The word ‘entrepreneur’ is derived from the French verb enterprendre. It means “ to undertake.”
The term “entrepreneur” was applied to business initially by the French economist, Cantillon, in the 18 th century, to designate a dealer who purchases the means of production for combining them into marketable products.
ENTREPRENEURSHIP may defined in various ways, but the four key elements involved in it are:
An individual who bears the risk of operating a business in the face of uncertainity about the future conditions.
An entrepreneur is a person who has possession of an enterprise , or venture , and assumes significant accountability for the inherent risks and the outcome. It is an ambitious leader who combines land, labor, and capital to often create and market new goods or services .
An entrepreneur is a person who combines various factors of production, processes raw material, converts the raw material into a finished product and creates utility and sells the produce in the market to earn profit .
Entrepreneur as one who always searches for change, respond to it and exploits it as an opportunity . Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or services.