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Definition of Entrepreneurship by Different Authors

Definition of Entrepreneurship by Different Authors

Definition of Entrepreneurship by Different Authors:

According to Schumpeter ” Entrepreneurship is based on purposeful and systematic innovator. It included not only the independent business but also company directors and managers who actually carry out innovative functions”.

Robert K. Lamb (1952) defined “Entrepreneurship is that form of social decision making performed by economic innovators.”

Robert C. Ronstadt (1984) defined “Entrepreneurship is the dynamic process of creating incremental wealth.”

According to A.H.Cole (1959) “Entrepreneurship is the purposeful activity of an individual or a group of associated individuals, undertaken to initiate, maintain or aggrandize profit by production or distribution of economic goods and services.”

In a Conference on Entrepreneurship held in the United States, the term ‘Entrepreneurship’ was defined as follows:

” Entrepreneurship is the attempt to create value through recognition of business opportunities, the management of risk-taking appropriate to the opportunity, and through the communicative and management skills to mobilize human, financial and material resources necessary to bring a project to fruitful”.

Robert D. Hisrich and Michael P. Peters (1998) define ” “Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic and social risks and receiving the resulting rewards of monetary and personal satisfaction and independence.”

According to Jean-Baptiste Say, ” The entrepreneur shifts economic resources out of an area of lower and into an area of higher productivity and greater yield.” One dictionary says an entrepreneur is “one who undertakes an enterprise, especially a contractor acting as the intermediary between capital and labor”.

According to the International Encyclopedia, an entrepreneur is “An individual who bears the risk of operating a business in the face of uncertainty about the future conditions”.

Nathaniel H Left mention that “Entrepreneurship is the capacity for innovation, investment, and expansion in new markets, products, and techniques.”

Richard Cantillon defined Entrepreneur

” Entrepreneur as an agent who buys factors of production at certain prices in order to combine them into a product with a view to selling it at uncertain prices in future”.

He also added an entrepreneur is a bearer of risk which is non-insurable.

According to F.H. Knight “Entrepreneur is a person or a group of persons who bears risk and uncertainty”.

Oxford English Dictionary defined:

“Entrepreneur as one who undertakes an enterprise. Especially a contractor acting as an intermediary between labor and capital for production is an entrepreneur”.

Koontz & Fulmer defines “The ability of a person to see a business opportunity, to get together the capital needed to take advantage of the opportunity, and to start a business, taking the risk of failure in the hope of reaping the rewards of success.”

From the above discussion, we can say that entrepreneur is setting up a business model with a mission to solve problems of people through the products or services as the solution.

Examples of some successful entrepreneurs:

Bill Gates:

Bill gates is one of the most famous entrepreneurs of our era. He was the riches man in the world. Co-founder of the world’s largest PC Software company Microsoft.

Steve Jobs: 

Steve Jobs co-founder of Apple computers with Steve Wozniak. Under jobs guidance, the company pioneered a series of revolutionary technologies, including the iPad and iPhone. His entrepreneurial activities made him famous in the world.

Mark Zuckerberg:

Mark Zuckerberg, the father of Facebook. Founded on February 4, 2004. Mark Zuckerberg founded Facebook as a social medium when he was studying at Harvard University.

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