The concept of entrepreneur and entrepreneurship came into usage in the late of 18th century. The industrial Revolution in England has encouraged development of entrepreneur.
People demonstrated innovative spirit for growth of industries in those periods. Socio economic changes become an indispensable part of human activity because men continuously work with free gift of nature in order to make his livelihood comfortable.
The term entrepreneurship and entrepreneur are sometimes used interchangeably. Entrepreneurships are regarded as an abstraction whereas entrepreneurs are regarded as a tangible person. The tendency of a person to organize one’s own business and run it profitably is regarded as entrepreneurship.
An entrepreneur is regarded as the person who organizes, operates and assumes risk of running a business enterprise. Innovation is a specific instrument through which an entrepreneur search for changes, respond to changes and exploit in a profitable manner out of changes.
Entrepreneur always precedes entrepreneurship. The process of development and co-ordination of entrepreneurial functions it termed as entrepreneurships.
Though it becomes difficult to draw a line of demarcation between entrepreneur and entrepreneurship, the followings are some for fundamental differences:
Entrepreneur Vs. Intrapreneur
During the late seventies executives with innovative ideas working in American organizations left their fobs to launch their own enterprises who were termed as ‘entrepreneurs’.
They achieved phenomena success in their new venture the organization could not utilize their talents by not providing the scope for testing and experimenting with their creativity and strong desire for personal achievement acting as entrepreneurs within the organization.
In order to get the best results, the employees should be encouraged to be entrepreneurs and to come out with innovative ideas. The ‘Srujani Award’ in Rourkela steel plant is a step in this direction. The entrepreneurs are semi-independent, taking less or no risk and operating from within an organization.