Difference between revisions of "Entrepreneurship"

Revision as of 19:18, 27 August 2020

Entrepreneurship

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-The pursuit of opportunities without regards  to the resources currently controlled. It involves creating value by devoting the necessary resources and receiving the resulting rewards and personal satisfaction and independence.
+Entrepreneurship
-The term was coined by [[http://en.wikipedia.org/wiki/Richard_Cantillon|Richard Cantillon]] in 1725. He observed buying and selling by traders & craftsmen. The entrepreneur was known as risk bearer,knowing his buying price but not his selling price.
-[[http://en.wikipedia.org/wiki/Joseph_Schumpeter|Schumpeters]] contribution was that he saw the entrepreneur as an '''innovator''': ":The key aspect of economic development is the competitive elimination of old forms of production. This process of 'creative destruction' is a fundamental characteristic of capitalism.
-An entrepreneur is someone who perceives an opportunity and creates an organization to pursue it.
 [[Category:mbi]]
 [[Category:Term]]