Here we are going to learn about what is Entrepreneur

and various terms related to entrepreneurship .

Introduction

The origin of the word entrepreneur is derived from the atriapeti of Jonah language which means a person who

Takes the risk of setting up a new venture. The first to use the word entrepreneur

French economist Richard Cantillon did in his writing. Umi would be that strong]

The business that searched for profitable opportunities and collected the means

It is used in production work. This reduces innovation and combats risk.

Accelerates economic growth by increasing productivity. Methodology to entrepreneur

Is based on scientific theory. Work from the boon of Udhami pecuniary benefits

Does. The work of an entrepreneur is wide and challenging. In this unit, the concept of Udhami, characteristics of the type of equipment and economic development The role of entrepreneurs etc. is discussed.

Unit Purpose

After reading this unit, you--

1. Understand the concept of entrepreneur.
2. You will be able to become familiar with the characteristics or qualities of the entrepreneur.
3. Be able to discuss the type of entrepreneur.
4. You will be able to become aware of the role of entrepreneurs in economic development.

Concept and characteristics / qualities of entrepreneur

The term entrepreneur was first used for major military operations in France in the sixteenth century

Or was gone. In the field of civil engineering, such as bridges, ports, roads,

The term entrepreneur was used for the contractors who built the fort etc.

But from the beginning of the eighteenth century, the use of the word entrepreneur in relation to economic activities

(Began. Brothers Perrer founded an entrepreneur bank in France in 1857 and

Since then the use of the term systematically started in business. Really courage

The spirit of | makes a person entrepreneur. Inspired by the spirit of courage the person

After renouncing the nomadic life, he became a cattleman and then a farmer and then a merchant and

Has become an industrialist. For this reason, industrialists are also called courageous. Because without courage

It is not possible to take risks and to take risks for the benefit of the industrialist and the economic

Does matter.

Meaning of entrepreneur

Entrepreneurs derive different meanings in different countries. In Germany

Uyami is believed to have power and property, i.e. a person who owns one

The operation is responsible for both, it is called the entrepreneur. Own in America.

Business starters are called entrepreneurs.

In general, a person starting a new venture is called an entrepreneur. groom

Mobilizes the necessary means of production and the process and regulation of business activities

Does. It faces various risks of the business (Risky and the business coming in

Faces challenges. The main function of the entrepreneur is to bear the risk but

In the modern era, it cannot be considered the only symptom of an entrepreneur. New management

Risk levels inherent in business due to the growth of an insurance companies due to technology

There has been a decrease in uncertainties. The nature of the entrepreneur's work over time should be broad.

Gone.

Thus by the end of the nineteenth century the entrepreneur meant the risk-taker.

But in the modern era, entrepreneurs do many other things like leadership and

Enforcement is its important function. Nowadays in risk as well as business

The person who gave a place to new travel and methods, was seen as an entrepreneur

goes. The meaning of the entrepreneur in the early 20th century was seen as an innovator

felt. It is thus clear that along with economic development, different phases of development

The meaning of entrepreneur in India has been changing over time.

Identification Of Entrepreneurial Class

The identity and role of the entrepreneurial class has changed over time. The key to

The formats of the economic development organization and industrial system kept changing along with it.

Yes, from solitary business to the growth of joint-capital companies and multinational corporations

Has influenced the ideology of the entrepreneur. Modern era 40 so many words of entrepreneur

It is used in meanings, but this word does not have a clear meaning.

Although some ancient economists did not consider the entrepreneur as a human element

Rather, they have considered the firm itself as an entrepreneur but some other thinkers have made entrepreneurs

Is defined as a person. Even today, it is a matter of dispute among scholars that

An entrepreneur is an individual or group of people at the same time. . Going into

And the components of ownership do not remain the same, there the identity is blurred

Is going

In the present era, many countries in the industrial development of all countries

Contributes and the process of development in the field of industry and business / enterprise is so complex

And it has become widespread that it was not possible for one power to do all the work of an entrepreneur.

is. In the changing environment, the government also contributes to the role of the entrepreneur in the economic progress of the nation.

giving. Many class-professional institutions, promoter contractor, employer class, government shareholders

The operators, types etc. all play the role of entrepreneurs. Entrepreneurs in Small Enterprises

All work is done by one person. It invests in business

Collects resources, takes risks, exposes and undertakings

Decides. Companies with joint capital. Entrepreneurial tasks in modern corporation

The buds are carried out not by one person but by individuals of the group.

Tigya

And

In modern business, the entrepreneur is not a person but a function

And should be defined as a skill. It is possible to identify the entrepreneur

is. The entrepreneur plays a role in many ways. Entrepreneur as a policymaker

Certainly the protagonist of business when he controls an industrial organization

His height increases from the factory manager.

The entrepreneur controls the supply of capital, thus making it an appropriator

There is only one trader as a shareholder. Its basic goal in addition to financing.

There is buy and sell. One who does business in the currency, one or all of these tasks

And can do it. But he should also be a productive developer. Entrepreneur alone though

And groups of individuals can be both.

