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What is an entrepreneur.docx

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What is an entrepreneur.docx

  1. 1. What is an entrepreneur Entrepreneur is a loanword from French. It is defined as an individual who organizes or operates a business or businesses. Credit for coining the term entrepreneur generally goes to the French economist Jean-Baptiste Say, Cantillon defined the term as a person who pays a certain price for a product and resells it at an uncertain price: "making decisions about obtaining and using the resources while consequently admitting the risk of enterprise An entrepreneur should have the ability and personality to lead a business in a positive direction by proper planning, be able to adapt to the changing environment, and understand one's own strengths and weakness. A Chronological List of Definitions of 'Entrepreneur'  1734: Richard Cantillon: Entrepreneurs are non-fixed income earners who pay known costs of production but earn uncertain incomes,[16]  1803: Jean-Baptiste 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.[citation needed]  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.[citation needed]  1961: David McClelland: An entrepreneur is a person with a high need for achievement [N- Ach]. He is energetic and a moderate risk taker.[citation needed]  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.[citation needed]  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.[citation needed]  1975: Howard H. Stevenson of Harvard Business School: entrepreneurship is the pursuit of opportunity without regard to resources currently controlled.[17]  1975: Albert Shapero: Entrepreneurs take initiative, accept risk of failure and have an internal locus of control.[citation needed]  2013: Ronald May: An Entrepreneur is someone who commercializes his or her innovation.

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