Many definitions of entrepreneurship can be discovered in the publications describing business processes. The earliest delineation of entrepreneurship, starting with from the 1800s, used it as a financial period describing the process of bearing the risk of buying at certain prices and selling at unsure prices. Other, subsequent commentators broadened the delineation to encompass the notion of conveying simultaneously the factors of production.(Johansson,2004) This delineation directed others to question if there was any exclusive entrepreneurial function or if it was simply a pattern of management.
In recent years the notion of discovery was supplemented to the delineation of entrepreneur-ship. This discovery could be process discovery, market discovery, merchandise discovery, component discovery, and even organizational innovation. Later definitions described entrepreneurship as engaging the creation of new enterprises and that the entrepreneur is the founder.(Duening,2009)
Considerable effort has also been put into seeking to understand the psychological and sociological wellsprings of entrepreneurship. These studies have documented some widespread characteristics amidst entrepreneurs with respect to requirements for accomplishment,locus of command, intuitive thinking and risk-taking . Numerous writers have commented upon the widespread, but not universal, gist of childhood deprivation, few assembly membership and early adolescent financial experiences as typifying the entrepreneur.
According to Webster's (2008), an entrepreneur is one who organizes, manages, and assumes the risks of a business or enterprise. Entrepreneurs reside in the future. They have creative personalities, are innovative, and flourish on change. But what makes an entrepreneur successful? Research finished by Southern Methodist University's Cox School of Business came up with widespread characteristics of over 200 successful entrepreneurs. Successful was characterised as being in business for at least five years and who has gross revenues of at least $1 million.
Successful entrepreneurs must work long hours for expanded periods ...