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History of entrepreneurship essay
History of entrepreneurship essay
History of entrepreneurship essay
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Entrepreneurship is a concept that has been around for a few hundreds of years. It is very difficult to get an exact definition of Entrepreneur since many professionals have different opinions as to what the actual meaning is. Arrays of key authors throughout the years have defined the term in numerous ways in regards to the various characteristics/traits that individuals should have. Entrepreneurship was initially acknowledged by an economist named Richard Cantillon (1755) who recognised the essential role of an entrepreneur in economic development. He defined entrepreneur as somebody with the aptitude to take risk and ability to “undertake”. Jean-Baptiste Say (1803, 1815) also an economist specified entrepreneur as the pivot of the economy and a catalyst for economic alteration and …show more content…
Schumpeter (1911/1934, 1928) believed entrepreneurs were hero figures which had the ability to become innovators and identify opportunities. Knight (1921) described an entrepreneur as someone who is willing to take risk to attain profit as a reward. Drucker (1974) was considered the “father of modern management”; he stated entrepreneurial management and strategies along with innovation are crucial to making the future or into a different business. Kirzner (1973, 1979, 1997 and 1999) identified that entrepreneurs play the role of spotting opportunities and being creative. More recently Ely and Hess in 1983 created a four-factor model which consists of entrepreneur, capital, labour and enterprise, this model was made to understand entrepreneurship in depth. From this we can see that over time some of the key scholars have disparate approaches regarding entrepreneurship and how a foundation platform has progressively been advanced into academic
Entrepreneurship, this is an important role which is the creativity and innovation organization describe that entrepreneur that the ability to start from a small business with under a list of conditions of hazard or risk and unpredictable (1). Entrepreneurship was defined as that it is one of the process that entrepreneur will go and chase after any chances that they can get without considering any resources that they are controlling right now, example like capital, assets or funds as well (2). Well, definition of entrepreneurship this word also can become more directly and openly. Entrepreneurship, are also a process that can turn any ideas into the business no matter the ideas are brilliant, creative, typical or even just an ordinary idea. As long the entire concept is capable of making the business become successful or growing more and fast (3).
An entrepreneur is an individual who is willing to develop, manage and organize an enterprise with the aim of profit making along with the risks involved. The word entrepreneur has its origin from the French word ‘entrepreneurs’ which means ‘to undertake’. In the business context entrepreneurship is the act of starting a business with the aim of making profits. According to Baumol et al.,. 2008, there are different types of entrepreneurs. Innovative entrepreneurs bring new products and services in the market and use new marketing techniques. On the other hand, replicative entrepreneurs bring new selling propositions to an existing market. Many capitalist societies encourage their citizens to start their own businesses to boost individual, as
Entrepreneurship is the process of starting a business, a startup company or other organization. The entrepreneur develops a business plan, acquires the human and other required resources, and is fully responsible for its success or failure.Entrepreneurship , to us is coming up with an idea of your own or inspired by some other ideas or problems and turning it into a profitable business. Its the development of a business right from the ground .And , though its definition seems simple, its execution is much more difficult .-Chad Brooks, BusinessNewsDaily
Entrepreneurship is the process of identifing opportunities in the market place, allocating the resources required to pursue these opportunities and investing the resources required to exploit the opportunities of long term gain. It involves creating wealth by bringing together resourses in new ways to start an enterprise that benefits the customers and the founder both.
First, I want to tell you where the word entrepreneur come from. The word entrepreneur come from the French words entre, meaning ‘’between’’ and prendre, meaning ‘’ to take’’. This word is used to describe people who ‘’take on the risk’’ between buyers and sellers or someone who starting a new business (theory from Entrepreneurship: Successfully Launching New Ventures Fourth Edition by Bruce R. Barringer and R. Duane Ireland. Page: 32).
Entrepreneurship incorporates unconstrained imagination and a readiness to settle on choices without strong information. The entrepreneur may be driven by a need to make something new or assemble something unmistakable. As new ventures have low achievement rates, the business person should have impressive tirelessness. Because of this, the entrepreneur may have the best risk of achievement by concentrating on a business sector corner either too little or too new to have been commanded by built up organizations.
