From the classical economists to the post-keynesian analysts, The topic of the entrepreneur has been surveyed, and observations, theories and pronouncements advanced. Not only were pure economists involved in the endeavors but also prominent social theorists such as Marx, Weber, Sombard and Veblen.
In general, contemporary economists agree that the entrepreneur is a business leader and that his role in forecasting economic growth and development is a pivotal one. At present, however, there is no consensus at to what constitutes the issential activity, which makes the entrepreneur a crucial figure. While some economists have identified the basic entrepreneurial function as risk-taking, others have emphasised the coordination of production resources, the provision of capital or the introduction of innovations.
In the words of A.H Cole, entrepreneurship is the purposeful activity of an individual or a group of associated individuals, undertaken to initiate, maintain or organise a profit-oriented business unit for the production or distribution or economic goods and services.
In other words, entrepreneurship means the function of creating something new, organising and coordinating and undertaking risk and handling economic uncertainty. Higgins define the terms as, entrepreneurship is meant the function of seeing investment and production opportunity. Organinsing an enterprise to undertake a new production process, raising capital, hiring labor arranging for the supply of raw materials and selecting top managers for the day-to-day operation of the enterprise.
According to Peter F. Drucker, Entrepreneurship is neither a science nor an art. It is a practice. It has knowledge base. Knowledge in entrepreneurship is a means to end. In deed, what constitute knowledge in practice is largely defined by the ends, that is by the practice "Entrepreneurship is considerably less risky, if the entrepreneur is methodical and does not violate elementary and well known rulers."
Innovation and entrepreneurship are thus needed in society as much as in the economy, in public service institutions as much as in businesses. It is precisely because innovation and entrepreneurship are not "root and branch" but, "one step at a time", a product here, a policy there a public service yonder, because they are not planned but focused on this opportunity and that need; because, in other words, they are pragnostic rather than dogmatic and modest rather than grandiose - that they promise to keep any society, economiy, industry, public service, or business flexible and self-renewing.
Thus, entrepreneurship is a complex phenomenon, "some think of entrepreneurs primarily as innovators, some chiefly as managers of enterprise, some as bearers of risks, and others place major emphasis on their function as mobilisers and allocatiors of capital", In the Indian context, however, and entrepreneur may at best be defined as a person (or group of persons) responsible for the existence of a new business enterprise.
Related video:
Concept of Entrepreneurship
In general, contemporary economists agree that the entrepreneur is a business leader and that his role in forecasting economic growth and development is a pivotal one. At present, however, there is no consensus at to what constitutes the issential activity, which makes the entrepreneur a crucial figure. While some economists have identified the basic entrepreneurial function as risk-taking, others have emphasised the coordination of production resources, the provision of capital or the introduction of innovations.
In the words of A.H Cole, entrepreneurship is the purposeful activity of an individual or a group of associated individuals, undertaken to initiate, maintain or organise a profit-oriented business unit for the production or distribution or economic goods and services.
In other words, entrepreneurship means the function of creating something new, organising and coordinating and undertaking risk and handling economic uncertainty. Higgins define the terms as, entrepreneurship is meant the function of seeing investment and production opportunity. Organinsing an enterprise to undertake a new production process, raising capital, hiring labor arranging for the supply of raw materials and selecting top managers for the day-to-day operation of the enterprise.
According to Peter F. Drucker, Entrepreneurship is neither a science nor an art. It is a practice. It has knowledge base. Knowledge in entrepreneurship is a means to end. In deed, what constitute knowledge in practice is largely defined by the ends, that is by the practice "Entrepreneurship is considerably less risky, if the entrepreneur is methodical and does not violate elementary and well known rulers."
Innovation and entrepreneurship are thus needed in society as much as in the economy, in public service institutions as much as in businesses. It is precisely because innovation and entrepreneurship are not "root and branch" but, "one step at a time", a product here, a policy there a public service yonder, because they are not planned but focused on this opportunity and that need; because, in other words, they are pragnostic rather than dogmatic and modest rather than grandiose - that they promise to keep any society, economiy, industry, public service, or business flexible and self-renewing.
Thus, entrepreneurship is a complex phenomenon, "some think of entrepreneurs primarily as innovators, some chiefly as managers of enterprise, some as bearers of risks, and others place major emphasis on their function as mobilisers and allocatiors of capital", In the Indian context, however, and entrepreneur may at best be defined as a person (or group of persons) responsible for the existence of a new business enterprise.
Related video:
Concept of Entrepreneurship
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