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I came to realize that entrepreneurship has been there for so many years and that there are many people who cannot define correctly who an entrepreneur is. This is because there is a disagreement of whether entrepreneurs are born or made. By the way, are entrepreneurs born or made? I'm afraid if we start this discussion we might not come to a conclusion.
Why is it that there is no universal agreement whether entrepreneurs are born or made? First, entrepreneurs are born because there are some people who have come up with new business ideas that are currently recognized as successful businesses but these people were never educated on how to become entrepreneurs. On the other hand entrepreneurs are made because there are some successful entrepreneurs who have studied entrepreneurship courses (diploma and degree programs) offered by colleges and universities.
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Is it true that people have not succeeded in defining who a true entrepreneur is?
My own personal experience was that for ten years we ran a research center in entrepreneurial history; for ten years we tried to define the entrepreneur. We never succeeded. Each of us had some notion of it-what he thought was, for his purposes, a useful definition. And I don't think you're going to get farther than that-By Arthur Cole.
According to what I studied in high school under the subject of business, an entrepreneur is "a person who sets up successful businesses and business deals." But this definition does not bring out a clear definition because not everyone who sets up a business and is running it successful is an entrepreneur. There is more of who a true entrepreneur is other than setting up a business and running it successfully.
Economics and business people don't seem also to agree on who is a true entrepreneur. From economist point of view, "The entrepreneur is one who is willing to bear the risk of a new venture if there is a significant chance for profit. Others emphasize the entrepreneur's role as an innovator who markets his innovation. Still other economists say that entrepreneurs develop new goods or processes that the market demands and are not currently being supplied."
Entrepreneurship concept first came into existence in the 1700s. Since then it has evolved to what it is now today. Despite the failure of defining who a true entrepreneur is, we can all agree that entrepreneurs play a major role in enhancing the lives of people in many different ways. They come up with new ideas which have led them to create business organizations.
These organizations apart from creating job opportunities directly or indirectly they also serve people in various ways. Entrepreneurs are viewed as people who either create new products or improve the existing products so as to solve problems facing people.