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What Is an Entrepreneur?

There are many differing views on what makes someone an entrepreneur and what an entrepreneurial venture is. In a sense the definition itself is evolving as the field itself comes into the mainstream of UK business.

While we speak of many of the originators of businesses in the past as entrepreneurs, it was not until the mid 1970’s that the concept became a prevalent enough part of our economy that definitions even were necessary. Consequently, we see in the literature a wide variety of possibilities for what this field of endeavor really is.

Looking online, the Webster’s Revised Unabridged Dictionary from 1913 defined an entrepreneur as “one who creates a product on his own account.” That sounds a trifle stuffy, is very limited and doesn’t fit for many of the people widely known as entrepreneurs. The meaning of the word entrepreneur has certainly evolved since 1913.

What Is an Entrepreneur?

“An entrepreneur sees an opportunity which others do not fully recognise, to meet an unsatisfied demand or to improve the performance of an existing business. They have unquenchable self-belief that this opportunity can be made real through hard work, commitment and the adaptability to learn the lessons of the market along the way”.

“An entrepreneur is not diverted or discouraged by skepticism from ‘experts’ or from those from whom they seek backing and support, but willing to weigh all advice and select that which will be helpful. They are prepared not just to work seriously hard but to back their judgment with personal investment at a level which will cause problems if they are wrong about the opportunity. They understand that achievements are the result of team work and an entrepreneur knows how to choose the necessary blend of talents and inspire them with their vision.”

Entrepreneur

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