Module 1 Flashcards
(93 cards)
claims that entrepreneurship is multi-dimensional
Blackburn (2011)
Entrepreneurship involves analyzing people and their actions together with the ways in which they interact with their environments, be these social, economic, or political, and the institutional, policy, and legal frameworks that help define and legitimize human activities.
Blackburn (2011)
associated entrepreneurs with “risk-bearing” activity in the economy
Irish-French economist Richard Cantillon
Assumes that entrepreneurs are agents who buys means of production at certain prices in order to combine them into a product that he is going to sell at prices that are uncertain at the moment at which he commits himself to his costs
Irish-French economist Richard Cantillon
emphasized the entrepreneur’s function of taking risks and bearing the uncertainties
Irish-French economist Richard Cantillon
says that “The entrepreneur is the economic agent who unites all means of production, the labor force of the one and the capital or the land of the others and who finds in the value of products his results from their employment reconstitution of the entire capital that he utilizes and the value of the wages, the interest and the rent which he pays as well as profits belonging to himself.”
economist Jean-Baptiste
further contends that an entrepreneur is someone who sifts economic resources out of an area of lower productivity into an area of higher productivity and greater yield
economist Jean-Baptiste
defines entrepreneur as an individual who carries out new combines of means of production by which there occurs disequilbrium
Joseph Schumpeter
he says that entrepreneurs as especially talented and motivated class of people are key individuals in development
Joseph Schumpeter
According to him, entrepreneur is basically an innovator and innovator is one who introduces new combinations
Joseph Schumpeter
one who introduces new combinations
innovator
According to him, entrepreneurship is the pursuit of opportunity beyond resources controlled.
Harvard Business School professor Howard Stevenson
one who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them
entrepreneur (Zimmer & Scarborough, 2008)
one who organizes, manages, and assumes the risks of a business or enterprise
entrepreneur
can be defined as a field of business that seeks to understand how opportunities to create something new arise and are discovered or created by specific persons, who then use various means to exploit or develop them, thus producing a wide range of effects
entrepreneurship (Baron, Shane, & Reuber, 2009)
it is the process of pursuing opportunities without limitation by resources currently in hand
entrepreneurship (Brooks)
the process of doing something new and something different for the purpose of creating wealth for the individual and adding value to society
entrepreneurship (Kao, 1993)
Who said that entrepreneurship is a dynamic process of vision, change and creation. It requires an application of energy and passion towards the creation and implementation of new value-adding ideas and creative solutions. Essential ingredients include the willingness to take calculated risks in terms of time, equity or career; the ability to formulate an effective venture team; the creative skill to marshal needed resources; and, finally, the vision to recognize opportunity where others see chaos, contradiction and confusion?
Frederick, Kuratko, O’Connor
working definition of entrepreneurship
Entrepreneurship is the process of creating something new of value while assuming the risks.
denotes that a procedure has several steps or stages to be taken
process
Simply put, this is innovation.
creating something new
refers to the worth attributed to something
value
Those who practice entrepreneurship must be willing to bear the risks involved with every venture. They must have a certain degree of tolerance for uncertainty.
assuming the risks
more than just an economic term but a way of thinking
entrepreneurship
