The document discusses definitions and characteristics of entrepreneurs and entrepreneurship from various scholars and perspectives. It defines entrepreneurs as innovators who recognize opportunities, take risks to start new business ventures, and realize rewards. Successful entrepreneurs have qualities like initiative, willingness to take risks, ability to learn from mistakes, self-confidence, motivation towards hard work, and ability to make timely decisions. Entrepreneurship is the process undertaken by entrepreneurs to establish new enterprises through creative innovation.

4. According to A Schumpeter “The entrepreneurship is essentially a creative
activity or it is an innovative function”.
Entrepreneurship can be defined as a process of action an entrepreneur
undertakes to establish his enterprise.
According to McClelland, entrepreneurship is doing things in a better and
new way and decision-making under the condition of uncertainty.
A purposeful activity to initiate and develop a profit oriented business.

5. “Entrepreneur” is a person who creates an enterprise or who starts
business.
To Eston Kimani, “A person who creates and manages change by the
recognition of opportunities(needs, wants, opportunities, problems and
challenges) and develops people and manage resources to take advantage of
the resources to take the opportunity and creates a venture (profitable
business).

6. Ducker's Views on Entrepreneur
“An entrepreneur is the one who always searches for change, responds to
it and exploits it as an opportunity. Innovation is the specific tool of
entrepreneurs, the means by which they exploit changes as an
opportunity for a different business or different service” .
Adam Smith :
The entrepreneur as an individual who forms an organization for
commercial purpose. He/She is proprietary capitalist, a supplier of capital
and at the same time a manager who intervenes between the labor and
the consumer.
“Entrepreneur is an employer, master, merchant but explicitly
considered as a capitalist”.
The word „entrepreneur‟ is derived from the French verb „enterprendre‟. It means
“to undertake”.

7. Today, an entrepreneur is an innovator or developer who recognizes and seizes
opportunities; converts those opportunities into workable or marketable ideas;
adds value through time, effort, money, or skills; assumes the risks of the
competitive marketplace to implement these ideas; and realizes the rewards from
the efforts.
An entrepreneur is a person who brings in change through innovation for the
maximum social good. Entrepreneur is an individual who organizes an enterprise
or a business venture by combining various factors of production for production
of goods or services with an aim of selling them at profit.
Entrepreneur as a risk bearer
Entrepreneur as an organizer
Entrepreneur as an innovator

8. Enterprise is that where Entrepreneurial activity is going on. Like: Company, Industry,
Firm, organization, office, agency, franchise, Shops etc.
Enterprise supports the recognition of new market opportunities as well as develops
the opportunity to change and develop at the individual, business and industry/sector
levels.
E — Energy
N — Need to achieve
T — Task oriented
E — Empathy
R — Resourcefulness
P — Planning
R — Risk-taking
I — Innovation
S — Skills
E — Endurance

9. The various definitions of entrepreneurship identify two basic elements of
entrepreneurship namely innovation and risk bearing.
(1) Innovation: Innovation is doing something new or something different.
Entrepreneurs constantly look out to do something different and unique
to meet the changing requirements of the customers. Hence
entrepreneurship needs to apply inventions on a continuous basis to meet
customers changing demands for products.
(2)Risk Bearing: An entrepreneur needs to be bold enough to assume the
risk involved and hence an entrepreneur is a risk-bearer not risk-avoider.
This risk-bearing ability keeps him to try on and on which ultimately
makes him to succeed.

10. What are different outcomes of engaging in Entrepreneurship?
 Innovation or newness – Product or services
 Organizing resources – finance, people, physical and information
resources.
 Generating wealth
 Creating new product or service.
 Taking risk in business venture
 Prepared to face uncertainty
 Create job opportunity
 Increase the abundance of wealth generation for the nation.
Enterpreneur Entrepreneurship
 Person
 Visualizer
 Creator
 Organizer
 Innovator
 Planner
 Leader
 Process
 Vision
 Creation
 Organization
 Innovation
 Planning
 Leadership
Relationship between Entrepreneur and Entrepreneurship

