E. (2002). Corporate entrepreneurship: teaching managers to be entrepreneurs. Journal of Managment Development, 330-336.
Treanor, S. (2013, july 13). Are entrepreneurs born or can they be taught? Retrieved from http://www.bbc.co.uk: http://www.bbc.co.uk/news/business-23157638
An entrepreneur is an individual that organizes and operates a business or businesses, taking a greater financial risk to do so. They bring innovative products or services to the marketing world. They start a business on their own agenda and usually spend plenty of money supporting their company. Many entrepreneurs have characteristics of being confident, drive, and responsible.
Allen, K. R. (2012). Launching New Ventures: An Entrepreneurial Approach. 6th Ed. Mason, OH: Cengage Learning.
Entrepreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. Sounds complicated, right? Well, it can be. As a teenager I dreamed of working for myself, changing the world, giving people jobs and being my own boss. It all sounded so easy, but the reality is it isn’t. In The E-Myth Revisited, Michael E. Gerber explains why people have confused what being an entrepreneur consist of and he guides you can be a successful business owner. Gerber does this by giving us an in depth understanding of the what, whys and how’s. In this paper I will give a short but informative summary on Gerber’s points.
Hisrich, R.D. and Peters, M.P., (2004) Entrepreneurship, Fifth Edition – International Edition, McGraw-Hill Higher Education
An entrepreneur is a person who is a special talent for searching out and taking advantage of new business opportunities, as well as developing new products in a new way of doing
Entrepreneur is someone who had an idea then made the idea real and then made some money off of it. Today the world has many entrepreneurs many of whom have made millions of dollars in their one little idea. Who is one of these people with a big idea is Joy Mangano creator of the miracle mop. Joy has made millions and has made some other very important ideas not just miracle mop. Joy even had a movie made about her life which starred Jennifer Lawrence playing Joy.
Carland, J. Hoy, F., Boulton, W., & Carland, J. (1984). Differentiating entrepreneurs from small business owners: A conceptualization. Academy of Management Review, 9(2), 354-359.
There has been a large amount of attention paid to the subject of entrepreneurship in the last few years; mainly because most people have chosen to go from working for somebody else, to be their own bosses and work for their dreams. Nevertheless, many still wonder what is entrepreneurship and what is that sets entrepreneurs apart from other regular business owners. At first, it seems both concepts do not differ much from each other since they both start up and run businesses and assume risks to pursue opportunities; however, there are certain traits that difference them.
Entrepreneurship incorporates unconstrained imagination and a readiness to settle on choices without strong information. The entrepreneur may be driven by a need to make something new or assemble something unmistakable. As new ventures have low achievement rates, the business person should have impressive tirelessness. Because of this, the entrepreneur may have the best risk of achievement by concentrating on a business sector corner either too little or too new to have been commanded by built up organizations.
The first definition on entrepreneur was simply someone who invented something. Eventually, it turned into someone who owned a business. But the best definition, the one used most often today, is someone who organizes, manages, and assumes the risks for a business or enterprise. This shows that not only does a person "invent" something, but that they see the opportunity and build a business around it. An entrepreneur has a vision and builds around this vision.
An entrepreneur is someone with the capacity to lead a business to success and is willing to take the risks in order to accomplish their goals. (Dollonger, 2002). Starting a new business is an example of entrepreneurship. Entrepreneurs are very important in order for any business to succeed, however, only some entrepreneurs will succeed in life. Here are some of the characteristics of successful entrepreneurs.
An entrepreneur is a person who organizes and manages a business undertaking, assuming the risk for the sake of profit. According to Martin (2010) an entrepreneur sees an opportunity which others do not fully recognize, to meet an unsatisfied demand or to radically improve the performance of an existing business. To have self-belief that this opportunity can be made real through hard work, commitment and the adaptability to learn the lessons of the market along the way. For example, When an almost bankrupt security company was offered to her, Datuk Maznah Hamid and her husband, who were eager to change their ordinary life, took the plunge and sacrificed RM5,000 of their saving. Only then she realized that apart from managing the operation, she also had to be a manager, a clerk, an accountant and a receptionist. To grow their business, they had to sell their house and moved to a slum that came without electricity. But she persevered. Today, it’s difficult to find someone who has never heard of Securiforce.
"Entrepreneurs who start and build new businesses are more celebrated than studied. They embody, in the popular imagination and in the eyes of some scholars, the virtues of "boldness, ingenuity, leadership, persistence and determination." Policymakers see them as a crucial source of employment and productivity growth. Yet our systematic knowledge of how entrepreneurs start and grow their businesses is limited. The activity does not occupy a prominent place in the study of business and economics.
Many people dream of becoming entrepreneurs someday. But it made me realize that there other factors that needs to be taken into consideration. We need to ask ourselves are we ready to take the challenge to the outside world. Not everyone have the vision, innovation and creativity to become an entrepreneur. The individual must have a positive attitude and accept the responsibility, have discipline to meet their goals, and take action when the opportunity presents itself. Many prefer a job security and rely on a weekly paycheck, while entrepreneurs will take risks and doesn 't have that luxury to know the amount of their income.
Entrepreneurship is an important aspect of social, economic and community life. It can be viewed as a critical factor to economic growth as well as a way of addressing unemployment (Nolan, 2003).Entrepreneurs are people who are persistently focused on identifying opportunities, they seek to create something worthwhile while taking into account foreseeable risk and rewards associated with the efforts (Nolan, 2003). Furthermore, entrepreneurs are frequently understood to be individuals who discover market needs and establish new business to meet those identified opportunities. The following assignment will firstly discuss the types of entrepreneurship, secondly it will discuss the reasons people become entrepreneurs, and thirdly it will discuss the importance of entrepreneurship.