what is an entrepreneur? Meaning and definitions of entrepreneurship

what is an entrepreneur? The person who brings new ideas and new technology are called an entrepreneur.

'Entrepreneurship' is derived from the root word 'enterprise' in the Hindi language. Enterprise means to mobilize resources, plan work and implement the plan so that profit can be obtained for the fulfillment of a certain objective. Enterprise is the only means of earning a living. Whatever business a businessman pursues, there is a risk in it. The degree of risk depends on the size of the business and the skill of the entrepreneur. what is an entrepreneur? A person who takes risks is called an 'entrepreneur'. Entrepreneurship is the ability to take risks. By continuing to do the same business, the entrepreneur becomes efficient in his business, and entrepreneurship is directly related to efficiency. Entrepreneurs' nature, behavior, and efficiency are being led 'Entrepreneurship'. Every person sets his goal and tries to achieve it, but each person's ability to set and achieve the goal is different. Every person sets his goal according to his culture, environment, and mentality developed by education. Therefore, entrepreneurship refers to the bold ability to set up new ventures, take risks, take profitable decisions, and change. and change. Through entrepreneurship, the use of resources, use of latest technology, creation of employment, dynamic leadership, creation of utility, etc. Therefore, entrepreneurship is a combination of process and spirit. It is not only a method of earning a living but also an effective technique for skill and personality development. For this reason, different concepts of entrepreneurship are prevalent today. Entrepreneurship is sometimes referred to as organization and coordinator, sometimes as psychological motivation, and sometimes as group action.

type of entrepreneur

1 innovative entrepreneur

The entrepreneur who invents a new product brings it to the market. Finds new methods to increase productivity, and discovers new markets. It is called an entrepreneurial entrepreneur. A product already exists. And there is a need to improve or change it.

Simply put, "those entrepreneurs who work with new ideas are called innovative entrepreneurs."

2 Imitative imitative

An imitative entrepreneur is a type of entrepreneur who copies a business and improves it. These entrepreneurs do not discover anything new but follow the technology and technology discovered by others.

They are always on the lookout for ways to improve a particular product to gain an advantage in the market. It increases the efficiency of production.

3 Fabian entrepreneur

They don't take risks. After seeing others producing, they come into that business.
Fabian means "waiting for an opportunity". These types of entrepreneurs remain confused about the changes to be made in the organization. They do not discover any new thing, rather they analyze the already discovered thing and when they are satisfied with its success rate. Then start it.

They wait until the innovation is thoroughly tested by others.

4 Drone entrepreneur

These types of entrepreneurs are very conservative and do not want change in their organization. They are happy with their current way of business and don't want to change even if they are facing losses.

5 original originator

These entrepreneurs are the original promoters of the development of entrepreneur

6 Managers

mana rs conduct this business but no new plans are made.

Who is the father of entrepreneurship?

Mr joseph Alois Schumpeter is regarded as the father of entrepreneurship. He introduced the concept of entrepreneurship.

Features of Entrepreneurship

The main feature of entrepreneurship is always striving toward achieving certain objectives. Various scholars have given the following characteristics of entrepreneurship

(1) Environment-Driven Risk-taking environment taking health risk taking-Driven-taking environment-Driven-Driven Activities

Entrepreneurship is an open system inspired by the environment because its development takes place taking into account the components of the social, political, scientific, technological, economic, and natural environment and their changes. Joseph A. Schumpeter (Joseph A. Schumpeter) said that "Entrepreneurship is the creative answer to every external situation." This statement makes it clear that the effect of continuous change in the thoughts of individuals as a result of social beliefs, education, science, population, government policies, etc., catalyzes the development of entrepreneurship.

(2) Risk-taking ability

The fundamental element of entrepreneurship is the ability to take risks. Entrepreneurship involves the willingness to take risks and face the future uncertainties of the business. There are many risks involved in any new business which can be taken based on courage. In the context of risk and success of economic and business activities, the Japanese phrase 'fall seven times, rise eight times' refers to the risk-taking ability of entrepreneurship. Peter F. Drucker (Peter F. Drucker) is of the view that "To consider entrepreneurship too risky is just an illusion, entrepreneurship is not gambling." This statement makes it clear that entrepreneurship does not remain risky if it is managed properly, adoptinadoptsriate research Nemetandfollows these principles.

(3) Creative activity

The main feature of entrepreneurship is creativity. Therefore, entrepreneurship inspires a person to discover new opportunities, think creatively and implement new ideas. Joseph A. In the words of Schumpeter, “Entrepreneurship is essentially a creative activity.” This statement makes it clear that creative thinking always gives the s inspiration to implement positive, Original, and practical ideas.

