Oxford English dictionary defines entrepreneur as “One who undertakes an enterprise, especially contractor –acting as intermediary between capital and labor.”
Richard Cantillon was the first to introduce the term “entrepreneur”. He defines “the agent who buys means of production at certain prices in order to combine them into product that he is going to sell at prices that at uncertain at the moment at which he commits himself to his costs.”
3 . J.B.Say “an Entrepreneur is the economic agent who unites all the means of production, the labor force of the one and the capital or land of the others and who finds in the value of the products which result from their employment , the reconstitution of the entire capital that he utilizes and the value of the wages , the interest and the rent which he pays as well as the profit belonging to himself”.
4. Evans “entrepreneurs are persons who initiate, organize, manage and control the affairs of a business unit that combines the factors of production to supply goods & services whether business pertains to agriculture ,industry trade or profession”
According to A.H Cole, “Entrepreneurship is the purposeful activity of an individual or group of associated individuals, undertaken to initiate, maintain or aggrandize profit by production or distribution of economic goods or services.”
Benjamin Higgins has defined entrepreneurship as “ Entrepreneurship means the function of foreseeing investment and production opportunity, organizing and enterprise to undertake a new selecting top managers for the day to day of an operation of an enterprise.”
According to B. C. Tandon , “Entrepreneurship means the function of creating something new, organizing and co-ordination and undertaking risk and handling economic uncertainty
“ To assemble or reassemble from what is available ,very concrete kind of imagination ,to see what other have missed ,sensitivity to business and social environment ,zest in industrial development and entrepreneurial courage are the factors that make an entrepreneur.”
Entrepreneurship comprises any purposeful activity that initiate , maintain or develop a profit – oriented business ,in interaction with internal ,economic ,political and social circumstances of business.
Entrepreneurs operate under fairly uncertain circumstances.
Entrepreneurs need to search purposefully for the sources of innovation ,the changes and their symptoms that indicate opportunities for successful innovation and they need to know and apply the principles of successful innovations.
“ creative innovation is the fundamental feature of economic growth. An entrepreneur is described as a creative problem solver interested in things that are practical. While facing a problem he feels a sense of increased pleasure and tolerates disorder without disorders.”
Innovation requires creativity and individuals who are creativity can only bring about economic growth.
“ the withdrawal of status respect”
Four different types of personalities would emerge .t