Entrepreneurship Development

ENTREPRENEURSHIP DEVELOPMENT FOR RURAL FAMILIES 4(1+3)

Lesson 1 : Concepts and Definitions of Entrepreneur, Entrepreneurship, Enterprise

Entrepreneur

• The word Entrepreneur stems from the French word ‘entrependre’ meaning ‘one who undertakes’.
• An entrepreneur is a person who starts an enterprise. He/she is the key individual central to entrepreneurship who makes things happen. He /she searches for change and responds to it. A number of definitions have been given for an entrepreneur-


1. The economists view him/her as a fourth factor of production along with land labour and capital.
2. The sociologists feel that certain communities and cultures promote entrepreneurship like for example in India Gujaratis and Sindhis are very enterprising.
3. Technical people feel that entrepreneurs are innovators who come up with new ideas for products, markets or techniques.
4. To put it very simply an entrepreneur is someone who perceives opportunity, organizes resources and exploits the opportunities. Computers, mobile phones, credit Cards and ready to eat foods are all examples of entrepreneurial ideas that got converted into products or services.