12. Points Entrepereneur Manager
Motive The main motive of an
entrepreneur is to start a venture
for his personal gratification.
Main motive of a manager is to
render services in an enterprise
already set by someone else.
Status Owner Servant
Risk Assumes risk and uncertainty Manager does not bear any risk
involved in enterprise.
Rewards Profits, which are highly uncertain
and not fixed.
Salary which is certain and fixed
Innovation Entrepreneur himself thinks over
what and how to produce goods to
meet the changing needs of the
customers. Hence he acts as
innovator / change agent.
A manager simply executes plans
prepared by the entrepreneur.
Qualificati
on
An entrepreneur needs to possess
qualities and qualifications like
high achievement motive,
originality in thinking, foresight,
riskbearing
ability etc.
A manager needs to possess
distinct
qualifications in terms of sound
knowledge in management theory
and practice.
Difference between Entrepreneur and Manager

13. Points Entrepreneur Intrapreneur
Dependency He is independent in his
operation.
He is dependent on the entrepreneurs
i.e. owner.
Raising of
funds
He himself raises funds required
for the organization.
He does not raise funds for the
organization.
Risk Entrepreneurs bears the risk
involved in the business.
He does not fully bear the risk
involved in the organization.
Operation An entrepreneur operates from
Outside
An intrapreneur operates from
inside.
Innovation Entrepreneurs converts the ideas
into viable opportunities.
Intrapreneurs takes the responsibility
of creating innovation.
Reward Entrepreneurs takes the profit of
the business.
He is provided with a variety of
perquisite for his innovation.
Who is an Intrapreneur?
When we split the term we will get, intra + preneur stands for intra-corporate
entrepreneur. To heritage dictionary, “A person with in a large corporation
who takes direct responsibility for truning an idea into a profitable finished
product through assertive risk-taking and Innovation.”
Intrapreneur thinks like an entrepreneur or leaves to start a new company.
Difference between Entrepreneur and Intrapreneur?

14. Small businessman Entrepreneur
Engages in business activities
for the purpose of profit to
support his living and his
family.
Starts the venture, assumes
leadership and expands the
venture to fulfill personal goals
and attain self accomplishment.
Low risk-taker. Moderate risk-taker.
Follows others and invests
only in tested and proven
markets.
Takes calculated risks

15. Qualities of a Successful Entrepreneur
(i) Initiative
In the world of business, opportunities come and go. An entrepreneur has to
be a man of action. He should be able to initiate action and take advantage
of opportunity. Once you miss the opportunity it will not come again.
Therefore, initiative on the part of entrepreneur is a must.
(ii) Willingness to assume risk
In any business there is an element of risk. It implies that a businessman
may be successful or unsuccessful. In other words it is not necessary that
every business shall earn profit. This deters individuals to take up business.
However, an entrepreneur always volunteers to take risks to run a business
and be successful.
(iii) Ability to learn from experience
An entrepreneur may commit mistakes. However, once an error is
committed, it should not be repeated as that will lead to heavy losses. So,
one should learn from his mistakes. An entrepreneur, therefore, should
have the ability to learn from experience.

16. (iv) Motivation
Motivation is key to success. This is necessary for success in every walk of
life. Once you get motivated to do something you will not rest unless you
complete it. For example, sometimes you become so much interested is
reading a story or a novel that you do not sleep unless you complete it. This
kind of interest in the work comes through motivation. This is an essential
quality of a successful entrepreneur.
(v) Self-confidence
For achieving success in life, one should have confidence in himself or
herself. A person who lacks confidence can neither do any work himself nor
can inspire others to work. Self-confidence is reflected in courage,
enthusiasm and the ability to lead. A successful entrepreneur must have
self-confidence.

17. (vii) Decision making ability
In running an enterprise, the entrepreneur has to take a number of
decisions. He should therefore be capable of taking suitable and timely
decision. In other words he must take right decision at the right time. In
the present world things move very fast. If an entrepreneur does not have
the ability to take timely decision, he might miss opportunity and incur
loss.
(vi) Orientation towards hard work
There is no substitute for hard work in life. While running a business,
everyday, one problem or the other may arise. The businessman has to be
vigilant about it and solve it as early as possible. This requires hard work
on the part of entrepreneur. He cannot afford to say that now office time is
over and I will not work. In some situations he may even have to work for
the whole night. Thus, orientation towards hard work is the secret of
success of an entrepreneur.