Are you an Entrepreneur? Or wants to become an entrepreneur? Planning to start an enterprise? Before you going to start an enterprise, become an entrepreneur or called yourself an entrepreneur, know whom we call an entrepreneur and why? What is Entrepreneurship?
Let us read the definition of entrepreneur and entreneurship. Also read the features of the entreneurship.
Definitions of Entrepreneurship
Entrepreneurship is a process where we identify the opportunities in the market, how to better use or make the better use of the existing resources and how to invest them to chase these opportunities and get long term gain.
Activity in which we bring the factors of production together which are required for producing the goods or services is called Entrepreneurship. These factors of production are – Labour, Land, Capital.
Activity of setting up a business by taking the financial risks in the hope of profit.
Joseph Schumpter theory of Entrepreneurship is defined as Being an Innovator, Entrepreneur, launches new product from which consumers are not yet familiar or the new method of production which was not tested by the manufacturing branch yet.
What you have understand from the above definition of the entrepreneurship? These Definition states the Entrepreneurship is setting up of new enterprise which involves production of product, distribution of products and services. Enterprise may be undertaken by a single person or by a group of persons.
Features of Entrepreneurship
Entrepreneurship is primarily an economic activity because it involves the production of product, distribution of products and services.
Entrepreneurship is a creative activity because it involves the launch of new or better of an existing product.
Entrepreneurship is a dynamic activity because different business opportunities will come into existence as per some change occurs in our society.
Entrepreneurship is an organizing function because it brings the various factors of production together i.e. Labour, Land, Capital.
Entrepreneurship is a gap filling function because entrepreneurship rises when there is a gap rises between the needs of the human and products and services available for them.
Entrepreneurship is a risk-taking function because in order to get profits, we starts an enterprise, and guarantees the landlord for rent, employees for wages and investors for the interest of there investment. And there is every possibility of loss.
Definitions of Entrepreneur
Entrepreneur is a person who have ability of seeing and evaluating business opportunity, gathering of resources, take advantage of these resources to get success.
Entrepreneur is a person who has started or in the process of starting an enterprise.
Joseph Schumpter defines entrepreneur as an innovator who brings new methods of production and helps in economic development.
Webster Dictionary defines entrepreneur as a person who estimates the future demand of product or service and plan an enterprise to fulfill that demand.
What you have understand from the above definition of the entrepreneur? An entrepreneur is a business leader, a man of vision, talent, who spot out the business opportunity. An entrepreneur carries out innovations for his business idea or product.