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. 38 Types of entrepreneurs edit Ethnic edit The term "ethnic entrepreneurship" refers to self-employed business owners who belong to racial or ethnic minority groups in the United States and Europe. A long tradition of academic research explores the experiences and strategies of ethnic entrepreneurs as they strive to integrate economically into mainstream. Classic cases include jewish merchants and tradespeople in large. Cities in the 19th and early 20th centuries as well as Chinese and Japanese small business owners (restaurants, farmers, shop owners) on the west coast. S, ethnic entrepreneurship has been studied in the case of Cuban business owners in miami, indian motel owners of the. And Chinese business owners in Chinatowns across the United States. While entrepreneurship offers these groups many opportunities for economic advancement, self-employment and business ownership in the United States remain unevenly distributed along racial/ethnic lines.
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36 In recent years, entrepreneurship has been claimed as a major driver of homework 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 involve a team and which may create many jobs. Many "high value" entrepreneurial ventures seek venture capital or angel funding ( seed money ) in order to raise capital for building and expanding the business. 37 Many organizations exist to support would-be entrepreneurs, including specialized government agencies, business incubators (which may be for-profit, non-profit, or operated by a college or university science parks and non-governmental organizations, which include a range of organizations including not-for-profits, charities, foundations and business advocacy groups. Chambers of commerce ). 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" was launched. relationship between small business and entrepreneurship edit The term "entrepreneur" is often conflated with the term " small business " or used interchangeably with this term. While most entrepreneurial ventures start out as a small business, not all small businesses are entrepreneurial in the strict sense of the term. Many small businesses are sole proprietor operations consisting solely of the owner—or they have a small number of employees—and many of these small businesses offer an existing product, process or service and they do not aim at growth. In contrast, entrepreneurial ventures offer an innovative product, process or service and the entrepreneur typically aims to scale up the company by adding employees, seeking international sales and so on, a process which is financed by venture capital and angel investments.
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. 33 Entrepreneurs are leaders willing to take risk table and exercise initiative, taking advantage of market opportunities by planning, organizing and deploying resources, often by innovating to create new or improving existing products or services. S, the term "entrepreneurship" has been extended to include a specific mindset resulting in entrepreneurial initiatives,. 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. Participating in a new business creation is a common activity among. Workers over the course of their careers".
Schumpeter (1934) demonstrated that the changing environment continuously provides new information about the optimum allocation of writing resources to enhance profitability. Some individuals acquire the new information before others and recombine the resources to gain an entrepreneurial profit. Schumpeter was of the opinion that entrepreneurs shift the production possibility curve to a higher level using innovations. 30 Initially, economists made the first attempt to study the entrepreneurship concept in depth. 31 Alfred Marshall viewed the entrepreneur as a multi-tasking capitalist and observed that in the equilibrium of a completely competitive market there was no spot for "entrepreneurs" as an economic activity creator. 32 21st Century edit In 2012, Ambassador-at-Large for Global Women's Issues Melanne verveer greets participants in an African Women's Entrepreneurship Program at the State department in Washington,. In the 2000s, entrepreneurship has been extended from its origins in for-profit businesses to include social entrepreneurship, in which business goals are sought alongside social, environmental or humanitarian goals and even the concept of the political entrepreneur.
Schumpeter's initial example of this was the combination of a steam engine and then current wagon making technologies to produce the horseless carriage. In this case, the innovation (i.e. The car) was transformational, but did not require the development of dramatic new technology. It did not immediately replace the horse-drawn carriage, but in time incremental improvements reduced the cost and improved the technology, leading to the modern auto industry. Despite Schumpeter's early 20th-century contributions, the traditional microeconomic theory did not formally consider the entrepreneur in its theoretical frameworks (instead of assuming that resources would find each other through a price system). In this treatment, the entrepreneur was an implied but unspecified actor, consistent with the concept of the entrepreneur being the agent of x-efficiency. For Schumpeter, the entrepreneur did not bear risk: the capitalist did. Schumpeter believed that the equilibrium was imperfect.
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27 Dating back to the time of the medieval guilds in Germany, a craftsperson debate required special permission to operate as an entrepreneur, the small proof of competence ( the Kleiner Befähigungsnachweis which restricted training of apprentices to craftspeople 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, proof of competence was not required to start a business. In 19, greater proof of competence was reintroduced ( Großer Befähigungsnachweis Kuhlenbeck which required craftspeople to obtain a meister apprentice-training certificate before being permitted to set up a new business. 28 20th century edit 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.
While the loan from French of the word "entrepreneur" dates to the 1850, the term "entrepreneurship" was coined around the 1920s. According to Schumpeter, an entrepreneur is willing and able to convert a new idea or invention into a successful innovation. 29 Entrepreneurship employs what Schumpeter called "the gale of creative destruction " to replace in whole or in part inferior offerings across markets and industries, simultaneously creating new products and new business models, thus creative destruction is largely responsible for long-term economic growth. The idea that entrepreneurship leads to economic growth is an interpretation of the residual in endogenous growth theory clarification needed and as such continues to be debated in academic economics. An alternate description by Israel Kirzner suggests that the majority of innovations may be incremental improvements such as the replacement of paper with plastic in the construction of a drinking straw that require no special qualities. For Schumpeter, entrepreneurship resulted in new industries and in new combinations of currently existing inputs.
