An entrepreneur can be defined as a person who undertakes innovations, finance a business acumen in an effort to transform those innovations into viable economic goods. In general view, he or she is an agent of change. Entrepreneurship, on the other hand is the processing of discovering new ways of combining economic resources. Entrepreneurs make profits when the demand chain surpasses the supply chain leading to a gap in supply.
Entrepreneurial activities are relatively different depending on the type of organization and the kind of activity one engages in. In most cases, entrepreneurship activities range from solo projects to major undertakings dealing in multi-million dollar businesses. Many entrepreneurship acativities must involve capital. These may range from individual to individual, as well as the type of economic activity one intends to engage in. However, in most cases, some some of borrowing is involved to raise enough capital to finance the project. As their involvement in the economic sector is highly felt, many financial institutions have come forward to support would be entrepreneurs, not only financially, but also technically.
According to scholar Frank H. Knight, entrepreneurship is all about taking risk. We have had of people who leave their well paying jobs to venture in an uncertain World of entrepreneurship. Uncertain because you never know which turn the events will take. But according to Frank, the risk of leaving aside financial security and risking your future is what makes an entrepreneur. The acts of entrepreneurship is more often linked with true uncertainity, especially when it involves a unique product that never existed in the market before. But even if it does, will he have ready market? Absolutely not.
An entrepreneur is considered as an intergral player in many business cultures. They are engines for job creations and economic growth. Though regarded by many as leaders, or that they opperate in purely business sectors in life, entrepreneurs are more or less like any other people, the only difference being that they are risk takers who does not fear the prospects of failing while giving it their best.
Given their potential to promote economic growth, it is the policy of governments to promote entrepreneurship in their counties in order to fast track economic recovery. This can be done by intergrating intrepreneurship into their education system, encouraging risk taking, mostly among the youth, as well as national campaigns.
The study of entrepreneurship dates back to the time of Richard Cantillon and Adam Smith, who helped fast track and nature entrepreneurship. Successful entrepreneurs expand the ecomic size to accomodate moer players. Think of Bill Gates-a good example of an entrepreneur. Besides developing the first microcomputer, Gates went ahead to launch Microsoft. He helped by expanding our ability to generate output, which results into higher living standards for all.
Entrepreneurship is an economic activity that when taken seriously, can positively transfrom the World. An entrepreneur is a factor in microeconomics that can result in tremendous industrialization and inputs as well. Despite a general view that they are academic dwarfs who have found refuge in economic activities, they are actually well learned individuals who use their vast knowledge to identify opportunities and turn them into income generating activities.
One does not need extra ordinary traits or being a genious to be an entrepreneur. Entrepreneurship is meant for all, regardless of their financial abilities or education background.