New venture creation

8

2000

Richard Cantilon defined Entrepreneur as a person who tends to buy services at a certain prescribed prices with a view to sell it at an uncertain price. Therefore according to Cantilon an entrepreneur is a bearer to risk and which is not insurable. Another renowned French economist has defined Entrepreneur as an agent who basically unites all the necessary factors of production and who finds value of the products which re-establishes the capital that the entrepreneur employs along with the interest, wages, rent which is paid by the entrepreneur and the profit earned belongs to the entrepreneur. He may not supply capital but should have the knowledge, judgement and perseverance towards the business and possess the art of administration and superintendence (Mohanty, 2005, p.1-2). Each of the definition views an entrepreneur from a different angle and perspective but contains similar notion such as risk taking, creating, organising, wealth and innovation. Therefore Entrepreneurship is defined as a process which aims to create something new with value and is created by devoting the accurate time as well as effort accompanying with financial, social risk and at the end receiving the desired result or reward of monetary and also of personal satisfaction as well as independence (Hisrich, 2003, p.8). In the process of making entrepreneurship there is a body of research who has been trying to identify the factors of what makes an entrepreneur actually an entrepreneur and most importantly what makes him successful. Is the in born quality of a person or whether the qualities can be natured? It has been founded that entrepreneur are particularly attuned to the universal and also the human trait which is the desire for freedom (TiE Organisation, 2003, p.17). Some of the characteristic and traits of an Entrepreneur includes factors such as risk taker where an entrepreneur usually bears all the uncertainty and defines and