 GDL Learners, welcome in this topic and this is the agenda of this topic. In this video, we are going to talk about who is an entrepreneur, the definition which is given by the book, literature, and plus, entrepreneurs define themselves in this way. First of all, we will talk about the definition of entrepreneur, which is given in the recommended box. The first definition is this. An individual who takes initiative to bundle resources in innovative ways and is willing to take risk and or uncertainty to act. That is, an entrepreneur is an individual and what will that individual do? That individual will take some initiative. And initiative means that he will create some kind of venture or farm. When he will create some kind of venture or farm, then obviously he will need resources for farm creation. Those resources can be his managerial skills, his technical skills, his team, his investment or the investment which he has received from other investors, that can also be done. So, he will bundle up all those resources and when he will bundle up those resources together, then obviously he will try to innovate those resources and be able to connect with each other in an efficient way. And when he is doing all this work, then obviously he will take a risk and when he will take a risk, then obviously uncertainty will also come. Uncertainty means that he doesn't know whether he has designed a product or service or whether he has made a business model that will be successful in the coming times or not. Let's take another example. Entrepreneur is the one who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them. In this definition, there are a few more dimensions added. There were a few dimensions that we talked about earlier. Number one, an entrepreneur will be an individual. Number two, he will create his own business. When he will create his own business or design his own business model, then obviously there will be an uncertainty, he will take a risk because all his resources will be pooled and invested in a business model. Apart from that, obviously when he will do a business, then the business is always for the sake of profit. And along with that, when any business model is created, then obviously he is based on an idea. And the idea comes from an opportunity. You need that opportunity from the market. You need that opportunity from the economic or technological breakthrough or from the psychological or sociological breakthrough. Or you need that opportunity to be your own creative. You will convert that opportunity into a business idea and then make a business model based on that business idea. And obviously you will need resources for that. Let's take another definition. When you go to businessdictionary.com, you will get a detailed definition that who is an entrepreneur. So definition is someone who exercise initiative by organizing a venture to take benefit of an opportunity and as the decision maker decides what, how and how much of a good or service will produce. Now in this, another new dimension has been added. In the first two definitions, the common theme that was business creation. Here comes organizing a venture. A question should definitely come in your mind. What entrepreneurship or what entrepreneurship only creates a new business? That is, this question comes in our minds that if you have joined your family business, then are you not an entrepreneur? If you have bought an existing business, then are you not an entrepreneur? Or if you have opened a franchise, then are you not an entrepreneur? The answer is yes, you are an entrepreneur. Because here we have talked about exercise and initiative by organizing a venture. That is, you are organizing a venture whether you are created yourself, whether you have opened an existing business, whether you have opened a franchise, or joined your family business. You are an entrepreneur. Obviously, your business idea will be based on some opportunity. And for opportunity, obviously, you are taking decisions, taking risks, which product or service you should go to the market. The entrepreneur is usually a sole proprietor, a partner, or one who owns the majority of shares in incorporated venture. That is, if you are establishing your business alone, then you are an entrepreneur. If you have partnered with someone, then you are an entrepreneur. You have a lot of ventures which are very successful. When you read their bibliography, then you will know that they are partnership based. And apart from that, if you have bought an existing business, or you have purchased the majority of the shares, then you are an entrepreneur. Sam Peter added something in the definition of entrepreneurs, he added that it is okay, you are creating your own business, you have an opportunity, you have converted that opportunity into your business idea and after creating your business model, now you design your product and services so that you can take consumers to your clients. But remember one thing, entrepreneurs are not motivated, or we can say that entrepreneurs are not only motivated by the financial reward. Look at this statement. According to Sam Peter, entrepreneurs are not necessarily motivated by profit, but regard, it is as standard of marrying achievement