DEFINITION OF ENTREPRENEUR In every definition of, or discourse on the entrepreneur, it is always clear that an entrepreneur is a person. An entrepreneur is not a firm or any other form of organisation. An Entrepreneur has been defined as “A person who has the ability to see and evaluate business opportunities, to gather the necessary resources to take advantage of them, and to initiate appropriate action to ensure success”.

1. 1.1 DEFINITION OF ENTREPRENEUR
In every definition of, or discourse on the entrepreneur, it is always clear that an entrepreneur
is a person. An entrepreneur is not a firm or any other form of organisation.
An Entrepreneur has been defined as “A person who has the ability to see and evaluate business
opportunities, to gather the necessary resources to take advantage of them, and to initiate
appropriate action to ensure success”.
In 1985, when President Ronald Reagan of the United States of America addressed the St.
John’s University congregation, he said that Americans had lived through the age of big
industry, and the age of the giant corporation like Ford, Sears, DuPont and IBM. “But I
believe,” he continued, “that this is the age of the entrepreneur, the age of the individual. That’s
where American property is coming from in future”.
In another work, this author asserts that the entrepreneur is a manager who, in addition to his
function of creativity and funding, manages the factors of production: land, labour and capital,
to achieve the best results.
Thus, when we talk about entrepreneurs, we refer to people: individuals who have made use of
opportunities to start something productive and make impact in the world of business.
The word entrepreneur is derived from the French entreprendre, meaning, “to undertake”.
Thus, the entrepreneur is a person who undertakes to organise, manage and risk the hazards of
a business.
Present trend in entrepreneurship show that an entrepreneur is an innovator or developer who
recognises and seizes opportunities; converts those opportunities into workable, marketable
ideas; adds value through time, effort, money or skills; assumes the risks of the competitive
market place to implement these efforts; and look forward to the rewards from these efforts.

2. This most comprehensive definition leads one to wonder whether every business person is an
entrepreneur.
1.2 IS EVERY BUSINESS PERSON AN ENTREPRENEUR?
Being an entrepreneur is more than having money or being busy. It is a cohesive process of
creativity, risk-taking and planning. Therefore, it is not every business person that qualifies to
be called an entrepreneur.
Being an entrepreneur is more than doing a job or a career; it is a life-style. An entrepreneur
must be flexible and imaginative. He must be able to plan, carry out innovations for
improvement, take risks, make decisions and implement action to achieve his goals. An
entrepreneur must be future-oriented and be ready to work under conditions of conflict, change
and ambiguity.
Therefore, it is not every individual business that is entrepreneurial. If a son, for example,
inherited his father’s business without making any inputs of creativity, innovations, risk-taking,
and decisiveness, to mention a few, this inheritor may not be an entrepreneur even though he
may seem to be in business.
NOTE: IN THIS LECTURE, WE HAVE EMPHASISED THAT AN ENTREPRENEUR IS A
PERSON (NOT AN ORGANISATION OR AN ENTERPRISE).
We have also said that such a person is one who has the ability to see and evaluate business
opportunities, to gather the necessary resources to take advantage of them, and to initiate
appropriate action to ensure success.
Furthermore, we said that it is not every business person that can be called an entrepreneur. To
qualify to answer the title, ENTREPRENEUR, the person must meet the conditionality of the
definition:
1. Ability to see and evaluate business opportunities,

3. 2. Willingness to commit the necessary resources to the success of the business,
3. Ability to take or initiate appropriate action to ensure success.
TEST ON THE ENTREPRENEUR Assignment
1. Name three fundamental conditions that a person must fulfill to be called an
entrepreneur.
the entrepreneur is a person who undertakes to organise, manage and risk the hazards
of a business.
an innovator or developer who recognises and seizes opportunities; converts those
opportunities into workable, marketable ideas; adds value through time, effort, money
or skills;
assumes the risks of the competitive market place to implement these efforts; and look
forward to the rewards from these efforts
2. Complete the blank spaces in this statement:
We have lived through the ---Age------------ of big industry,
and the age of the giant ----corporation like Ford, Sears, DuPont and IBM------------------------
---,
but I believe that this is the age of the entrepreneur, the age of the --individual-------------------
--------
3. What is the name of the author of the statement in no. 2 above? Ronald Reagan-The president
of the United states of America in 1985

4. SUBMIT YOUR ASSIGNMENT BETWEEN TODAY AND 21ST APRIL, 2020
CHARACTERISTICS OF THE ENTREPRENEUR Lesson
1.0 CHARACTERISTICS AND TRAITS OF AN ENTREPRENEUR Studies have shown
that, generally, entrepreneurs have certain traits that can be grouped into about seven
characteristics.
About 7 Characteristics of an entrepreneur are presented below. Take note that each
characteristic has a number of traits that exemplify it. As you study the characteristic, also
note the traits. For example, the traits of the Need for achievement, Persistence, Perseverance,
Determination, Hard work, Drive, Energy and Initiative are the traits that go with
Characteristic of Drive and Energy.
(a) Drive and Energy
Successful entrepreneurs have tremendous amount of both physical and mental energy. They
have a great deal of drive and capacity to work very long hours. They are task-oriented. This
characteristic of “drive and energy” is exhibited in the following traits: -Need for
achievement -Persistence, perseverance, determination -Hard work, drive, energy -
Initiative.
(b) Self-Confidence
Successful entrepreneurs have a high level of self-confidence. They believe in themselves
and in their own abilities to achieve their objectives even in adversity. This characteristic
shows itself in the following traits: -Confidence -Independence, individuality -Optimism
(c) Persistence Problem Solving
Entrepreneurs are characterised by an intense level of determination and desire to overcome
hurdles. They see difficult situations as challenges rather than intimidation. Distinguished
traits are: -Task result orientation -Need for achievement -Determination
(d) Future-Oriented
Entrepreneurs tend to make commitment to long-term result, and hence work towards goals
that may be distant in the future. The traits are: -Foresight -Perceptiveness.
(e) Originality and Goal Setting
Entrepreneurs would want to do things in a new and better way. They are also goals- and
action-oriented. Traits: -Innovative, creative -Flexible (open minded) -Resourceful -

5. Versatile, knowledgeable.
(f) Leadership
Entrepreneurs are leaders. They possess attributes that make others want to follow them
willingly and enthusiastically.
-Leadership behaviour -Positive relations with others -Responsive to suggestions and
criticisms.
(g) Ability to Deal with Failure
Entrepreneurs are not afraid of failure. Failure in regarded as a learning process. The manner
an individual responds to failure indicates whether he will be successful or not. Traits are:
-Fearlessness -Pushfulness.