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Definition of Entrepreneur

Definitions by different scholars, sources and their views is described below for your reference.

Entrepreneur is one who assumes the risk and management of business. Webster dictionary

Entrepreneur is a person bearing risks of profits (loss) in fixed price contract with the government. The 17th century concept.

Entrepreneur is a person bearing risks is different from one supplying capital. Richard Cantillon, 1725.

Entrepreneur is a person bearing risks, planning, supervising, organizing and owning. Beaudeau, 1797.

Entrepreneur is separated profits of an entrepreneur from profits of capital. Jean Baptiste Say, 1803.

Entrepreneur is distinguished between those who supplied funds and received interest and those who received profit from managerial capabilities. Francis Walker, 1876.

Entrepreneur is an innovator and develops untried technology. Joseph Schumpeter, 1934.

Entrepreneur is an economic man who tries to maximize his profits by innovations. Haggen, 1958.

Entrepreneur is an energetic moderate risk taker. David McClelland, 1961.

Entrepreneur maximizes opportunities through systematic innovations. Peter Drucker, 1964.

Entrepreneur takes initiative, organizes some socio-economic mechanisms, and accepts risk of failure. Albert Shapero, 1775.

Entrepreneur seen differently by economists, psychologist, business person and politicians. Karl Vesper, 1980.

Intrapreneur is an entrepreneur with an already established organization. Gifford Pinchot, 1983.

Entrepreneur is the process of creating something different with value by devoting the necessary time and effort, assuming the accompanying financial, psychological, and social risks and receiving the results- rewards of monetary and personal satisfaction. Robert Hisrich, 1985.

Entrepreneur is a person starting a new company who takes on the risks associated with starting the enterprise, which may require venture capital to cover start-up costs. Indigo Dictionary of Business, 2002.

Entrepreneur is an individual who undertakes (from the French entreprendre to undertake) to supply a good or service to the market for profit. Entrepreneurs will usually invest their own capital in a business and take on the risks associated with the investment. The view of capitalist is that the initiative of entrepreneurs creates a society’s wealth and that governments should therefore establish conditions in which their activities are encouraged. Oxford Dictionary of Business, 2002.


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