Module 1: Entrepreneurship Definitions

Definition of entrepreneurship

• Process of setting up, development and expansion of a business entity
• Study of entrepreneurial behaviors and business dynamics
• Entrepreneurship is aided collaboratively by government, education and institutions

Definition of an entrepreneur

• A person who undertakes a job ( Richard Cantillon - 1975 )

Functional definition of an entrepreneur

• A person who create and / or lead a business entity, and nurture them for growth and prosperity
• The growth of the business depends on four dimensions, individual, organizational, environmental and process

Is the picture of the plant significant to the definitions? Yes. Imagine that an entrepreneur is a farmer, which is YOU. You buy the seeds from a store, and then find a place where to bury that particular seeds. In this case, the seeds represent business entities. The process of planting those seeds signifies actions of setting up such entities. When the plants grow, this is what we refer as business development. As the plants grow bigger, this represent expansion. However, during the growth of such plants, you need to nurture them, which is the same thing that you are going to do with your business as an entrepreneur. While you wait, of course, you will be observing how your plants grow, which defines entrepreneurial behavior and business dynamics.