Different explanations and definition have been expressed regarding who are entrepreneurs and the actual meaning of entrepreneur. Let’s get the Meaning of entrepreneur by comparison of various definitions. Richard Cantillon an Irish economist in his book ‘Essay on the Nature of Trade in General’ urged that an entrepreneur is an individual who manages or owns a business enterprise with the aim of making money through risking it. On other hand, other business authors explain that, the Meaning of entrepreneur can only be derived from America history since it is believed the first entrepreneurs were Americans. However, basing on what modern entrepreneurs activities, we can say the Meaning of entrepreneur is all activities done by an individual through risking funds to generated profit i.e. being involved in a business concept. This can be understood further by asking ourselves; who is an entrepreneur and what the characteristics of entrepreneurs are.
Who is an Entrepreneur?
By trying to answer who an entrepreneur is, the Meaning of entrepreneur and what is meant when an individual is termed as an entrepreneur. To start with, an entrepreneur is a person who owns a business enterprise, this is to say that, a business person who has an idea of starting business and he hasn’t yet implemented then he cannot be termed as an entrepreneur. This is because he has no any business developed yet. Secondly the meaning of an entrepreneur can be said to be taking risks and working on uncertainties with the hope of geting profit in return. Moreover, entrepreneurship is believed to be associated by innovation and independence, but this does not imply a person who has no invention does not qualify to be terms as entrepreneur, since there is no scale to measures that. Another aspect that can help us understand the meaning of entrepreneur is that an entrepreneur dislikes routing procedure and prefers taking different Tactics and activities while handling the same scenario. An entrepreneur is an individual who possess leadership qualities and ability to executive and make independent decisions. The ability to set and curb competition and lead the rivals is vital aspect that can gives the Meaning of Entrepreneur. In addition, an entrepreneur is an individual who is able to utilized available opportunities and be able to convert them into profit making activity.
Others ways of getting to know the Meaning of Entrepreneur is by studying the characteristics of entrepreneur. Entrepreneurs are said to be driven by achievement and the need to attain more and more. They also clave for power and leadership this distinguishes them just from any other person doing business. Other vital characteristics that may help us understand the Meaning of Entrepreneur is entrepreneurs’ are risk takers all the time since they always anticipate profit. The other characteristic that may give Meaning of Entrepreneur is the kind of business enterprise that an individual may be involved in, for instance exploiting uncovered business areas may be considered entrepreneurship. Business investor should not be confused by entrepreneur, but again it would be unfair to saying entrepreneurs contribute more on the economy of a given state than investors as that is wrong. Meaning of Entrepreneur is not just carrying out a business but a combination of aspects and characteristics. Entrepreneurship is more than trading, money, Buying and selling. People may invest in different field, for instance in stock exchange and securities, hardware and technology and so on, but an individual should considered investing on business of his passion and on the scope that he can handle comfortably.
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