Meaning and definition of entrepreneur and entrepreneurship
Answers
Person who takes initiatives by arranging a venture for benefit of an opportunity and become decision maker for deciding how much of good/service will be generated.
An entrepreneur supplies risk capital as risk taker and checks and controls business activities.
Entrepreneur is normally the sole proprietor, partner or one who owns majority of shares in an incorporated partnership.
Once Economist Joseph Schumpeter told that entrepreneurs aren't deemed by profit but considered as a standard for measuring success.
Capacity and wish for organizing and managing business venture with any risks for making profit.
Obvious sample of entrepreneurship is initiating new businesses.
In economics entrepreneurship jointly with land, labor, natural resources and capital can make profit. Entrepreneurial spirit is checked by innovation and risk-taking and is a significant part of nation's capacity to succeed in always changing and competitive global marketplace.
Concept of entrepreneurship been noted as factor in microeconomics from 17th century with work of Richard Cantillon who anticipated belief that entrepreneur brought equilibrium to market by correctly analysing consumer choices.