Please read:a personal appeal fromWikipedia founder Jimmy WalesRead nowEntrepreneurFrom Wikipedia, the free encyclopediaJump to: navigation, searchFor the practice of starting a new organization, see Entrepreneurship. For the magazine, seeEntrepreneur (magazine). This article includes a list of references, but its sources remain unclear because it has insufficient inline citations. Please help to improve this article by introducing more precise citations. (November 2011)An entrepreneur ( i/ˌ ɒntrəprəˌ nɜr/) is an enterprising individual who builds capital through [note 1]risk and/or initiative. The term was originally a loanword from French and was firstdefined by the Irish-French economist Richard Cantillon. This term first appeared in the FrenchDictionary "Dictionnaire Universal de Commerce" of Jacques des Bruslons published in 1723.Entrepreneur in English is a term applied to a person who is willing to help launch a new ventureor enterprise and accept full responsibility for the outcome.Contents 1 Scholarly definitions 2 Influences and characteristics of entrepreneurial behavior 3 Perception of entrepreneurs 4 Classification of entrepreneurs 5 Theory-based Typologies 6 See also 7 Notes 8 References 9 Further reading 10 External linksScholarly definitionsOver time, scholars have defined the term in different ways. Here are some of their definitions.
1725: Richard Cantillon: An entrepreneur is a person who pays a certain price for a product to resell it at an uncertain price, thereby making decisions about obtaining and using the resources while consequently admitting the risk of enterprise. 1803: J.B. Say: An entrepreneur is an economic agent who unites all means of production- land of one, the labour of another and the capital of yet another and thus produces a product. By selling the product in the market he pays rent of land, wages to labour, interest on capital and what remains is his profit. He shifts economic resources out of an area of lower and into an area of higher productivity and greater yield. 1934: Schumpeter: Entrepreneurs are innovators who use a process of shattering the status quo of the existing products and services, to set up new products, new services. 1949: C.H. Danhoff: Entrepreneurship is an activity or function and not a specific individual or occupation . . . the specific personal entrepreneur is an unrealistic abstraction. 1961: David McClleland: An entrepreneur is a person with a high need for achievement [N-Ach]. He is energetic and a moderate risk taker. 1964: Peter Drucker: An entrepreneur searches for change, responds to it and exploits opportunities. Innovation is a specific tool of an entrepreneur hence an effective entrepreneur converts a source into a resource. 1971: Kilby: Emphasizes the role of an imitator entrepreneur who does not innovate but imitates technologies innovated by others. Are very important in developing economies. 1975: Albert Shapero: Entrepreneurs take initiative, accept risk of failure and have an internal locus of control. 1975: Howard Stevenson: Entrepreneurship is "the pursuit of opportunity without regard to resources currently controlled." 1983: G. Pinchot: Intrapreneur is an entrepreneur within an already established organization.[note 2] 1985: W.B. Gartner: Entrepreneur is a person who started a new business where there was none before. Influences and characteristics of entrepreneurial behaviorManagement skill and strong team building abilities are often perceived as essential leadershipattributes for successful entrepreneurs. Robert B. Reich considers leadership, managementability, and team-building as essential qualities of an entrepreneur. This concept has its origins inthe work of Richard Cantillon in his Essai sur la Nature du Commerce en (1755) and Jean-Baptiste Say  in his Treatise on Political Economy.Psychological studies show that the psychological propensities for male and femaleentrepreneurs are more similar than different. A growing body of work shows thatentrepreneurial behavior is dependent on social and economic factors. For example, countrieswith healthy and diversified labor markets or stronger safety nets show a more favorable ratio ofopportunity-driven rather than necessity-driven women entrepreneurs. Empirical studies suggestthat men entrepreneurs possess strong negotiating skills and consensus-forming abilities.Research studies that explore the characteristics and personality traits of, and influences on, theentrepreneur have come to differing conclusions. Most, however, agree on certain consistent
entrepreneurial traits and environmental influences. Although certain entrepreneurial traits arerequired, entrepreneurial behaviours are also dynamic and influenced by environmental factors.Shane and Venkataraman (2000) argue that the entrepreneur is solely concerned with opportunityrecognition and exploitation, although the opportunity that is recognised depends on the type ofentrepreneur; while Ucbasaran et al. (2001) argue there are many different types contingent uponenvironmental and personal circumstances.Jesper Sørensen has argued that some of the most significant influences on an individualsdecision to become an entrepreneur are workplace peers and the social composition of theworkplace. In researching the likelihood of becoming an entrepreneur based upon working withformer entrepreneurs, Sørensen discovered a correlation between working with formerentrepreneurs and how often these individuals become entrepreneurs themselves, compared tothose who did not work with entrepreneurs.  