Q.Explain the relation between entrepreneur and entrepreneurship.
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Start your 14-day free trial to unlock the full solution →The entrepreneur is the person; entrepreneurship is the process or activity carried on by that person. They are two sides of the same coin — the actor and the act.
Meaning
An entrepreneur is a person who identifies a business opportunity, organises the resources needed, starts an enterprise and bears the risk involved. Entrepreneurship is the process or activity of creating and running an enterprise — spotting an opportunity, arranging the factors of production, innovating and taking risks.
Relation between Entrepreneur and Entrepreneurship
The relationship can be understood through the analogy of a dancer and dancing, or a teacher and teaching:
| Entrepreneur | Entrepreneurship |
|---|---|
| Refers to the person | Refers to the process/function |
| Is the organiser and risk-bearer | Is the organising and risk-bearing activity |
| Is the visible actor | Is the abstract act performed |
| Is the cause | Is the effect/outcome |
- The entrepreneur is the person and entrepreneurship is the activity that person performs.
- Entrepreneurship cannot exist without an entrepreneur, and an entrepreneur has no meaning without carrying on entrepreneurship.
- The entrepreneur bears risk; entrepreneurship is the risk-bearing process. …
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