An entrepreneur is a person who is the owner of a new enterprise, venture or idea and is accountable for the inherent risks and the outcome.
To put it in simple words an entrepreneur is someone who seeks the opportunity, organizes resources needed for working out on that opportunity and exploits it. Computers, Television, Mobile phones, washing machines, ATMs, Credit Cards, Courier Service, and Ready to eat Foods are all examples of entrepreneurial ideas that got changed into products or services.
Some of the definitions of entrepreneur have been given below:
Joseph. A .Scum peter defines an entrepreneur as a person who innovates, raises money, assembles inputs, chooses managers and sets the organization going with his ability to identify opportunities which others are not able to identify and is able to make use of them.
Peter Drucker defines an entrepreneur as one who always searches for a change responds to it and exploits it as an opportunity. An entrepreneur innovates. Innovation is a specific instrument of success available to entrepreneur
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Source: Peter F Drucker (1985). Innovation and Entrepreneurship.
Characteristics of an Entrepreneur:
Mental Ability - Entrepreneur must have creative thinking and is able to analyze problems and situations. He should be able to foresee changes.
Business Secrecy - He should hide and protect his business secrets from his competitors.
Clear Objectives - The objectives has to be clear in his mind regarding the nature of business and goods to be produced.
Human Relations - The relationship between the entrepreneur, customers and employees e.t.c. has to be good. It is important to maintain personal relations, tactfulness, stability in emotions and consideration with customers, employees, etc.
Communication Ability - Good communication skill is the asset for any entrepreneur as it eases the understanding between anyone working or dealing within or outside the company.
Source: Vasant Desai (2001). Dynamics of entrepreneurial development & Management.
So we can say that an ENTREPRENEUR:
â€¢ Is a person who develops and owns his own enterprise.
â€¢ Is a moderate risk taker and works under uncertainty for achieving the goal.
â€¢ Is innovative
â€¢ Reflects strong urge to be independent.
â€¢ Persistently tries to do something better.
â€¢ Dissatisfied with routine activities.
â€¢ Prepared to withstand the hard life.
â€¢ Determined but patient
â€¢ Exhibits sense of leadership
â€¢ Also exhibits sense of competitiveness
â€¢ Takes personals responsibility
â€¢ Is Oriented towards the future.
â€¢ Tends to persist in the face to adversity
â€¢ Converts a situation into opportunity.
The word entrepreneurship is derived from the French verb "Enterprendre". The French men who organised and led military expeditions in the early 16th century referred to as Entrepreneurs.
Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business insight in an effort to change innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most understandable form of entrepreneurship is that of starting a new business (referred as Startup Company); however, in recent years, the term has been extended to incorporate social and political forms of entrepreneurial activity.
According to A.H. Cole - "Entrepreneurship is the purposeful activity of an individual or group of associated individuals, undertaken to initiate, maintain or aggrandize profit by production or distribution of economic goods or services".
According to Peter. P. Drucker - "Entrepreneurship is neither a science nor an art. It is a practice. It is knowledge base. Knowledge in entrepreneurship is a means to an end, that is, by the practice".
Types of Entrepreneur and their features:
Business Entrepreneurs - It is refers to the individuals who conceive an idea for the product or service and makes the business around it. For example - Pen production and marketing. The establishment of the business can be of big and small in size.
Trading Entrepreneurs - It refers to the person who is not considered with manufacturing but only undertakes trading activities. He is the one who identifies market, stimulates demand for product line among buyers.
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Industrial Entrepreneurs - Essentially a manufacturer, a person who identifies the need of a customer and tailors a product. They are the one who converts economic resources and technological resources in to profitable ventures. for example electronic industry and textile units.
Corporate Entrepreneurs - A person who demonstrates his innovative skill in organising and managing corporate undertaking.
Agriculture Entrepreneur - It refers to the person who undertakes agricultural activities as raising and marketing of crops, fertilizers etc. Example - agricultural tourism and manufacturing and marketing of fertilizers.
Technical Entrepreneurs - Its can be considered as a craftsman. They concentrate more on production and less or negligible on sales.
Source: Shane, Scott "A General Theory of Entrepreneurship: the Individual-Opportunity Nexus", Edward Elgar, 2003, ISBN 1-84376-996-4
Steve Jobs is an American inventor and the CEO and co-founder of Apple Inc., a leading manufacturer of electronic devices including the Macintosh Computer (MAC), iPod, iPhone, and the music and video software iTunes. He was CEO of Pixar Animation Studios until it was acquired by Disney in2006. Although he is known as a business and sales wizard, Steve Jobs is credited with many of the electronic inventions now patented by Apple.
Steven Paul Jobs was born in San Francisco on 24th February 1955 to Joanne Carole Schieble and Syrian Abdulfattah John Jandali and adopted by Paul and Clara Jobs. He attended the Cupertino Middle School followed by high school at Homestead H.S. in the same town of Cupertino. He spent his childhood in the South Bay area, a region that would later become known as Silicon Valley. During high school Jobs held a summer job at the Hewlett-Packard Company in Palo Alto prior to attending college. His original association with Steven Wozniakbegan was a result of attending lectures and working at HP.
Although he attended Reed College in Portland, Oregon, Steve Jobs never graduated, having only spent about six months at college. He returned to California in 1974 and began attending meetings of the Homebrew Computer Club with his friend Wozniak. At the same time he took a job at Atari to save money for a spiritual retreat to India. While working there he discovered that a popular whistle recreated the tones needed to make long distance phone calls with AT&T. Jobs convinced Wozniak to go into business with him to create "blue boxes" and sell them to people wishing to make free long distance phone calls.
