Entrepreneurship : Entrepreneurship Entrepreneurship – one of the core economic factors (material, labour, capital)
inspired people – who through the process of disruption initiate progress in the society
Risk takers who harness/use resources in unusual ways to opportunities
Entrepreneurship : Entrepreneurship Richard Cantillon, French economist gave the concept of entrepreneurship a central role in economics
He stated that entrepreneurs consciously make decisions about resource allocation Investment Transformation Profit/Loss
Entrepreneurship : Entrepreneurship Adam Smith spoke about the enterpriser as an individual who undertook the formation of an organisation for commercial purposes
Jean Baptist Say, French economist, described an entrepreneur as one who possessed certain arts and skills of creating new economic enterprises; had insight into society needs and was able to fulfill them
Carl Menger, Austrian economist, defined an entrepreneur as a change agent who tranforms resources into useful goods and services, thereby creating industrial growth
Menger’s model talks of adding value to the original resource in such a way as to eventually satisfy a human need.
Entrepreneurship : Entrepreneurship Joseph Schumpeter, an Austrian economist defined entrepreneurship as a process and entrepreneurs as innovators who use the process to challenge the status quo through new combinations of resources and new methods of commerce
Entrepreneurship : Entrepreneurship Rober Ronstadt - Entrepreneurship is the process of generating incremental wealth.
This wealth is created by individuals who assume the major risks in terms of equity, time, career commitment of providing value for some product or service. The product or service may not be new or unique but value must be infused by the entrepreneur by securing and allocating the necessary skills and resources.
Joseph Schumpeter - Entrepreneurship consists in doing things that are not generally done in the course of business routine.
The entrepreneur reforms/revolutionizes the pattern of production by exploiting an invention or untried technological possibility for producing a new commodity or producing an old one in a new way, by opening up a new source of supply of materials or new outlet for products