It is not uncommon to hear people calling themselves entrepreneurs, but who and what is an entrepreneur anyways?   Although there is no definitive answer to this questions, here’s what some of the authorities in the field have to say about it:

The Economist

“There are two distinctive views. The first is the popular view: that entrepreneurs are people who run their own companies, the self-employed or small-business people. The second is Joseph Schumpeter’s view that entrepreneurs are innovators: people who come up with ideas and embody those ideas in high-growth companies.”

Professor Howard Stevenson – Harvard Business School

“Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled.”

By now you must have figured out that the wording changes from definition to definition. It seems however that ultimately an entrepreneur is a person who is constantly in pursuit of new ventures & opportunities.

Our thoughts

A person who is high on risk taking especially when it comes to financial risk is an entrepreneur. This very word can also be applied to a person who is initiating an opportunity or a new project; however it is mostly used in the context of a person who is in pursuit of new ventures in the field of business. The basic traits of such an individual are often characterized as a person who is optimistic, hard-working, risk-taker, innovative, independent and creative

Sometimes entrepreneurs are also called the ‘creative destruction’; this is because they are constantly on the lookout for redesigning and renovating the traditional and standard services and products in order to bring out a new innovative dimension that could possibly give a boost to the organizations. They constantly try to reinvigorate the already existing market by introducing new methodologies, be it in production, structure or in organization. Because of their high risk- taking ability they may even tear down the already existing companies. The way they do the business is by the means of entirely developing the products or the services that may cause an older variation to become irrelevant or even obsolete sometimes e.g. typing machines.