Lesson 2: Understanding Entrepreneurship

Learning Outcomes 
After reading this lesson, you should be able to answer these questions: 
1. What is entrepreneurship and Importance?
2. How has the evolution of entrepreneurship impacted your perspective on the concept?
3. How has your understanding of PECs influenced your perception of the relevance of
competences in overcoming life problems and setbacks?
4. Compare and contrast the terms entrepreneur and entrepreneurship.
5. How did your understanding of entrepreneurial traits lead you to grasp the necessity of
having defined life goals and being able to handle your own problems and challenges?

Introduction

The concept of entrepreneurship is an age-old phenomenon that relates to the vision of an

entrepreneur as well as its implementation by him. Entrepreneurship is a creative and innovative

response to the environment. It is also the process of setting up a new venture by the

entrepreneur. Entrepreneurship is a composite skill that is a mixture of many qualities and traits

such as imagination, risk-taking, ability to harness factors of production i.e. land, labor,

technology and various intangible factors. Entrepreneurship culture implies a set of values,

norms and traits that are conducive to the growth of entrepreneurship. It is the organizational

culture that focuses on new opportunities and creation of a set-up where these opportunities can

be perused earnestly. An entrepreneur seeks the opportunities, looks for ways and means to

capitalize on the newer opportunities by organizing the structure and the resources and gaining

control on them.

Understanding Entrepreneurship

According to George Bernard Shaw, people fall into three categories: (i) those who make things

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happen. (2) Those who watch things happen, and (3) those who are left to ask what did happen.

Entrepreneurs fall under the first category.

There is no universally agreed upon definition of entrepreneurship. It has no single definition.

It is defined as identifying new business opportunities and mobilizing economic resources to

initiate a new business or redevelop an existing business while facing conditions of risks and

uncertainties for the purpose of making profits under private ownership (Adenutsi 2009)

It is a process of creating and sustaining economic and/or social value through the development

and implementation of creative and innovative strategies and solutions that require the

identification of opportunity that results from economic (dis)equilibrium, risk-taking and

mitigation, and resource allocation and mobilization (Mars & Aguilar, 2010 )

In the words of Stevenson and others, “Entrepreneurship is the process of creating value by

bringing together a unique package of resources to exploit an opportunity.” According to A.H.

Cole, “Entrepreneurship is the purposeful activities of an individual or a group of associated

individuals undertaken to initiate, maintain or organize a profit oriented business unit for the

production or distribution of economic goods and services”. All activities undertaken by an

entrepreneur to bring a business unit into existence are collectively known as entrepreneurship. It

is the process of changing ideas into commercial opportunities and creating values. In short,

entrepreneurship is the process of creating a business enterprise.

EVOLUTION OF THE CONCEPT OF ENTREPRENEUR

The word ‘entrepreneur’ is derived from the French word entreprendre. It means ‘to undertake’.

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Thus, an entrepreneur is the person who undertakes the risk of a new enterprise. In the early

16th century it was applied to those who were engaged in military expeditions. In the 17th

century the word ‘entrepreneur’ was used for civil engineering activities such as construction and

fortification. It was applied to business for the first time in the 18th century, to designate a dealer

who buys and sells goods at uncertain prices.

Its evolution is as follows.

EARLY PERIOD: The earliest definition of the entrepreneur as a go-between is Marco Polo.

He tried to establish a trade route to the Far East. He used to sign a contract with a venture

capitalist to sell his goods. The capitalist was the risk bearer. The merchant adventurer took the

role of trading. After his successful selling of goods and completing his trips, the profits were

shared by the capitalist and the merchant.

MIDDLE AGES: The term entrepreneur was referred to a person who was managing large

projects. He was not taking any risk but was managing the projects using the resources provided.

An example is the cleric who is in charge of great architectural works such as castles, public

buildings, cathedrals etc.

17th CENTURY: An entrepreneur was a person who entered into a contractual arrangement

with the Govt. to perform a service or to supply some goods. The profit was taken (or loss was

borne) by the entrepreneur.

