Entrepreneurship’ take advantage of them and to initiate appropriate

Entrepreneurship’ is a generic term that subsumes many issues. It has,
therefore, been defined in very many ways. Rabboir, (1995) listed twenty
definitions of ‘entrepreneurship’ from various authorities on the subject. He
concludes that efforts to reach a consensus on the subject have not been
successful and various analysts are changing their definitions as work, study
and experience in the field evolve. Given the elusive definition of
entrepreneurship, it is increasingly recognised that what is of great consequence is not what
‘entrepreneurship’ is or who ‘entrepreneurs’ are, but rather what they do or
the ways in which different types of people, at different stages in the lives
of their enterprises will respond to assistance of various types. Schnurr and
Newing, (1997)

Doing new things or doing things that are already being
done is a simple definition of entrepreneurship. It can be described as a
creative and innovative response to the environment. Such responses can take
place in any field of social Endeavour-business, agriculture, education, social
work and a like. Knowledge about the economic-political environment, more
particularly about the economic policies of the government and the financial as
well as commercial institutions, is important for the entrepreneur.

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Putting all this in mind, an entrepreneur is the one who
organizes, manages and assumes the risk of an enterprise. An entrepreneur
visualizes a business, takes bold steps towards establishing an undertaking. He
coordinates the various factors of production and gives it a start. He is the
owner of the business who contributes the capital and bears the risk of
uncertainties in business life. Entrepreneur is action –oriented and highly
motivated. He has the ability to evaluate business opportunities, to gather the
necessary resources to take advantage of them and to initiate appropriate
action to ensure success.

He is associated with innovations. He is the main factor
of production. He takes decisions regarding what to produce, how to produce,
where to produce and for whom to produce. He mobilizes other factors of
production namely, land, labour, capital, as well as organizes and initiates
production process. He is responsible for both the profit and the loss too.

Entrepreneurship is different from management. Paul H. wilken
(1979), explains that entrepreneurship involves initiating changes in
production, where as management involves the ongoing coordination of the production
process. He states that entrepreneurship is a discontinuous phenomenon,
appearing to initiate changes in the production process and then disappearing
until it reappears to initiate another change. Entrepreneurship is all about
“change”. Entrepreneurs see change as the norm and as healthy. Usually they do
not bring about change themselves. (That is, they are not usually innovators).
But the entrepreneur always searches for change, responds to it, and exploits
it as an opportunity”. As written by peter ducker but they might just as easily
have come from the pen of Schumpeter who popularized the term
“entrepreneurship” who also added that the whole process of economic change
depends on the person who makes it happen-the entrepreneur.

Looking
at the different conceptualizations of the term entrepreneur and Entrepreneurship,
it becomes apparent that a clear-cut and controversy-free definition is nowhere
within reach. Entrepreneurship cannot be wholly confined to Schumpeter’s
innovating activity. A business manager, for instance, who astutely guides,
organizes, directs or co-ordinates the operations of a business venture, by
making decisions on the use of productive factors, or the nature, quality, and
style of products or services to be produced and on marketing and time factors,
is, indeed, an entrepreneur. In so doing, the manager may out rightly innovate
or as is more commonly the case, exercise creative imitation, often referred to
as adaptation

But given that this paper aims towards at least
tentative suggestions for the promotion of entrepreneurship in the newly
industrializing economies, it needs more definitional rigour. Without it, the
issues relating to entrepreneurship and growth of enterprises cannot be
properly debated and policy issues cannot be precisely crafted. This paper
adopts a definition of ‘entrepreneurship’ along the lines proposed by
Stevenson. According to Stevenson, 
‘entrepreneurship’ is “the process whereby individuals become aware of
business ownership as an option or viable alternative, develop ideas for
business, learn the process of becoming an entrepreneur and undertake the
initiation and development of a business”. It is the “practical application of
enterprising qualities, such as initiative, innovation, creativity, and risk-taking
into the work environment in order to promote economic growth by using the
appropriate skills necessary for success in that environment and culture in
which he or she is operating.

The application of these qualities, a process known as
‘entrepreneurism’ leads to ventures in the social, political or business
spheres. The emphasis in this paper is on self-employment. We define
‘self-employment’ as anyone who works for himself or herself but for anyone
else, except under arm’s-length contracts (OECD, 2001). This definition by OECD
includes those who work alone – at home, from a workshop-truck or in separate
businesses.