Entrepreneur possess several positive
Through their innovations, they contribute
to the improvement of the standard of
living. So, they do not only help the
economy, they also help society
These are several definitions or meaning of
•He is one who takes risks and makes
innovations on the factors of production.
•In French concept, an entrepreneur is an
adventurer, undertaker, and projector. His
function is to supply and accumulate capital.
•To Schumpeter, an entrepreneur is an
•Peter Drucker says that an entrepreneur
always searches for change, responds to it
and exploits it as an opportunity.
•An economist explains that an entrepreneur is one
who shifts economic resources from an area of
lower productivity to an area of higher productivity
and greater yield.
•The American Heritage Dictionary defines an
entrepreneur as a person who organizes, operates,
and assumes the risk for business ventures.
•The pure entrepreneurs are those who launch their
own ventures from scratch.
•According to Geoffrey Meredeth entrepreneurs are
people who have the ability to see and evaluate
Here are the
Characteristics of Entrepreneurs
Characteristics are distinguishing traits or
Entrepreneurs enjoy challenges
But they are careful and calculating
Successful people always attribute their success
Entrepreneurs are leaders by the very
nature of their functions
Here are the essential leadership
•Purpose and vision
Entrepreneurs are positive thinkers
They think of success and bright sides
Entrepreneurs make decision
The success of their business depends on
their ability to make right decisions
Entrepreneurs have strong faith in their
Decision-making has six distinct phases:
1. Identifying the problem
2. Gathering the data about the problem
3. Analyzing the data
4. Formulating alternative solutions
5. Selecting the best solution; and
6. Implementing the solution/decision.
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