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Diploma in ICT: Entrepreneurship Notes

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Summary

1.1 DEFINITIONS OF TERMS
Controversy surrounds the definition of the term entrepreneurship. Much of this controversy has been
generated because of the conceptual dilemma of identifying the most important element in what one
may term as the entrepreneurial activity or the person who takes charge of the activity or the event
itself.
The word “entrepreneurship” has been taken from the French language where it was originally meant to
designate an organizer of musical or other entertainments. However, today economics define
entrepreneur as an economic leader who possesses the ability to identify business opportunities for
successful introduction of new commodities, new technique and new sources of supply, and assembles
the necessary plant and equipment, management and labour force and arrange them into a running
concern..k
An entrepreneur is therefore defined as a person who is able to identify business opportunities and
obtain the necessary resources to initiate a successful business activity. Entrepreneurs are made not
born.
Entrepreneurship is therefore the act or the process of identifying business opportunities and gathering
the necessary resources to initiate a successful business activity.
The entrepreneur is key to entrepreneurship. An entrepreneur organizes different types of industries
right from inception, has different and calls for an in-depth knowledge base. An entrepreneur depth
finds new opportunities in business or more opportunities in an existing business. Hence an
entrepreneur is defined as an individual who is an innovator, risk taker, gathers all the resources,
organizes and is a combination of all the skills that are required in each of them
........

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