18th CENTURY: It was Richard Cantillon, French Economist, who applied the term

entrepreneur to business for the first time. He is regarded by some as the founder of the term. He

defined an entrepreneur as a person who buys factor services at certain prices with a view to sell

them at uncertain prices in the future

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19th CENTURY: The entrepreneurs were not distinguished from managers. They were viewed

mostly from the economic perspective. He takes risks, contributes his own initiative and skills.

He plans, organizes and leads his enterprise.

20th CENTURY: During the early 20th century Dewing equated the entrepreneur with a

business promoter and viewed the promoter as one who transformed ideas into a profitable

business. It was Joseph Schumpeter who described an entrepreneur as an innovator. According to

him an entrepreneur is an innovator who develops untried technology.

21st CENTURY: Research Scientists live De Bone pointed out that it is not always important

that an individual comes up with an entirely new idea to be called an entrepreneur, but if he is

adding incremental value to the current product or service, he can rightly be called an

entrepreneur.

MEANING AND DEFINITION OF ENTREPRENEUR

An entrepreneur is ordinarily called a businessman. He is a person who combines capital and

labour for the purpose of production. He organizes and manages a business unit assuming the

risk for profit. He is an artist of the business world.

The French economist Richard Cantillon, the first to introduce the term entrepreneur, defined

him as an agent who purchased the means of production for combination into marketable

products.

In the words of J.B. Say, “An entrepreneur is one who brings together the factors of production

and combines them into a product”. He made a clear distinction between a capitalist and an

entrepreneur. Capitalist is only a financier. Entrepreneur is the coordinator and organizer of a

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business enterprise.

Joseph A Schumpeter defines an entrepreneur as “ one who innovates, raises money, assembles

inputs and sets the organization going with the ability to identify them and opportunities, which

others are not able to fulfil such economic opportunities' '. He further said, “An entrepreneur is

an innovator playing the role of a dynamic businessman adding material growth to economic

development”. Schumpeter, the first major writer to highlight the human agent in the process of

economic development believed that the economy was propelled by the activities of persons

``who wanted to promote new goods and new methods of production, or to exploit new sources

of materials or new market” not merely for profit but also for the purpose of creating.

Schumpeter used the word innovation and emphasized innovation as the function of an

entrepreneur. Schumpeter’s entrepreneur is a highly specialized concern. The entrepreneur in

Schumpeter’s theory sees the potentiality, profitable opportunities and exploits them. The

entrepreneurs’ motivation for profit is based not merely on his desire to raise consumption

standards, but also on such non-hedonistic goals as the desire to find a private dynasty- the will

to conquer in the competitive battle and the job of creating, i.e. he tries to maximize his profits

by innovations. His unique characteristic is that he gets satisfaction by using his capabilities in

attacking problems.

Whatever be the definition, across the world entrepreneurs have been considered instrumental in

initiating and sustaining socio- economic development. There is evidence to believe that

countries which have a proportionately higher percentage of entrepreneurs in their population

have developed much faster as compared to countries which have lesser percentage of them in

the society. They discover new sources of supply of materials and markets and establish new and

more effective forms of organizations. Entrepreneurs perceive new opportunities and seize them

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with supernormal will power and energy, essential to overcome the resistance that social

environment offers.

The Personal Entrepreneurial Competencies of an Entrepreneur (PECs)

Entrepreneurial competencies .Clusters of associated knowledge, attitudes, and skills which an

entrepreneur must obtain through managerial training and development that will enable him to

produce outstanding performance and maximize profit while managing a business venture or an

enterprise. In general, competencies have been defined as combined and integrated components

of knowledge, skills, and attitudes.

1. Opportunity seeking

Cambridge Dictionary: "opportunity, an occasion or situation which makes it possible

to do something that you want to do or have to do, or the possibility of doing something".

Entrepreneurs seek opportunities and take the initiative to transform them into business

situations. Entrepreneurs are innovative opportunity seekers. They have endless curiosity

to discover new or different ideas and see whether these ideas will work in the

marketplace. This is what separates entrepreneurs from the ordinary businessman whose

main objective is simply to earn profits from producing, buying, and selling goods.

Rob Law saw an opportunity when he noticed children travelling with their parents and

saw the possibility for a children's suitcase which they could sit on.

2. Persistence

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 English Oxford: "the fact of continuing in an opinion or course of action in spite of

difficulty of the opposition".

