Who is an entrepreneur?

Our team of Intrapreneurs at ecomzera, who are wannabe entrepreneurs came together and discussed “Who is an entrepreneur?”.

It was interesting to find that there was no one way to define “Entrepreneurship” and everyone had there own definition of it.

Some said an Entrepreneur invests time, money and effort into a venture to realize their vision (dream). Some feel that, it is way to tell themselves that they have Talent and can manage an organization.

So, Who is an Entrepreneur?

Before we can talk about who is an entrepreneur, we first need to understand what entrepreneurship is. Most older textbooks talk about the three production factors: land, capital and labor. Read the image below to know what these mean.

three factors of production

courtesy:www.sptimes.com

But land, labor and capital have always been around, though widely unused or misused. What, then, has made these three factors of production work together to create wealth and improve people’s lives?

entrepreneur profile chart

courtesy:www.sptimes.com

The answer is the fourth factor of production: entrepreneurship. This is the ability to see what others who came before missed, to make connections between things that others had not, to get all three other factors to work together to create that which had not existed before. It is this insight, this creativity, that makes the other three factors productive.

(Reference Used: Who is an entrepreneur? By TOM W. GLASER)

Surprisingly, we concluded on similar lines that entrepreneurship involves creativity, insight & passion and that they see opportunities and are adept at grabbing them.

We concluded that the best way to make entrepreneurship work inside our company is to let the passion to become an entrepreneur flow based on their own definition and that we should focus on building Business Administration skills.

Finally, whether an entrepreneur is successful or not comes down to “execution” of the plan.

Execution requires skills like Organization and Planning, Handling money, Selling ideas and products, Management, Working with people, Ability to take calculated risks, Willingness to lead and work alone, Knowledge of products and/or skills in the service offered.

A good book to read is “EXECUTION – The Discipline of Getting Things Done” by Larry Bossidy & Ram Charan. You can read an excerpt of the book here and buy the book here.

What do you say?
Is passion to become entrepreneur more important than learning business skills that we should jump into Entrepreneurship?
My take – spend time, work with other companies, gain the execution capability and then launch your own venture.

About Rishi

Passionate about ecommerce, entrepreneurship and India

03. March 2009 by Rishi
Categories: Entrepreneurship | 3 comments

Comments (3)

  1. Hey Rishi,
    Nice post. Got inspired after reading and tried searching for the definition which will define and entrepreneur.
    I guess this definition says it all.
    “[He sees himself as an entrepreneur, but he defines it his own way.] People mix up entrepreneurship with risk-taking, … An entrepreneur is a risk-minimizer, an opportunity seeker.” – Peter Farrell. :)

  2. Veena – Great definition. I think most of the things in the world are opposite of what they seem. Entrepreneurs are risk minimisers and not really high risk takers.

  3. Great.Getting to understand a lot!Thank you.

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