ENTREP MODULE 1 PART 1

• Entrepreneur


  The person who undertakes entrepreneurship. An entrepreneur is someone who starts a side hustle that can eventually create a full-time, sustainable business with employees.
• Entrepreneurship


  Staying committed to your goals beyond your feelings of excitement. Stay the course and keep your "why" in mind.
• Scott Belsky: 'It's not about ideas. It's about making ideas happen'
• Navin Jain: 'A person who sees a problem is a human being; a person who finds a solution is visionary; and the person who goes out and does something about it is an entrepreneur'
• The earliest usage of the term "entrepreneur" is recorded in 17th century French military history. It referred to persons who undertook to lead military expeditions.
• An 18th century Irishman named Richard Cantillon who was living in France at the time, is credited of being the first to use the term "entrepreneur" in a business context, as someone who buys goods and services at certain prices with a view to selling them at uncertain prices in the future, in other words bearing a not-insured risk.
• The word "Entrepreneur" is an English word that has been loaned from the 18th century French. The French loan word was "entreprende", which means in Old French "to undertake" and was used mainly in French to describe a "manager or promoter of a theatrical production". The word entrepreneur can be also translated to mean "between-taker" or "go between".
• Later, in 1803 Jean Baptiste Say described entrepreneurial function in broader terms laying emphasis on "the bringing together of the factors of production with the provision of management and the bearing of the risks associated with the venture.
• It was not until the early 20th century when the Moravian (Czech), Joseph Schumpeter, cast the entrepreneur as being the central actor in the change process that anyone really took note. He contended that the single most important function of the entrepreneur was innovation.
• Meaning of entrepreneurship


  Entrepreneurship involves an entrepreneur who takes action to make a change in the world. Whether start-up entrepreneurs solve a problem that many struggle with each day, bring people together in a way no one has before, or build something revolutionary that advances society, they all have one thing in common: action.

  
• Founder and CEO of Neuro Flow: 'Entrepreneurship means being the one that is willing to take a leap, work hard enough to sacrifice everything else around you, all in the name of solving problems because no one else is capable or possesses the desire. Entrepreneurs take the idea and execute it. Entrepreneurship is about execution of ideas.'
• Development of entrepreneurship theory and the term entrepreneur (stems from the French: means between-taker or go between)
• Development of entrepreneurship theory and the term entrepreneur (stems from the French: means between-taker or go between)


  1. Middle Ages: Actor (war like action) and person in charge of large scale production projects

  2. 17th Century: Person bearing risks of profit (loss) in a fixed price contract with the government

  3. 1725: Richard Cantillon – person bearing risks is different from one supplying capital, a risk-taker observing the merchants, farmers, craftsmen, and other sole proprietors" buy at a certain price and sell at an uncertain price, therefore operating at a risk

  4. 1797: Beaudeau – person bearing risks, planning, supervising,organizing and owning

  5. 1803: Jean Baptiste Say – entrepreneurship as the shifting of economic resources out of an area of lower and into higher productivity and greater yield; separated profits of entrepreneur from profits of capital

  6. 1876: Francis Walker – distinguished between those who supplied funds and received interest and those who received profit from managerial capabilities

  7. 1934: Joseph Schumpeter – entrepreneur is an innovator and develops untried technology

  8. 1961: David McClelland – entrepreneur is an energetic,moderate risk taker

  9. 1964: Peter Ducker – entrepreneur maximizes opportunities; one who starts his own, new and small business

  10. 1975: Albert Shapero – entrepreneur takes initiative, organizes some social-economic mechanisms,and accepts risks of failure

  11. 1980: Karl Vesper – entrepreneur seen differently by economics, psychologists, businesspersons, and politicians

  12. 1983: Gifford Pinchot – intrapreneur is an entrepreneur within an already established organization

  13. 1985: Robert Hisrich – entrepreneurship is the process of creating something different with value by devoting the necessary time and effort, assuming the accompanying financial, psychological, and social risks, and receiving the resulting rewards of monetary and personal satisfaction
• By the middle of the 20th century, the notion of an entrepreneur as "innovator" was established.
• Hisrich and Peters described the function of an entrepreneur as "to reform or revolutionalize the pattern of production by exploiting an invention or, more generally, an untried technological possibility for producing a new commodity or producing an old one in a new way, opening a new source of supply of materials or a new outlets of products, by reorganizing a new industry".
• The latter part of the 20th century, the notion of "innovation" and "newness" attributed to entrepreneurs is now the "heart and essence" of entrepreneurship. The innovation or newness can come in the form of anything from a new product to a new distribution system for simplifying a new organizational structure.
• Entrepreneur (according to Prof. Robert Nelson)

  A person who is able to look at the environment, identify opportunities to improve the environment, marshall resources, and implement action to maximize those opportunities. In non-work situation, entrepreneurs maybe considered those persons who improve social and economic conditions primarily in the local communities.
• Entrepreneurship (according to Joseph Schumpeter)


  Doing things that are not generally done in the ordinary course of business routine. It is essentially a phenomenon that comes under wider aspect of leadership.
• Entrepreneur (according to Loyd Shefsky)

  Someone who enters a business – any business. Individuals develop or change the nerve center of the business.
• Contemporary views on entrepreneurship

  • To an economist: an entrepreneur is one who brings resources, labor, materials and other assets into combination that made their value greater than before and also one who introduces changes, innovation, and a new order
  • To a psychologist: could refer to a personas typically driven by certain forces – need to obtain or attain something, to experiment, to accomplish
  • To a businessman: an entrepreneur appears as a threat, an aggressive competitor, whereas to another businessman, the entrepreneur maybe an ally, a source of supply, a customer, or someone good to invest in
• Entrepreneurship (according to Karl Vesper)


  The dynamic process of creating incremental wealth
• Caveats on the definition of entrepreneurship: