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ROLE OF ENTREPRENEUR
ENTREPRENEUR
A person responsible for setting up a business. In an advanced economy an individual who introduces something new in the economy a method of production not yet tested by experience in the branch of manufacture concerned, a product which consumers are not yet familiar with, a new source of raw material or of new markets and the like. Joseph Schumpeter
Perceives opportunities for profitable investments Explores prospect of starting such enterprise Obtains necessary industrial licences Arranges initial capital Provides personal guarantees to financial institutions Supplies technical know-how
Organisation
Urge
Innovation
Skill
Risk
Vision
Growth
Enterprise
Management
ENTREPRENEURSHIP
Creative human act involving mobilisation of resources from one level of productive use to a higher level of use.