Exposition of the Entrepreneur
Definition of an Entrepreneur
The
importance of entrepreneurship demands on true understanding of the concept
entrepreneur. Mare (1996) defines an entrepreneur as a person who initiates new
circumstances through innovative action and is able to capitalize on
opportunities in their striving to generate wealth. Entrepreneurs can be
described as people who have the talent for seeing opportunities into profit
making businesses. Entrepreneurs are individuals who recognize opportunities
where others see chaos and confusion.
Drucker (1985) states that entrepreneurs
see change as the norm and as healthy. The entrepreneur always searches for
changes, responds to it and exploits it as an opportunity. According to Drucker (1985) the act of
starting or owning a small business does not in itself make one an entrepreneur
so as much as the ability to innovate and exploit opportunity.
A common trend in the definition of the
entrepreneur is that the entrepreneur is regarded as an individual with the
potential of creating a vision from virtually nothing. This is fundamentally a
creative action where energy is invested in the initiation process by
initiating the start-up of an enterprise rather than to merely analyze and be
an onlooker in the process of forming a new enterprise. Furthermore, this
vision and action involves taking calculated risks that includes personal, social,
psychological as well as financial components. The entrepreneur does everything
possible to achieve the set goals and to avoid the possibility of failure.
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