ENTREPRENEURSHIP

Detailed explanation-1: -John Stuart Mill described the entrepreneur as someone who assumes not only the risk of a business venture (as a capitalist) but also the management of the business venture. It is this addition of a management component that builds on Say’s judgment requirement.

Detailed explanation-2: -An entrepreneur is an individual who takes the risk to start their own business based on an idea they have or a product they have created while assuming most of the risks and reaping most of the rewards of the business.

Detailed explanation-3: -The Merriam-Webster Dictionary defines an entrepreneur as: “one who organizes, manages and assumes the risk of a business or enterprise".

Detailed explanation-4: -Entrepreneur is a French word probably coined by the economist Jean-Baptiste Say from the word entreprendre, which is usually translated as “undertaker” or “adventurer."1 Say studied Smith’s book and, while agreeing on all points, found that the omission of enterprising businessmen was a serious flaw.