The social composition of the workplace caninfluence entrepreneurism in workplace peers by proving a possibility for success, causing a “Hecan do it, why can’t I?” attitude. As Sørensen stated, “When you meet others who have gone outon their own, it doesn’t seem that crazy.” Perception of entrepreneursThe ability of entrepreneurs to innovate is thought to relate to innate traits such as extroversionand a proclivity for risk-taking. According to Schumpeter, the capabilities of innovating,introducing new technologies, increasing efficiency and productivity, or generating new productsor services, are characteristic qualities of entrepreneurs. Entrepreneurs are catalysts for economicchange, and researchers argue that entrepreneurs are highly creative individuals with a tendencyto imagine new solutions by finding opportunities for profit or reward. Largely due to theinfluence of Schumpeters heroic conceptions of entrepreneurs, it is widely maintained thatentrepreneurs are unusual individuals. In line with this view, there is an emerging researchtradition investigating the genetic factors that are perceived to make entrepreneurs so distinctive(Nicolaou and Shane, 2009).However, there are also critical perspectives that attribute these research attitudes tooversimplified methodological and/or philosophical assumptions (Gartner, 2001). For example, ithas been argued that entrepreneurs are not that distinctive, but that it is in essence unrealisticpreconceptions about "non-entrepreneurs" that maintain laudatory portraits of "entrepreneurs"(Ramoglou, 2011).Classification of entrepreneursA. Based on functional characteristics: 1) Innovative entrepreneur: Such entrepreneurs introducenew goods or new methods of production or discover new markets or reorganize the enterprise.EX: new product, new ways of product, new markets and reorganise the enterprise. 2) Imitativeor adoptive entrepreneur: Such entrepreneurs don’t innovate or copy technology or technique ofothers. EX: Chinese mobiles. 3) Fabian entrepreneur: Such entrepreneur display grates situation
and scepticism in experimenting with any change in their enterprise. They change only whenthere is a serious threat to the very existence of the enterprise. 4) Drone entrepreneurs: Suchentrepreneurs are characterised by a diehard conservatism and may even be prepared to suffer thelosses. EX: Acc. To MC Kinsey in 2015, 110-130 million people will be unemployed out ofwhich 90-100 million people will be Fresher.B. Based on development angle: 1) Prime mover: This entrepreneur sets in motion a powerfulsequence of development expansion and diversification of business. EX: Ambani 2) Manager:such an entrepreneur doesn’t initiate expansion and its content in just staying in business. 3)Minor innovator: This entrepreneur contributes to economic progress by finding better use forexisting resources. EX: minimum wastage maximum production. 4) Satellite: This entrepreneurassumes a suppliers role and slowly move towards a productive enterprise. 5) Local trading: suchentrepreneur limits his enterprise to the local market.C. Based on entrepreneurs business: 1) Manufacturing 2) Whole selling 3) Retailing 4) ServiceD. Based on personality traits: 1) The improver: They have unwavering to run these businesseswith high integrity and ethics. EX: MS Oberoi – Oberoi hotels Kiron Majumdar – Biocom ltd.Ballabh Prasad Aggarwal – Priyagold Ajay Piramil – Piramil glan, Piramil R&D. 2) The advisor:“Customer is right and we must do everything to please him” because company is built byadvisors and advisors become customer focused. 3) The superstar: All depends upon the karizmaand on the high energy of the superstar CEO. EX: Richard Branson (400 co’s/Virgin coin), LarryPapa (Google), Lt. Steve Jobs (Apple), Ratan Tata (Tata sons). 4) The artists: Are highly creativetype, very conscious about business. If feedback is constructive i.e positive than also lets go withnegative self image. EX: Aamir Khan, Michael Dell (Dell), Deep Kalra (Make my trip), MCCormich (EMI). 5) The visionary: Too focused on dreams with little focused on reality. EX: JackWelch (GE), Bill Gates (Microsoft), Kishore Biyani (Future Group), Warner Buffet (BedshireHathaway), Sam Walton (Wall Mart). 6) The analyst: More focused on fixing problems in asystematic way. EX: Gordon Hore (Intel), Rana Kapur (Yes Bank), Gautam Adani (AdaniGroups) 7) The fireball: A business owned and operated by a fireball is full of life, energy andoptimism. They have “A get it done attitude in a playful manner”. EX:Malcon Forbes – Forbesmagazine Sanjeev Bikchandani – Info Edge (Naukri.com) (Makan.com) 8) The hero: Have anincredible will and ability to lead the world and your business through challenges. EX: DhiruBhai Ambani, Rahul Bajaj, Vijay maliya. 9) The healer: They provide nurturing harmony to theirbusiness, they have uncanny abilities to survive and persists inner calm. EX: Dr. BindeshwarPathak (Sulabh International), Kumar Manglam Birla (Son of L.M Birla).Theory-based TypologiesRecent advances in entrepreneurship research indicate that the differences in entrepreneurs andthe heterogeneity in their behaviors and actions can be traced back to their the founders identity.For instance, Fauchart and Gruber (2011) have recently utilized social identity theory to illustratethat entrepreneurs can be distinguished in three main types: Darwinians, Communitarians andMissionaries. These types of founders not only diverge in fundamental ways in terms of theirself-views and their social motivations in entrepreneurship, but also engage fairly differently innew firm creation.
