Definition of Entrepreneur
According to Richard Cantillon, “An entrepreneur is a person who buys factor services at certain prices with a view to selling its product at uncertain price”.
According to International Labour Organisation (ILP), “Entrepreneurs are those people who have the ability to see and evaluate business opportunities, together with the necessary resources to take advantage of them and to initiate appropriate action to ensure success”.
According to McClelland, “An entrepreneur is someone who exercises some control over the means of production and produces more than what he can consume in order to sell (or exchange) it for individual (or household) income”.
Entrepreneur refers to an individual who has the ability to organise and manage a business idea or a new enterprise, considering the in-built risks and consequences. They are born leaders. They have a natural ability to identify the needs of people for today and future. They are able to think of new ideas. They are able to figure out what to do of all the natural resources available around them.
Entrepreneurs have undying spirit. They convert ideas to products or service. They are relentless in their pursuit of aim. They are ambitious and they only like the taste of success. They take responsibility of a venture and make it successful. They are men and women of action.
Why are entrepreneurs successful
- They are determined towards achieving success for their venture. They stay focused on aim irrespective of hurdles coming their way
- They are creative and innovative. They think differently and are able to generate new ideas
- They are stress takers as well as stress busters. Working for extended hours, balancing family life or working under odd conditions, entrepreneurs welcome everything
- They are risk takers as well as they are in control. They are able to give direction rather than taking one from others
- They are committed to a goal. They confront every uncertainty and try to convert into an opportunity.
- Entrepreneurs have the best analytical mind and knowledge banks
Do you think they are super-humans. Look closer, they might happen to be. They are after all, men and women of action.
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