When most people tend to abandon an activity, successful entrepreneurs stick with it.

Entrepreneurial persistence is demonstrated by an entrepreneur’s continued positive

maintenance of entrepreneurial motivation and constantly renewed active engagement in

a new business venture despite counterforces or enticing alternatives.

Persistent people have a goal or vision in mind that motivates and drives them. They are

often dreamers and visionaries who see their lives as having a higher purpose than simply

earning a living. Their vision is deeply ingrained and they focus on it constantly; with

great emotion and energy.

3. Commitment to work a contract

"An entrepreneur always delivers his promise promptly and he values his reputation"

Entrepreneurs keep their promises, no matter how great the personal sacrifice.

Commitment to a work contract refers to the keeping of an entrepreneur's word or

promise. An entrepreneur keeps his promise of charging affordable prices and selling

quality goods and making this available when needed.

4. Risk-taking

Taking calculated risks is one of the primary concepts in entrepreneurship.

Countless entrepreneurs have taken risks to get their businesses to where they are now.

Taking risks, however, does not mean going into business blindly and then expecting

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 great results. Taking risks in entrepreneurship involves careful planning and hard work.

5. Demand for efficiency and quality

An entrepreneur is always competing with others to do things better, faster, and at less

cost he/she strives to achieve excellence.

Efficiency is how quickly you can get things done in a period of time. Quality is how

those products turn out when you are done.

A successful entrepreneur always finds ways to do things faster or with fewer resources

or at a lower cost and always concerned for high quality of work.

Quality is critical to satisfying customers and retaining their loyalty so they continue to

buy in the future. Quality products make an important contribution to long-term

revenue and profitability.

6. Goal setting

Entrepreneurs set goals and objectives which are meaningful and challenging.

Goal setting is the process of deciding what you want to accomplish and devising a plan

to achieve those desired results.

Setting goals means that a person has committed thought, emotion, and behavior towards

attaining the goal.

7. Information seeking

Entrepreneurs gather information about their clients, suppliers, technology and

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 opportunities.

Information seeking is the process or activity of attempting to obtain information in both

human and technological contexts.

An entrepreneur undertakes personal research on how to satisfy customers and solve

problems. He/she seeks relevant information from his/her clients, suppliers, competitors

and others. He/she always wants to learn things which will help the business to grow.

8. Systematic planning and monitoring

Systematic behavior means acting in a logical way. Planning is deciding what to do.

Monitoring means checking.

Systematic planning is a planning process that is based on the scientific method and

includes concepts such as objectivity of approach and acceptability of results.

9. Persuasion and Networking

Persuasion "the act or process or an instance of persuading Persuade " to move by

argument, entreaty, or expostulation to a belief, position, or course of action".

Networking is the action or process of interacting with others to exchange information

and develop professional or social contacts.

Entrepreneurs influence other people to follow them or do something for them.

Persuasion is a skill every entrepreneur needs to have. Successful entrepreneurs need to

be persuasive. A persuasive entrepreneur is not only able to convince customers to buy,

but also to create a strong network of connections excited about helping their

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 organization or idea grow.

10. Self-confidence

Self-Confidence. A person who has confidence in himself or herself and in his or her

own abilities.

Entrepreneurs have a quiet self-assurance in their capability or potential to do something.

Most entrepreneurs start business because they like to be their own boss. They are responsible for their

own decisions.

Being confident in your work is crucial for career success.

Having confidence means understanding the value you offer, effectively communicating

and presenting yourself, which then results in getting noticed for all the right reasons and

increasing your income. The clients of confident people do not question or undermine

what the services or products are worth, but pay what the business owner decides they are

worth - because they see it as good value for money.

CONCEPT OF ENTREPRENEURSHIP

The term “entrepreneurship” is often used synonymously with “entrepreneur”. Though they are

two sides of the same coin, conceptually they are different. The entrepreneur is essentially a

business leader and the functions performed by him are entrepreneurship. Arthur H. Cole has

stated that entrepreneurship is the purposeful activity of an individual or a group of associated

individuals undertaken to initiate, maintain or organize a profit- oriented business unit for the

production or distribution of economic goods and services.

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The following table can be given to distinguish the entrepreneur from entrepreneurship.

