What Is Traditional Entrepreneurship

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The word 'entrepreneur' is derived from the French word 'entreprendre' meaning 'to undertake' (Ronstadt 1985, p. 28). The traditional entrepreneur is one who undertakes to control, coordinate and assume the risk of a business in a competitive marketplace. Today's entrepreneurs possess those same features and have to be versatile in facing the challenges of a dynamic environment. Today's entrepreneur is an innovator and developer of ideas; he or she seizes opportunities and converts them into marketable entities; at the same time they have to lead a team, seek out capital and resources while creating something unique and of value to others (Montagno et al. 1986).

Although no single definition exists, it is commonly agreed that the entrepreneur is an agent of change, especially in a growing world of free enterprise and capitalism. In this sense, the traditional entrepreneur is the greatest risk-taker but ultimately claims the greatest rewards. This enviable nature of the entrepreneur spans every industry - there is one to be found in manufacturing, services, technology, agriculture and so on.

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