See also List of entrepreneurs Business oligarch Businessperson Captain of industry Entrepreneurship education Erasmus for Young Entrepreneurs Factors of production Female entrepreneur Financier Founder2be Infopreneur Investor Internet entrepreneur Media proprietor Real estate entrepreneur Robber baron (industrialist) Operational risk Venture capitalistNotes 1. ^ Sullivan, Arthur (2003). Economics: Principles in action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. pp. 6. ISBN 0-13-063085-3. 2. ^ Guide to Management Ideas and Gurus, Tim Hindle, The Economist, page 77References 1. ^ http://dictionary.reference.com/browse/entrepreneur 2. ^ Danhoff, C. H. (1949) Observations on entrepreneurship in agriculture. In A. H. Cole (Ed.), Change and the entrepreneur (pp. 20-24). Cambridge, MA: Harvard University Press 3. ^ Schurenberg, Eric (Jan. 9, 2012). "Whats an Entrepreneur? The Best Answer Ever". Inc. Retrieved 2 October 2012. 4. ^ Gartner, W.B (1985). "A Conceptual Framework for Describing The Phenomena of New Venture Creation", Academy of Management Review 10, 696-706. / Academy of Management Review; Oct85, Vol. 10 Issue 4, p696-706, 11p, 2 Diagrams 5. ^ See William J. Baumol, Robert E. Litan & Carl J. Schramm. Good capitalism, bad capitalism, and the economics of growth and prosperity 3 (2007), citing generally Peter F. Drucker. Innovation and entrepreneurship (1985) (attributing coining and defining of “entrepreneur” to Jean-Baptiste Say, a treatise on political economy (1834)); but see Robert H. Brockhaus, Sr., The Psychology of the Entrepreneur, in Encyclopedia of Entrepreneurship 40 (Calvin A. Kent, et al. eds. 1982), citing J. S. Mill, Principles of
political economy with some of their applications to social philosophy (1848). Note that, despite Baumol et al.s citation, the Drucker book was published in 1986. 6. ^ http://www.gsb.stanford.edu/news/research/sorensen_peers.html 7. ^ http://www.gsb.stanford.edu/news/research/sorensen_peers.html 8. ^ Olakitan, O. (5 November 2011).Further reading Deakins, D.; Freel, M. (2009). Entrepreneurship and Small Firms, 5th Edition. McGraw Hill.External links Wikibooks has a book on the topic of: Entrepreneurship Look up entrepreneur in Wiktionary, the free dictionary. Fauchart, E and Gruber, M. (2011). Darwinians, communitarians, and missionaries: The role of founder identify in entrepreneurship, Academy of Management Journal, 54 (5): 935-957. Gartner, William B. (2001). "Is There an Elephant in Entrepreneurship? Blind Assumptions in Theory Development.(Business research)", Entrepreneurship Theory and Practice, Summer 2001. Minniti, Maria; Lévesque, Moren. (2010). "Entrepreneurial types and economic growth", Journal of Business Venturing, 25 (3): 305-314. Nicolaou, N. and Shane, S. (2009). Can genetic factors influence the likelihood of engaging in entrepreneurial activity? Journal of Business Venturing, 24: 1-22. Ramoglou, S. (2011). "Who is a non-entrepreneur? Taking the others of entrepreneurship seriously", International Small Business Journal, OnlineFirst December 2011. Shane, S. and Venkataraman, S. (2000). "The Promise of Entrepreneurship as A Field of Research", Academy of Management Review, Vol 25 (1), 217-226. Ucbasaran, D., Westhead, P., and Wright, M., (2001). "The Focus of Entrepreneurial Research: Contextual and Process Issues", Entrepreneurship Theory and Practice, Summer 2001. Zahra, Gedajlovic, Neubaum and Shulman (2009). "A typology of social entrepreneurs: Motives, search processes and ethical challenges", Journal of Business Venturing, 24 (5): 519–532.View page ratingsRate this pageWhats this?Trustworthy
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