In the modern era, the nature of society is institutional, that is, we live in an organizational society

is. In such a society, the nature of the entrepreneur has also become organizational. And (Uromi's ideology

Many weddings have taken place, that is why entrepreneur managers, entrepreneur government, entrepreneur firms, in business today

The entrepreneurial economy is talked about, not only the modern entrepreneur, the owner but the enterprise

A high-ranking officer is a professional management or organizational person.

Definition Of Entrepreneur

The entrepreneur has been defined by many scholars as revealing different perspectives.

In fact, the definition of entrepreneur has been changing according to the nature of economic development.

According to economies, the definition of Umi is divided into the following three parts.

1. Under the traditional economy

2 Under the developing economy

3 under developed economy Development

Under The Traditional Economy

Under the traditional economy, the work of the entrepreneur has been very limited.

Economists have defined the entrepreneur as the risk sister dog

society .

Fb According to Hanne (F V, Hane) - "the inherent risk-taking product

More new........................

Entrepreneur is the means of .....................................

Coming in..............................

According to Frank Knight- "Entrepreneur is that specific group or individual 1.

Bear the risk and arrange the uncertainty. "

In the above definitions, the entrepreneur is faced with the uncertainties and risks of the business.

Is defined as the person doing. Entrepreneurs to bear such risks Have the capability of which prior assessment and measurement is not possible. That's why the entrepreneur Identification is still practiced as a risk bearer. He today market trends competitors. Carries risks arising from technology, interests and innovative government policies . The entrepreneur dares to bear the risk. Entrepreneur Economic Growth Without Risk Cannot proceed to.

Under developing economy

Entrepreneur as an organizer, coordinator and promoter in a developing economy Has been observed. According to this view, an entrepreneur is considered a person who is new. Establishes ventures, collects the means of production, coordinates entrepreneurs in them And it takes managerial decisions, on the basis of this, many scholars have given the entrepreneur in Well defined .

1. RT According to R.T. Ely- "The entrepreneur is the person who gives the productive components

Organizes and directs.

2. According to Alfred Marshall - "The entrepreneur is the person who lives Dares to lift the necessary register and labor for any work

Which makes its general plan that its smallest.

3. According to the Oxford English Dictionary - "The entrepreneur is the contractor who sets up an enterprise and acts as an intermediary between capital and labor. In the above definition, the entrepreneur refers to that person or group. One who sets up the venture and mobilizes the necessary resources capital, labor, raw materials, machinery technology etc. and takes the risks of conducting business Rua manages, coordinates and controls it.

Under the developed economy,

business complexities in the developed economy have started to grow and the nature of the business has started to be service oriented. In such an economy, entrepreneurs make many new improvements in business and new systems and new systems in the whole society. Explores markets. He uses commercial techniques and new tools Takes advantage of the weasels. In the developed economy, many scholars have defined the entrepreneur as follows

1. According to Joseph A. Shumpeter - "The entrepreneur is the person who foresees an opportunity." And any new item, new production method. Adopting new combinations of raw materials, new markets or means of production.
2 Peter F. takes advantage of the opportunity According to Peter E Drucker - The entrepreneur is the person who always seeks change and processes it and takes advantage of it as an opportunity. Based on the above definitions, it is relevant to say that the role of entrepreneur has changed drastically at present. The entrepreneur is a part of the society, he runs the business according to the aspirations and reactions of different sections of the society. Constantly coordinates new changes, challenges and reforms in full.

Characteristics or characteristics of the entrepreneur

The characteristics or qualities of the entrepreneur are mentioned under the following points:

1. Risk bearer: Entrepreneurship is inherent in facing future uncertainties of business and taking risks. It is very difficult to accurately predict many risks in business. The entrepreneur appropriates current resources to meet future needs, facing risks with his prudent plans and sound decisions. He does this only on the basis of courage and ability to take risks. Entrepreneurs always prefer to take Moderate Risk and not Excess Risk. Each of their decisions is based entirely on scientific criterion.
2. innovators: Courage is an innovative act by which creative ideas can be implemented. The entrepreneur always places new instruments, new changes, new improvements, new technology and new management system in his business. He discovers new goods, new production methods, new instruments, new good goods and new markets. It increases consumer satisfaction and the profit of the firm with new goods and services.
3. Manager daring: In small businesses, the management and operation is done by the entrepreneur himself, but in large enterprises, entrepreneurs and managers are different. Entrepreneurs act as promoters in the company. In any venture, management is the medium for the implementation of all bold decisions and plans. Therefore, the promoter brings new changes and improvements in the business only through entrepreneurial management. In this way, the entrepreneur becomes a high manager by becoming a member of the governing board. Entrepreneur comment has to take many decisions in the interest of business from time to time, so it is very important to have managerial skills in them.
4. Professional class: At present, courage is also taking the form of a profession in developed countries. In the modern era the entrepreneur is counted in a professional class. According to ancient beliefs, entrepreneurs are not born, but now this notion is gradually being eliminated. Nowadays, along with managerial abilities, courageous abilities are also being developed by teaching-training. In order to encourage adventurous funds and trends in developing countries, schemes like Skill Building 'Kaushal Bharat - Kaushal Bharat' Startup 'and' Sheep in India 'are being implemented by the Government and the Government will set up courage development institutions and centers with courage. Be able to make decisions. It is also being done so that more and more people can be made skilled entrepreneurs who are the creators of
5. resources: the means are just like raw materials and materials. The entrepreneur establishes the venture by arranging a place for capital, labor, land, raw materials and equipment etc. In many countries, the entrepreneurs themselves are resourceful, but for the establishment of big businesses, the entrepreneur arranges with the help of the government and various institutions. In underdeveloped nations, aggregation of resources is a difficult task that only entrepreneurs / adventurers can accomplish. The entrepreneur turns these tools into resources. Economic value is associated with resources. In this way, the entrepreneur develops useful, economic values and wealth generating capacity.6. Establishment of new ventures: Due to limited production in developing countries, the work of production and distribution is highly specialized. The entrepreneur takes the initiative of economic action or undertaking and establishes it. In developed countries also, entrepreneurs expand industrial activities by establishing new ventures.
7. Person or group of individuals: Entrepreneur as an individual or group of individuals. In small enterprises, the role of entrepreneur is performed by a single person, but in the modern era, business has started to be set up as big companies. These companies are established according to some rules. For whose management and operation, joint entrepreneurs are required. &
8. Work Satisfaction: For entrepreneurs, their work itself is a great source of goals and satisfaction. Although entrepreneurs want to get social rewards along with social prestige and self-satisfaction, but monetary benefits are secondary for them. For any entrepreneur, currency is a measure of the development of his or her own work.
9 Believe in high achievements: Entrepreneurs always believe in high achievements. High achievements are based on the knowledge of the entrepreneur. The entrepreneur achieves high achievements on the strength of his knowledge, experience and hard work. After long experience and conduct, the qualities of courageous are born in a person.
10. Exploiting Opportunities: Entrepreneurs always engage in the pursuit of business opportunities. He tries to earn maximum profit by using them in a frugal manner. The entrepreneur takes every opportunity as a challenge but the entrepreneur never abandons his morality to take advantage of the opportunities.
11. Leader: Courage is needed in every sphere of human life. Everyone can achieve success through bold behavior and entrepreneurship. All areas of education, research, production, etc. require risk taking, innovation and leadership, and the entrepreneur is the leader of the business world. He provides leadership to business and industry and provides a new direction to society. He discovers industrial possibilities in society and leads industry, business and economy on the path of development.
12 Faith Dependent Relations: The present era is the era of corporate culture under which large companies and corporations are established. The entrepreneur is the person who establishes them as promoters. These undertakings are governed by the principle of trusteeship. Thus, the entrepreneur makes trustworthy relations not only with the venture but with the society as a whole.
13. Emphasis on research: Entrepreneur always believes in experiment and change, that's why modern entrepreneur emphasizes scientific research and research. The functioning of the entrepreneur is scientific and rational. The working style of the modern entrepreneur is based on facts, figures and information.
14. Entrepreneur's Return - Profit: The entrepreneur gets profit as a result of his services and profit is always uncertain. Typically, entrepreneurs hope for profit. REAT works only by commentary, but in the modern era, many entrepreneurs work inspired by non-monetary inspirations, social prestige, sense of innovation, self-satisfaction, longing for different personality and fame, so that they can have a different identity.
15 An institution: An entrepreneur is an institution in itself because an entrepreneur produces various institutions in the society. Currently, many institutions in developing nations are working as entrepreneurs. The government itself is playing an elite role in the industrial development of the nation by becoming an entrepreneur.
16. Optimistic view: An entrepreneurial person is optimistic. He does not give up on a business challenge nor is disappointed in the situation of loss. One who gives up cannot be an adventurer / entrepreneur who faces these challenges, he is an entrepreneur / adventurer.
17. Mobility: Mobility is very important for survival. The entrepreneur has the qualities of variability. The entrepreneur makes the entire economy dynamic through business changes. The entrepreneur destroys old items to create new goods. He increases the pace of development by applying the means of production to new creation works. In the absence of good dynamic entrepreneurs. The means also remain only seekers, they are not able to create utility.
18. Different from capitalist and employer: Entrepreneur is different from capitalist and employer. Although the entrepreneur arranges capital in the business, he is not a capitalist. Similarly, the entrepreneur is not an investor because the purpose of the investor is to earn income, but the entrepreneur expects many things other than profit / income.
19. A lifestyle: It is necessary to be a more specialized entrepreneur than adopting a task or profession. The work of entrepreneurship is not a business or profession, rather it is an art of living life systematically. It is necessary for every person to be creative and imaginative for achieving goals in life. It should have the ability to plan, take concrete decisions and implement them.

Entrepreneur

Introduction

Unit Purpose