Entrep M1 P1

• 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.'
• Earliest usage of the term "entrepreneur" recorded in French military history, referring to persons who undertook to lead military expeditions.

  17th century
• Richard Cantillon, an Irishman living in France at the time, credited as 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, bearing a not-insured risk.

  18th century
• Entrepreneur (etymology)


  The French loan word "entreprende" means "to undertake" and was used mainly in French to describe a "manager or promoter of a theatrical production". The word entrepreneur can also be translated to mean "between-taker" or "go between".
• 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".


  1803
• Joseph Schumpeter, a Moravian (Czech), cast the entrepreneur as being the central actor in the change process, contending that the single most important function of the entrepreneur was innovation.


  Early 20th century
• Entrepreneurship


  The meaning 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"

  • Middle Ages: Actor (war like action) and person in charge of large scale production projects
  • 17th Century: Person bearing risks of profit (loss) in a fixed price contract with the government
  • 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
  • 1797 Beaudeau: Person bearing risks, planning, supervising, organizing and owning
  • 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
  • 1876 Francis Walker: Distinguished between those who supplied funds and received interest and those who received profit from managerial capabilities
  • 1934 Joseph Schumpeter: Entrepreneur is an innovator and develops untried technology
  • 1961 David McClelland: Entrepreneur is an energetic, moderate risk taker
  • 1964 Peter Ducker: Entrepreneur maximizes opportunities; one who starts his own, new and small business
  • 1975 Albert Shapero: Entrepreneur takes initiative, organizes some social-economic mechanisms, and accepts risks of failure
  • 1980 Karl Vesper: Entrepreneur seen differently by economics, psychologists, businesspersons, and politicians
  • 1983 Gifford Pinchot: Intrapreneur is an entrepreneur within an already established organization
  • 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
  • 20th Century: The notion of innovation and newness attributed to entrepreneurs is now the heart and essence of entrepreneurship. The innovation and newness can come in the form of anything from new product to a new distribution system for simplifying a new organizational structure
• Evolution of entrepreneurship


  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 reforming or revolutionalizing the pattern of production by exploiting an invention or an untried technological possibility. In 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 (definition)


  A person who is able to look at the environment, identify opportunities to improve the environment, marshal resources, and implement action to maximize those opportunities. In non-work situations, entrepreneurs may be considered those persons who improve social and economic conditions primarily in the local communities.
• Entrepreneurship (definition)


  Doing things that are not generally done in the ordinary course of business routine. It is essentially a phenomenon that comes under the wider aspect of leadership.
• Entrepreneurship (contemporary view)


  Loyd Shefsky's definition: "entre" means to enter, "pre" means before, and "neur" means nerve center. This leads to a definition of the word as 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 person as 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 may be an ally, a source of supply, a customer, or someone good to invest in
• Entrepreneurship (definition)


  According to Karl Vesper: Entrepreneurship is the dynamic process of creating incremental wealth.
• There was no specific indication as to the particular line of business operations the entrepreneur is engaged in
• Does not indicate that an entrepreneur is a capitalist
• There is any no bias indicating that entrepreneur is small-time or low capitalisation business endeavour
• Entrepreneurs can now be found in all professions
• Definitions of entrepreneurship


  • Entrepreneurship is the process of creating something different with value by devoting the necessary time and effort, assuming the accompanying financial, psychic and social risks, and receiving the resulting rewards of monetary and personal satisfaction. - Hisrich and Peter
  • Entrepreneurship is a dynamic process and that it is a matter of creating incremental wealth. A value must be infused by the entrepreneur by securing and allocating the necessary skills and resources to a product or service. - Robert Rondstat
  • Entrepreneurship is the process of identifying opportunities in the marketplace, marshalling (organizing) the resources to pursue those opportunities, and committing actions and resources necessary to exploit the opportunities for long-term personal gain. - Sexton and Bowman-Upton
• Entrepreneurship (definition)

  According to William Bygrave, entrepreneurship evolves around the notion that: 1) An entrepreneur is someone who perceives an opportunity and creates an organization to pursue it, and 2) The entrepreneurial process involves all the functions, activities, and actions associated with perceiving opportunities and creating organizations to pursue them.
• Entrepreneurship as a process and approach

  • Bygrave subscribes to Carol Moore's model on the entrepreneurial process, which follows a pattern commencing with an innovation, a triggering event, implementation, and growth.
  • Albert Shapero pointed out that entrepreneurship is a dynamic process of innovation and new venture creation through four major dimensions: individuals, organization, environment, process - and aided by collaborative networks in government, education and institutions. The entrepreneurial event focuses on the process of entrepreneurial activity and includes the following factors: initiative, organization, administration, relative autonomy, and risk taking.
• Two approaches to problem solving

  • Adapter: Employs a discipline, precise methodical approach; Is concerned with solving, rather that finding problems; Attempts to refine current practices; Tends to be means-oriented; Is capable of extended detail work; Is sensitive to group cohesion and cooperation
  • Innovator: Approaches tasks from unusual angles; Discovers problems and avenue of solutions; Questions basic assumptions related to current practices; Has little regard for means, is more interested in ends; Has little tolerance for routine work; Has little or more need for consensus, often is sensitive to others