Jobs ended up backpacking through India but returned to work with Atari. He continued to work with Wozniak on other projects and finally convinced him to market a computer Wozniak had built for himself. On April 1, 1976, Apple Inc. was born. Although the business started with printed circuit boards, Steve Wozniak and Steve Jobs eventually created their first personal computer, the Apple I, and sold it for $666.66. They later followed it with the Apple II, a large success for their business. Apple Inc. began selling shares in December of 1980.
As the company grew, so did its merchandise and the hugely successful Macintosh was introduced to the public in 1984 and became the first personal computer with a graphical user interface (GUI) through which individuals could interact with the items on the screen.
Steve Jobs was the founder and inspiration for the Apple Company, but he was slowly pushed out for "aggressive and underhanded tactics" Employees said he had a temper, and was usually stubborn After an internal power struggle, he was eventually kicked off the board of directors Jobs protested and resigned, even though he stayed the chairmen for some time. He was so upset, he sold all but one of his Apple shares During this time, Jobs bought what became "Pixar" from Lucas film for $5 million He also started the computer company "NeXT Computer" Though it never went very mainstream, due to high costs, it was responsible for many important innovations, including "NeXTMail", Jobs email program that supported embedded graphics and sounds and the original World Wide Web system (www).
As Apple grew even more, Jobs experienced tension with the board and the struggles led to Jobs leaving Apple in May of 1985.Steve Jobs went on to create the company called NeXT in 1986. Although it began as a company designed around aesthetic interpersonal computing, it later focused more on software development. NeXT ended up playing a major role in the development of email and the worldwide web.
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In 1986, Jobs bought The Graphics Group (later renamed Pixar) from Lucas film's computer graphics division for the price of $10 million, $5 million of which was given to the company as capital.
In 1996, Apple announced that it would buy NeXT for $429 million. The deal was finalized in late 1996 bringing Jobs back to the company he co-founded. He soon became Apple's interim CEO after the directors lost confidence in and ousted then-CEO
Apple bought NeXT in 1996 and reinstated Jobs as the Chief Executive Officer. His current annual salary is $1, but he receives executive gifts from the board that give better tax advantages than does his salary. He is well known for his work ethic as well as his bad temper, but has consistently helped to grow Apple from a company bordering on bankruptcy in the 1990s to a very successful company today. Steve Jobs has helped establish the new electronic divisions and personally helped to create the iPod, iphone, and other personal devices.
Source: Steve Jobs, (2011). Long Bio [Online] Available at: http://www.allaboutstevejobs.com/bio/long/01.html ( Accessed: 23 March 2011)
He was awarded the National Medal of Technology from President Ronald Reagan in1984 with Steve Wozniak (among the first people to ever receive the honour) and a Jefferson Award for Public Service in the category "Greatest Public Service by an Individual 35 Years or Under" (aka the Samuel S. Beard Award) in 1987.
On November 27, 2007, Jobs was named the most powerful person in business by Fortune Magazine.
On December 5, 2007, California Governor Arnold Schwarzenegger and First Lady Maria Shriver inducted Jobs into the California Hall of Fame, located at The California Museum for History, Women and the Arts.
In August 2009, Jobs was selected the most admired entrepreneur among teenagers on a survey by Junior Achievement.
On November 5, 2009, Jobs was named the CEO of the decade by Fortune Magazine.
In November 2009 Jobs was ranked #57 on Forbes: The World's Most Powerful People.
In December 2010, the Financial Times named Jobs its person of the year for 2010.
Steve is in the Guinness Book of World Records as the "Lowest Paid Chief Executive Officer", with a salary of just $1.
Source: Michael Pena. (2005). Steve Jobs to 2005 graduates: 'Stay Hungry, stay foolish' [online]. Available at: http://news.stanford.edu/news/2005/june15/grad-061505.html (Accessed: 24th March 2011)
Steve Jobs as an entrepreneur:-
It is evident that most of the entrepreneurs come from the various age levels, income levels, genders and race and from different ethical backgrounds. They have their own set of personal attributes which includes: Creativity, dedication, determination, flexibility, leadership style, passion, self- confidence and smart these all attributes makes them stand out of the crowd.
Creativity:- In today's fast paced world competitive business environment requires companies to implement the process of innovation- It is a process of generating a new idea leading to start or make, a new or existing business firm or idea to reach a new successful level.
Dedication: - Success in any business can be achieved by the conscious effort and dedication. Any entrepreneur always does the things on right time with right planning and ideas adjoined with the hard work, this leads business to a successful venture. Dedication towards work encourages them to work hard. For them money is not the priority, it's the rewards which plays the vital role.
Flexibility:- It is very important for business because sometimes situation demands changes in plans and strategy, entrepreneur should use flexibility in order to correct mistakes, errors and in efficiencies. It is a way of handling a business with authority to change when the system demands. A Successful entrepreneur always has to be ready to make any changes according to the customers demand. Example:- Apple first comes up with the IPod in the market but when they realize that there is a market demand for Phone incorporated with the media player, they introduced their new invention Iphone .
Leadership: - According to Steve Jobs, Focus is critical for effective leadership, with so many options choosing the right one can be extremely difficult. Small changes can have big results, if you focus on the key issues and execute relentlessly on those key issues. To focus on the most important issues means you have to say not to a whole range of alternative opportunities. As a leader you have to be ready for setbacks. Setbacks are the part of life and whether you become successful or not often depend on your ability not to give up. It is a attribute to show that Never-say-die team.
Source: HGIC (2011). Steve Jobs, Entrepreneur(Reed College) [Online]. Available at: http://geekornot.com/corporate/steve-jobs-entrepreneur-reed-college/ (Accessed 26th march 2011)