Lesson 1

• Entrepreneurship is the ability and readiness to develop, organize and run a business, along with any of its uncertainties in order to make a profit.
• Entrepreneurship plays a crucial role in driving economic growth society, and shaping our world.
• Entrepreneur is an individual who organizes, manages, and assumes the risks of a business with the goal of generating economic value.
• Entrepreneurs are often seen as innovators, bringing new ideas, goods, and services to the market.
• The word “entrepreneur” originates from a thirteenth-century French term “entreprendre”, meaning “to do something” or “to undertake.”
• Entrepreneur is a great thinker in terms of innovation.
• According to Adam Hayes (2020) an entrepreneur is an individual who creates a new business and enjoying most of the rewards.
• They create a firm, which aggregates capital and labor to produce goods or services for profit.
• Entrepreneurs have the power to achieve great things.
• Richard Cantillon (1959) identified the willingness to bear the personal financial risk of a business venture as the defining characteristic of an entrepreneur.
• Jean-Baptiste Say (1896) further popularized the academic usage of the word “entrepreneur.”
• Adam Smith (2007) Guided by his own benefit. Pursuing his own interests, he serves the public interest best.
• Frank knight contributed to entrepreneurship theory, he distinguished between an entrepreneur and manager.
• Frank Knight believes that entrepreneurs are the ones who make decisions in uncertain situations that risk their business and hope that they make the right decision and be rewarded with a profit
• Manager is just an employee who works for salary and does not have to

  bear any risk. They only focus on daily smooth operation of business so once there is a problem s/he bears responsibility for it.
• Alfred Marshall (1842-1924) a member of the English school of thinking, one of the pioneers of neoclassical economics. For his research he distinguish the categories capitalist, entrepreneur, and manager
• Marshall defined capitalists as the people who trusted themselves to the capacity and honesty of others. They invest their money in entrepreneurs who need it to start or operate their businesses, hoping to make more money for them. But when something goes wrong, the capitalist will lose more money than the entrepreneur; however, the entrepreneur will lose his or her reputation, the trust of investors, and the other opportunities he could have gained.
• The word "motivation" comes from the word "motive", which refers to what causes someone to act in a certain way.
• A person's objectives and desires are defined by their motives.
• According Schermerhorn (2013), it refers to forces within an individual that account for the level, direction, and persistence of effort expended at work.
• It is the one most important duty of an entrepreneur – motivate people.
• What motivates an Entrepreneur?

  1. Earn Profit
  2. Makes one’s own choices
  3. Attain success
  4. Grab an opportunity
  5. Give back/Pay it forward
  6. Considering losing your job and wanting "to make things, and elevate the world"
  7. Stable employment.