An entrepreneur is a person who has possession of a new enterprise, venture or idea and assumes significant accountability for the

inherent risks and the outcome.[1][note 1] The term is originally a loanword from French and was first defined by the Irish economist Richard Cantillon. Entrepreneur in English is a term applied to the type of personality who is willing to take upon herself or himself a new venture or enterprise and accepts full responsibility for the outcome. Jean-Baptiste Say, a French economist is believed to have coined the word "entrepreneur" first in about 1800. He said an entrepreneur is "one who undertakes an enterprise, especially a contractor, acting as intermediatory between capital and labour. According to Webster's dictionary, an entrepreneur is one who organizes, manages, and assumes the risks of a business or enterprise. Entrepreneurs live in the future. They have creative personalities, are innovative, and thrive on change. But what makes an entrepreneur successful? Research done by Southern Methodist University's Cox School of Business came up with common characteristics of over 200 successful entrepreneurs. Successful was defined as being in business for at least 5 years and who has gross revenues of at least $1 million. Common Traits in a Successful Entrepreneur 1. Good health. Successful entrepreneurs must work long hours for extended periods of time. When they get sick, they recover quickly. 2. A Need to Control and Direct. They prefer environments where they have maximum authority and responsibility and do not work well in traditionally structured organizations. This is not about power, though. Entrepreneurs have a need to create and achieve by having control over events. 3. Self-confidence. Findings showed that as long as entrepreneurs were in control, they were relentless in pursuit of their goals. If they lost control, they quickly lost interest in the undertaking. 4. Sense of Urgency. They have a never-ending sense of urgency to do something. This corresponds with a high energy level. Many enjoy individual sports rather than team sports. Inactivity makes them impatient. 5. Comprehensive Awareness. They have a comprehensive awareness of a total situation and are aware of all the ramifications involved in a decision. 6. Realistic Outlook. There is a constant need to know the status of things. They may or may not be idealistic, but they are honest and straightforward and expect others to be the same. 7. Conceptual Ability. They have superior conceptual abilities. This helps entrepreneurs identify relationships in complex situations. Chaos does not bother them because they can conceptualize order. Problems are quickly identified and solutions offered. The drawback is that this may

11. Setbacks are seen as challenges and do not discourage them. Describing with Numbers. Reich considers leadership. Emotional Stability. [citation needed] A prominent theorist of the Austrian School in this regard is Joseph Schumpeter. Low Need for Status. B. etc. competition. They are attracted to challenges but not to risks. who saw the entrepreneur as innovators and popularized the uses of the phrase creative destruction to describe his view of the role of entrepreneurs in changing business norms. They keep their distance psychologically and concentrate on the effectiveness of operations. 9. As a leader The entrepreneur is the main person behind a firm. Their need for status is met through achievement not through material possessions. he can demonstrate his quality as a leader by choosing the right managers for the firm. from the combination of opportunities and people well-positioned to take advantage of them. An entrepreneur may perceive that they are among the few to recognize or be able to solve a problem. one studies on one side the distribution of information available to wouldbe entrepreneurs (see Austrian School economics) and on the other. Scholar Robert. In this view.). This concept has its origins in the work of Richard Cantillon in his Essai sur la Nature du Commerce en (1755) and Jean-Baptiste Say (1803 or 1834)[note 3] in his Treatise on Political Economy. It may look like they are taking high risks. 12. They can describe situations with numbers. product or company enters the market. how environmental factors (access to capital. They have the stability to handle stress from business and from personal areas in their lives. management ability. Creative destruction dealt with the changes entrepreneurial activity makes every time a new process. They take an objective approach to personal relationships and are more concerned with the performance and accomplishment of others than with feelings.. . but in actuality they have assessed the risks thoroughly. change the rate of a society's production of entrepreneurs. 8. 10. Attraction to Challenges. and team-building as essential qualities of an entrepreneur. Objective Approach. A more generally held theory is that entrepreneurs emerge from the population on demand. They understand their financial position and can tell at any time how much they have in receivables and how much they owe.not translate well to interpersonal problems.

