Definition Of Entrepreneurship

Chapter I

THE PROBLEM AND ITS SETTING

Introduction What makes a successful entrepreneurial leader? Is it because of their personality? Skills? Or their behaviours. Entrepreneurship is a complex concept, which many scholars in the field of economy, sociology, psychology and sciences have tried to define. Despite all efforts, no consensus has been reached regarding the boundaries of the definition of entrepreneurship. However, many scholars agree that the field of entrepreneurship positively influences on a country’s economy. According to Kjeldsen and Nielsen (2000, p.6), creating new enterprises constitute the base for “maintaining a country’s international competitive power, economic development, employment, and standard of living.This research

The word entrepreneur was originally employed in the Middle Ages and signified “a person who is active, who gets things done” (Swedberg, 2000, p.11) “Entrepreneurship is a complex concept, which many scholars in the field of economy, sociology, psychology and sciences have tried to define. Despite all efforts, no consensus has been reached regarding the boundaries of the definition of entrepreneurship. However, many scholars agree that the field of entrepreneurship positively influences on a country’s economy” Bendixen and Migliorini (2006). According to Kjeldsen and Nielsen (2000) creating new enterprises constitute the base for “maintaining a country’s international competitive power, economic development, employment, and standard of living”. A contemporary definition from the Cambridge on-line 5 dictionary defines the term of entrepreneur as “a person who attempts to make a profit by starting their own company or by operating alone in the business world, especially when it involves taking risks”. From Baumol’s (1990) point of view entrepreneurs are “persons who are ingenious and creative in finding ways that add to their own wealth, power and

Simon (2007) found that no evidence to substantiate that entrepreneur are more self confident than non entrepreneurs and over confidence is bad for success in business, success as an entrepreneur is primarily determined by the individual’s smartens. According to Nandram and Samson (2007) the main determinants of a successful are found to be – watchful to spot the opportunities, persuasive, goal oriented, self confidence, creativity, courage, trustworthy, ambitious, capacity for empathy, perseverance and locus control. There was a significant relationship between need for achievement, innovation, internal locus of control, marketing and lack of bureaucracy and success entrepreneur. “Those entrepreneur’s personal characteristics such as need for achievement, need for cognition and internal, locus of control have positive influencer on firm performance” David and Edward