Consumer behaviour consists of feeling, ideas, actions and experiences of consumers. Most people did not spend much time and money shopping for goods made far away. Before the Industrial Revolution, most people in Europe and North America lived in rural areas. Entrepreneurship is an effective remedy for unemployment as well as underemployment. Entrepreneurs turn obstacles in to opportunities by figuring out the workable plan to realize their vision. It is the act that endows resources with a new capacity to create wealth. According to Dictionary.com, a consumer is: “1. The entrepreneur is designated as a dealer who purchases the means of production or combining them into marketable products. 3. According to Jean Baptiste, another French economist, “An entrepreneur is the economic agent who unites ail means of production, the labour force of the one and the capital or land of the others and who find in the value of the products which results from their employment, the reconstitution of the entire capital that he utilizes and the value of the wages, the interest and the rent which he pays as well as profit belonging to himself”. The word ‘entrepreneur’ is derived from the French word ‘entreprendre’ which means ‘to undertake’. We often use the terms ‘consumers’ and ‘customers’ interchangeably. (e) The carrying out of the new organisation of any industry, like the creation of a monopoly position (for example through trustification) or the breaking up of a monopoly position. The term ‘Entrepreneur’ is defined in different ways. Knight – “Entrepreneur is a person or a group of persons who bears risk and uncertainty”. A much more urgent problem is to protect the consumer from the government.” In 1976, Friedman received the Nobel Prize for Economics. Innovation indeed creates a resource.”. Many consumers make purchases on the Internet. “. What drives them to buy something? A.H. Cole defined entrepreneurship as the purposeful activity of an individual or a group-associated individuals undertaken to initiate, maintain or aggrandize a profit oriented business unit for the production or distribution of economic goals and services. The essence of Richard Cantillon’s definition is that the entrepreneur is a bearer of uncertainty. – “Entrepreneurs are persons who initiate, organise, manage and control the affairs of a business unit that combines the factors of production to supply goods and services, whether the business pertains to agriculture, industry, trade or profession”. In this definition, Cantillon emphasised the function of risk taking and uncertainty bearing. Smart phones, smart fridges, smart cities, all integrate advanced information and communication technology (ICT) and the Internet of Things (IoT), seeking to manage consumer preferences and attitudes in an innovative way. In the animal kingdom, for example, consumers prey on other organisms because they cannot produce their own energy. One of the abilities which the successful entrepreneurs share is the ability to evaluate risks. business venture, from which he expects substantial rewards if not immediately, then in the foreseeable future. Plagiarism Prevention 5. We use the term ‘ultimate consumer’ to emphasize that it is with that person that the road ends for the product. An entrepreneur is considered as a person whose main purpose is to set up his own business or industry. Entrepreneurship, Entrepreneur, Definitions. Neither can they obtain energy from inorganic sources. Consumer behaviour is the study of how individuals, groups and organisations select, buy, use and dispose of goods, services, ideas, or experiences to satisfy their needs and wants (Kotler and Keller, 2006). An entrepreneur, Daile Tucker, said that, “Entrepreneurs compete with themselves and believe that success or failure lies within their personal control or influence.”. Copyright © 2020 by WebFinance, Inc. ALL RIGHTS RESERVED. The difference between consumers and customers impacts how businesses market their products. â For example, teenagers may spend heavily on products such as cell phones and branded wears for snob appeal, but may not spend on general and academic reading. NO They are humans or other economic entities that use a good or service. The term also refers to hiring goods and services. A ladies’ clothing store will sell mainly to the end users. In this context, Drucker mentioned the concept of systematic innovation. Innovation is the basic tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or service. To him, an entrepreneur means a dealer who purchases the means of production for combining them into marketable products. Here Drucker has mentioned the concept of systematic innovation. 7 people found this helpful. In fact, sometimes the consumer might not be the buyer. Any time someone goes to a store and purchases a toy, shirt, beverage, or anything else, they are making that decision as a consumer. He further states that the entrepreneur shifts economic resources out of an area of lower productivity into an area of higher productivity and greater yield. Furthermore, they do not sell on that item that they bought. But it was Richard Cantilon, an Irishman, living in French who first used the term entrepreneur to refer to economic activities. Anyone who has ever looked at problems and seen it as an opportunity is a likely prospect. 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