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    Joseph Schumpeter, an American economist, renowned for his term ‘creative destruction,’ defined ‘entrepreneurs as individuals who exploit market opportunity through technical and/ or organisational innovation.’ Entrepreneur is derived from the French verb ‘entreprendre,’ meaning to undertake and consequently entrepreneurship is the ability and will to develop and manage a business scheme; accompanied by any of its risks with the intention of making turnover. Conversely, innovation is the process

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    Bourgeoisie Problem

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    trade would acquire the characteristics of a bureaucracy. Eventually the Bureaucracy will expropriate its owners, the entrepreneurs, as well as the bourgeoisie. Effectively destroying the bourgeois income and function. (Heilbroner 1997; 318) Whilst Schumpeter views state intervention as an eventual outcome, Polanyi views it as an ongoing process that requires the integration of the morals of society at the time. Creative Destruction and Social Change “By innovating and offering new products in the

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    Entrepreneurship

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    ... middle of paper ... ... the firm and responsible for all activities within the firm. Furthermore, Knight adding the concept of able to handle uncertainty aspects in the managerial role. Schumpeter brought a new aspect which is innovation in defining entrepreneurship. According to Schumpeter, entrepreneur is a person who is able to bring changes in market place. Later on Kirzner agree on Schumpeter’s concept and view innovation as costless discovery which means the process of finding something

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    Innovation and Knowledge

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    general, nevertheless, many have termed innovation as the ‘engine of growth.’ Therefore, to appreciate the extent of benefit that innovation can offer business this introduction begins with some of these theories. Famous names such as, Karl Marx, Joseph Schumpeter, and Nicolai Kondratieff respectively, which are seen by many as experts in their field have all, in their own manner, cited innovation and technological progress as the stimulus for economic growth. However, it was Marx who first realised that

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    Never before were such extensive theories developed in the field. According to Schumpeter the 'creative destruction' in a society/economy/state/nation is what drives its economic progress. Changes occur when economics moves away or forward from the usual land, labour and capital. Creative Destruction, also sometimes called "Schumpeter's

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    the entrepreneur's role as an innovator who markets the innovation and develop new goods or services that the market demands and are not currently being supplied. In the 20th century, an economist Joseph Schumpeter is the author to whom the association between entrepreneurs and innovation. Schumpeter identified entrepreneurs as being the people most needed to revitalize the economy and the organizations. He associated innovation by entrepreneurs with five elements which are the introduction of a

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    1504/ijesb.2014.062505 Salamouris, I. S. (2013). How overconfidence influences entrepreneurship. Journal of Innovation and Entrepreneurship, 2(1), 8. DOI:10.1186/2192-5372-2-8 Schumpeter, J. A. (1939). Business cycles: A theoretical, historical, and statistical analysis of the capitalist process. New York: McGraw-Hill Book Company. Schumpeter, J. A. (1947). The creative response in economic history. Journal of Economic History, 7, 149-59. Sinha, D. (2003). The Rise of Entrepreneurship in India. in Richter

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    The world has become increasingly integrated and interconnected with regards to trade and finance due diminishing barriers between borders. As a result, economic globalization can be considered as a vehicle that works well for economic and technological advances. However, it can also be a threat to the economic and socio-cultural values of a nation. The economic crisis has hit many nations of the world, including the United States. Many people are finding it hard to cope with the ever-rising standards

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    Background This chapter discourses innovation and venture creation in entrepreneurship. The chapter describes skills and innovations in venture creation through which a typical entrepreneur can start and grow his business from the acquired skill and available resources. The allocation of resources by an entrepreneur marked with necessary capabilities is a matter of entrepreneurial vision, which mainly depends on the creativity of the entrepreneur. The first step to venturing into any enterprise is

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    Katz, 2003). According Spicer & Jones (2006), the approach concentrates on the economic function of entrepreneurs and the means-ends nexus. Barringer & Bluedorn (1999), argue that this entrepreneurship focus evolved mainly from the works of Schumpeter, the founding father of entrepreneurship. Entrepreneurship, from a psychological perspective, has been a mainstay of entrepreneurship theorizing that examines the aspects and characteristics of entrepreneurship concentrating on the personality traits

