Professional Documents
Culture Documents
CONCEPT OF AN ENTERPRENUER
The concept of entrepreneurship has a wide range of meanings. On the one extreme an entrepreneur is a person of very high aptitude who pioneers change, possessing characteristics found in only a very small fraction of the population. On the other extreme of definitions, anyone who wants to work for himself or herself is considered to be an entrepreneur.
CONT.
The word entrepreneur originates from the French word, entreprendre , which means "to undertake." In a business context, it means to start a business.
The Dictionary presents the definition of an entrepreneur as one who organizes, manages, and assumes the risks of a business or enterprise.
CONTI.
a) Amount of wealth creation - rather than simply generating an income stream that replaces traditional employment, a successful entrepreneurial venture creates substantial wealth, typically in excess of several million dollars of profit.
b)Speed of wealth creation - while a successful small business can generate several million dollars of profit over a lifetime ,entrepreneurial wealth creation often is rapid; for example, within 5 years.
c)Risk - the risk of an entrepreneurial venture must be high;otherwise, with the incentive of sure profits many entrepreneurs would be pursuing the idea and the opportunity no longer would exist. d)Innovation - entrepreneurship often involves substantial innovation beyond what a small business might exhibit. This innovation gives the venture the competitive advantage that results in wealth creation. The innovation may be in the product or service itself, or in the business processes used to deliver it.
An entrepreneur is a person who is creative and innovative in terms of identifying opportunities for business; have the ability to take risks and requisite attitude to run the business. In the process he not only engages him self but also generates jobs for others. Entrepreneurship thus, comprises of the various practices and skills of persons those constantly strive for growth and excellence through innovation, dynamism and acceptance of risk.enterepreneurs are required by every nation as they contribute a lot to its growth and economic development.