WHO IS AN ENTREPRENEUR & WHAT IS ENTREPRENEURSHIP
Entrepreneur is the one who undertakes a venture, organises it, raises capital to finance it
and assumes all or major portion of the risk.
According to J.B. Say, a French economist, entrepreneur is defined as the agent who unites all the factor of production-land, labour, capital etc. and
earns profits after making the payments of these factors of production.
Entrepreneurship is the process of identifying opportunities in the market place, making the
resources available and investing in the resources for long term gain.
According to Ajay Bam, professor, University of California, Entrepreneurship is the journey of opportunity exploration and risk management to create
value for profit and/or social good.
Several studies have been carried out to identify the qualities and traits of successful
entrepreneurs. According to Prof Tandon an entrepreneur should posses following qualities:
An entrepreneur should be able to assume higher degree of risk. He has to guarantee wages
to employees, interest on capital, rent to landlord without any guarantee of returns. Higher
degree of imagination are required are required to handle risk.
Technological change is the main mover in the process of economic growth
His success depends upon his ability to adopt and utilise new and better techniques of
production of marketing of goods and services.
A true entrepreneur is the one who has the ability to mobilise resources at reasonable cost
and time. Sound judgement and willingness to win are required for this purpose.
The ability of building a sound organisation is a critical skill. The organisation builder must
be able to harness the new ideas . He should train people who can share most of his burden.
CHARACHTERSTICS OF SUCCESSFUL ENTREPRENEURS
• Knowledge of market
• Knowledge of product and technology