Entrepreneur Entrepreneurship

Refers to a person Refers to a process

Visualizer Vision

Creator Creation

Organizer Organization

Innovator Innovation

Technician Technology

Initiator Initiative

Decision-maker Decision

Planner Planning

Leader Leadership

Motivator Motivation

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 Programmer Action

Risk-taker Risk-taking

Communicator Communication

Administrator Administration

From this table it is clear that entrepreneurship refers to a process of action an entrepreneur

undertakes to establish his enterprise. It is a creative and innovative response to the environment.

It is thus a cycle of actions to further the interests of the entrepreneur.

According to Peter F. Drucker; “Entrepreneurship is neither a science nor an art. It is a

practice. It has a knowledge base. Knowledge in entrepreneurship is a means to an end. Indeed,

what contributes knowledge in practice is largely defined by the ends, that is, by the practice”. In

Drucker’s view, entrepreneurship is considerably less risky, if the entrepreneur is methodical and

does not violate elementary and well known rules. There is no doubt that entrepreneurship is a

complex phenomenon. But a systematic and disciplined approach can help entrepreneurship to

grow and develop. Modern writers have identified the following three phases in entrepreneurship

development:

(a) Initial Phase - Creation of awareness about entrepreneurial opportunities based on

surveys

(b) Development Phase - Implementation training programs to develop motivation

and managerial skills.

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(c) Support Phase-- Infrastructural support of counselling- assisting to establish a

new enterprise and to develop existing units.

CHARACTERISTICS OF ENTREPRENEURSHIP

Experts have enlisted the characteristics of entrepreneurship as follows:

1. Ability to create enterprise: Entrepreneurship is primarily an economic activity because

it involves creation and operation of an enterprise. It is basically concerned with

satisfying the needs of customers with the help of production and distribution of goods

and services.

2. Organizing function: An entrepreneur brings together various factors of production for

economic use. He coordinates and controls the factors of production, efforts of the

persons engaged in his enterprise.

3. Innovation: Entrepreneurship is an automatic, spontaneous and creative response to

changes in the environment. It involves innovation of something new to cause dynamic

change and spectacular success in the economy, and create conditions for growth of the

economy.

4. Risk bearing capacity: Risk is an inherent and inseparable element of entrepreneurship.

He assumes the uncertainty of the future. An entrepreneur guarantees rent to the landlord,

wages to employees and interest to the investors in the hope of earning more than the

expenses.

5. Managerial and leadership functions: An entrepreneur must have additional

personality traits such as managerial and leadership skills. Managerial and leadership

qualities predominant orientation in the direction of productivity, working relation and

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 creative integration along with desire to make profit. Entrepreneurship demands tactful

handling of risk and uncertainties because new commodity and its acceptability are

uncertain.

6. Gap filling: The gap filling between human needs and the available products and

services leads to entrepreneurship. An entrepreneur identifies the gap and takes necessary

corrective measures to find the gap, to achieve his action oriented motive in the enterprise

as an entrepreneur with the help of the entrepreneurship process.

TYPES OF ENTREPRENEURS

Entrepreneurs may be classified in a number of ways.

A. ON THE BASIS OF TYPE OF BUSINESS.

Entrepreneurs are classified into different types. They are

1) Business Entrepreneur: He is an individual who discovers an idea to start a business

and then builds a business to give birth to his idea.

2).Trading Entrepreneur: He is an entrepreneur who undertakes trading activity i.e;

buying and selling manufactured goods.

3) Industrial Entrepreneur: He is an entrepreneur who undertakes manufacturing

activities.

4) Corporate Entrepreneur: He is a person who demonstrates his innovative skill in

organizing and managing a corporate undertaking.

5) Agricultural Entrepreneur: They are entrepreneurs who undertake agricultural

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 activities such as raising and marketing of crops, fertilizers and other inputs of

agriculture. They are called agripreneurs.

B. ON THE BASIS OF USE OF TECHNOLOGY

Entrepreneurs are of the following types.

1) Technical Entrepreneur: They are extremely task oriented. They are of craftsman

type.

They develop new and improved quality goods because of their craftsmanship. They

concentrate more on production than on marketing.