4) Innovation work

Entrepreneurship is an innovative work through which creative ideas can be implemented. Innovation includes new technology, new resources, new production, new managerial SK, I ll, etc. Joseph A. According to Schumpeter “Entrepreneurship is purposeful and systematic innovation”. Peter F. According to Drucker, innovation is a special tool of entrepreneurship.

principles of entrepreneurship

The various principles of entrepreneurship can be briefly explained as follows:

1. Psychological Theory of entrepreneurship

According to this theory or ideology, the basic motivators of the development of entrepreneurship are psychological components, that is, the internal desires, attitudes, and motivations of the individual have a great influence on the development of entrepreneurship. The following are the main psychological theories or ideologies

(i) Innovation ideology

This ideology of entrepreneurship has been developed by Joseph Schumpeter, in which innovation is described as the main task of the entrepreneur and said that the behavior of the entrepreneur is creative in every situation. According to Schumpeter, an entrepreneur is an innovator who desires to earn profit through innovation. Psychological forces are inherent in it and it is motivated by them. Because the entrepreneur is born out of the desire to establish his own industrial empire and the goal of enjoying creation or experiencing the skill. Therefore, the entrepreneur is not a technical person or a capitalist, but he is an 'innovator' who also desires to make a profit through new changes.

(ii) Achievement ideology

This ideology has been propounded by McClelland. They are of the view that a strong desire for achievement attracts a person to entrepreneurial activities. The ability to be an entrepreneur develops in a person only with the feeling of touching the heights of excellence and achieving special achievements in the field of business or industry. For high achievement, sufficient imagination, thinking-reflection, innovative combination, etc. ability of the entrepreneur is required.

(iii)Sociological Theory

Sociological has been the belief that courageous actions are influenced by the values of society. The position of various individuals in the society, tradition, cultural values, group cognition, etc,. factors influence the development of entrepreneurship. The sociological ideology is based on this belief, the main sociological ideology is at the fore.

(iv) Ideology of Social Change

This ideology of entrepreneurship has been developed by Max Weber who first tried to state that the development of entrepreneurship is dependent on the moral value system of the society concerned. They believe that the religion and sect in which a person lives and the religious values and beliefs he accepts, they influence his professional life and entrepreneurial energy.

2 Cultural Value Ideology

This theory has been propounded by Thomas Cochrane. According to Thomas Cochrane's ideology, "Cultural values, roles, aspirations, and social approval play an important role in the development of entrepreneurship." An entrepreneur's, performance depends upon his personal tendency towards his profession, role, aspirations, approval groups, professional requirements of work, social values , etc.

3. Economic Theory

The exponent of this theory is mainly G. F. Papanek (G. F. Papanek) and J. R. Harris (J. R. Harries). According to them, "Economic motivations are the main driving force of entrepreneurship." These scholars think that favorable economic conditions contribute the most to the birth of the development of entrepreneurship. From this point of view, these economic motivations and profits are sufficient conditions for conditions in industrial entrepreneurship.

4. Integrated ideology

The unified theory of entrepreneurship emphasizes that entrepreneurship is influenced by many social, economic, political, and psychological factors or that the development of entrepreneurship is the result of many factors. The following are the major unifying ideologies:

nature of entrepreneurship

The nature of entrepreneurship can be explained as follows

(1) Ability to take risk

The basic element of entrepreneurship lies in the willingness to take risks and face the future uncertainties of the business and industry. There are many risks involved in any new business which can be taken based on courage.

(2) Planning of innovation

The entrepreneurial businessman gives place to new technology, new equipment, and new management system in his business. It increases consumer satisfaction and the firm's profits with new goods, new mar, kets, and new services. In the words of Peter Drucker, "Renovation is the distinguishing tool of entrepreneurship."

(3) Creative activity Entrepreneurship

is creative or creative in nature. Entrepreneurship inspires a person to discover new opportunities, think creatively and implement new ideas. In the words of Schumpeter, “Entrepreneurship is essentially a creative active business-orieBusiness-oriented

(business-oriented attitude

Entrepreneurship tells about the entrepreneurial power and business attitude of the person. It inspires a person to become an entrepreneur and set up an enterprise. Entrepreneurship inspires a person to imagine a business,, plan and start any industry, in this new industries are established in society.

(5) Knowledge-Based Entrepreneurship

Practice Entrepreneurship is neither a science nor an art, but it is a knowledge-based practice. Entrepreneur builds their project based on their knowledge and experience.

6) Necessary in all tasks Entrepreneurship

Human beings need courage in all walks of life. A person can achieve success in any field like education, research, medicine, politics, sports, army, etc. through bold behavior and entrepreneurship.

(7) Not a personal trait

, but a behavior, it is very important to make the right decision in every field, but the risk in decisions are Characteristic)-. Therefore, by developing the ability to make decisions, every person can become an entrepreneur and can behave boldly. In the words of Peter Drucker, "Entrepreneurship is not a personality trait but a behavior".

