Define The Term Entrepreneur
The term ‘Entrepreneur’ is used for a person who possesses a new idea, venture, or an enterprise and is ready to take up vital responsibility of the outcome and the inherent risks involved. The first structured definition for the term was provided by Richard Cantillon, a renowned economist from Ireland, in 1755 in one of his famous works titled “Essai sur la Nature du Commerce en”. |
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Originated from a French loanword, the present-day word was coined in year 1800 by a highly acclaimed French economist named Jean-Baptiste Say. He described it in the Treatise on Political Economy as an individual who embarks on a new enterprise, like a contractor who acts as an intermediary between labor and capital.
Thus, entrepreneurs are all those people who opt for a certain level of financial, personal, or professional risk to chase an opportunity. The main role of an entrepreneur is to identify an opportunity in the market and make the most out of it by effectively organizing the available resources. In other words, an entrepreneur, the head of his own firm, is a leader who emerges out of population on popular demand.
Joseph Schumpeter, a leading Austrian theorist, has rightly defined an entrepreneur as an ‘innovator’, who brings about a phase of ‘creative destruction’ in the market with introduction of his new product, process, or service. In 2009, Freel and Deakins defined this term as the one who brings novel technologies, products or services in workplace, thereby enhancing market productivity and efficiency. Casson and Say have also defined it as a person who organizes the production or factors, which act as potential catalyst for a considerable economic change. Many other definitions of the term entrepreneur have been given by numerous academicians and economists, like Shane, Venkataraman, Cope, Gartner, Minitti, and Ucbasaran.
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