Entrepreneur definition

There is no common definition of entrepreneur, but the study by Gartiner (1990) found 44 different
definitions which share no common attributes at all.

The following are some definitions of entrepreneur.

By Kuratco and hotgetts 2004

An innovator or developer who recognizes and seizes opportunities, convert those opportunities into
workable or marketable ideas, add value through time, effort, money or skills; assume the risks of
competitive market place to implement those ideas and realise the rewards through those efforts.

By schumpeter 1934

One who develop new profitable business opportunities by combining resources in new way.

By Cantilon 19th century

The agent who purchases means of production for combination into marketable products.

THEORIES OF ENTREPRENEUR

The theories are of two in kind one is Born models that is psychological and the others are social
logical theories.

Starting with the born theories there are the following classifications under it

.Innovation theories

.Need for achievement models

.Locust of control

.psychodynamic

.Risk taking propensity

A: Innovation theories
 As it was advanced by schumpeter it says that entrepreneur is an individual who bring about new or
novel things into combination. Also it provided major distinction between Innovation, creation and
change.

B:Need for achievement model

The theory hereby explain that an individual who is always desiring to attain entrepreneur skills, the
one who spend a lot of time on how to do something as it relates to entrepreneurship.

C: Locust of control.

The model says that those individuals who are influenced by inner locus of control are more likely to be
an entrepreneur rather than those who are influenced by external control meaning that they don't
believe on themselves

D: Risk propensity theory

Also this theory explains that those individuals who are really dare to take risks are more likely to be
entrepreneurs with comparison to those who do not. It has provided us with three kinds of risks that is
low-moderate-high.

E: Psychodynamic model

This theory focuses on mental or emotional elements that drives entrepreneurial individuals.

THE SOCIAL LOGICAL THEORIES

This are those which try to explain the entrepreneur behaviour changes due to socialization. And it
includes the following

.social marginality theory

. Social development model

. Intergenerational model of inheritance of enterprising culture via role modeling

. Small businesses as role model.

A: Social marginality theory

Its explained about an individual within a society that he or she doesn't belong and starts a business.
Therefore it states how such is really a risk taker due to his readiness to start a business in such society
that he is not familiar with

B: social development model

This theory explains on how an individual is shaped to be entrepreneur due to the socialization with the
certain society. Some societies keeps enterprenueship as their interests therefore this makes an
individual to be influenced and hence develops entreprenual skills.

C: small business as role model

1. The theory says that an individual who works in the big firm and establish a small firm as his own
investment is said to be entrepreneur. The investment from small business as a role model use
to resemble as as a big firm from which he or she is employed.