Module 1 entrep

This French economist, defines the entrepreneur, as an agent who purchases the means of production to manufacture saleable products. He takes a calculated risk as at the time of starting this (earlier nonexistent product in the market), he is not sure of market receptivity and hence returns for these products.

He associates entrepreneur with business promoter. He opined that this business promoter in reality transforms ideas into a profitable business. He also mentioned various qualities of an entrepreneur namely imagination, initiative, judgment and restraint.

describes that entrepreneur as the person having ability to see a potential business opportunity, visualize building business around it by assembling the necessary resources and managing actions carefully and shrewdly to ensure success.

describes entrepreneur as "someone who specializes in taking judgmental decisions about the co-ordination of scarce resources".

he writes that an entrepreneur is a person who is involved in bringing change in the prevalent procedures of production while retaining the full control over his venture. He changes his formula of doing business as per the need of the market and performs three key functions: gathering important and relevant information, analysis and evaluation of this information with respect to returns in future and strategizing and implementing all these plans. Thus decision making and choosing the best alternative among available choices are the key characteristics of an entrepreneur.

According to -----the entrepreneur is responsible to combine the productive factors, by bringing them together. And this task of experimenting with new combination of productive factors is called "enterprise".

an entrepreneur as an organization builder with the unique skill set that helps him to utilize the innovative ideas of different people to achieve best of the financial outcomes.

defines entrepreneur as the one who senses and responds to change and is eager to use it as an opportunity by applying innovation.

defines entrepreneur as a change agent.

he proposes that an entrepreneur is an innovative person who tries to maximize financial benefits by problem solving.