7 Definitions of Entrepreneurship

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Entrepreneurship  constitute people who have the ability to see and evaluate business opportunities, gather the necessary resources, take advantage of them and initiate appropriate action to ensure success.Successful entrepreneurs ought to have the vision or ability to see opportunities.below are seven (7)  definition of entrepreneurs by different scholars

1.      Schumpeter (1934) defined an entrepreneur as someone who acts as an agent of change by bringing into existence a new combination of the means of production.The means of production include capital, equipment, premises, raw material, labour and—more recently—knowledge.Knowledge can be considered as the capacity to understand and use information and processes.

2.      Kirzner (1973), saw an entrepreneur as a seeker of imbalances, which he/she seeks to remove by any means of his/her entrepreneurial activity.

3.      Casson (1982) defines an entrepreneur as someone who specialises in making judgmental decisions on co-ordination of scarce resources.   

4.      Schumpeter, who is a pioneer in entrepreneurship, defined an entrepreneur as a person, who sees an opportunity, seizes that opportunity and creates a new product, changes a production process or, otherwise, creates a new marketable contribution to the economy. He termed this activity an innovation and claimed that innovation is the sole domain of the   entrepreneur

5.      Dollinger (1999) defines entrepreneurship as the creation of an innovative economic organisation or network of organisations for the purpose of gain or growth under conditions of risk and uncertainty.

6.      Morrison (1998) defines entrepreneurship in terms of two key concepts of innovation and creativity.Entrepreneurship is thus defined as the process of doing something new (creative) and something different (Innovative) for the purpose of creating wealth for the individual and adding value for the society.  Creativity and innovation have been used complimentarily in the field of entrepreneurship.

7.       Kuratko (1995), defines an entrepreneur as an innovator or developer who recognises and seizes opportunities, converts those opportunities into workable/marketable ideas, adds value through time, effort, money or skills, assumes risks of the competitive market place to implement these ideas and realises the rewards from these efforts

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