What Is an Entrepreneur?
What is an Entrepreneur?
Debated for many years, this vital question to the study of entrepreneurship continues to be criticised and analysed by some of the worlds leading researchers. The term entrepreneur comes from the French word entreprendre, which means to under take or to go between. Entrepreneurship did not really emerge into the UK until the Thatcher years (1970s) after the de-regulation of many of the country 's companies including gas, electricity, water and the railways. It was almost an insult to be named an entrepreneur pre 1980s. However, by the 1980s, the way Britain was viewed from oversees altered and there became more focus on entrepreneurship and new venture planning within the economy. In order to understand "what is an entrepreneur", it is also important to establish "who is an entrepreneur." By studying the personality, traits and psychology of an entrepreneur, one can help create a definition of the character of an entrepreneur and ultimately what an entrepreneur is. There are many definitions of the phrase "what is an entrepreneur?" and many scholars have developed their own opinions, definitions and theories on what they believe to be an entrepreneur. Few studies have employed the same description of an entrepreneur. Looking online, Dictionary.com defines an entrepreneur as:
"A person who organizes, operates, and assumes the risk for a business venture."
In one attempt at defining entrepreneurs, Peter F Drucker quoted:
The entrepreneur always searches for change, responds to it, and exploits it as an opportunity. ' Roy Ash, co-founder of Litton Industries, added :
An entrepreneur tends to bite off a little more than he can chew hoping he 'll quickly learn how to chew it. ' Timmons cited that entrepreneurship is: The pursuit of opportunity without regard to the resources currently under one 's control or influence"
Joseph Schumpeter 's definition of entrepreneurship mainly focused on innovation and the
Debated for many years, this vital question to the study of entrepreneurship continues to be criticised and analysed by some of the worlds leading researchers. The term entrepreneur comes from the French word entreprendre, which means to under take or to go between. Entrepreneurship did not really emerge into the UK until the Thatcher years (1970s) after the de-regulation of many of the country 's companies including gas, electricity, water and the railways. It was almost an insult to be named an entrepreneur pre 1980s. However, by the 1980s, the way Britain was viewed from oversees altered and there became more focus on entrepreneurship and new venture planning within the economy. In order to understand "what is an entrepreneur", it is also important to establish "who is an entrepreneur." By studying the personality, traits and psychology of an entrepreneur, one can help create a definition of the character of an entrepreneur and ultimately what an entrepreneur is. There are many definitions of the phrase "what is an entrepreneur?" and many scholars have developed their own opinions, definitions and theories on what they believe to be an entrepreneur. Few studies have employed the same description of an entrepreneur. Looking online, Dictionary.com defines an entrepreneur as:
"A person who organizes, operates, and assumes the risk for a business venture."
In one attempt at defining entrepreneurs, Peter F Drucker quoted:
The entrepreneur always searches for change, responds to it, and exploits it as an opportunity. ' Roy Ash, co-founder of Litton Industries, added :
An entrepreneur tends to bite off a little more than he can chew hoping he 'll quickly learn how to chew it. ' Timmons cited that entrepreneurship is: The pursuit of opportunity without regard to the resources currently under one 's control or influence"
Joseph Schumpeter 's definition of entrepreneurship mainly focused on innovation and the
References: · Hornaday, J. A., and Aboud, J. (1971), Characteristics of successful entrepreneurs, Personnel Psychology, 24, 141-153. · Schumpeter, J. A. (1934), The Theory of Economic Development, Cambridge, Mass.: Harvard University Press. · Smith, N.R · Brockhaus, R. H. (1980), Risk taking propensity of the entrepreneur, Academy of Management Journal, 23(3), 509-520. · Gartner, W. B. (1985), A conceptual framework for describing the phenomenon of new venture creation, Academy of Management Review, 10(4), 696-706. · Gartner, W. B. (1988), Who is an entrepreneur? Is the wrong question, American Journal of Small Business, 13(1), 11-32.