What is meant by Entrepreneur?

 Being an entrepreneur, you can work wherever you want, though you’re slightly more limited if your business is based on real-world (as opposed to virtual) services, or if you need a physical storefront. Web entrepreneurs can work from absolutely anywhere they like: an office, the beach, a mobile home, the bedroom, or even the lavatory (provided you’re not using a webcam, of course). This is especially true for online businesses which use outsourced services to provide staff: the people you hire will also be working from wherever they wish, and your meetings take place in a virtual office.

Meaning of Entrepreneur : 

The entrepreneur is a  person who perceive an idea and then bring together man power, material and arranges necessary capital needed for businesses. Entrepreneurship is a creative and innovative response to the environment.

Following are the main definition of entrepreneur : 

(1) A.H. Cole : 

Entrepreneurship is a purposeful activity of an individual or a group of associated individual, undertaken to initiate, maintain or organise a profit-oriented business unit for the production or distribution of economic goods and services.

(2) Peter Drucker : 

Entrepreneur is one who always searches for change, respond to it and exploit it as an opportunity.

(3) J.B. Say  : 

 An entrepreneur is the economic agent who unites all means of productions . Land of one,the labour of another and the capital of yet another and thus produces a product. 

(4) Richard Centillion :

An entrepreneur is the agent who buys factors of production at certain price  in order to combine these into a product with a view to see it at uncertain prices. 

(5) Joseph Schumpeter : 

Entrepreneur is one who innovators, raise money, collects input, organise talent provided Leadership and sets the organization in proper order.

(6) International labour organisation : 

I.L.O. (1982)  Entrepreneur are people who have the ability to see and evaluate business opportunities, to gather necessary resources, to take advantage of them and to initiate appropriate action to ensure success .

From the view point of economist : 

An entrepreneur is a person who brings resources labour, material and other assets into consideration that make their value greater than before. He is also a person who introduces changes, innovation and a new order.

From the view point of  psychologist :

An entrepreneur is a person who is typically driven by certain forces such as, the need to obtain and attain something, to experiment, to accomplish, or perhaps to escape the authority of others.

From the view point of businessman : 

For one businessman, an entrepreneur appears to be threat, an aggressive competitors. Whereas to another businessman, the same entrepreneur looks like an ally, a sound of supply, a costumer or someone who creates wealth for others, as well as find better ways to utilise resources, reduce waste, and produce jobs which others are glad to get. 

From the view point of Marxist philosopher : 

They see entrepreneurs as exploitative adventure, representative of all that is negative in capitalism, aiming at the immediate and remote single goal of earnings profit. 

 Various views of Entrepreneur 

Entrepreneur as a Innovator 

Schumpeter considered economic development as a discrete dynamic change brought by entrepreneur by instituting new combination of factors of production, may occur in any one of the following five forms : 

(1) The carrying out of the new form of organisations of any industry by creating of a monopoly position or the breaking up of it.

(2) The discovery of new source of supply of raw material.

(3) The instituting  of a new production technology which is not yet tested by experience in the branch of manufacture concerned. 

(4) The opening of a new market into which the specific product has not previously entered .

(5) The introduction of a new product in the market.

Entrepreneur as a organiser : 

An entrepreneur is one who combines the land of one, the labour of another and the capital of yet another and thus, produce a product. By selling the product in the market, he pays interest on capital, rent on land and wages to labourers and what remains is his profit.

* Uncertainty of profit 

* Command over sufficient capital and

* Moral qualities for work,judgement, perseverance and a knowledge about the business world.

Entrepreneur as a risk- bearer : 

An Irish man living in France, was the first who introduces the term entrepreneur and his unique risk-bearing function in economic in the early 18th century. He defined entrepreneur as an agent who buys factors of production at a certain prices in order to combine them into a product with a view to selling it at uncertain prices in future.

CONCLUSION ;

An entrepreneur is a one who combines the land of one,the labour of another and the capital of yet another and thus,produces a product. By selling the product in the market,he pays interest on capital
rent on lands and wages to labourers and what remains is his/her profit.

Various view of the term Entrepreneur as innovator,organizer,risk-bearer,etc.

 I hope that you have got the answer to your question from this post and if you share it, then someone else will be helped and mine too.

What is your view on an entrepreneur?