Entreprenourial Concept

Concept of Entrepreneurship:

Entrepreneur previously defined as individual working for levering life standards by founding personal job may differ from entrepreneur of today in terms of risk carried, risk coefficient an ability to generate an idea and to convert the idea into output. Traditionally, definition of entrepreneurship is based on activity of undertaking risk. First issue emphasized, when professional managers are discriminated from entrepreneurs particularly in business activities, is that on the contrary to managers, entrepreneurs undertake profit/loss risk themselves. However, economic risk is only a dimension for entrepreneurs; in uncertain environments, career risk, social risks, psychological and physical risks are often associated with economic risks (Brochaus, 1980:510; Pandeliau, 1998; Busenitz, 1999; Littunen,2000:295).

Entrepreneur is an individual who combines a business idea in the form of creating a new market or benefiting from an opportunity caused by deficient aspect of present market with components of risk and capital. Moreover, entrepreneur manages a particular process. This process involves a production range starting with entrepreneur and completing with staff. As a consequence of all risk undertaken, entrepreneur waits for success or wants to reach initially defined targets. Nevertheless, failure is also a possibility and in this case, risk may convert into dark face of entrepreneurship (Kuratko and Hodgetts, 1998:106). Therefore, endurance to the uncertainty is one of basic roles played by entrepreneur (Teoh and Foo, 1997).

One of most significant features of entrepreneur individual is the ambition to take risk. Entrepreneurship is regarded as principal factor for economic growth, creating employment and social progression. Camphell stated that entrepreneurship activities involve risk and uncertainty due to its very nature and decision to be an entrepreneur is alone more risky than other alternatives and added that the event is not shaped solely by psychological factors, but external factors promoting start of the entrepreneurship activities are also important (Erdem, 2001).