Define the term Entrepreneur and Entrepreneurship.
- Entrepreneur: In the words of Joseph A. Schumpeter, “The Entrepreneur in an advanced economy is an individual who introduces something new in the economy – a method of production not yet tested by experience, in the branch of manufacture concerned, a product with which consumers are not yet familiar, a new source of raw material or of the new markets and the like.”
- Entrepreneurship: According to Peter Drucker, “Entrepreneurship is neither a science nor an art. It is a practice. It has a knowledge base. Knowledge in Entrepreneurship is a means to an end; that is by practice.