Entrepreneurship Development and Communication Skills (1+1)

4.1.1 Concept of Entrepreneur

Richard Canilton conceived of an entrepreneur as a ‘bearer of risk and uncertainty. This definition explains an important characteristic of an entrepreneur.

Webster’s dictionary defines an entrepreneur as one who organizes, manages and assumes the risks of a business enterprise. Joseph Schumpeter regarded entrepreneur as an innovator who carries out new combinations to initiate and accelerate the process of economic development. This innovation could occur in the following forms:

(a) Introduction of new goods

(b) Introduction of new methods of production

(c) Opening of a new market.

(d) Conquest of new sources of materials, and

(e) Organization of a unit in a new way.

Peter F. Drucker defines an entrepreneur as one who always searches for change, responds to it and exploits it as an opportunity.

Entrepreneurship can be described as a creative and innovative response to the environment.