Entrepreneur and its meaning

ENTREPRENEUR - MEANING

According to the International Encyclopedia, an entrepreneur is "An individual who bears the risks of operating a business in the face uncertainty about the future conditions."

Some definitions by researchers and scholars - 

Adam Smith's Definitions - The entrepreneur is an individual, who forms an organization for commercial purposes. He/She is a proprietary capitalist, a supplier of capital and at the same time a manager who intervenes between the labor and the consumer.
Peter F. Drucker's Views on Entrepreneur - An entrepreneur is the one who always searches for change, responds to it and exploits it as an opportunity.

According to W.B. Gartner in the year 1985 - Entrepreneur is the process who started a new business where there was none before.

Characteristics of an Entrepreneur - 

Some characteristics even include negative traits such as they are cunning, opportunity, creative, and unsentimental.

1. Independence & achievement - They are tough pragmatic people driven by the needs of independence and achievement. 
2. Optimism - They are extreme optimists in their decision-making processes.
3. Desire to learn - They can prioritize ideas over data, to be nomadic and to learn endlessly.
4. Urge to build - They are primarily motivated by an overwhelming need for achievement and a strong urge to build.
5. Initiative - Opportunity seeking
6. Persistence
7. Information seeking
8. Demand for quality and efficiency
9. Risk-Taking
10. Goal Setting
11. Hard-working
12. Systematic planning and monitoring
13. Persuasion and networking
14. Self-confidence
15. The entrepreneur is an aggressive catalyst for change in the world of business.

Qualities essential for an Entrepreneur -

If you identify some of or all of these traits in your SWOT analysis, consider yourself to be an entrepreneur in making - Some of those have been given below:

1. Strong desire to be independent
2. Willingness to assume the risk
3. Ability to learn from experience
4. Self-motivation
5. Competitive spirit
6. Orientation towards hard work
7. Self-confidence
8. Achievement drive
9. High energy level
10. Assertiveness
11. Innovation
12. High level of creativity
13. Dynamism and vision
14. 'Go-getter' spirit
15. 'Never say die' spirit
16. Gift of gab
17. Caliber to deal with people and situations
18. Ability to make decisions
19. High IQ, EQ, and SQ levels(Intelligent Quotient, Emotional quotient, and spiritual quotient)
20. Selflessness

In short, an Entrepreneur / Promoter can be compared with a mother and also a midwife as he goes through the pains of creating the idea and finally delivery and executing it, whereas an Intrapreneur, almost does the same thing, with an exception that he carries out the innovation within an existing organization.

ENTREPRENEURSHIP -MEANING

Entrepreneurship is an effective process of creating incremental wealth. It is created by individuals who assume the major risks in terms of equity, time, and/or career commitment to providing value for some product or service. The product or service itself may or may not be new or unique but the value must somehow be infused by the entrepreneur by securing and allocating the necessary skills and resources.

"It is an effective process of vision, change, and creation. It requires an application of energy and passion for the creation and implementation of new ideas and creative solutions. The fundamental skill of building a solid business plan and above all, the vision to recognize opportunity where others see chaos, contradiction, and confusion."
Entrepreneurship is the result of 3 dimensions working together which are as follows:

1. Conductive framework conditions
2. Well designed government programs
3. Supportive cultural attitudes.

Entrepreneurship - Concept, and Nature

The concept of Entrepreneurship refers to a special skill or ability to mobilize the factors of production - land, labor & capital and use them to produce new goods and services.

Characteristics of Entrepreneurship

• Innovation and creativity
• Risk-taking and achievement
• Organization and management

The process involved in Entrepreneurship

1. Search for a new idea
2. Preliminary assessment of the idea
3. Detailed analysis of the promising idea
4. Selection of the most promising idea
5. Assembling the resource
6. Determining the size of the unit
7. Deciding the size on the location of business and plan layout
8. Sound financial planning
9. Establishment of internal organization and personnel
10. Launching the enterprise

Entrepreneurship Process

Entrepreneurship is the skill and art of being an entrepreneur or one who undertakes innovations or introducing new things, finance and business acumen in an effort to transform innovations into economic goods. This may outcome in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most evident form of entrepreneurship is that of starting a new business.
Elements of Entrepreneurship:

1. Initiative-taking
2. The organizing or reorganizing of social-economic mechanisms to turn resources and situations to end product.
3. The acceptance of the risk o failure.