Your assignment is to prepare and submit a paper on the challenges associated with new ventures. According to Cantillon, an entrepreneur is a bearer to risk and which is not insurable. Another renowned French economist has defined Entrepreneur as an agent who basically unites all the necessary factors of production and who finds the value of the products which re-establishes the capital that the entrepreneur employs along with the interest, wages, the rent which is paid by the entrepreneur and the profit earned belongs to the entrepreneur. He may not supply capital but should have the knowledge, judgment and perseverance towards the business and possess the art of administration and superintendence (Mohanty, 2005, p.1-2). Each of the definition views an entrepreneur from a different angle and perspective but contains similar notion such as risk-taking, creating, organising, wealth and innovation. Therefore Entrepreneurship is defined as a process which aims to create something new with value and is created by devoting the accurate time as well as effort accompanying with financial, social risk and at the end receiving the desired result or reward of monetary and also of personal satisfaction as well as independence (Hisrich, 2003, p.8).
In the process of making entrepreneurship, there is a body of research who has been trying to identify the factors of what makes an entrepreneur actually an entrepreneur and most importantly what makes him successful. Is the inborn quality of a person or whether the qualities can be natured? It has been founded that the entrepreneur is particularly attuned to the universal and also the human trait which is the desire for freedom (TiE Organisation, 2003, p.17). Some of the characteristics and traits of an Entrepreneur includes factors such as risk-taker where an entrepreneur usually bears all the uncertainty and defines and .confines the risk. Economic agent as defined by J. B who unites all the necessary factors of production such as land, capital, labour and other important factors. A person having managing factors have the potential to become an entrepreneur who has the capacity to initiate, manage, organise and control the necessary affairs of the business. A person who aims to carry out innovation continuously has the capacity of becoming an entrepreneurs and most important trait is that irrespective of size and operation an entrepreneur develops his own production and business unit.