13 The term has also been used to discuss how people might use these opportunities to develop new products or services, launch new firms or industries, and create wealth. 14 The entrepreneurial process is uncertain because opportunities can only be identified after they have been exploited. 15 Entrepreneurs tend exhibit positive biases towards finding new possibilities and seeing unmet market needs, and a tendency towards risk-taking that makes them more likely to exploit business opportunities. 16 17 History edit historical usage edit Emil Jellinek-mercedes (18531918 here at the steering wheel of his Phoenix double-Phaeton, was a european entrepreneur who helped design the first modern car "Entrepreneur" ( /ɒtrəprənɜr, -njʊər/ ( listen uk also /-prɛ-/ ) is a loanword from French. The word first appeared in the French dictionary entitled Dictionnaire Universel de commerce compiled by jacques des Bruslons and published in 1723.
20 Especially in Britain, the term "adventurer" was often used to denote the same meaning. 21 The study of entrepreneurship reaches back to the work in the late 17th and early 18th centuries of Irish-French economist Richard Cantillon, which was foundational to classical economics. Cantillon defined the term first in his Essai sur la nature du commerce en Général, or Essay on the nature of Trade in General, a book william Stanley jevons considered the "cradle of political economy". 22 23 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". Cantillon considered the entrepreneur to be a risk taker who deliberately allocates resources to exploit opportunities in order to maximize the financial return. 24 25 Cantillon emphasized the willingness of the entrepreneur to assume the risk and to deal with uncertainty, thus he drew attention to the function of the entrepreneur and distinguished between the function of the entrepreneur and the owner who provided the money. 24 26 jean-Baptiste say also identified entrepreneurs as a driver for economic development, emphasizing their role as one of the collecting factors of production allocating resources from less to fields that are more productive. Both say and Cantillon belonged to French school of thought and known as the physiocrats.
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The exploitation of drinking entrepreneurial opportunities may include: 9 developing a business plan Hiring the human resources Acquiring financial and material resources Providing leadership being responsible for both the venture's success or failure risk aversion Economist Joseph Schumpeter (18831950) saw the role of the entrepreneur. For Schumpeter, the changes and "dynamic disequilibrium brought on by the innovating entrepreneur were the norm of a healthy economy ". 10 While entrepreneurship is often associated with new, small, for-profit start-ups, entrepreneurial behavior can be seen in small-, medium- and large-sized firms, new and established firms and in for-profit and not-for-profit organizations, including voluntary-sector groups, charitable organizations and government. 11 Entrepreneurship may operate within an entrepreneurship ecosystem which often includes: government programs and services that promote entrepreneurship and support entrepreneurs and start-ups Non-governmental organizations such as small-business associations and organizations that offer advice and mentoring to entrepreneurs (e.g. Through entrepreneurship centers or websites) Small-business advocacy organizations that lobby governments for increased support for entrepreneurship programs and more small business-friendly laws and regulations Entrepreneurship resources and facilities (e.g. Business incubators and seed accelerators ) Entrepreneurship education and training programs offered by schools, colleges and universities Financing (e.g. Bank loans, venture capital financing, angel investing and government and private foundation grants) 12 need"tion to verify in the 2000s, usage of the term "entrepreneurship" expanded to include how and why some individuals (or teams) identify opportunities, evaluate them as viable, and then decide.
Joseph Schumpeter in the 1930s and other Austrian economists such. Carl Menger, ludwig von Mises and Friedrich von hayek. According to Schumpeter, an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation. Entrepreneurship employs what Schumpeter called "the gale of creative help destruction" to replace in whole or in part inferior innovations across markets and industries, simultaneously creating new products including new business models. In this way, creative destruction is largely responsible for the dynamism of industries and long-run economic growth. The supposition that entrepreneurship leads to economic growth is an interpretation of the residual in endogenous growth theory and as such is hotly debated in academic economics. An alternate description posited by Israel Kirzner suggests that the majority of innovations may be much more incremental improvements such as the replacement of paper with plastic in the making of drinking straws.
information about opportunities. Third, taking on risk is a necessary. Fourth, the entrepreneurial process requires the organization of people and resources. 8, the entrepreneur is a factor in and the study of entrepreneurship reaches back to the work. Richard Cantillon and, adam Smith in the late 17th and early 18th centuries. However, entrepreneurship was largely ignored theoretically until the late 19th and early 20th centuries and empirically until a profound resurgence in business and economics since the late 1970s. In the 20th century, the understanding of entrepreneurship owes much to the work of economist.
In this usage, an Entrepreneur is an entity which has the ability to find and act upon opportunities to translate inventions or technology restaurant into new products: "The entrepreneur is able to recognize the commercial potential of the invention and organize the capital, talent, and other. Contents, elements edit, entrepreneurship is the act of being an entrepreneur, or "the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits". Entrepreneurs act as managers and oversee the launch and growth of an enterprise. Entrepreneurship is the process by which either an individual or a team identifies a business opportunity and acquires and deploys the necessary resources required for its exploitation. Early 19th century French economist. Jean-Baptiste say provided a broad definition of entrepreneurship, saying that it "shifts economic resources out of an area of lower and into an area of higher productivity and greater yield". Entrepreneurs create something new, something different—they change or transmute values. 7, regardless of the firm size, big or small, they can partake in entrepreneurship opportunities.
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For other uses, see. For someone who cultivates a startup, see. Startup company Co-founders. Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are called entrepreneurs. 1 need"tion to verify 2, entrepreneurship has advantages been described as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit ". 3, while definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant proportion of start-up businesses have to close due to "lack of funding, bad business decisions, an economic crisis, lack. 4, a broader definition of the term is sometimes used, especially in the field of economics.