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An entrepreneur is a person who is able to express and execute the urge, skill, motivation and innovative ability to establish

a business or industry of his own, either alone or in collaboration with his friends. Adventurism, willingness to face risks, innovative urge and creative power are the inborn qualities of entrepreneurship. Peter F Drucker defines an entrepreneur as one who always searches for change, responds to it and exploits it as an opportunity. Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or service. Joseph A Schumpter defines an entrepreneur the entrepreneur in an advanced economy is an individual who introduces something new in the economy a method of production not yet tested by experience in the branch of manufacture concerned, a product with which consumers are not yet familiar, a new source of raw material or of new markets and the like. Modern Concept The term entrepreneur has been defined as one who detects and evaluates a new situation in his environment and directs the making of such adjustments in the economic systems as he deems necessary. To conclude, an entrepreneur is the person who bears risk, unites various factors of production and carries out innovations.

B. Higgins defines the term as Entrepreneurship is meant the function of seeking investment and production opportunity, organizing an enterprise to undertake a new production process, raising capital, hiring labor, arranging the supply of new materials, finding site, introducing a new technique and commodities, discovering new sources of raw materials and selecting top managers for day to day operations or the enterprise. Arthur H Cole opines entrepreneurship is the purposeful activity of an individual or a group of associated individuals, undertaken to initiate, maintain or aggrandize profit by production or distribution of economic goods and services Entrepreneurship is the attempt to create value through recognition of a business opportunity, the management of risk taking appropriate to the opportunity and through the communicative and management skills to mobilize human, financial and material resources necessary to bring a project to fruition.

1. Innovative Urge Should be creative, bring into existence a new product or production process. Should keep on striving for doing something new. 2. Strong desire to reap benefits Benefits are classified into (a) monetary benefits in the form of profits, or (b) social recognition or goodwill 3. Construction Skills Should be able to establish a new enterprise and gather required resources and manage them. Should be an organizational architect. 4. Management Skill and Leadership Quality Should be able to properly manage the different resources and activities to be undertaken. Should be able to lead and motivate others working in the team. 5. Individual, Psychological and Social Characteristics Should be of good character, strong in his approach. Should be accepted by people. Should have an urge to reap the benefits. 6. Economic Activity Should indulge in economic activity with a profit motive 7. Gap Filling Function Should be able to fill the gap between demand and supply (goods, resources, etc.) 8. Risk Bearing Should be able to bear / assume the risks of undertaking a new venture or business. (Risks could be internal as well as external) 9. Dynamic Process Should always strive to do something new. Should be able to adapt to changing circumstances. (Flexible)

1. Mental Ability 2. Clear cut Objectives 3. Capacity to Guard Business Secrets 4. Capacity to interact with people 5. Effective Communication 6. Technical Knowledge 7. Self confidence 8. Motivator 9. Decision maker 10. Risk bearing 11. Watching for opportunities 12. Persistence 13. Quality conscious 14. Efficient monitoring 15. Concern for Employees

1. Exchange Relationship
a) b) c) d) Seeking out of market opportunities Mobilization of rare resources Purchasing of inputs Marketing of products and responding to competition

2. Administration
a) Dealing with bureaucracy b) Dealing with human relationship inside the enterprise c) Dealing with customers and suppliers

3. Managerial Control
a) Managing finance b) Managing production

4. Technological Skills
a) Setting up the factory b) Industrial engineering c) Introducing new production techniques and products

In general, the functions can be classified into the following a) Innovation b) Risk taking c) Organizing and Management

1. Innovative Entrepreneurs They strive to introduce something new in the market i.e. could be a new product or a new way of producing the same product. They also bring in new technology. (even changing the outlook of the product including its packaging is an innovation) 2. Imitative Entrepreneurs - Such entrepreneurs do not innovate any thing. They just follow the process adopted by other successful business enterprises. Such entrepreneurs imitate the techniques and activities of others. 3. Fabian Entrepreneurs These entrepreneurs follow the customs and footsteps of their predecessors. They are reluctant to change and hence follow the tried and tested practices 4. Drone Entrepreneurs Such entrepreneurs are very unwilling to make changes in their product or production process. Even if they do adopt change, it will be after a long time gap. Apart from the above, entrepreneurs can also be classified according to Individual & Institutional Entrepreneurs Inherited Entrepreneurs Technological Entrepreneurs Instigated Entrepreneurs

a) b) c) d)

1. According to Type of Business


a) b) c) d) e) Business Entrepreneurs Trading Entrepreneurs Industrial Entrepreneurs Corporate Entrepreneurs Agricultural Entrepreneurs

2. According to use of Technology a) Technical Entrepreneur b) Professional Entrepreneur 3. According to Motivation a) Pure Entrepreneur b) Induced Entrepreneur c) Motivated Entrepreneur d) Spontaneous Entrepreneur 4. According to Growth a) Growth Entrepreneur b) Super growth Entrepreneur

Intrapreneur A person who enters the existing enterprise and discharges all the functions of the entrepreneur Difference between Entrepreneur and Intrapreneur 1. An entrepreneur is the owner of the organization while the Intrapreneur works under the Chief Executive Officer 2. An entrepreneur has to raise the capital by himself through various sources while the intrapreneur uses the capital raised by the company. 3. An entrepreneur assumes full risk of his business enterprise but the intrapreneur does not have to assume full risk

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