Entrepreneur is an individual who earns his bread by taking risk. This term was first used by a Richard Cantillon who was an Irish and French economist. The term entrepreneur is a French word and British has loaned it from there. The first dictionary in which this term appeared for the first time was universal dictionary of commerce. This dictionary was written in French and was published by Jacques des Bruslons in 1723. In English language Entrepreneur word is used for that person who is going to start a new business firm or enterprise. In such businesses the responsibility of output is on the entrepreneur himself. This definition was considered to be true for number of years but in 1925 new definitions for the same term started to gain popularity. In 1925 Richard Cantillon amended his previous definition of this word and published a new definition. According to this definition he described that entrepreneur is that person who pays a specific amount for a product so that he can resell it another price. This price is always uncertain and this uncertainty defines the loss or profit for entrepreneur. This definition also supports the first definition because both of these definitions lay emphasis on the fact that the profit of entrepreneur depends upon the risk. If the risk is more in his business then the probability of profit and loss will also be higher and if the risk is minimum then the profit margin will be less.
In 1803 J.B. Say another famous economist of his time presented a new theory according to which entrepreneur was a person who doesn’t have anything of his own yet he makes large profit because of his wit. He hires the land of a party, collects labor to carry out his work and take finance from another party so that he can execute his plan. If we will observe this definition then we will come to know that it was a very modern approach and entrepreneurs of 21st century still perform their work in the same manner. They rent buildings, hire employees and take loan from different financial institutions to perform their task. Entrepreneurs as well as financial institutions use financial model template for estimating the profit and loss of the business. This tool helps organizations in calculating the sales and costs of the business entity.
There are numerous institutes which help people to learn entrepreneurial activities and such an institute is called entrepreneur school. These schools are becoming very famous and now there are numerous schools which provide entrepreneur education. Such schools are great help for people because these schools invite different entrepreneurs during their academic year so that students can get a real world view. Different companies and institutes also conduct entrepreneur seminars so that more and more awareness can be created among the entrepreneurs. These entrepreneur seminars are great help to people because inexperience entrepreneurs can gain a lot from the experience of other entrepreneurs. With the help of these experiences it will be much easier for them to tackle problems in the future.