This document defines entrepreneurship and outlines key characteristics of successful entrepreneurs. It defines an entrepreneur as someone who starts their own business or enterprise by taking initiative and financial risks. Key characteristics include determination, risk-taking, decision-making, planning, innovation, leadership, passion, competitiveness, and being action-oriented. The document traces the origins of the term "entrepreneur" from French verbs meaning "to undertake" and discusses how the definition has evolved over time.

1. ENTREPRENEURSHIP DEVELOPMENT
THEORY LECTURE 1
UNIT 1 SESSION 1
BY
MNPANDE

2. Introduction
DEFINITION
An entrepreneur is one of the important segments of economic
growth. Basically, an entrepreneur is a person who is responsible for
setting up a business or an enterprise.
The term "entrepreneur" is defined in a variety of ways. Yet no
consensus has been arrived at on the precise skills and abilities that
make a person a successful entrepreneur.
In Simple words an entrepreneur is known as a person who starts
his own enterprise or sets up his own business by taking an
initiative and takes financial help from government or private
banking sector for raising funds and thereby providing a stable
supply of goods , service or maintenance based on type of unit .

3. Entrepreneur: Concept and Percept
The word "entrepreneur" is derived from the French verb
enterprendre.
It means "to undertake". In the early 16th century, the French30
The Entrepreneur, Entrepreneurship and Development
men who organised and led military expeditions were referred to as
"entrepreneurs".
Around 1700 A.D., the term was used for architects and contractors
of public works. Quesnay regarded the rich farmer as an
entrepreneur who manages and makes his business profitable by his
intelligence, skill and wealth.

4. Characteristics of a successful entrepreneur

5. • Determination: Determination in business is the ability to
remain committed during difficult times.
• Initiative : Initiative means making the first move.
• Taking Risks :Every entrepreneur should be prepared to take
risks. There is a chance of damage occurring but there is also a
possibility of success.
• Making Decisions :Entrepreneurs and business owners must be
good at making decisions. Before deciding upon anything,
however, they need to judge if it will be beneficial for their
business.
• Planning : Every business must be well planned out.
Entrepreneurs, especially those of small businesses, must
ensure that they have excellent business plans drawn together.

6. • Innovative :Entrepreneurs have a passionate desire to do things
better and to improve their product.
• Leadership :Entrepreneurs need to have the self-confidence to
take control of their businesses. They must believe they have
the ability to achieve great things. This positive attitude will
allow them to lead their business to success.
• Passionate and Proactive :Entrepreneur is inspired to do
business and takes the responsibility and full of energy towards
work.
• Competitiveness :A competitive skillset and mindedness is must
• Action Oriented : As soon as the change is required a potential
change in action is must and a continuous action plan should be
implemented.