Developing Entrepreneurship among Academicians

Abstract

The word 'Entrepreneur' first appeared in the French language and was applied to leaders of military expedition in the beginning of the sixteenth century. After 1700 it was applied to other types of adventures. Then in the 18th century Ricard Cantillan designed that anybody engaged in economic activity was entrepreneur. In 1815, J.B. Say added the functions of organising, coordinating and supervising to the activities of an enterprise. According to Evan's, "entrepreneurs are persons who initiate, organise, manage and control the affairs of a business unit that combines the factors of production to supply goods and services, whether the business pertains to agriculture, industry, trade or profession: Marshall treated entrepreneur as an undertaker of risk, bringing together factors of production; Adam Smith regarded him as a provider of capital; Hegan remarked him as 'creative problem solver'. An entrepreneur must be quiet energetic, alert to new opportunities, able to adjust to changing conditions, and willing to assume risk.