Entrepreneur - class-X

Entrepreneur uses his/her skills and knowledge to bring together all the other factors of production in order to produce goods and services in the economy.

Visionaries: Social entrepreneurs often seem to be possessed by their ideas,committing their lives to changing the direction of their field. they are visionaries and concerned with the practical implementation of their vision above all else.

Greg Dees ,co-founder of the Center for the Advancement of Social Entrepreneurship at Duke University and a member of the Impact Entrepreneurs advisory board,wrote the definition of social entrepreneurship.

Susan B Anthony (U.S) fought for Women' Rights in the US ,including the right to control property and helped sprearhead adoption of the 19th amendment.

Social entrepreneuship is a global revolution where individuals (known as social entrepreneurs) developed and implemented innovative and effective solutions to society's most pressing social problems. They are ambitious and persistent with regards to tackling major environmental issues around the world.

Social entrepreneurs are individuals with innovative solution to society's most pressing social problems.They are ambitious and persistent.They can tackle major social issues and offer new ideas for wide-scale change.

A social entrepreneurship organization uses methods to address the social problems or any change in the society.It also deals with the environmental problem.

Business as entrepreneurial hubs is one of the major drivers identified by the Expert Committee on Innovation and Entrepreneurship with a view to give substantial boost to the innovation ecosystem and to catalyze the entrepreneurial spirit in the country.

US Small Business Administration is a United States' government agency that provides supports to entrepreneurs and small businesses.

Vinoba Bhave(India): Founder and leader of the Land Gift Movement,he causd the redistribution of more than 7,000,000 acres of land to aid India's untouchables and landless.

Social entrepreneurs act as the change agents for society,seizing opportunities others miss and improving systems and creating solutions to change the society for better.

Social entrepreneurs are individuals who act as an agent to change the society for better. They can tackle social issues with innovative and creative methods. They also offer wide range of ideas and act boldly .

Limited access to early stage capital is one of the major challenges faced by social entrepreneurs as they do not follow conventional way of doing business.

John Muir is a Scottish-American naturalist. He is also known as "Father of Natural Parks". He is the founder of Seirra Club.

To ensure a smooth return on funding accumulated by social entrepreneurs, different kind of investors should be offered with different risk which they will have to bear if they invest their money.

Social enterprise model gives the most preference to the social value. Social entrepreneurs upholds the social and ethical value like,providing affordable health care,basi foodstuffs etc.

Dr. Maria Montessori (Italy) :She is an Italian physician and educator best known for the philosophy of  Montessori approach  childhood education.She also gained fame for her writing on scientific pedagogy.

The Bill and Melinda Gates Foundation now issues loans,rather than direct funds ,to some of the enterprise it supports ,recognizing that this is an efficient way to leverage its donations and provide organizations with more certain-funding.

Social entrepreneurs usually are not profitable enough to access traditional financial markets,resulting in a financial-social gap. Thus, the funding of social entrepreneurs is essentially a problem of financing structuring.

The process of coordinating land, capital and labour for production is called Entrepreneurship. It is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. Entrepreneurs act as managers and oversee the launch and growth of an enterprise.

The word 'entrepreneur' is derived from the French verb 'entreprendre', which means to undertake.

An entrepreneur must be Farsighted to foresee the changes in the market so that the production could be adjusted accordingly. If a entrepreneur will have the awareness of future possibilities, he will do some adjustment according to it. 

The entrepreneur brings the other 3 factors of production together in  order to  make a product or provide a service. 

An entrepreneur is a person with an idea who takes the risk to pursue the idea and turn it into reality.On the other hand,manager manages the operations and functions of the organizations.

One of the features of an entrepreneur is risk taking, because unless risk is not taken, reward in terms of profits will not be received. 

Innovation is important for entrepreneur because an entrepreneur leads the rest of the firm and constant innovation is required for being competitive in the market and hence create more income for themselves and the country. 

An entrepreneur must have the capability to interact with the people. The entrepreneur should make the people happy and win their confidence. He should be able to understand the nature of the people. He should react according to the person's behaviour.

All the above mentioned functions are performed by an entrepreneur which lead to economic development. He makes investment in the firm, which leads to rise in capital formation in the economy. This in turn generates employment opportunities and increased production goods and services, further, income is earned by people employed and profit is generated. This improves the per capita income in the income, which will further increase capital formation, and hence, sustain the process of economic development.

An entrepreneur has to bear all types of risks connected with the business. The risk may be associated with production, investment, profit or loss of the company, technological and frequent changes in government policies. It is very important function of an entrepreneur.

A manager is responsible for managing daily tasks and problems in a firm. An entrepreneur build the firm from scratch and requires different set of qualities. 

The rent theory was developed by an American economist,Francis L Walker.
He states that profit is the rent of ability.
Entrepreneurs of superior ability earns profit just as superior land earns rent.

Risk theory was coined by FB Hawley who states that risk taking as the main function of an entrepreneur

An entrepreneur undertakes the organization responsibility as he uses his skills and ideas to run the organization.

Udyog Aadhar is a one-page registration form which constitutes a self-declaration format under which the Micro, Small, and Medium Enterprises(MSME)  will self-certify its existence, bank account details,  promoter/owner’s aadhaar details and other minimum information required.

The key characteristics of entrepreneurship are

An entrepreneur is defined as an individual who organizes, manages, and assumes the risks of a business or enterprise.

Entrepreneurship involves identifying opportunities, taking risks, and innovating, which encompasses more than just the routine administrative tasks of organization and management.

In economic theory, profit is the residual income remaining after all other factors of production (land, labor, capital) have been compensated.

An entrepreneur performs multiple roles, including organizing resources, managing operations, and bearing risks, making all these terms applicable.

Entrepreneurs act as catalysts by identifying opportunities and provide direction by allocating resources to specific production processes.

Profit is not a fixed salary; it fluctuates based on the business performance, market conditions, and the level of risk undertaken.

'Bear the sense of responsibility' reflects 'risk bearing' capacity and it is most important function of an entrepreneur.

As the primary risk-bearer and decision-maker, the entrepreneur bears the ultimate responsibility for the success or failure of the business.

Joseph Schumpeter is widely recognized for his theory that entrepreneurship is driven by innovation and the creation of new combinations.

The role of an entrepreneur is multifaceted, involving the initiation of ventures, coordination of resources, risk-taking, and continuous innovation.

The functions of an entrepreneur are risk bearing, organising and innovation. An analyst is hired to solve the problem occurring in the procedure. An analyst is supposed to analyse a given data, identify the problem with it and then find out the solution of it with the help of programming or coding. They are master into several programming languages e.g. C, Java etc, statistical software e.g. R-programming, SAS, SPSS etc.. and other software like Excel. They generally are expert in theoretical and statistical modelling which help them to solve the problem in a systematic way.