PRELIM ENTREP Flashcards
associated entrepreneurs with “risk-bearing”
activity in the economy.
Irish-French economist Richard Cantillon
According to him,
an entrepreneur is the agent 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
“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
defines an entrepreneur as, “… an
individual who carries out new combinations
of means of production by which there
occurs disequilibrium.
Joseph Schumpeter
denotes that a
procedure has several steps or stages to be
taken. In the same manner, the practice of
entrepreneurship involves several steps of
stages to be taken.
process
“entrepreneurship is the pursuit of
opportunity beyond resources controlled.”
Professor Stevenson
An entrepreneur can be described as “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”
Zimmerer & Scarborough, 2008
An entrepreneur is “one who organizes,
manages, and assumes the risks of a
business or enterprise”
According to an unknown entrepreneur
Entrepreneurship can be defined as a field
of business that “seeks to understand how
opportunities to create something new (e.g.,
new products or services, new markets,
new production processes or raw materials,
new ways of organizing existing
technologies) 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”
Baron, Shane, & Reuber, 2008
“is that it is the process of pursuing
opportunities without limitation by resources
currently in hand”
Brooks, 2009
the process of doing something new and
something different for the purpose of
creating wealth for the individual and adding
value to society
Kao, 1993
“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 recognise opportunity where others
see chaos, contradiction and
confusion.
Frederick, Kuratko, and
O’Connor
Simply put, this
is innovation. The practice of
entrepreneurship always involves
innovation
creating something new
refers to the worth attributed
to something
value
We often associate
the word risk with negative things. But
simply put, a risk is an uncertainty. 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 risk
NATURE OF ENTREPRENEURSHIP
- Creates Opportunity
- ensures social justice
- instills in us confidence
- stimulates the economy
- teaches us to fail and to
persevere. - teaches us to become creative,
innovative, and inventive
DIFFERENCE OF ENTREPRENEUR
FROM AN EMPLOYEE
- Required Education
- Required Skills
- Career Outlook
is the adding of
new businesses (or portions of new
businesses via equity investments) to
the company.
Corporate venturing
focuses on
large-scale, highly consequential
innovations that are adopted in the
company’s pursuit of competitive
advantage.
Strategic entrepreneurship
a process whereby
an individual (or a group of individuals),
in association with an existing
organization, creates a new organization
or instigates renewal or innovation
within the organization.
Intrapreneurship
develops their own business with
a new concept or idea that they
have cultivated.
entrepreneur
an employee of a company who
uses their entrepreneurial skills
within the business to innovate in
company processes, services,
and products
intrapreneur
Shared Traits
● Leadership
● Intelligence and vision
● Adaptability
- trading activities.
- procure the finished products
from the manufacturers and sell
these to the customers directly or
through a retailer.
Trading Entrepreneur
