Entrepreneurship General Concept

The word ‘entrepreneur’ is derived from French word ‘Entreprendre’ means to undertake certain activities. Generally, any person starting a new project or trying a new opportunity. An entrepreneur is an individual who accepts financial risks and undertakes new financial ventures. ¨Some one who initiates and actively operates an entrepreneurial venture.


1. According to Gilbraith: “An entrepreneur must accept the challenge and should be willing hard to achieve something”.

2. 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 basic tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or service.

3. According to Frank Young defined entrepreneur as a change agent.

4. According to Max Weber: “Entrepreneurs are a product of particular social condition in which they are brought up and it is the society which shapes individuals as entrepreneurs”.

5. International Labour Organization (ILO) defines entrepreneurs as those people who have the ability to see and evaluate business opportunities, together with the necessary resources to take advantage of them and to initiate appropriate action to ensure success.

6. According to Cantillon “An entrepreneur is a person who buys factor services at certain prices with a view to selling its product at uncertain prices”.

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