Summary Characteristics of Successful Entrepreneurs
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Module
Finance
Institution
Indian Institute Of Management
Successful entrepreneurs often possess a combination of key characteristics that contribute to their achievements. These include:
1. **Vision and Passion**: Successful entrepreneurs have a clear vision of what they want to achieve and are passionate about their ideas and goals.
2. **Resilienc...
The term „entrepreneur‟ has been defined in many ways and various senses.
This word has been used since ages but its meaning is changing over time.
The meaning of an entrepreneur has been defined by militarymen,
economists, psychologists and sociologists. In Early 16th century
entrepreneurs was the term used for the persons engaged in the military
journey. Later on in 17th century, it was expanded for the persons engaged in
engineering activities such as construction etc. In the beginning of the 18th
century, Entrepreneur refers to the persons engaged in the economic
activities. Therefore, „entrepreneur‟ has changed over the time from the
person engaged in military expeditions to the economic activities.
There are different School of thoughts about the concept of an
entrepreneur. An entrepreneur doesn‟t have specific features. He could be
a sensitive person, worrier, creative, competent, leader, social but some key
qualities have been identified which every entrepreneur must possess in order
to succeed like innovation, risk taking, hard-work, self confidence, goal setting
and their burning desire to excel.
Evolution of the Concept ‘Entrepreneur’
The term entrepreneur is as old as civilization. It has been in use for the last
five centuries. In early 16th Century it was referred to persons engaged in
military expeditions, during 17th Century it was extended to persons engaged
in engineering activities like construction etc and in the beginning of 18th
Century it was used to refer to persons engaged in economic aspects of
human activities. Renowned economists David Ricardo and Adam Smith in
, the „Wealth of Nations‟ during 1776 ignored the role of entrepreneur in
economic development. They hardly distinguished between the
entrepreneurial function from that of pure entrepreneurship of capital. The
economic development to them seemed to be automatic and self-regulated.
The concept of entrepreneurship has been shady during the period of English
Classical Economists.
The word „entrepreneur‟ is derived from the French word “entreprendre‟
which means „to undertake‟. The term entrepreneur was first coined by
Richard Cantillon, a French baker in 18th Century to mean, “A person who is
uncertainty bearer”. Richard Cantillon, an Irishman living in France was the
first person who used the term entrepreneur for economic activities. J.B.Say
another Frenchman, expanded Cantillon‟s ideas and said that entrepreneur is
“an organizer who combines various factors of production to produce a
socially viable product”.
Thus, the fact remains that the term „entrepreneur‟ has been defined
differently by different writers and thinkers. These views expressed above are
broadly classified into three groups, namely:
● Risk-bearer
● Organizer, and
● Innovator
● Entrepreneur as Risk-Bearer: In 18th Century Richard Cantillon
defined entrepreneur as a capitalist. According to him entrepreneurship
is a matter of foresight and willingness to assume risk. He defined
entrepreneur as an agent who buys factors of production at certain
prices in order to combine them into a product with a view to selling it at
uncertain prices in future.
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