This is the latest accepted revision, reviewed entrepreneurship and business planning 21 February 2019.
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. Entrepreneurship has 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». A broader definition of the term is sometimes used, especially in the field of economics. In this usage, an Entrepreneur is an entity which has the ability to find and act upon opportunities to translate inventions or technology into new products: «The entrepreneur is able to recognize the commercial potential of the invention and organize the capital, talent, and other resources that turn an invention into a commercially viable innovation. 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. The entrepreneur is a factor in and the study of entrepreneurship reaches back to the work of 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. 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. 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. 17th-century Walloon-Dutch-Swedish businessman Louis de Geer was a pioneering entrepreneur and industrialist at the dawn of modern capitalism.
The word first appeared in the French dictionary entitled Dictionnaire Universel de Commerce compiled by Jacques des Bruslons and published in 1723. Especially in Britain, the term «adventurer» was often used to denote the same meaning. 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 entrepreneurship and business planning are more productive.
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Both Say and Cantillon belonged to French school of thought and known as the physiocrats. For Schumpeter, entrepreneurship resulted in new industries and in new combinations of currently existing inputs. Schumpeter’s initial example of this was the combination of a steam engine and then current wagon making technologies to produce the horseless carriage. For Schumpeter, the entrepreneur did not bear risk: the capitalist did. Schumpeter believed that the equilibrium was imperfect.
Some individuals acquire the new information before others and recombine the resources to gain an entrepreneurial profit. Initially, economists made the first attempt to study the entrepreneurship concept in depth. 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. 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, D. 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. Entrepreneurs are leaders willing to take risk 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. Participating in a new business creation is a common activity among U.
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. 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. 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 U.
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