Entrepreneurship is an interesting subject that helps you to learn a lot about how to start a business... how to give response to opportunities around you... how to be creative and innovative... how to make profit... how to be a useful person for your society... This article tells us more about entrepreneurship and entrepreneurs. And show us the relationship between entrepreneurship, creativity and innovation.
ENTREPRENEURSHIP AND ENTREPRENUR
The concept of entrepreneurship has a wide range of meanings. On the one extreme an entrepreneur is a person of very high aptitude who pioneers change, possessing characteristics found in only a very small fraction of the population. On the other extreme of definitions, anyone who wants to work for him or herself is considered to be an entrepreneur.
The word entrepreneur originates from the French word, entreprendre, which means "to undertake." In a business context, it means to start a business. The Merriam-Webster Dictionary presents the definition of an entrepreneur as one who organizes, manages, and assumes the risks of a business or enterprise.
Schumpeter's View of Entrepreneurship
Austrian economist Joseph Schumpeter’s definition of entrepreneurship placed an emphasis on innovation, such as:
• new products
• new production methods
• new markets
• new forms of organization
Wealth is created when such innovation results in new demand. From this viewpoint, one can define the function of the entrepreneur as one of combining various input factors in an innovative manner to generate value to the customer with the hope that this value will exceed the cost of the input factors, thus generating superior returns that result in the creation of wealth.
Entrepreneurship vs. Small Business
Many people use the terms "entrepreneur" and "small business owner" synonymously. While they may have much in common, there are significant differences between the entrepreneurial venture and the small business.... [continues]
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(2010, 03). Innovation of Entrepreneurship. StudyMode.com. Retrieved 03, 2010, from http://www.studymode.com/essays/Innovation-Of-Entrepreneurship-290596.html
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