Introduction - Definition of entrepreneur
A definition of entrepreneur would be a person who starts a new venture or business and takes on all the risks for the product/business/service that they believe in. The term entrepreneur is someone who offers a type of service or a new innovative product in order to make a certain amount of profit, which will normally involve in a high level of personal and financial risk to pursue the opportunity.
An Entrepreneur is an individual who establishes and mangers a business for the principle purpose of profit and growth. The entrepreneur is characterized principally by innovative behavior and will employ strategic management practices in the business.
(Source: Small Business and Entrepreneurship. Paul Burns and Jim Dewhurst, pg 11)
However it is clear that the definitions of the entrepreneur are not similar. There are certain qualities and functions which explicitly or implicity, feature in most of them.
As Hisrich and Peters (1995) noted, each definition contains similar notions such as newness, organizing, creating, wealth and risk taking, despite viewing the entrepreneurship specialists have resorted to drawing up lists of qualities or functions which typify the entrepreneur.Invariably, these lists include a combination of the following characteristics: innovative, opportunistic, ideas people, proactive, imaginative, change makers. One need not possess all of these to qualify as an entrepreneur.
The Motives to be entrepreneur
Entrepreneurship is the result of a career crisis such as getting fired or laid off. As we are seeing in many people today, unemployment can be a powerful motivator. Many have no other option in the job market than trying to make it on their own.
For others, pursuing entrepreneurship may be the logical way out of a frustrating job or a career that is just not fulfilling.
Entrepreneurship can also be the result of an insatiable desire to pursue interests that...