Entrepreneurship & Innovation: Bill Gates in the makingIntroduction: Entrepreneurship means “to begin a new business or renewing an already existing business”. Because of the fact that a large number of new businesses are unsuccessful therefore, entrepreneurship is very hard to accept. The processes involved in starting a new business may vary depending on the type of the business. The businesses may be rated from starting a single task to complex projects with the hiring people. The general idea for entrepreneurship originated in 1700s and its meaning have been altered with due course of time.
Some call it starting a new business while others have different meaning for it (Bronstein, 2007). Some economic experts say that entrepreneurship involves investment for a new adventure. Most of the businesses with high rate of investment require high financial resources so as to increase the assets. Financial capitalists try to get a profit up to 20-30%. There is a variety of organizations consisting of special political units, brooders for new business, scientific research areas and non-governmental organizations (Bronstein, 2007). Entrepreneur: As mentioned earlier, entrepreneur is a person who has his ownership a new business adventure.
He is answerable for all the profits and the loss. The word ‘entrepreneur’ was first used by Irish economist Richard Cantillon. A female entrepreneur is called entrepreneuse, a French word (Davidson, 2004). The present age history sat that entrepreneur accept the fact of lass in business. But this explanation seems to be established by fake transformation of Cantillon's and Say's thinking. An inquiry showed that in reality entrepreneurs strongly oppose to loss. They are fortunate that their desire for profit allows them to manage usable resources in an effective manner.
In other words they use the elements of profit (natural resources, man power, equipment, experimental knowledge and productivity) expeditiously (Davidson, 2004). However, a large number of studies marked with a date explain the behavior of entrepreneurs. Some of them are mentioned here: David McClelland (1961) narrated entrepreneur as the person who is mainly propelled by a strong irresistible desire that result in attainment of ones goal. Collins and Moore (1970) by observing 150 entrepreneurs found that they are practically resistant people who are devoted to achieve their goal.
They are rarely inclined towards power. Bird (1992) interpreted them as persons with qualities of shrewdness, swiftness and thievishness. They are clever, take immediate advantage of the chance, constructive and tough-minded. Cooper, Woo, & Dunkelberg (1988) suggest that they are the ones who show utmost temperament while making their decisions. It was shown in a study that 81% entrepreneurs express their likelihood of achievements while 70% especially 33% encounter their achievement 10 out of 10.Busenitz and Barney (1997) affirmed that entrepreneurs have inclination towards Reasoning from detailed facts and self-assurance. Four kinds of entrepreneurs were found by Cole in 1059.
These kinds are (1) the innovators-who introduce something new, (2) the calculating inventor- who predict something in advance, (3) the over-optimistic promoter- who advocates best thing, (4) organization builder- who creates a business. All these attributes have not relation with the behavior of an individual but associated with the chances an entrepreneur gets.