According to the dictionary the word “Entrepreneur” can be defined as “one who reorganizes and manages only enterprise especially involving high risk”. If taken literally, this definition seems fine, but it is quite incomplete. Researches have shown that entrepreneurs are not necessarily high risk-takers. However, a clever entrepreneur performs to reduce risk and increase the likelihood of success. The definition nowhere mentions anything about opportunities or resources allocated to achieve the success. The only point mentioned in the definition is regarding high risk, which h might not even be necessary to be successful.
An economist defines an entrepreneur as one who beings resources, labour, material and other assets in to combinations that make their value greater than before and also one who introduces changes, innovations and anew order. A Psychologist defines an entrepreneur as a person who is typically driven by some forces, which create a desire to obtain or attain something. A sociologist defines entrepreneur as a person whose actions would determine his social status and who contributes to the development of the society. Management experts define entrepreneur as a person who has a vision and generates an action plan to achieve it. The word itself is derived from the 17th century French verb “Entrepreneur” and the German word “Uternehmen” both referring to individuals who are ‘undertakers’, i.e. those who ‘undertook’ the risk of new enterprise. They were contractors who bore the risks of profit or loss; they were soldiers of fortune, adventurers, builders or merchants Though many traits taking, innovation has been associated with the term entrepreneur, Which portrays an image as if entrepreneurs are only those individuals who take up the challenges of creating a business with new concept and ideas? But this is not true. Research scientists like Edward de Bono have pointed out that the most important t variable required for entrepreneurship is not innovation, but value addition. Which means that is not always important that an individual comes up with an entirely new idea to be called an entrepreneur. If he is adding incremental values to the current product or service he can rightly be called an entrepreneur.