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Entrepreneur
He is an agent who buys factors of production at
certain prices in order to combine them into a product with a view to selling them at uncertain prices in future. He is an organizer who combines the land, labour and capital to produce a product. This gives three implicit factors to be inherent in him:
Moral Qualities for work judgment Command over sufficient capital Uncertainty of profits.
Entrepreneur
As an innovator (Schumpeter) The introduction of the new product in the market. The instituting of the new production technology. The opening of new market. The discovery of new source of supply of raw material The carrying out of the new form of organisation of any industry by creating of a monopolyposition or the breaking up of it.
Characteristics
Hard work
Desire for High Achievement Highly Optimiastic
Independence
Foresight Good Organiser Innovation
Functions
Idea generation
Scanning of the best suitable idea Determination of the business objectives
Product analysis
Market research Determination of form of ownership Raising necessary funds Recruitment of men
Entrepreneurship
Entrepreneurship is the attempt to create value
through recognition of business opportunity, the management of risk taking appropriate to the opportunity and through the communicative and management skills to mobilize human, finanacial and material resources necessary to bring a project to fruition.
Types of Entrepreneur
There are many types of entrepreneur on the basis of
skills, on the basis of need, etc. But most prominent and universal are of four types Innovative Entrepreneurs Imitative Entrepreneurs Fabian Entrepreneurs
Innovative Entrepreneurs
Entrepreneurs which use their creativeness and logical
thinking for doing something new. The new can be anything of the following:
Bringing new product in the market New technology New market and much more.
30 years ago
Imitative Entrepreneurs
The persons who work according to the others
Fabian Entrepreneurs
Fabian Entrepreneurs are characterized by very great
caution and skepticism in experimenting any change in their enterprises. They imitate only when it becomes perfectly clear that failure to do so would result in a loss of the relative position in the enterprise.