Entrepreneurial mind

• Entrepreneurship has been around since humans started bartering with one another
• Innovation is the one thing that binds all kinds of entrepreneurship definitions
• The word entrepreneur originates from the 13th century French word "entrepredre" meaning to undertake
• The term entrepreneur was first related to business in the 16th century
• Economist Richard Cantillon was responsible for the first academic usage of the word entrepreneur
• Richard Cantillon stated that the distinguishing feature of an entrepreneur is bearing the risk without assurance of profits
• Daniel Defoe embodied the entrepreneur through the protagonist of his novel Robinson Crusoe
• By the Seventeenth Century towards the Eighteenth Century, the term entrepreneur was highly related to risk-taking
• In the 19th century, Jean Baptiste Say described an entrepreneur as someone who sought opportunities to earn profits by reallocating resources
• Say: 'He is called upon to estimate, with tolerable accuracy, the importance of a specific product, the probable amount of demand, and the means of production; sometimes to employ a great number of hands; again to buy or order raw materials, to combine the workers, find consumers, to exercise a spirit of order and economy. In the course of such operations there are obstacles to be surmounted, anxieties to be overcome, misfortunes to be repaired, and expedients to be devised.'
• John Stuart Mill: 'The entrepreneur is more than the venture capitalist but also one who managed the venture.'
• Marshall


  Linked Say’s and Mill’s ideas claiming that the entrepreneur was one who coordinated the four factors (land, labor, capital, and organization) together
• Discussions on entrepreneurship were vastly based on the “who” of the concept
• Entrepreneurs have evolved to be identified as an arbitrageur, a manager distinct from a capitalist, and as a coordinator
• Frank H. Knight classified two kinds of risks: measurable and un-measurable
• Entrepreneurs take the un-measurable risk, "true" uncertainty found in situations which do not repeat themselves with sufficient conformity to make possible a computation of probability
• Frank H. Knight distinguished a boundary between management and entrepreneurship, seeing entrepreneurs as producers
• Entrepreneurial profit depends on whether an entrepreneur can make productive services yield more than the price fixed upon them by those who furnish productive services
• Joseph Schumpeter discussed innovation as a vital component of who an entrepreneur is
• Joseph Schumpeter identified five types of innovation: Product, Process, Business Model, Networking, and Platform
• Joseph Schumpeter's Five Types of Innovation

  • Product: The introduction of a new product or quality
  • Process: The introduction of a new method of production
  • Business Model: Opening of a new market
• Henry Ford introduced the assembly line in 1913, significantly decreasing the time to create Ford T1 Model cars from twelve hours to two and a half hours
• Today, Henry Ford's innovation of the assembly line is still used in various industries around the world
• Angkas is a ride-sharing company
• Angkas is an example of Schumpter’s third kind of innovation: the opening of new markets
• Vegan leather made from cactus is an example of a new source of supply of new materials or parts
• The organization of any industry, like the creation of a monopoly position or the breaking up of a monopoly position, is another kind of innovation according to Schumpeter
• Ludwig Von Misses: 'Innovation is the whim of an elite before it becomes a need of the public'
• Peter Drucker: 'Entrepreneurship can be defined as changing the yield of resources or as changing the value and satisfaction obtained from resources by the consumer, and innovation to be the specific instrument of entrepreneurship'
• Peter Drucker: 'Systematic innovation consists in the purposeful and organized search for changes and in the systematic analysis of the opportunities such changes might offer for economic or social innovations'
• Entrepreneurship is the mindset and process to create and develop economic activity by blending risk-taking, creativity and/or innovation with sound management, within a new or an existing organization
• Entrepreneurship is something that can be learned
• Frank H. Knight's ideas on risks may have initiated the shift in entrepreneurship discussions from the actor to the action
• Entrepreneurship is a combination of the actor and the action taken
• Entrepreneurship is a mindset and a process
• The most relevant kind of innovation in present times is not specified
• Entrepreneurs identify opportunities in the market
• Entrepreneurial ventures are created because opportunities are identified, pursued, and exploited
• Entrepreneurs actively seek out opportunities to pursue and exploit, which is one of the more important skills they must have
• Entrepreneurs process market information to identify opportunities