2) Non-Technical Entrepreneur: These entrepreneurs are not concerned with the

technical aspects of the product. They develop marketing techniques and distribution

strategies to promote their business. Thus they concentrate more on marketing aspects.

3) Professional Entrepreneur: He is an entrepreneur who starts a business unit but does

not carry on the business for a long period. He sells out the running business and starts

another venture.

C. ON THE BASIS OF MOTIVATION

Entrepreneurs are of the following types:

1) Pure Entrepreneur: They believe in their own performance while undertaking

business activities. They undertake business ventures for their personal satisfaction, status

and ego. They are guided by the motive of profit. For example, Dhirubhai Ambani of

Reliance Group.

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 2) Induced Entrepreneur: He is induced to take up an entrepreneurial activity with a

view to avail some benefits from the government. These benefits are in the form of

assistance, incentives, subsidies, concessions and infrastructures.

3) Motivated Entrepreneur: These entrepreneurs are motivated by the desire to make

use of their technical and professional expertise and skills. They are motivated by the

desire for self-fulfillment.

4) Spontaneous Entrepreneur: They are motivated by their desire for self-employment

and to achieve or prove their excellence in job performance. They are natural

entrepreneurs.

D. ON THE BASIS OF STAGES OF DEVELOPMENT: They may be classified into;

1) First Generation Entrepreneur: He is one who starts an industrial unit by means of

his own innovative ideas and skills. He is essentially an innovator. He is also called a new

entrepreneur.

2) Modern Entrepreneur: He is an entrepreneur who undertakes those ventures which

suit the modern marketing needs.

3) Classical Entrepreneur: He is one who develops a self-supporting venture for the

satisfaction of customers’ needs. He is a stereotype or traditional entrepreneur.

E. CLASSIFICATION ON THE BASIS OF ENTREPRENEURIAL ACTIVITY:

They are classified as follows:

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 1) Novice: A novice is someone who has started his/her first entrepreneurial venture.

2) Serial Entrepreneur: A serial entrepreneur is someone who is devoted to one venture

at a time but ultimately starts many. He repeatedly starts businesses and grows them to a

sustainable size and then sells them off.

3) Portfolio Entrepreneurs: A portfolio entrepreneur starts and runs a number of

businesses at the same time. It may be a strategy of spreading risk or it may be that the

entrepreneur is simultaneously excited by a variety of opportunities.

F. CLASSIFICATION BY CLARENCE DANHOF: Clarence Danhof, classified

entrepreneurs in the following categories:

1) Innovative Entrepreneurs: They are generally aggressive on experimentation and

cleverly put attractive possibilities into practice. An innovative entrepreneur, introduces

new goods, inaugurates new methods of production, discovers new markets and

reorganizes the enterprise. Innovative entrepreneurs bring about a transformation in

lifestyle and are always interested in introducing innovations.

2) Adoptive or Imitative Entrepreneurs: Imitative entrepreneurs do not innovate the

changes themselves, they only imitate techniques and technology innovated by others.

They copy and learn from the innovating entrepreneurs. While innovative entrepreneurs

are creative, imitative entrepreneurs are adoptive.

3) Fabian Entrepreneurs: These entrepreneurs are traditionally bounded. They would

be cautious. They neither introduce new changes nor adopt new methods innovated by

other entrepreneurs. They are shy and lazy. They try to follow the footsteps of their

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 predecessors. They follow old customs, traditions, sentiments etc. They take up new

projects only when it is necessary to do so.

4) Drone Entrepreneurs: Drone entrepreneurs are those who refuse to adopt and use

opportunities to make changes in production. They would not change the method of

production already introduced. They follow the traditional method of production. They

may even suffer losses but they are not ready to make changes in their existing

production methods.

There is another classification of entrepreneurs. According to this, entrepreneurs may be

broadly classified into commercial entrepreneurs and social entrepreneurs.

Commercial Entrepreneurs: They are those entrepreneurs who start business

enterprises for their personal gain. They undertake business ventures for the purpose of

generating sales and profits. Most of the entrepreneurs belong to this category.

Social Entrepreneurs: They are those who identify, evaluate and exploit opportunities

that create social values and not personal wealth. Social values refer to the basic long

standing needs of society. They focus on the disadvantaged sections of the society. They

play the role of change agents in society. In short, social entrepreneurs are those who start

ventures not for making profits but for providing social welfare.

