The concept of entrepreneurship: entrepreneurship is regarded as one of the four major factors of production, the other three being land, labour and capital. It is derived from French origin, the term ‘entrepreneurship’ (derived from the word ‘entreprende’ meaning ‘to undertake’) pertained not to economics, but to undertaking of military expeditions. So is true of many terms in management (a course of action to beat the competition, the ‘enemy’) and logistics The term ‘entrepreneur’ was first introduced in economics by the early 18th century French economist Richard Cantillon.
He defined the entrepreneur as the “agent who buys means of production at certain prices in order to sell the produce at uncertain prices in the future”In abroader sense it can define entrepreneurship as a systematic, purposeful and creative activity of identifying a need, mobilising resources and organising production with a view to delivering value to the customers, returns for the investors and profits for the self in accordance with the risks and uncertainties associated with business.
