CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipEntrepreneurship: Concept and Functions4 Marks
Question
Who is an Entrepreneur?
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Answer
The word “entrepreneur” is derived from the French word “entreprendre” which means ‘to undertake’ i.e. individuals who undertake the risk of a new enterprise.
Definitions of an entrepreneur:
Richard Cantillon: As a person, who pays a certain price to a product to resell it at an uncertain price, thereby making decisions about obtaining and using the resources while consequently admitting the risk of enterprise.
Adam Smith: An individual, who undertakes the formation of an organization for commercial purposes by recognizing the potential demand for goods and services, and there by acts as an economic agent and transforms demand into supply.
Joseph Schumpter: Entrepreneurs are innovators, who use the process of entrepreneurship to shatter the status quo of the existing products and services, to set new products, new services. He describes entrepreneurs as innovators.
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