Friday, June 10, 2011

Entrepreneur playing the role of different individuals.

Different scholars have defined the entrepreneur as a different role player in the different stages of business. The most common of them are these three-
  1. Risk Bearer
  2. Organizer
  3. Innovator
Risk Bearer:
An Irish gentleman Richard Cantillon, in the early eighteenth century has defined an entrepreneur as a risk bearer. According to Cantillon, an entrepreneur is someone who purchases the factors of production in a certain price and sells his products in an uncertain price. For example: A farmer borrows land, labor and capital combines these and purchases the raw materials in a certain price, but after production he sells it to the merchant in a price that is uncertain to him. Again, in case of the merchant, he buys the product from the farmer in a certain price but sells it to the wholeseller or retailer in an uncertain price. In the above processes the farmer and the merchant both are entrepreneurs on their part of business.
Organizer:
According to the Jean Baptiste Say, an entrepreneur is someone who combines the factors of production (i.e. land, labor and capital), and who have the mentality of uncertainty of profit. For example: Michael Dell, the founder of Dell Computers has combined the factors of production though he was uncertain about the profit undertook the initiative and organized the Dell computer's business.
Innovator:
Josepg A. Schumpeter, an Austrian-American, revealed some new characteristics of an entrepreneur in 1934 A.D. The theory he gave was, an entrepreneur should have the following characteristics-
  • Finds new sources fo supply of raw matreials.
  • Makes new combinations of the factors of production.
  • Introduces new product in the market.
  • Institutes modern and new technology of production
  • Opens a new market for the product,
  • Creates a monopoly market.
  • Carries out a new form of the organization
Overall changes the environment of the age old system of the market of any product.

Source: Here

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