Entrepreneur are employees who work in business in an entrepreneurial capacity, creating innovative new products and processes for organization. “Entrepreneurs are “dreamers who do”, those who take hands-on responsibility for creating innovation of any kind within an organization.” -Gifford Pinchot The entrepreneur is an essential ingredient in every innovation. -Dr. William Souder, 2003
Entrepreneurs exist due to consumers wanting something new and relevant, which will also make an impact in the market place. Entrepreneurship is about individuals recognizing a need for a commercial application and being able to innovate their ideas to meet the needs of the consumer (Baron & Shane, 2008). On average, there are over 1400 billionaires in the world, and of those 960 are entrepreneurs who were successful, while the rest were fortunate to inherit their wealth (Vital, 2013). If we focus on the 960 and how they made their fortune we find out they became billionaires from either a single or multiple business ventures. The majority of the 960, which equates to 830, owned more than one business, and remaining 130 managed only one company. Therefore, the most top earning entrepreneurs in the world are most likely to be serial entrepreneurs, and being very successful innovating ideas that consumers like (Vital, 2013). Entrepreneurship is essential for the global economy and the success of future growth in small and large business as they exploit the need for new services and products. The growth within entrepreneurship will also drive employment growth and hopefully stabilize the global economy by increasing wealth in the middle class.
According to Forbes, being an entrepreneur is not about starting a business or the person but rather it’s about a set of characteristics which is a way of thinking and doing things: innovative and creative, flexible and adaptive, active and dynamic, someone who thrives in an unstructured environment, people and team focused, prudent with costs, decisive.
Many career fields in this day and age have little too no requirements for what demographic they are to hire, but there is a rapid growth of certain types of demographics in this century. The business field is no different, there are no requirements to who they will hire, as long as you are able to perform it doesn’t matter your race, ethnicity or credo. A diverse workplace is one that has representation from several different types of people. The career that I hope to someday pursue is entrepreneurship, an entrepreneur can be anyone of all ages, races or ethnicity’s. The entrepreneurship career is all about having a great idea for a business that you personally believe will succeed. I believe that I have all of the qualities that are needed
Entrepreneurship is an important aspect of social, economic and community life. It can be viewed as a critical factor to economic growth as well as a way of addressing unemployment (Nolan, 2003).Entrepreneurs are people who are persistently focused on identifying opportunities, they seek to create something worthwhile while taking into account foreseeable risk and rewards associated with the efforts (Nolan, 2003). Furthermore, entrepreneurs are frequently understood to be individuals who discover market needs and establish new business to meet those identified opportunities. The following assignment will firstly discuss the types of entrepreneurship, secondly it will discuss the reasons people become entrepreneurs, and thirdly it will discuss the importance of entrepreneurship.
The term “entrepreneur” is commonly used in economic matters, in academic, by mass media, and also by working people in their daily interactions. The word entrepreneur is originated from France long before there was a general concept of an entrepreneurial function. The earliest writer to recognize the role of entrepreneurship is Richard Cantillion. The authors provide a mentioned that Cantillion's entrepreneur is someone who engages in exchanges for profit; specifically, he is someone who exercises business judgment in the face of uncertainty. This uncertainty (of future sales prices for goods on their way to final consumption) is rather carefully circumscribed, as Cantillion describes it, entrepreneurs buy at a certain price to sell again
What is meant by Entrepreneur or Entrepreneur is a person who is able to utilize a business opportunity, to be a business that can bring profits. It is appropriate that an entrepreneur, or entrepreneur has the ability to manage and utilize the source of funds, as well as the resources available to maximize business.
Entrepreneurship thus in effect is a way of thinking, reasoning and acting that is opportunity obsessed, sustainable, holistic in approach, and leadership balanced for the purpose of value creation and capture. (Timmons) Entrepreneurs rather than taking wild risks manage it by calculating the loss and try reducing the cost of failure by failing earlier and at lower level of investments. (Saraswathy “What makes Entrepreneurs Entrepreneurial?)
The entrepreneurship involves more than just problem solving in a typical management position. An entrepreneur must find, evaluate and develop an opportunity by overcoming with the forces, which resist the creation of something innovative.