The concept of an entrepreneur is refined when principles and terms from a business, managerial, and personal perspective are considered. In almost all of the definitions of entrepreneurship, there is agreement that we are talking about a kind of behaviour that includes:
- Initiative taking,
- The organizing and reorganizing of social and economic mechanisms to turn resources and situations to practical account and
- Acceptance of risk or failure.
To an economist, an entrepreneur is one who brings resources, labour, materials, and other assets into combinations that make their value greater than before, and also one who introduces changes, innovations, and a new order. To a psychologist, such a person is typically driven by certain forces; the need to obtain or attain something, to experiment, to accomplish, or perhaps to escape the authority of others. To one businessman, an entrepreneur appears as a threat, an aggressive competitor, whereas to another businessman the same entrepreneur may be an ally, a source of supply, a customer, or someone who creates wealth for others, as well as finds better ways to utilize resources, reduce waste, and produce jobs others are glad to get.
In this App, we shall discus entrepreneurial development and its relationship with economic theories. What is the role of the entrepreneur in the economic development of his society? What are his objectives for setting up the firm? What are the traits he must possess to progress in business? What are those aspects of entrepreneurship that enables businesses to succeed? These issues many more shall be addressed in this App. Please read on!