Role of Entrepreneur in Modern Society

Entrepreneurs are thought to be very important for any business entity because they are the sole reason for existence of any business project. The history of entrepreneur word is very old and it was first used in 17th century. The dictionary in which entrepreneur word was used for the first time was written by Jacques de Bruslons and the name of the dictionary was Dizionario Universale del Commercio. this dictionary was written in French and it came to market in 1723. Entrepreneur is a French word and it was defined by Richard Cantillon. Entrepreneur is a loanword, it means that British has loaned this word from French. If a person takes imitative on a project and the responsibility of that project lies on him purely then such a person was called entrepreneur at that time. However this definition changed many times and in 1961 David McClleland defined entrepreneur in another way. According to him entrepreneur was that person whose needs for achievements are higher than other people. He further defined that to achieve their goals, entrepreneur should be risk taker and energetic person. Peter Drucker who is thought to be guru of many business subjects presented his definition of entrepreneur in 1964. Peter Drucker said that an entrepreneur never waits for opportunity instead he creates opportunities for his business proposition. Continuing his definition further, entrepreneurs are the one who like changes because these changes create opportunities for their businesses.
Innovation is the factor on which the profit of entrepreneur depends. resources available in this world are scarce and are same all over the world. So if an entrepreneur wants to make profit then he should present these resources in such a way that people find it more attractive than the other. According to many economists entrepreneur earns profit by utilizing his mind because he doesn’t own any thing except the idea. An entrepreneur is that person who takes building of someone else, employs labor and convinces someone to finance his idea. Buildings taken by these people are mostly on rent and same is the case with labors. It may seem quite simple and easy to manage resources like that but in real it is a very hard activity. In old days there were no institutions from where businessmen can seek guidance about their businesses. But now there are number of institutions in which they give entrepreneur education. These institutions are now spread all over the world and they are called entrepreneur schools. These schools guide people about different qualities of entrepreneurs and they also help their students to improve those qualities. For this purpose they conduct different entrepreneur seminars. The basic purpose of these seminars is to create awareness that what problems are faced by an entrepreneur and how they can solve it. They also teach people how to use financial model template. This template helps people in calculating the sales and costs of their business which enables them to analyze their business more carefully.