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The word “Entrepreneur” is originated from the French word ‘entreprendre’ which means ‘to undertake’. An entrepreneur is a person with very high aptitude who pioneers change. Anyone who wants to work for himself or herself is considered to be an entrepreneur. In the early 18th century, a French economist Richard Cantillo used the term entrepreneur to business. Since that time the word entrepreneur means one who takes the risk of starting a new organization or introducing a new idea, product or service to society.
According to J.B.Say, “An entrepreneur is the economic agent who unites all means of production, land of one, the labour of another and the capital of yet another and thus produces a product. By selling the product in the market he pays rent of land, wages to labour, interest on capital and what remains is his profit”. Thus an entrepreneur is an organizer who combines various factors of production to produce a socially viable product.
The Merriam – Webster Dictionary gives the definition of an entrepreneur as ‘one who organizes, manages and assumes risk of a business or an enterprise.
An entrepreneur is one who ventures out to start a business, who prefers change as a means of growth and is prepared to take a calculated risk. While taking risks, he is aware of the possibilities of success as well as the consequences of failure.
An entrepreneur works for himself, sets a goal or target and enjoys the satisfaction after achieving the target. Major motives that influence the entrepreneurs are:
- To be independent
- To utilize oneself
- To give a fair trial of his own talent and skill
- To do something unique or outstanding
- To gain an economic reward
The early history of entrepreneurship in India evolved from the culture, tradition, and customs of the people. The Baliyatra Festival of Cuttack, Orissa is reminiscent of the past glory of international trade.
Vaishyas are considered to venture into business pursuits as a social status- and are grouped as Entrepreneurship caste. People from different castes and status also entered into the entrepreneurship.
According to Cantillon “An entrepreneur is the agent who buys factors of production at certain prices in order to combine them into a product with a view to sell it at uncertain prices in future”.
To conclude an entrepreneur is the person who bears risk, unites various factors of production, to exploit the perceived opportunities in order to evoke demand, create wealth and employment.
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