or success. That is to say, your financial growth can be considered a success, people can assume that you are a successful entrepreneur, but entrepreneurs primarily are not motivated by the financial reward. If we go to the internet, then if you write on the internet that successful entrepreneurs, so you will have some names popping up in front of you again and again. Those who love cars, they know Henry Ford, Ford automobiles, right? Those who love to watch cartoons or movies, they must know about Walt Disney. Steve Jobs, of course, iPod, iPad, MacBook, all these branded smartphones and computers of yours, and Bill Gates, without whom your and my computer system doesn't operate. They are very successful entrepreneurs. Likewise, Michael Dell, Dell Machine, computers that manufacture for us and you. Mark Zuckerberg, obviously, Facebook, who has made the whole world crazy. And Jack Marginot has opened the biggest wholesale and retailer store online. And now if you want to order something from China, then there is no problem for you. Now let's come to Pakistani entrepreneurs. And there are many big names in Pakistan. You should know about their lives and you should read them. You will get many success factors from their lives. For example, Hakim Mohammad Saeed, a very big name who gave us a big enterprise like Hamdard. Apart from that, Aftab Tepal, Tepal Tea House, all of us have a household name. Apart from that, Adam G. Daouh, who has created a very big group, you and all of us know him. Apart from that, if we look at the recent years, then Mia Muhammadin Super Asia, a very big local brand of Pakistan. Dr. Amjit Saqib, who has created a very big social enterprise like Akhubat, and Dr. Amjit Saqib has written a book, Kamya Blong, and this book is about Cheneyoti entrepreneurs. How they have been doing business and why they have been successful businessmen. This book is related to reading. Roshan E. Zafar, Kash Foundation, a very big name and very successful name. Apart from that, if we have a fashion industry, those who like to observe fashion industry, those who like to observe trends, obviously, Maria B. Sana Safinas is a very big name. She has represented many local brands of Pakistan on a very international platform. You are interested in watching television, Momen Adure, in the name of Duret Production, or in the name of Momen Aduret Production, she runs it. And her enterprise is a very big source to break through all the newcomers. Salim Ghori, Net Soul, Munis Rahman from Rossi.PK, apart from that, Zeeshan Ali Khan and Imran Ali Khan, Zameen.com, which is the biggest online real-estate platform of Pakistan right now. Apart from that, the biggest local brand in the smartphone, which is Q-Mobile, whose husband Zeeshan Akhtar is the owner. This is a very big name. All of these are on-tip news and the struggle and success stories related to them when you read them or know about them, you will see some common themes and these are the same common themes that you will see in the definition of entrepreneurship and the definition of entrepreneurship. And these are the common themes. Number one, entrepreneur is the one who creates a venture or who creates a value. I mean, we just shared an example of whether we are in pain, whether we are in poverty or whether we are in the foundation. He is an enterprise and he is creating a social value. Number two, entrepreneur is the one who creates a job. Number three, entrepreneur packs together the resources in an innovative way. The most efficient way to use resources is better than an entrepreneur and no one else. He is a risk taker or she is a risk taker or risk taking be the most common element in entrepreneurship. Next, he is the one who can identify the opportunity and turn the opportunity into the business idea. He is motivated and committed and the last one is who is very enterprising in nature. He calls his resources very unconventional and unorthodox way called entrepreneurs. These were the definitions that are written in books or that are frequently available on the internet. But let's take you to your team of entrepreneurs and ask them how they define entrepreneurs. I think entrepreneurs are a very wide definition. I think entrepreneurs are risk takers. They are executors. They are visionaries. They are not just doing something or doing something. Their job is as an entrepreneur like I always see myself in confusion that am I an entrepreneur or am I in a business? I think a business man and a entrepreneur have a big difference that entrepreneurs come up with a new idea and their ideas will be in innovations or innovative ideas. I think entrepreneurs are risk takers and risk taking is the highest I think a business man will think 10 times that he will only look at profit and loss but I think entrepreneurs have a big difference that they come up with ideas that are not common and are very innovative and when something comes in innovation and no one has copied it then the risk balance or risk factor will be very high. The reason is that I think entrepreneurs are not developing in that way like in other developed countries. If we look at it as a society we confuse a business man and a entrepreneur. I think entrepreneurs are the high risk takers.