Entrepreneurship Essay - 1729 Words

According to Henry, Hill Leitch (2003) the word entrepreneur was derived from the French word ‘entreprendre’ which means to undertake, and the first person who introduced and used the word of entrepreneur was Richard Cantillon (1680-1734), an Irish economist. Cantillon defined entrepreneur as a person with the foresight and confidence to work in conditions when costs may be known, but rewards are uncertain (Bridge, O’Neill Cromie 1998). Therefore, it can be concluded that entrepreneurship demands foresight and willingness to assume risk (Landstrom 1997, cited in Corbetta, Huse Rovasi 2004). In short it can be said that the first concept of entrepreneurship from Cantillon emphasis on taking risk to venture into a business. Van†¦show more content†¦3.2 The neoclassical approach The neoclassical era is famous with the concept of equilibrium theory in which supply equals to demand in a perfectly competitive market (Bridge, O’neill Cromie 1998), therefore during this era economists believed that there is no entrepreneurial profit (Shane 2002) and entrepreneurship activities do not have a room to grow since innovation could destroy the stability of economic condition (Adaman Devine 2002 cited in Calderon 2004). The example of famous economist during this era would be Alfred Marshall (1842-1924) which pointed that entrepreneur has the characteristics of taking all responsibility and gain full control, coordinate supply and demand on the market as well as capital and labour within the firm, undertake risks, act as a manager as well as employer, opportunity seeker in order to minimize costs (van Praag 2005). Furthermore, from the same author Marshall stated that a successful entrepreneur will need (i) general ability which are being able to do multitask in one time, have everything ready in time, act promptly and show resource when something goes wrong, flexible to changes, steady and trustworthy; (ii) specialized abilities which are knowledge of trade, ability to forecast, taking risks and spot opportunities in the market; (iii) act as a nature leader of men while performing as an employer; (iv) and lastly a good fortune and capital. Even though Marshall pointedShow MoreRelatedEntrepreneurship1111 Words   |  5 PagesEntrepreneurship Entrepreneurship is the act of being an entrepreneur or one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods. This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses (referred as Startup Company); however, in recent years, the term has been extended to include socialRead MoreEntrepreneurship1326 Words   |  6 Pages‘Critically evaluate the key theoretical developments of the term Entrepreneurship’. Student Name : Jonalee B. Magtoto Student ID : 1009007374 Matriculation No: 20037830 Date: June 13th 2013 Word Count : 2,091 words Introduction: Entrepreneurship as a lot of meaning but for me it divided into two separate fundamental, the first part debate high involveRead MoreEntrepreneurship1228 Words   |  5 Pagesthat has the right of control is hired from the owner. Page 2 of 4 Similarities and differences between a manager, a business owner and an entrepreneur By Henry Amm Modern approaches like ‘corporate entrepreneurship’ try to overcome those boundaries by incorporating advantages of entrepreneurship into common management. 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