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edubacklin994   , 45

from Denver


Entrepreneurship - What is It ?



Entrepreneurship is the practice of designing, launching and running a new company, which is often initially a small company. The people who make these companies are known as entrepreneurs.

Entrepreneurship was described as the "capacity and willingness to develop, organize and manage a business enterprise alongside some of its dangers so as to make a profit". While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the large risks involved with establishing a startup, a significant percentage of startup businesses must close due to "lack of funding, poor business decisions, an economic crisis, lack of market demand--or even a combination of all them.

Entrepreneurship is the act of becoming an entrepreneur, or even "an operator or director of a business enterprise who makes money at danger and initiative". Entrepreneurs act as supervisors and oversee the launch and expansion of a venture. Entrepreneurship is the process by which either an individual or a team identifies a business opportunity and acquires and deploys the essential resources needed for its manipulation.

Early 19th century French economist Jean-Baptiste Say provided a broad definition of entrepreneurship, stating that it "shifts economic resources out of an area of lower and into an area of higher productivity and greater return". Entrepreneurs create something fresh, something different--they change or transmute values. Regardless of the business size, large or little, they could partake in entrepreneurship opportunities. The opportunity needs four criteria.

First, there must be opportunities or scenarios to recombine tools to generate profit. Second, entrepreneurship requires differences between individuals, such as preferential access to specific people or the ability to recognize details about opportunities. Third, taking on risk is a necessary. The entrepreneurial process requires the organization of people and resources.

The entrepreneur is a element in microeconomics and the study of entrepreneurship reaches back to the job of Richard Cantillon and Adam Smith in the late 17th and early 18th centuries. But, entrepreneurship was largely ignored theoretically before the late 19th and early 20th centuries and empirically until a deep resurgence in economics and business since the late 1970s. In the 20th century, the understanding of entrepreneurship owes considerably to the work of economist Joseph Schumpeter in the 1930s and other Austrian economists like Carl Menger, Ludwig von Mises and Friedrich von Hayek.

According to Schumpeter, an entrepreneur is a person who is willing and ready to convert a brand new idea or innovation into a successful innovation. Entrepreneurship employs what Schumpeter called "the gale of creative destruction" to substitute in whole or in part poor innovations across markets and industries, simultaneously creating new products including new business models. In this manner, creative destruction is mostly responsible for the dynamism of industries and long-run financial development.

The supposition that entrepreneurship leads to economic development is an interpretation of this residual in endogenous growth theory and as such is hotly debated in academic economics. An alternative explanation typified by Israel Kirzner implies that the majority of innovations could be more incremental improvements like the replacement of paper with plastic in the making of drinking straws.