Creating Innovative Entrepreneurship

Abstract

Entrepreneurship appeared in the French Language first. In the early 16th century it was applied to persons engaged in military expeditions. Subsequently it was extended to cover construction and other civil engineering activities in the 17th century. In the 18th century the concept was used to refer economic activities. Richard Cantillon, a French Banker, applied the word "entrepreneur" to mean a person who bears uncertainty and risk. According to Richard Cantillon - an entrepreneur is the agent who buys factor of production at a certain price in order to combine them into a product with a view to selling the same at uncertain prices of future J.B. Say, a French Economist, has defined an entrepreneur as an economic agent who units all means of production to produce products and sell prices of factors of production. Remaining sales revenue will be his reward i.e. profit or surplus. More recently one of the ILO publication defines entrepreneurs as people who have the ability to see and evaluate business opportunities with the view to take advantage of the same by taking necessary initiatives to ensure success.