The practice of entrepreneurship should, be well rooted in the individual, if he/shewants to become an entrepreneur. An individual who succeeded in selling
refrigerators to the Eskimos to prevent food from freezing would be an “innovator”
quite as much as if he/she had developed brand-new processes or invented a newproduct. To sell to the Eskimos a refrigerator to keep food cold is finding a newmarket; to sell a refrigerator to keep food from getting too cold is actually creatinga new product. Technologically, there is, of course, only the same old product, buteconomically there is innovation.Innovation goes right through all phases of business. It may be innovation indesign, in product, or in marketing techniques. It may be innovation in managingorganizations or in management methods. All these can only be achieved throughentrepreneurship. Entrepreneurship instills the enterprise culture into theindividuals. Enterprise here is defined as resourcefulness, initiative, drive,imagination, enthusiasm, zest, dash, ambition, energy, vitality, boldness, daring,audacity, courage, get up and go. Entrepreneurship, therefore, encompasses all theproductive functions that are not rewarded immediately by regular wages, interestand rent and non-routine human labour. It is also not investing capital funds alone.It is actually, the functions of seeking investment, production opportunity,organizing an enterprise to undertake new production process, raising capital,hiring labour, allocating resources, and creating new enterprises.
The entrepreneur is often defined as one who starts his own new and smallbusiness. Entrepreneurs are action oriented, highly motivated individual who takerisks to achieve goals. Meredith, Nelson, and Neck (1991). Entrepreneurs havebeen described as people who have the ability to see and evaluate businessopportunities, gather the necessary resources to take advantage of them and initiateappropriate action to ensure success. He/She is that man/woman who sees and
dreams things that never were and says “why not?” An entrepreneur is that person
who is able to actualize his/her innate potentials and develop a character that is notdependent but independent. He/She is that person who undertakes the voyage of