People talk about being an entrepreneur or that someone is an entrepreneur, but what truly does that mean?
After all if your goal is to succeed and become an entrepreneur it helps to know what that means.
As one of our founders says “Start with the end in Mind” (The Merlin Method™).
There is no “right” definition or optimal model for what an entrepreneur is, and it is for each person to choose and define their own vision of the best entrepreneur they can be.
If you search for the term online you will find the Wikipedia definition:
The term entrepreneur is a loanword from French, and is commonly used to describe an individual who organizes and operates a business or businesses, taking on financial risk to do so. The term was first defined by the Irish-French economist Richard Cantillon as the person who pays a certain price for a product to resell it at an uncertain price, thereby making decisions about obtaining and using the resources while consequently admitting the risk of enterprise. The term first appeared in the French Dictionary “Dictionnaire Universel de Commerce” of Jacques des Bruslons published in 1723.
Over time, scholars have defined the term in different ways. Here are some prominent definitions.
- 1803: Jean-Baptiste Say: An entrepreneur is an economic agent who unites all means of production- land of one, the labour of another and the capital of yet another and thus produces a product. By selling the product in the market he pays rent of land, wages to labour, interest on capital and what remains is his profit. He shifts economic resources out of an area of lower and into an area of higher productivity and greater yield.
- 1934: Schumpeter: Entrepreneurs are innovators who use a process of shattering the status quo of the existing products and services, to set up new products, new services.
- 1961: David McClleland: An entrepreneur is a person with a high need for achievement [N-Ach]. He is energetic and a moderate risk taker.
- 1964: Peter Drucker: An entrepreneur searches for change, responds to it and exploits opportunities. Innovation is a specific tool of an entrepreneur hence an effective entrepreneur converts a source into a resource.
- 1971: Kilby: Emphasizes the role of an imitator entrepreneur who does not innovate but imitates technologies innovated by others. Are very important in developing economies.
- 1975: Albert Shapero: Entrepreneurs take initiative, accept risk of failure and have an internal locus of control.
- 1975: Howard Stevenson: Entrepreneurship is “the pursuit of opportunity without regard to resources currently controlled.”
- 1983: G. Pinchot: Intrapreneur is an entrepreneur within an already established organization.[note 1]
- 1985: W.B. Gartner: Entrepreneur is a person who started a new business where there was none before.
Think about the people you think of and know as successful entrepreneurs.
Let your imagination and creativity expand your resources to include people alive and no longer with us, from your country and many others.
One of the keys to being a great entrepreneur is to find inspiration and to harness your creativity.