INTRODUCTION

The word 'entrepreneur' is derived from the Old French word 'entreprendre' which was
first used by the economic 'theorist' Richard Cantillon in 1755 in an essay where he used
this term to describe a person who assumed the risk of buying goods in the belief that
they could sell them at a higher price at a later time. So, the term in French was used to
describe 'one who undertakes' this particular risk.

MEANING

• An entrepreneur is an individual who accepts financial risks and undertakes new

financial ventures. The word derives from the French "entre" (to enter) and
"prendre" (to take), and in a general sense applies to any person starting a new
project or trying a new opportunity

• An entrepreneur is a person who has possession of a

new enterprise, venture or idea and assumes significant accountability for the
inherent risks and the outcome.

• Entrepreneur in English is a term applied to the type of personality who is willing

to take upon herself or himself a new venture or enterprise and accepts full
responsibility for the outcome.

• The word entrepreneur is often synonymous with founder.

• Someone who assumes the financial risk of the initiation, operation and
management of a business

• An entrepreneur is a person who has possession of an enterprise, or venture, and

assumes significant accountability for the inherent risks and the outcome.
• Entrepreneur in English is a term applied to the type of personality who is willing
to take upon herself or himself a new venture or enterprise and accepts full
responsibility for the outcome.
• An entrepreneur is a person who organizes and manages a business undertaking
and assumes a risk for the sake of profit.
 • He or she is an ambitious leader who combines land, labor, and capital to often
create and market new goods or services.

DEFINITION OF ENTREPRENEUR

1. According to Oxford Dictionary : “One who undertakes an enterprise,

especially a contractor – acting as intermediary between capital and labor”
2. According to Peter .P. Drucker : “Innovation is the specific tool of
entrepreneurs, the means by which they exploit changes as an opportunity for
different business or a different service”
3. As per Peter Drucker- “An entrepreneur is one who always searches for
change, responds to it as an opportunity. Entrepreneurs innovate. Innovation is a
specific instrument of entrepreneurship”.
4. As per Joseph A. Schumpeter- “Entrepreneur is one who innovates, raises
money, and assembles inputs, chooses managers and sets the commercial
organization going with his ability to identify them and opportunities which
others are not able to identify and is able to fulfill such economic opportunities”.
5. As per Walker- “An entrepreneur is one who is endowed with more than average
capacities in the task of organizing and co-coordinating the various factors of
production. He should be a pioneer, a captain of industry.

CHARACTERISTICS OF AN ENTREPRENEUR
1. Mental Ability – Entrepreneur must have creative thinking and must be able to
analyze problems and situations. He should be able to anticipate changes.
2. Business Secrecy – He should guard his business secrets from his competitors.
3. Clear Objectives – He must have clear objectives as to the exact nature of
business or the nature of goods to be produced.
4. Human Relations – He must maintain good relation with his customers,
employees, etc. To maintain good relationship he should have emotional stability,
personal relations, tactfulness and consideration.
 5. Communication Ability – He should have good communication skills means
both the sender and the receiver should understand each others message.
6. Technical Knowledge – He should have sufficient technical knowledge.

IN SHORT
1. Risk Taker
2. Self Confident.
3. Optimistic.
4. Zeal For Achievement.
5. Need For Independence.
6. Creative.
7. Imaginative.
8. Administrative Ability.
9. Communication Ability.
10. Clear Objectives.
11. Business Secrecy.
12. Emotional Stability.
13. Technical Knowledge.
14. Patience.
15. Hard Work.
16. Good Organiser.
17. Hardworking
18. Desire for high achievement
19. Highly optimistic
20. Independent
21. Have excellent foresight
 22. Good organizers
23. Innovative
24. Excellent technical knowledge

Characteristic of Successful Entrepreneurs

Self-confident and optimistic Energic and diligent

Able to take calculated risk Creative, need to achieve

Respond positively to challenges Dynamic leader

Flexible and able to adapt Responsive to suggestions

Knowledgeable of markets Take initiatives

Able to get along well with others Resourceful and persevering

Independent minded Perceptive with foresight

Versatile knowledge Responsive to criticism

CHARECTERISTICS OF ENTREPRENURSHIP : (DEVELOPMENT OF ENTERPRISE):

• INNOVATION, - RESOURCEFULNESS
• RISK TAKING, - NEED FOR ACHIEVEMENT
DECISION MAKING, - SELF- STARTER

• ACCEPTING CHALLENGES, - TENACIOUS

• ORGANIZATION, - CREATIVE
• SKILFUL MANAGEMENT, - PERSUASIVE
• MAKING THE ENTERPRISE A SUCCESS -