Abstract:
Like the individual entrepreneur the term entrepreneur is also dynamic. The term entrepreneur has been defined in many forms and ways in the 17th century the term denoted a unique characteristic function of bearing non-insurable risk. Schumpeter has been credited with bringing in human elements as well as innovation as a unique function of entrepreneur into being. He advocated that the entrepreneur is an important 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 who does not accept the boundaries of a structured situation. The later researchers took cue from Schumpeter and investigated several aspects relating to individual entrepreneurs. This paper aims at studying the leadership styles preferred and adopted by first and second generation entrepreneurs respectively.