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    Entrepreneur

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    to establish a kingdom, followed by the need for achievement, then internal locus of control closely followed by non-conformist and finally the culmination of all the personality attributes lead to an entrepreneur. According to Goss (2005), Joseph Schumpeter suggested that one of the psychological traits of an entrepreneur is the ‘will to establish a private kingdom’. This is not only a personality attribute but it is a form of entrepreneurial motivation that can be found in entrepreneurs and individuals

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    review recent studies relating to the topic under study. 2.1.1. Social Entrepreneur Social entrepreneurship was introduced in the 1970s to address the issue of social problems sustainably. The term “social entrepreneur” was first mentioned in 1972 by Joseph Banks in his seminal work named The Sociology of Social Movements, where he used the term to describe the need to use managerial skills to address

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    What does Entrepreneur Means

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    definition of the word entrepreneur as follows; an entrepreneur is a person who sees an opportunity which others do not fully recognise, to meet unsatisfied demand or to improve the performance of the existing business (Martin, 2010). The economist Joseph Schumpeter argues that, an entrepreneur is a person who demolishes the existing economic order by bringing in novel products and services, by making new forms of organization, or by exploiting new raw materials (D. Bygrave & Zacharakis, 2010). The economist

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    potential of owning there own business, entrepreneurship is said to be a fad and will more than likely become dated in a way, possibly within the next ten years. However, the overall concept of entrepreneurship -according to Austrian Economist Joseph Schumpeter- is innovation (www.quickmba.com) as wealth is created when such innovation results in new demand. From this viewpoint one can define the function of the entrepreneur as one of combining various input factors in an innovative manner to generate

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    1 Introduction An entrepreneur is an individual who owns a novel enterprise, stake or idea and assumes substantial answerability for the underlying risks and the consequence. Schumpeter contends that an entrepreneur is an innovator, one who brings in new technologies into work or marketplace. This in turn raises efficiency, productivity and yields novel products or services. The entrepreneur is only interested with the recognition and development of a chance; yet, the opportunity that is distinguished

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    Corporate Entrepreneurship Corporate Entrepreneurship can be seen as the process whereby an individual or a group creates a new venture within an existing organization, revitalizes and renews an organization ,or innovates. Zahra’s(1986) definition of corporate entrepreneurship suggests a formal or informal activity aimed at creating new businesses in established firms through product and process innovations and market developments,whereas sathe(1985) defines corporate entrepreneurship as a process

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    AUTHOR: Jack Delosa is a 27-year-old entrepreneur and investor who has a wealth of knowledge beyond his years. Jack has four successful businesses, two of those businesses are multimillion dollar enterprises, MBE education, which helps small to medium enterprises raise money for investors and sell their business. In addition to The Entourage Foundation, a not-for-profit organisation that is awakening a generation of innovative and creative young people to move Australia forward by providing

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    According to Father of Search engine, what it defines Entrepreneurship as “process of identifying and starting a business venture, sourcing and organizing the required resources and taking both the risks and rewards associated with the venture”. In my perspective, it is an experimentation of new ideas rather than plagiarizing others view. In my terms, it is best described like:  Being comfortable in taking an unconventional path.  Imagining the unimaginable ideation.  Understanding the negative

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    Sir Alan Sugar famously once said regarding entrepreneurship and entrepreneurial skills “The entrepreneurial instinct is in you. You can't learn it, you can't buy it, and you can't put it in a bottle. It's just there and it comes out” (Mail online, 2010). Surprisingly enough this is a view not shared by everyone. Whilst it cannot be denied that entrepreneurs are all ultimately unique in some way empirical evidence suggests that they all do share some common characteristics and skills, some of which

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    THREE PILLARS OF THE COLLEGE OF BUSINESS LYDIA DWUMA GRAND CANYON UNIVERSITY ALAN GUTHRIE UNUV 504 INTRODUCTION TO GRADUATE STUDIES IN THE COLLEGE OF BUSINESS THREE PILLARS OF THE COLLEGE OF BUSINESS Entrepreneurship has taken diverse views since its discovery in commerce. People had varied notions as to what it entails and the characteristics an individual needs to have to be called an entrepreneur. The concept of entrepreneurship is seen as the process of uncovering and developing an opportunity

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