Define Entrepreneur
A person who sets up a business, by taking the financial risk to get profit is called an entrepreneur. An entrepreneur is a person who has an idea and who works to create a product or service that people will buy, by building an organization to support those sales.
The word " Entrepreneur" is derived from the french word Enterprendre, which means "to undertake." this refers to those who "undertake" the risk of the new enterprise. An entrepreneur creates an enterprise, and the process of creating an enterprise is called entrepreneurship. An entrepreneur is a person responsible for sitting up a business or an enterprise. An example of entrepreneurship is the starting of a new business.
The term manager and entrepreneur is often contrasted with each other. An entrepreneur is the owner of the enterprise, while a manager is an employee of the company. A manager is a person who gets the things done through his subordinates to accomplish business objectives effectively and efficiently.
An intrapreneur is an inside entrepreneur or an entrepreneur within a large firm, who uses entrepreneurial skills without incurring the risks associated with those activities. Intrapreneurs usually have the resources and capabilities of the firm at their disposal. A manager is intrapreneur of an enterprise, and the entrepreneur is the founder of an enterprise.
Define Entrepreneurship
Entrepreneurship has been defined as the process of designing, launching, and running a new business, which begins as a small business, such as a startup company, offering a product, process, or service for sale, or hire and people who do so are called entrepreneurs. An entrepreneur is often synonymous with the founder. The entrepreneur is a coordinator, and he coordinates all the three elements of production i.e., land, labor, and capital.
Entrepreneurship is both the study of how new businesses are created as well as the actual process of starting a new business. An example of entrepreneurship is the starting of a new business. The process in which an entrepreneur starts and operates his business or enterprise is entrepreneurship.
It is the coordination maintained by an entrepreneur. Entrepreneurship is the practice of starting a new organization, particularly new business, generally in response to identified opportunities. It is the innovation of something new or the process of change.
Function of entrepreneur
There are two primary functions of an entrepreneur.
1. Taking the risk of developing a new product or service.
2. Successfully bringing new products and services into the market place.
There are also several functions of an entrepreneur.
It is classified into four categories.
1. Entrepreneurial function
2. Managerial function
3. Promotional function
4 Commercial function
Types of entrepreneur
1. The copycat entrepreneur
2. The determined entrepreneur
3. The accomplished entrepreneur
4. The research entrepreneur
These are now discussed in details:
1. The copycat entrepreneur: This type of entrepreneur sees the success of others and tries to copy them. Their website is the same; their business cards are the same, and the way they present themself is the carbon copy of a leader in their industries.
2. The determined entrepreneur: This type of entrepreneur thinks that success is possible without copying, and they do everything they can do to start or grow their business.
3. The accomplished entrepreneur: This type of entrepreneur follow all the process of entrepreneurship and build a business and reached success.
4. The research entrepreneurship: This type of entrepreneur try to learn new thing and try to implement those things into marketing and research every possible scenario and outcome for strategies to start or grow a business.
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