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ENTREPRENEUR DEVELOPMENT
1) Evolution of the concept of Entrepreneur
2) Distinction between Entrepreneur and a Manager
3) Characteristics of Entrepreneur
4) Functions of Entrepreneur
5) Types of Entrepreneur
6) Concept of Intrapreneur
7) Growth of Entrepreneurship in India
8) Role of Entrepreneurship in Economic development
INTRODUCTION : The word entrepreneur is derived from the French word ‘Enterprendre’ it means “to
undertake”
or go-between
• Entrepreneur is the person who brings together the factors of production and combines them into a
product
...

• Entrepreneur is an individual who takes risk and starts something new
...

Innovation is a specific tool of entrepreneurs, the mean by which they exploit change as an opportunity
for different
business or services, assuming the risk for the sake of profit
...
Entrepreneurship is the process of innovation in which entrepreneur takes
initiative
in an organized manner and plans successful performance
...

Entrepreneurship is concerned with vision
...
Entrepreneur is someone who undertakes an enterprise
...
Entrepreneurship most commonly manifests in
the form of
self-employment
...

Entrepreneurship is the process under which person should develop the ability, capability, and tendency
to
perform the following activities :
1
...
Manage a business effort which brings profit to the entrepreneur and the public
3
...

4
...
Manage & utilize the factors of production to bring economical development and enhance social
welfare
6
...

ENTERPRISE : A project or an activity undertaken or especially one that is important or difficult and that
require
energy or boldness to complete
...
Oxford English Dictionary ( in 1897 ) also
defined
an entrepreneur in similar words as “the director or a manager of a public musical institution, one who
‘gets-up’
entertainment, especially musical performance”
...
It was extended to cover civil engineering activities such as construction
and
fortification in the 17th century
...
In this way, the evolution of the concept of entrepreneur is considered over more
than four
centuries
...
These views are broadly
classified into
three group, namely, risk-bearer, organizer and innovator
...
Richard Cantillon, an Irish man Eesiding in France, was the first who introduced the term
‘entrepreneur’
and his unique risk-bearing function in economics in the early 18th century
...
He illustrated a farmer who pays out contractual incomes which are certain to
the
landlords and labourers and sells at prices that are ‘uncertain’
...
He, thus, draws a distinction between
ordinary risk
and uncertainty
...
On
the contrary, uncertainty is the risk which cannot be calculated
...
His definition
associates
entrepreneur with the functions of coordination, organization and supervision
...
By selling the product in the market, he pays interest on capital, rent on land and wages to
labourers and
what remains is his/her profit
...
These are:
1
...
Command over sufficient capital, and
3
...

(iii) Entrepreneur as an Innovator :
Joseph A
...
Schumpeter considered economic
development as a
discrete dynamic change brought by entrepreneur by instituting new combinations of production, i
...
,
innovations
...
The introduction of a new product in the market
...
The instituting of a new production technology which is not yet tested by experience in the branch of
manufacture
concerned
...
The opening of a new market into which the specific product has not previously entered
...
The discovery of a new source of supply of new material
...
The carrying out of the new form of organization of any industry by creating of a monopoly or
breaking up of it
...
An inventor is one who
discovers
new methods and new materials
...


Thus, an entrepreneur can be defined as a person who tries to create something new, organizes
production and
undertakes risks and handles economic uncertainty involved in enterprise
...
”
- J
...
Schumpeter
...
- Richard Cantillon
...
” - Dewing
...
Independence : Some entrepreneurs commence their own business because they do not like work
under
anyone and prefer to be their own boss
...

2
...
An entrepreneur should always

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