ENTREPRENEUR

MEANING

A person who sets up a business or businesses,organises,manages and takes for granted on financial risks in the hope of profit is known as ‘entrepreneur’.

An entrepreneur is a rare person who can visualise and materialise water in the desert. His foresightedness, vision,motivation, persistent efforts the ability to presume the risks involved and their outcomes, and the thrust to achieve the desired goal, facilitate him to convert his ideas into reality. The water in the desert here refers to a scarce commodity, hence an entrepreneur visualises this need or the need arising in near future and grabs this opportunity or challenge, before others can think about it.

Definition

According to Richard Cantillon, “An entrepreneur is a person who buys factors services at certain prices with a view to selling its product at uncertain price”.

Characteristics of Entrepreneurs:

  • Determination to succeed
  • Independence
  • Risk-taking
  • Ability to control
  • Perseverance
  • Flexibility
  • Analytical ability of mind
  • Confronting uncertainty
  • Stress takers
  • Innovative and creative
  • Ability to mobilise resources
  • Leadership.

Functions of Entrepreneurs

  • Idea generation
  • Fund raising
  • Procurement of machinery
  • Determination of ownership
  • Determination of objectives
  • Procurement of raw materials
  • Market research
  • Recruitment of manpower.

  • In other words, an enterpreneur is one who discovers innovative ideas, advances them into products and services, and follows it’s feat persistently with untiring spirit. In this way, they taste the success and show the real meaning of the word ‘entrepreneur’. These entrepreneur having the initiating and action-taking ability, are responsible for the existence of different successful ventures. There is a misconception about entrepreneurs that they are opportunity-seekers and selfish people, but in reality they are highly driven people trying to find solutions to the “needs of the people”