How to Facilitate Good Entrepreneurs

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Entrepreneurs are businessmen, investors and organizers who organize all factors of production, bear business risks to create products or provide services as profitable venture. A good entrepreneur not only takes profit but also creates self-employment and generates employment opportunities for others. Entrepreneurs are tax payers, revenue collectors, innovators, catalyst of technology transfer, commercialize new innovations, contributors to economic development and finally facilitate improvement of living standards of mass people. Academicians and scholars provided many definitions of entrepreneurs few of those could be narrated as follows: 1. An entrepreneur is a businessman who assumes the risk of bringing together the means of production including capital, labor, and materials and receives his reward in profit from the market value of his product (Encyclopedia Americana, 1988). 2. Entrepreneurs are people who have the ability to see and evaluate business opportunities together with the necessary resources to take advantages of them and to intimate appropriate action to ensure success (International Labor Organization (ILO). 3. An entrepreneur searches for change, responds to it and exploit opportunities. Innovation is the specific tool of an entrepreneur (Peter F. Drucker). From the above discussion, it is clear that an entrepreneur takes risks, organizes factors of production i.e. land, labor, capital, management, technology, and knowledge etc. to produce products or provide service from a profit motive. Easiest task of an entrepreneur could be buying product in lower price and selling the same at higher price to earn profit. But from the value addition point of views, higher value additions have chances to earn more profit. It is a long debate among the scholars that, whether entrepreneurship is a by-born quality or could be created through proper mentorship and congenial business environment.