Entrepreneur
Concept of Entrepreneur…
The term entrepreneur is derived from the French word entreprendre which means, “To undertake” i.e. the person who undertakes the risk of new enterprise. In the early 16th century, the Frenchman, who organized and led military expedition, was known as entrepreneurs.
Entrepreneur is a person responsible for setting up an enterprise or business and control over it.
The entrepreneurs should have the following qualities like, initiative, innovative, achievers and responsible for tasks.
Following are some Responsibilities of Entrepreneurs. There are two types of roles i.e. Primary Role and Secondary Role
A. Primary Roles
1) Planning
2) Organizing
3) Decision-making
4) Management
5) Innovation
6) Risk-bearing
B. Secondary Roles
1) Idea generation
2) Determination of objective
3) Raising of funds
4) Procurement of raw materials and machinery
5) Market research
6) Recruitment of man power
7) Implementation of project.
Theories of Entrepreneurship
1. Innovative theory by Schumpeter and Imitating.
2. Theory of High Achievement by McClelland.
3. X-Efficiency Theory by Leibenstein.
4. Theory of profit by Knight.
5. Theory of Social change by Everett Hagen.
