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Adam Smith
He defined entrepreneur as “an individual, who forms an organisation for commercial purpose -who is a capitalist.” To Adam Smith, “the entrepreneur is a proprietary capitalist, a supplier of capital and at the same time, works as a manager intervening between the labour and capital.” Adam Smith treated the entrepreneur as an employer, master, merchant and undertaker but explicitly he identified him as a capitalist. -
Jean Baptiste
“An entrepreneur is the economic agent who unties all means of production, the labour force of the one and the capital or land of the others and who finds in the value of the products his results from their employment, the reconstitution of the entire capital that he utilises and the value of the wages, the interest and the rent which he pays as well as profit belonging to himself.” -
David Ricardo
The labour theory of value states that the value of a good could be measured by the labour that it took to produce it. The theory states that the cost should not be based on the compensation paid for the labour, but on the total cost of production. -
Jhon Stuart
John Stuart Mill described entrepreneurship as the founding of a private enterprise. This encompassed the risk takers, the decision makers, and the individuals who desire wealth by managing limited resources to create new business ventures. -
Joseph Schumpeter
“Entrepreneur is a person who foresees the opportunity and try to exploit it by introducing a new product, a new method of production, new market, new source of raw material or new combination of factors of production.” -
Peter Drucker
“Innovation is the specific tool of entrepreneurs, die means by which they exploit changes as an opportunity for a different business or a different service. It is capable of being presented as a discipline, capable of being learned and practiced. Entrepreneurs need to search purposefully for the sources of innovation, the changes and their symptoms that- indicate opportunities for successful innovation. And they need to know and to apply the principles of successful innovation.” -
Howard Stevenson
Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled,” what he meant was people who pursue a solution or a dream despite the apparent challenges or barriers are those who are truly entrepreneurs. -
Scott Kundel
He defines entrepreneurship as the activity entrepreneur who manages radical and discontinuous change, or strategic renewal regardless of whether this strategic renewal occurs inside or outside existing organizations, and regardless of whether or not this renewal results in the creation of new business entity.