(8) Creation of Resources

Resources are only in the form of raw materials and materials. Entrepreneurship itself transfers these into resources. A resource is one to which an economic value is attached. Thus entrepreneurship is the process of developing utility, economic value taking health taking health

(9) Environment-Driven-Risk

Entrepreneurship is an external and open system linked to the environment, entrepreneurs always create things keeping in mind the factors of the economic, political, and physical environment and take the risk of changing them.

(10) Entrepreneurship is not a natural

but an acquired act - It is often believed that courage is a natural presence in every organization, but this is a false idea. Every individual and organization has to strive for entrepreneurship by being alert, have to develop a spirit of adventure, and have to bring adventure in every behavior. Therefore, it is clear that it is an acquired work that is obtained through knowledge, experience, and practice.

importance of entrepreneurship

Entrepreneurship is the cornerstone of the planned, balanced, and rapid economic development of every nation. Only by developing entrepreneurship, serious problems like poverty, unemployment, hunger, inequality of wealth, backwardness, low productivity the standard of living, etc. can be got rid of the various economic and social problems of a country and the creation of an ideal industrial society. can be done. Entrepreneurship is an important basis of prosperity in developing countries, while in developed countries it is an important method of creative thinking, social innovation, and development 'adventure society'.

In short, the importance of entrepreneurship can be illustrated by the following points:

(1) Establishment of successful units

Business units can be made profitable and efficient by the development of entrepreneurship. Qualified, skilled, and trained entrepreneurs increase the chances of success of a business unit. Such entrepreneurs not only reduce the government burden by reviving sick units but also make efficient use of the limited resources of the nation.

(2) Increase in employment opportunities

With the development of entrepreneurship, new industries run in the country and the existing units develop and expand, which increases employment opportunities. In the woof Gibsonsonn, “In developing countries, an entrepreneur is a person providing employment opportunities.”

(3) Best use of resources

natural and human resources of the country; For example, the best use of natural resources, raw materials, minerals, human skills, etc. is possible only through the development of entrepreneurship. Entrepreneurs increase national productivity by making efficient use of untapped resources with their managerial skills. C. W. Cook (C. W. Cook) writes that "Entrepreneurship builds a bridge between the productive resources of the nation and the consumers."

(4) Reduction in economic and social problems

With the development of entrepreneurship, business enterprises will be established in different parts of the country, due to which the economic and social problems prevail in countries in the cities; For example, class struggle, polluted environment, construction of slums, social crimes, etc. will be reduced. Due to the development of business trends in rural areas, problems lithe like dowry system, intoxicant tendon, cities, etc. will be there and the attention of the people will be attracted towards saving and capital formation.

5) Establishment of a self-reliant society

Entrepreneurship has an important contribution to the ionization of a self-reliant society. Along with meeting the national needs, exports can also be increased by the entrepreneurs. Apart from this, growth in capital, wealth, employment, in, come, etc. is possible only with the development of entrepreneurship.

(6) Tool of social change Entrepreneurship

is also an important tool of social change. As a result of new inventions and superstition decreasing in society. Courage brings about a change in the thinking and attitude of a person. Society enters a new environment of hard work and entrepreneurship. Education and knowledge spread. As a result, the society is freed from the stereotypes and worn-out traditions, and a new 'conscious culture' is established in the society.

(7) Contribution to Capital

Formation Finance is said to be the life-blood of all economic activities. Entrepreneurship collects the country's savings and gives it the form of capital.

Increseinveststsin product function, and provides appropriate returns to the investors on the same. Entrepreneur increases the rate of capital formation by increasing business activities. Razor Naskert has rightly written, “In developing countrysides, only the courageous can play an important role in breaking the impenetrable fortress of capital and can give impetus to the economic forces in capital formation.”

(8) Implementation of state policies and plans

Entrepreneurship plays an important role in the implementation of state policies and plans. Under the existing industrial policy, import-export policy, licensing policy, technology policy, etc., the entrepreneur establishes his business enterprise, develops and makes successful production.

9) Promotion of innovations

Entrepreneurship encourages innovation, thinking and creativity in business, as a result, new production methods, new raw materials, new machines, types of new technology, and the production of new items are encouraged in business. Adventurers also develop new management techniques in their business. They discover new markets through ' and adopt new methods for selling and customer satisfaction.

(10) Rapid economic growth

Entrepreneurship develops a courageous spirit, creative attitude, and achievement attitude in individuals. With this, individuals discover business opportunities and set up new industries to exploit them. This is, the way industrial activities are encouraged in the country, and economic development is possible.

what is entrepreneur?| Meaning | definition and type