ENTREPRENEURIAL TRAITS

The true entrepreneur is one who is endowed with more than average capacities in the task of

organizing and coordinating the various other factors of production. He should be a pioneer, a

captain of industry. The supply of such entrepreneurship is, however, quite limited and all are not

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endowed with such talent. The modern entrepreneur is one who detects and evaluates a new

situation in his environment and directs the making of such adjustments in the economic system

as he deems necessary. He conceives a new industrial enterprise, displays considerable initiative,

grit and determination in bringing his project to fruition.

Thus, a successful entrepreneur must possess the following traits:

1. Mental Ability

Mental ability consists of intelligence and creative thinking. An entrepreneur should be

intelligent and must have an analytical mind. He should have the capacity to engage in

the analysis of various problems and situations in order to deal with them. The

entrepreneur should anticipate changes and must be able to study the various situations

under which decisions have to be made.

2. Clear Objectives

An entrepreneur should have a clear objective as to the exact nature of the business,

nature of the goods to be produced and ancillary activities to be undertaken. A successful

entrepreneur must have the objective to establish his product in the market, make profit

and also render social service.

3. Business Secrecy

An entrepreneur must be able to guard business secrets. Leakage of business secrets to

trade competitors is a serious matter which should be carefully guarded against by an

entrepreneur. Here the entrepreneur should be able to make a proper selection of his

subordinates.

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 4. Human Relations Ability

The most important entrepreneurial traits contributing to his success are emotional

stability, personal relations, consideration and tactfulness. In other words, maintenance of

public relations or human relations most often makes the difference between success and

failure of an entrepreneur. An entrepreneur must have good relations with his customers

in order to gain their continued patronage and win their confidence in his product. He

must also maintain good relations with his employees, if he is to motivate them to higher

levels of efficiency. An entrepreneur who maintains good human relations with

customers, employees, suppliers, creditors and the community in general is much more

likely to succeed in his endeavors than the individual who does not practice good human

relations.

5. Effective Communication

The “gift of the gab” is a must for a successful entrepreneur. Good communication also

means that the entrepreneur has the ability to put his point across effectively and with

clarity. Communication must be to the point, crisp and convincing. Communication

ability is the secret of the success of most entrepreneurs.

6. Technical Knowledge

The entrepreneurs are dealing with situations where sophisticated technology is involved.

The entrepreneur must have a reasonable level of technical knowledge. This is one trait

which entrepreneurs can acquire if they try hard enough.

7. Decision making

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 Running a business requires taking a number of decisions. Hence, an entrepreneur should

have the capacity to analyze the various aspects of the business for arriving at a decision.

8. Energy

As constant attention is required for the successful running of the business, an

entrepreneur must have sufficient energy to work hard for long periods.

9. Risk-bearing

‘No-risk, no businesses or ‘no-risk, no gains’. There is an element of risk in every

business, hence an entrepreneur should be prepared to accept failure in its proper

perspective and view failure as a challenge and opportunity.

10. Trouble-shooter

The entrepreneur must possess the trait of the proverbial “trouble-shooter”. He must have

the ability to identify where a problem is and suggest on the spot solutions.

References:

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academic performance in operations management of business administration students.

International Journal of Academic Research in Business and Social Sciences, 3(5), 61.

2. Obschonka, M., Silbereisen, R. K., & Schmitt‐Rodermund, E. (2012). Explaining entrepreneurial

behavior: Dispositional personality traits, growth of personal entrepreneurial resources, and

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 business idea generation. The Career Development Quarterly, 60(2), 178-190.

3. Mitchelmore, S., & Rowley, J. (2010). Entrepreneurial competencies: a literature review and

development agenda. International journal of entrepreneurial Behavior & Research.

4. Leonidou, E., Christofi, M., Vrontis, D., & Thrassou, A. (2020). An integrative framework of

stakeholder engagement for innovation management and entrepreneurship development. Journal

of Business Research, 119, 245-258.

5. Sitdikova, L. B., & Starodumova, S. J. (2019). Corporate agreement as a means of providing

security in the course of entrepreneurship development. Entrepreneurship and Sustainability

Issues, 7(1), 324.

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