Abstract:
Like the individual entrepreneur, the term entrepreneur is also dynamic. The term entrepreneur has been described and designed in many form and ways. In the 17th century the term denoted an unique characteristic function of bearing non-insurable risk. Schumpeter has been credited for bringing in the human element as well as a unique function of entrepreneur into being. He advocated that the entrepreneur is another factor of production in addition to other structural factors. He also posited that sheer innovation differentiates an entrepreneur from others. Schumpeter has described an entrepreneur as a man of action who possesses the ability to inspire others and one does not accept the boundaries of structured situation. The later took due from Schumpeter and investigated several aspects relating to individual entrepreneurs.
