Entrepreneurship - Wikipedia, the free encyclopedia

Entrepreneurship is the process of
starting a business or other
organization. The entrepreneur develops
a business model , acquires the human
and other required resources, and is
fully responsible

for its success or
failure. Entrepreneurship operates within
an entrepreneurship ecosystem .
Background
In 2012, Ambassador-at-Large for Global
Women's Issues Melanne Verveer
greeted participants in an African
Women's Entrepreneurship Program at
the State Department in Washington,
D.C.
In recent years, "entrepreneurship" has
been extended from its origins in
business to include social and political
activity. [according to whom?]
Entrepreneurship within an existing firm
or large organization has been referred
to as intrapreneurship and may include
corporate ventures where large entities
spin off subsidiary organizations. [1]
Entrepreneurs are leaders willing to take
risk and exercise initiative, taking
advantage of market opportunities by
planning, organizing, and employing
resources, [2] often by innovating new or
improving existing products. [3] More
recently, the term entrepreneurship has
been extended to include a specific
mindset (see also entrepreneurial
mindset) resulting in entrepreneurial
initiatives, e.g. in the form of social
entrepreneurship , political
entrepreneurship , or knowledge
entrepreneurship .
According to Paul Reynolds, founder of
the Global Entrepreneurship Monitor , "by
the time they reach their retirement
years, half of all working men in the
United States probably have a period of
self-employment of one or more years;
one in four may have engaged in self-
employment for six or more years.
Participating in a new business creation
is a common activity among U.S.
workers over the course of their
careers." [4] In recent years,
entrepreneurship has been claimed as a
major driver of economic growth in both
the United States and Western Europe.
Entrepreneurial activities differ
substantially depending on the type of
organization and creativity involved.
Entrepreneurship ranges in scale from
solo, part-time projects to large-scale
undertakings that create many jobs.
Many "high value" entrepreneurial
ventures seek venture capital or angel
funding ( seed money) in order to raise
capital for building the business.[5]
Many organizations exist to support
would-be entrepreneurs, including
specialized government agencies,
business incubators, science parks , and
some NGOs.
Beginning in 2008, an annual "Global
Entrepreneurship Week" event aimed at
"exposing people to the benefits of
entrepreneurship" and getting them to
"participate in entrepreneurial-related
activities". [who? ]
History
Etymology and historical usage
First used in 1723, today the term
entrepreneur implies qualities of
leadership, initiative and innovation in
business. Economist Robert Reich has
called team-building, leadership, and
management ability essential qualities
for the entrepreneur.[6][7]
An entrepreneur is a factor in
microeconomics , and the study of
entrepreneurship reaches back to the
work in the late 17th and early 18th
centuries of Richard Cantillon and Adam
Smith , which was foundational to
classical economics .
In the 20th century, entrepreneurship
was studied by Joseph Schumpeter in
the 1930s and other Austrian economists
such as Carl Menger , Ludwig von Mises
and Friedrich von Hayek . The term
"entrepreneurship" was coined around
the 1920s, while the loan from French of
the word entrepreneur dates to the
1850s.
Initially, economists made the first
attempt to study the entrepreneurship
concept in depth[8] Richard Cantillon
(1680-1734) considered the entrepreneur
to be a risk taker who deliberately
allocates resources to exploit
opportunities in order to maximize the
financial return. [9][10] Cantillon
emphasized the willingness of the
entrepreneur to assume risk and to deal
with uncertainty. Thus, he draws
attention to the function of the
entrepreneur, and distinguishes clearly
between the function of the entrepreneur
and the owner who provides the money.
[9][11] Alfred Marshall viewed the
entrepreneur as a multi-tasking
capitalist. He observed that in the
equilibrium of a completely competitive
market, there was no spot for
“entrepreneurs” as an economic activity
creator. [12]
Historical barriers to
entrepreneurship
Rooting back to the times of the
medieval Guild, in Germany
craftsmanship a special permission to
operate as an entrepreneur was the
small proof of competence (Kleiner
Befähi-gungsnachweis), which restricted
training of apprentices to craftsmen who
held a Meister certificate. This institution
was introduced in 1908 after a period of
so-called freedom of trade
(Gewerbefreiheit, introduced in 1871) in
the German Reich . However, the small
proof of competence was not required to
start a business. In 1935 and in 1953, the
greater proof of competence was
reintroduced (Großer
Befähigungsnachweis Kuhlenbeck) and
required that craftsmen obtain a Meister
certificate to train apprentices and
before being permitted to set up a new
business. [13]
What is an entrepreneur
Entrepreneur ( i / ˌ ɒn t rəp r əˈ n ɜr/ ), is a
loanword from French .[14] It is defined
as an individual who organizes or
operates a business or businesses.
Credit for coining the term entrepreneur
generally goes to the French economist
Jean-Baptiste Say , but in fact the Irish-
French economist Richard Cantillon
defined it first [15] in his Essai sur la
Nature du Commerce en Général , or
Essay on theNature of Trade in General ,
a book William Stanley Jevons
considered the "cradle of political
economy" [16] Cantillon used the term
differently. Biographer Anthony Breer
noted that Cantillon saw the
entrepreneur as a risk-taker while Say
considered the entrepreneur a "planner".
Cantillon defined the term as a person
who pays a certain price for a product
and resells it at an uncertain price:
"making decisions about obtaining and
using the resources while consequently
admitting the risk of enterprise." The
word first appeared in the French
dictionary entitled "Dictionnaire
Universel de Commerce" compiled by
Jacques des Bruslons and published in
1723. [17]
Successful entrepreneurs have the
ability to lead a business in a positive
direction by proper planning, to adapt to
changing environments and understand
their own strengths and weakness.
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