vision. coordinating skills to manage a corporate undertaking (Ambani. Brimming with ideas to start new ventures 3. new product development etc (textile. forestry) 2. benefits offered by government for entrepreneurs motivates him •Motivated entrepreneur: Sense of achievement and fulfillment motivate him •Spontaneous entrepreneur: Born entrepreneurs with inborn traits of confidence. Motivation 4. quality control etc. horticulture. deal with both manufacturing and trading aspect of business (Small trading and manufacturing business) •Trading entrepreneur: Undertakes trading activities. Stages in Development 6. exceptional organising. •Non technical entrepreneur: Develops marketing. Other s 1. is a positive thinker •Super growth entrepreneur: One who enters a business and shows a quick. Growth •Growth entrepreneur: One who enters a sector with a high growth rate. Type of business 2. Use of Technology •Technical entrepreneur: Production oriented. steep and upward growth curve . etc) •Corporate entrepreneur: Interested in management part of organisation. Motivation •Pure entrepreneur: Psychological and economic rewards motivate him •Induced entrepreneur: Incentives. electronics. Tata families) •Agricultural entrepreneur: Production and marketing of agricultural inputs and outputs (Dairy. Type of business • Business entrepreneur: Convert ideas into reality.Types of Entrepreneurs Classification on the basis of: 1. concessions. distribution facilities and strategies Professional entrepreneur: Uses the proceeds from sale of one business to start another one. Use of Technology 3. concerned with marketing (Domestic and international level) •Industrial entrepreneur: Undertakes manufacturing activities only. Growth 5. initiative 4. possesses innovative skills in manufacturing.

Others •Area. so that he can minimize the cost of production and reap more and more profit by producing more and more quantity at a cheaper price. From the sale proceeds. and how much to produce. Then he co-ordinates the other factors like land. He estimates the demand for the commodity and initiates the production. labor. Innovation means introducing new changes in production or technology or market for the product. Only the imaginative skillful few will remain in the industry for ever. After production is over. there may or may not be demand for his product. risk taker. But when he actually brings the product to market. This is an non-insurable risk he has to undertake. • . It appears.Men and Women entrepreneur •Scale.Small and Large scale entrepreneur Function of enterpreuner: An entrepreneur undertakes three types of main function.Rural and Urban entrepreneur •Gender/Age. He supervises the entire production activity. Profit as a reward for innovation is not a stable one. They are described in brief detail as follows: • Organizational function: An organizer mentally first of all decides certain things like what. An organizer starts production with an anticipation of demand for his product. • Risk bearing function: An organization not only organizes the entire production process but also undertakes risks and uncertainties. disappears and reappears. concerned about customer and marketing needs 6. which can adapt to change and dynamic market •Classical entrepreneur: One who gives more importance to consistent returns than to growth. he finds proper market for his product and sells them. scale of production and estimates the availability of raw materials. capital etc. Thus a brave organizer has to shoulder certain insurable and non-insurable risks also. he distributes the remuneration for other factor owners.5. how. He decides the location of the industry. among the firsts in family to enter business •Modern entrepreneur: Who considers feasibility of business. Stages in Development •First generation entrepreneur: Innovator. Innovation function: An entrepreneur must be an innovator to survive in the market and to retain the same position for his product. labor and capital in proper proportion.

As the intrapreneur continues to expresses his ideas vigorously. an intrapreneur is an individual employed by an organization for remuneration. he succeeds. he is likely to leave the organization and set up his own business. If the organization supports him in pursuing his ideas. Intrapreneurs share the same traits as entrepreneurs such as conviction. If not.Difference between an entrepreneur and an intrapreneur: An entrepreneur takes substantial risk in being the owner and operator of a business with expectations of financial profit and other rewards that the business may generate. it will reveal the gap between the philosophy of the organization and the employee. zeal and insight. . which is based on the financial success of the unit he is responsible for. On the contrary.

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