enterprise definition by authors

Basically, entrepreneurs see change as the norm for healthy economy. He can earn profit through production, processing or distribution of goods and services to the society. The second set of sources for innovative opportunity—a set of three involves change outside the enterprise or industry- (i) Demographic (population changes), (ii) Changes in perception, mood and meaning, (iii) New knowledge both scientific and non-scientific. The product or service itself may not be new or unique but the value must be. The term was broadened by 1700 A.D. to include contractors who undertook to build for the military- roads, bridges, harbors, fortifications, and the like. The world adopted new ways of doing the business when Thomas Aliva Edison, one of the earliest inventors in America, invented various life changing inventions like electric bulb, phonographs and motion picture camera in nineteenth century. Still successful entrepreneurs aim high. He made his passion business and did it with pleasure. Definitions of Entrepreneur – By Different Authors, Definitions of an Entrepreneur – Some Important Definitions by Eminent Thinkers (With Who is an Entrepreneur?). Entrepreneurship, Entrepreneur, Definitions. In contrast to this view, Cantillion (1755) described the entrepreneur as a rational decision-maker “who assumed the risk and provided the management of the firm”. Some of the World’s leading entrepreneurial ecosystems are concentrated in locations like Silicon Valley, New York City, Singapore, and Berlin, while being proliferated with high tech firms, research centers and venture capitalists. Thus, on the basis of the above definitions, we can say that “Entrepreneurs are agents of change and growth in a market economy and they can act to accelerate the generation, dissemination and application of innovative ideas. In early sixteenth century, the Frenchmen who organized and led military expeditions were referred to as entrepreneurs. According to him an entrepreneur is an innovator, who brings new things into the economy; Innovation may be a new product, new methods of production, creating new markets, new sources of raw materials, new processes adopted into the organization that are not at all adopted by any organization. They have carried out new combinations! Underpinning the need of the hour even in India, Honorable Prime Minister, Shri. An entrepreneur is considered as a person whose main purpose is to set up his own business or industry. Originally it was meant to designate an organizer of musical or other entertainments. Fourthly, an entrepreneur assumes the risk, i.e. One of the abilities which the successful entrepreneurs share is the ability to evaluate risks. Plagiarism Prevention 5. In the words of J.A. Usher – “Specialization or division of labour necessitates an entrepreneurial Junction the crux of which is to coordinate different economic activities, this view on entrepreneurship was very narrow land it reduced the entrepreneurship activities to no more than a managerial Junction.”. A company, business, organization, or … It is the norm of a healthy economy and the central reality for economic theory and economic practice. The Characteristics of an entrepreneur Enterprise is another word for a for-profit business or company, but it is most often associated with entrepreneurial ventures. Doing so, they not only ensure that efficient use is made of resources but also expand the boundaries of economic activity. Usually, they do not bring about the change themselves that is; they are usually not inventors but always search for change, respond to it and exploit it as an opportunity. A common misperception about entrepreneurs is that entrepreneurs are wild risk-takers. Mc Clelland (1971) said “I am not using the term “entrepreneur” in the sense of “capitalist”- in fact, I should like to divorce “entrepreneur” entirely from any conations of ownership. Entrepreneur turns the environment of the country into the good one. According to Cantilon, “An entrepreneur is a person who buys factor services at certain prices with a view to selling its product at uncertain prices.” Thus, to Cantilon, an entrepreneur is a bearer of risk which is non-insurable. Whoever concentrates on this is rendering a much more important service to his country than the man who uses huge capital.”. They are basically symptoms. Schumpeter, the term entrepreneur had received a wide popularity and thrust. Thus, entrepreneurship can be described as a purposeful activity of an individual or a group of individuals undertaken to initiate, maintain or aggrandize a profit-oriented business unit for the production or distribution of goods and services. Thus, on the basis of the above definitions we can say that “Entrepreneurs are agents of change and growth in a market economy and they can act to accelerate the generation, dissemination and application of innovation ideas. And although it’s far from a necessary ingredient for entrepreneurship, the need to succeed is often greater among those whose backgrounds contain an extra struggle to fit into society. Alertness is the entrepreneur’s ability to perceive new economic opportunities that no prior economic actor has yet recognized. According to Peter Drucker, successful entrepreneurs, whatever their individual moti­vation be it money, power, curiosity, or the desire for fame and recognition try to create value and to make a contribution. Entrepreneur + Capital = Products + Customers = Business. Moving the drilling rig offshore was a costly, When he purchased the company it was a thriving commercial, Bosco added that the village’s annual business registration fee of $50 for each, To be eligible for a grant, a small business had to be a for-profit, Newsom has often talked of his beginnings as a small businessman whose success began with a small San Francisco wine shop and grew into a multimillion-dollar hospitality, The organization has 10 programs focusing on education, leadership and, People reports that Shariatzadeh is a successful electronics engineer, her resume boasting positions at, Post the Definition of enterprise to Facebook, Share the Definition of enterprise on Twitter, Look at the opportunities here for a man of knowledge, brains, pluck, and. Shopify uses cookies to provide necessary site functionality and improve your experience. They are therefore visible primarily to people within that industry or service sector. Can you spell these 10 commonly misspelled words? He is a specially talented person having the qualities of skill, initiative and an insight of innovation to achieve high goals. This change can be introduced through the following ways: 4. It is the act that endows resources with a new capacity to create wealth. In particular, robust financial institutions and Government have to assume the role of a facilitator than merely being a controller, to harness a conducive and sustainable environment to strengthen entrepreneurship in an economy. Joseph Schumpeter described the entrepreneur as the innovator who implements change within markets through the carrying out of new combinations. He himself decides the path along which the organisation is to be run to achieve the desired goal. They are the entrepreneurs. Thirdly, an entrepreneur operates, i.e. Entrepreneurs do take risks, but only calculated ones. According to David McClelland (1961), an entrepreneur is an energetic, moderate risk-taker; while according to Peter Drucker (1970), an entrepreneur maximizes opportunities. The main characteristic of an entrepreneur is that he is not paid like an employee. The definition of an enterprise is a project, a willingness to take on a new project, an undertaking or business venture. According to him, entrepreneur is basically an innovator and innovator is one who introduces new combinations. 'Nip it in the butt' or 'Nip it in the bud'. Entrepreneurship thrives typically’ in an entrepreneurial ecosystem where Government, financial institution, integrated markets and technology hold impetus for its acceleration. The economic progress of a country depends primarily on the success or failure of the entrepreneurial development in that country. Thus, Say makes a clear distinction between the capitalist and the entrepreneur. They try to create new and different values and new and different satisfactions to convert a material into a resource or to combine existing resources in a new and more productive configuration and it is change that always provides opportunity for the new and different products. Terms of Service 7. This definition deals with uncertain future and that causes risk in the operation of a business and entrepreneur is required to bear the risk. He describes alertness as the fundamental quality of the entrepreneur.

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