eChapter Name: Entrepreneurial Development Models
9789358878400
eBook Name: PROJECT MANAGEMENT & AGRIBUSINESS ENTREPRENEURSHIP DEVELOPMENT
by Dilip Rasiklal Vahoniya, Prakashkumar Hasmukhbhai Patel, Alvirakumari Ashokbhai Rajwadi
The term entrepreneur is derived from the French word entreprendre, which translates to “to undertake. “In the context of business, this refers to the initiation of a business. According to the Merriam-Webster dictionary, an entrepreneur is defined as an individual who organizes, directs, and takes risks in a business or enterprise. An entrepreneur can be described as “a person who establishes, organizes, and directs any enterprise, particularly a business, typically involving significant initiative and risk. “ Peter F. Drucker (1985) characterizes an entrepreneur as a person who continuously seeks change, responds to it, and leverages it as an opportunity. Innovation serves as a unique tool for entrepreneurs, enabling them to perceive change as an opportunity for launching another business or service. An entrepreneur is often regarded as an innovator – a creator of new ideas and business processes. Essential leadership skills and effective team-building abilities are frequently considered crucial traits for successful entrepreneurs. Economist Robert Reich (2002) regards leadership, management skills, and team building as vital attributes of an entrepreneur. The realm of entrepreneurship is influenced by a variety of combinations of socio-economic, psychological, cultural, and additional factors, including caste/religion, family background, educational level, level of insight, professional experience, migration capabilities, entrepreneurial spirit, nature of the business, investment capacity, and ambition/moderation. Entrepreneurship is often defined as “the ability and desire to develop, organize, and manage business activities and associated risks for profit”.