A definition of an entrepreneur

In Entrepreneurial Leadership on February 2, 2010 at 5:27 pm

In their book “Entrepreneurs: Talent, Temperament and Technique”, Bolton and Thomspon define an entrepreneur as “a person who habitually creates and innovates to build something of recognized value around perceived opportunities”.

The definition of entrepreneur as a ‘person’ includes an individual or an organization that acts in an entrepreneurial way.

A critical component of the definition of an entrepreneur by Bolton and Thomspon is that the entrepreneur behaves and acts in certain ways consistently as a result of their nature, strengths, skills, core themes.  Therefore, it has to be ‘habitual’ or consistently shown as a behavior, custom or practice on how they see the world and live in it.  Entrepreneurs have both a pattern of thought and a pattern of behavior/action that is consistently applied in their lives as a result of their natural or acquired talents.  These thoughts, behaviors, actions and results are not a fluke, or a come as a single decision under certain circumstances or scenarios; instead, they represent an innate and enduring way of thinking and operation that is clearly observable.

These behaviors and actions have certain results to qualify as entrepreneurial.  Entrepreneurs do not stay at the conceptual or ideological level of just introducing an idea or seeing an opportunity; they are urged and moved to actions that feed into each other until a tangible achievement of something with recognized value becomes a physical reality.  Entrepreneurs see an opportunity then they act on it by creating and building something out of nothing. They are not the ones maintaining that ‘something’; that’s the task of a manager or administrator.  Entrepreneurs see their ideas come to fruition by acting on them: creating, building, innovating, overcoming challenges until they finish what they started. The final outcome will be something that is of value to someone – to them, to a company or organization, to society, to humanity.  True entrepreneurs are profit oriented, but profit or making money is not the only value they look to deliver.  The value that they look to achieve to deliver is universally recognized in financial, aesthetic, and/or social capital terms.

What do you think about Bolton and Thompson’s definition?

Which entrepreneurs come to mind when reading such definition as someone that shows such characteristics?

How do you fit within this definition?

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