EN115_4A

The Irish-French economist Richard Cantillon was the first to define the word "entrepreneur," which comes from the French word entreprendre, which meaning "to undertake."

   A prospective entrepreneur would typically start a "small business," which he or she intends to expand into a sizable and prosperous company.

Entrepreneurship is defined as the process of personal or developing a business.

     Entrepreneurship generally means offering a new product, applying a new technique or technology, opening a new market, or developing a new form of organization for the purpose of producing or enhancing a product.

  Entrepreneurship means setting up a business to make profit.

Entrepreneurs, therefore, are always working under a certain degree of uncertainty, and they can’t know the outcomes of many of the decisions that they have to make.

      This means that there must be a real business opportunity.

   Capital, labor and operating equipment must be found.

   Can be in the form of profit or increased value of the business.

  This means that there must be planning, organization, leadership and control of all the functions.