Monday, March 30, 2009

What makes an entrepreneur?

Occasionally, because the ridiculously long word is in my title, I get asked what the definition of "entrepreneur" is.

Most people probably think its anyone who has started a business, but I'm basically uncomfortable with that because it just doesn't seem right. Alas, today I was looking through an old book in my office and I found a pretty interesting perspective on what exactly makes up an entrepreneur.

Basically they share the Seven Perspectives on the Nature of Entrepreneurship. The title of the book is "Corporate Entrepreneurship" and is written by Michael H. Morris and Donald F. Kuratko.

Here are the seven perspectives. Good food for thought...

1. Creation of Wealth - Entrepreneurship involves assuming the risks associated with the facilitation of production in exchange for profit.

2. Creation of Enterprise - Entrepreneurship entails the founding of a new business venture where none existed before.

3. Creation of Innovation - Entrepreneurship is concerned with the unique combinations of resources that make existing methods or products obsolete.

4. Creation of Change - Entrepreneurship involves creating change by adjusting, adapting, and modifying one's personal repertoire, approaches and skills to meet different opportunities available in the environment.

5. Creation of Employment - Entrepreneurship is concerned with employing, managing, and developing the factors of production, including the labor force.

6. Creation of Value - Entrepreneurship is a process of creating value for customers by exploiting untapped opportunities.

7. Creation of Growth - Entrepreneurship is defined as a strong and positive orientation towards growth in sales, income, assets, and employment.

(by Brandon Marshall, Business & Entrepreneurial Dvlpmt program manager, WBC)

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