Every entrepreneur is obliged to the French language. The word entrepreneur derived form the French language that simply means a person who does a business activity. There are other dimensions to this word that has wider perspectives. The important aspect in an entrepreneur is the leadership quality. Managerial skills combined with leadership quality in conducting business or commercial activity involving risk factor is termed as entrepreneurship and the person who involved is termed as entrepreneur. The Irish French Economist Richard Cantillon defined the term as it denotes a person who involved in the activity of buying certain goods for a price and sells it for an uncertain price that includes the factor of uncertainty. The term entrepreneur was first published in the French Dictionary “Dictionnaire Universel de Commerce” in the year 1723.
The studies conducted in the psychological aspects of an entrepreneur suggest that strong personality trait is the most important factor in an entrepreneur. Managerial skills in management ability in crisis, team building quality and leadership are the most important factors that constitute an entrepreneur. These qualities in an entrepreneur are suggested by Robert B. Reich after conducting long term research in the attributes that create an entrepreneur. The attributes in an entrepreneur is the results of several factors. Social and economic factor plays an important role in constructing an entrepreneur. Another interesting factor regarding an entrepreneur is the gender difference. Even though there are disputes regarding gender inequality certain factors relating to male and female entrepreneurs suggest that, female entrepreneurs and male entrepreneur share similarities in the management capability and leadership. In many developed nations female entrepreneurs enter into the field of entrepreneurship with the opportunity driven factors rather than necessity oriented factors. The male entrepreneurs share the space with necessity driven factors and possess extreme negotiating skills and consensus forming abilities more than their female counter parts. The similar trait attributed to both male and female entrepreneurs are the innovative thoughts in introducing new ideas and technologies. A true entrepreneur has to be a creative person in all aspects to introduce new or innovative ideas. There is also n exaggerated aspect about entrepreneurs that they are unusual individuals. But this aspect gives a negative shade in the attributes in an entrepreneur. The image of unusual individuals always project perspective of heroism in an entrepreneur. Some theorists argue that the qualities in an entrepreneur need to be identified methodically and not by unusual attributes.
Several scholars and theorists had given different definitions about entrepreneurs. In the year 1803 Jean Baptist gave a new aspect to the entrepreneurs stating that they are the persons who generate profit by shifting from a lower economic resources area to higher area that gives maximum productivity and yield. In the year 1934 Schumpeter gave a more clarified definition of an entrepreneur that he is a person who erases the existing products and services and replaces them with new products and services. Among several other definitions these two definitions gives the exact features of an entrepreneur in the olden times. The definitions had also undergone changes in the modern period. The definition given b W.B Gartner is suitable for the entrepreneur in the 21st century. He affirms that an entrepreneur is a, person who started a new business where there was none before.”
In the year 2011Fauchart and Gruber stated that entrepreneurs can be classified in to three main categories. Darwinians, Communitarians and Missionaries. As the classification suggests their perspective differ but the common focus is basically on establishing the activity that give higher profits.
It is evident from various definitions and theories that an entrepreneur is a person with higher level of aptitudes and skills that are the essential requirements in the creation of any commercial activity that has higher risk element.