There are two popular beliefs about who the person was who used the term entrepreneur in economics.
It is believed that the word “Entrepreneur” was first used by the Irish banker operating in Franco Ricardo Cantilon. Another belief is that the French economist J. B. Say (1824) was first used the word entrepreneur in economics.
It is derived from the French word “Entreprendre” means, “to undertake”. Oxford English dictionary has adopted this word and meant as “director or manager of a public musical institution”.
The term goes through evolutionary changes of meaning. Till now, there is no consensual concept of entrepreneur.
Experts in the field of economics, business and sociology has defined entrepreneur from various point of view. Adam smith (1776) considers entrepreneur as a proprietary capitalist who supplies capital and works as a manager intervening between labor and the consumer.
Francis A. Walker (1870) calls the entrepreneurs as engineers of progress and the chief agents of production.
F. H. Knight (1921) propounds that entrepreneurs are a specialized group of persons who bear risks and deal with uncertainty. J-A. Mill (1848) advocates for using the word entrepreneur in the sense of an organizer who is paid for his non-manual type of work.
He stresses upon the function of direction in production process and this function requires extraordinary skills.
J.B. Say (1824) defines entrepreneur as “an economic agent who assembles factors of production, sets price of produce in such a way that ensures the cost and profit, re-accumulates capital and possesses administrative and productive knowledge”.
The definition emphasizes upon the economic activities of an entrepreneur.
Joseph A. Schumpeter (1934) opines “Entrepreneur Is an innovator of new combination in the field of production.”
This concept is also supported by Hagen Se Robinson (1942). They emphasis on socio-economic contributions and characteristics of entrepreneurs.
Innovation here is conceived as introduction of new product or new utility of old product, new market, new production methods, new source of raw materials and new organization.
Herberton G. Evans (I957) defines, “Entrepreneur Is the person or group of persons who has the task of determining the kind of business to be operated”.
Evan’s entrepreneur only engages m setting the nature of business, the good to be produced or the service to be served and the type of customers to be catered.
H. Cole (1959) observes, “The entrepreneur is the individual who initiates, maintains, or aggrandizes a profit-oriented business salt for the production or distribution of economic goods and services”.
Cole believes that the person engages in any kind of economic activity with a view to earn profit is the entrepreneur. Therefore, profit earning is the focal point to identify an entrepreneur.
M.S. Nad Kami (1978) define Entrepreneur as the founder of the enterprise who identifies opportunities, assembles skilled manpower and necessary resources for the operation of the enterprise, attracts persons and financial Institutions and takes psychological responsibility for managing the enterprise successfully.
This definition centers on the concept of managership and implies that an entrepreneur is a manager too.
Entrepreneur has been understood differently under the contemporary condition in a seminar held on entrepreneurship in Delhi in 1981.
The consensus was “Entrepreneur is a person who accepts challenges, gives emphasis on production for development, exercises vigilance about success and failure at the time of taking standard risks and considers, carefully and significant stove conditions before arriving at any decision.”
Thu concept has taken us to the idea of an efforts and venture that contribute to the advent of facial progress leading lo human welfare, it constructs upon physical activities involve with generation of products as writ as the psychological aspect associated with entrepreneurial success.
Meredith, Nelson and Neck (1912) observe, “Entrepreneurs are action-oriented highly motivated individuals who take risks to achieve goals”.
Their entrepreneurs as strong achievers of goals and risk takers for any desired action for attaining success of the ventures’ John G. Burch (1986) says, “The entrepreneur is the one who undertakes a venture, organizes it, raises capital to finance it, and assumes all or a major portion of the risk”.
Burch’s entrepreneur is not only a venturist but also risk taker and capital provider too. His’ entrepreneur brings talents, product -service venture ideas, know-how and usually provides finance with taking necessary risks.
It is understood from the above discussion that the entrepreneur is perceived as a person or a group of persons who holds multiple mental strengths and takes manifold efforts to generate and to make a venture successful.