The Economist’s View

According to the economist entrepreneurship and economic growth will take place in those situation where particular economic conditions are most favorable.
According to J.B.Say rationally combining the forces of production into a new producing organization is the function of an entrepreneur.
According to Cantillon an entrepreneur is an uncertainty bearer buying at a fixed price and selling at an uncertain price.
Entrepreneur connects different markets, he is capable of gap-filling, he is input completer and he creates or expands things
Small industry is a natural habitat of the entrepreneur where his role is like that of a striker who keeps the fire burning.
The entrepreneurship development in a particular country largely depends upon the economic policy, programme and economic environment of that country.

The Sociologist’s View

According to sociologist’s social sanctions, cultural values and role expectations are responsible for the emergence of entrepreneurship.
Society values are most important determinants of attitudes and role expectation.
Sociologist’s consider the entrepreneur as a role performer corresponding to the role expected by the society.
According to Flavia, the function of an entrepreneur is to co-ordinate at every stage i.e. beginning, maintenance and expansion.
Every entrepreneur needs two qualities they are Optimistic outlook and Dynamism e.g.
Protestant ethic from west emerge as new class of industrialist .
Samurai fromJapan,
Christians fromLebanon,
Halai Memon Industrialist inPakistan,
Marwaris & Parsis inIndia

It is most likely to emerge when a society has sufficient supply of individuals possessing particular psychological characteristics.
It’s the high need for achievement which drives people towards entrepreneurial activities .
Individual with high achievement motive tend to take keen interest in situation of high risk ,desire for responsibility and desire for task performance
Entrepreneur possesses three things i.e. an institutional capacity to see things in a way which later proves to be true, a kind of effort of will and mind to overcome fixed habits of thinking, lastly the capacity to overcome social opposition against doing something new.
Frank Young describes an entrepreneur as a change agent
T.V. Rao describes entrepreneurship as a creative and innovative response to environment.

This view gives more importance to the managerial aspects like perception of market opportunities and operational skills as qualities required to carry out an enterprise.
Entrepreneurship is the outcome of complex and varying combination of socio economic, psychological and other factors.