In the words of Jean-Baptiste Say, a French economist “The entrepreneur shifts economic resources out of an area of lower and into an area of higher productivity and greater yield.” A person who starts his own business for the sake of earning profit in spite of many difficulties is called an entrepreneur. An entrepreneur can be small in nature. A person who expands his home business says as jewelry is also an entrepreneur. Even multinational companies like Britannia are also an example of an entrepreneur. Britannia Industries Go Air was not doing well in the market. There was only 60% the occupancy in the planes. Go Air went off the air for one and a half years. In economics, the profits that an entrepreneur makes are from a combination of land, natural resources, labor, and capital. Entrepreneurs transform the world in seconds. Considering the example of Elon Musk who sent people, Steve Jobs made Apple Mac. Bhavesh Agarwal starting Ola. A person becomes an entrepreneur for various reasons such as interest in innovation, making a change in society, wanting to be the boss, and wanting to generate some revenue and contribute to the GDP of the country.
There are basically four types of Entrepreneur
• Coasting - Such types of entrepreneurs wait for their type. They are basically reactive in nature.
• Conservative - Entrepreneurs of such type utilize the available resources only.
• Aggressive - Entrepreneurs of such nature are always first in line. They are mostly proactive in nature.
• Innovator/Revolutionary - Such types of entrepreneurs always come up with new ideas or thoughts. Examples of such Entrepreneurs namely Steve Jobs.
The impact of Covid-19 has given rise to many entrepreneurs. Basically, if a person has money and is ready to take risks can become an entrepreneur. The SAGE University has an Entrepreneurship Development Cell, where activities such as skill development and idea generation are being done for the students by inviting the well-known entrepreneurs.
Dr. Runu Mondal
Sage School of Management
SAGE University Bhopal