Interesting how the entrepreneur is seen as a: risk taker, an organiser of resources, innovator, organiser of factors of production and master of creativity! My current research in this subject is just beginning. Entrepreneurs are key economic actors and therefore pivotal to our economy as they are a catalyst for dynamic economic change. They are able to exploit a gap in the market by possessing unique knowledge. Others see them special people with the ability to bring about extraordinary events, such as technical advances that alter convention through innovation, in some cases their roles are only temporary brought about in many case by creative destruction.
It is thought-provoking that there are many varied understandings/definitions of what an entrepreneur actual is and does. However, it is recognised that they are willing to take uninsurable risk in exchange for reward. Others view entrepreneurship as a process to pursue opportunities without regard to resources; however it would seem that the entrepreneur is an individual who has the confidence to untaken a venture when the future is uncertain, with the reward for taking this risk is profit. Creativity and imagination are also traits of entrepreneur, with uncertainty and imperfect information crucial to their role.
Entrepreneurs flourish in difficult times of uncertainly and boost the economy, now more than ever in these difficult financial times of austerity is their prowess needed. With the Euro Zone in free-fall and the UK tinkering on the edge of another recession is the need for Government to promote and back entrepreneurs, as they are the solution to stability and economic growth. Kind words are not enough; the biggest hurdle to an entrepreneur’s success is access to financial resources, which is still being restricted by financial institutions, despite their assertions otherwise!