An entrepreneur is someone who attempts to organize resources in new and more valuable ways and accepts full responsibility for the outcome.
Etymology
The word entrepreneur is a loanword from French. In French the verb entreprendre means to undertake, with entre coming from the Latin word meaning between, and prendre meaning to take. In French a person who performs a verb, has the ending of the verb changed to eur, comparable to the er ending in English.
Enterprise is similar to and has roots in, the French word entrepris, which is the past participle of entreprendre. Entrepreneuse is simply the French feminine counterpart of entrepreneur.
According to Miller, it is one who is able to begin, sustain, and when necessary, effectively and efficiently dissolve a business entity.
An entrepreneur is a person who has possession over a new enterprise or venture and assumes full accountability for the inherent risks and the outcome. The term is a loanword from French and was first defined by the Irish economist Richard Cantillon. A female entrepreneur is sometimes known as an entrepreneuse. However, with the word entrepreneuse being the French feminine form of entrepreneur, its usage in English in delineating sexes detracts from the meaning of the word entrepreneur. Entrepreneur in English is a term applied to the type of personality who is willing to take upon herself or himself a new venture or enterprise and accepts full responsibility for the outcome.
The modern myths about entrepreneurs include the idea that they assume the risks involved to undertake a business venture, but that interpretation now appears to be based on a false translation of Cantillons and Says ideas. The research data indicate that successful entrepreneurs are actually risk averse. They are successful because their passion for an outcome leads them to organize available resources in new and more valuable ways. In doing so, they are said to efficiently and effectively use the factors of production. Those factors are now deemed to include at least the following elements: land (natural resources), labour (human input into production using available resources), capital (any type of equipment used in production i.e. machinery), intelligence and knowledge, and creativity. A person who can efficiently manage these factors in pursuit of a real opportunity to add value in the long-run, may expand (future prospects of larger firms and businesses), and become successful.
Entrepreneurship is often difficult and tricky, as many new ventures fail. Entrepreneur is often synonymous with founder. Most commonly, the term entrepreneur applies to someone who creates value by offering a product or service. Entrepreneurs often have strong beliefs about a market opportunity and organize their resources effectively to accomplish an outcome that changes existing interactions.
Some observers see them as being willing to accept a high level of personal, professional or financial risk to pursue that opportunity, but the emerging evidence indicates they are more passionate experts than gamblers. Entrepreneur Don Sheelen says that An entrepreneur without passion is like a enuch without charm, both are seeking the prize, but neither is equipped properly.
Business entrepreneurs are viewed as fundamentally important in the capitalistic society. Some distinguish business entrepreneurs as either political entrepreneurs or market entrepreneurs while social entrepreneurs principal objectives include the creation of a social and/or environmental benefit.
