Before discussing entrepreneurship lets see how academicians define "entrepreneur" (ahn’tra pra nur) a French origin word . The basic dictionary definition of an entrepreneur is a person who organizes and manages any enterprise, esp. a business, usually with considerable initiative and risk" “Entrepreneurs are risk takers, willing to roll the dice with their money or reputation on the line in support of an idea.They willingly assume responsibility for the success or failure of a venture.”
While studying the phenomenon of Entrepreneurship different researchers and scholars has described it differently according to there knowledge and understandings.
1. Transformation of demand into supply for profits. ( Smith 1776)
2. Bringing together factors of production (Say, 1803)
3. Founding a private enterprise (Mill 1848)
4. Creation of organizations (Gartner,1888)
5. Ownership (Hawley,1892)
6. Responsible decision making (Knight,1921)
7. Carrying out new combinations: later on termed innovation through the process of
‘creative destruction’ i.e. old being washed away by the new. (Schumpeter, 1934)
8. Bearing Uncertainty (Knight,1921 Cantillon 1755)
9. Exploration of opportunities- being an arbitrageur and an equilibrating agent. (Kirzner, 1973)
Exploiting the opportunities that changes in technology, consumer preferences, social norms, etc. and Undertaking innovation and bearing risk.