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kaylacook675   , 18

from Hormigueros


Entrepreneurship - What's It ?



Entrepreneurship is the process of designing, starting and running a new company, which is often originally a little business. The people who make these companies are known as entrepreneurs.

Entrepreneurship has been described as the "capacity and willingness to develop, organize and manage a company enterprise along with any of its dangers in order to create a profit". While definitions of entrepreneurship typically focus on the launching and running of companies, because of the high risks involved with establishing a start-up, an important proportion of startup businesses have to close because of "lack of financing, bad business decisions, an economic crisis, lack of market demand--or a mixture of all these.

Entrepreneurship is the act of becoming an entrepreneur, or even "an owner or director of a business enterprise who makes money through danger and initiative". Entrepreneurs act as managers and oversee the launch and growth of a venture. Entrepreneurship is the process by which an individual or a team defines a business opportunity and acquires and deploys the necessary resources needed for its exploitation.

Early 19th century French economist Jean-Baptiste Say provided a broad definition of entrepreneurship, saying that it "shifts economic resources from an area of lower and into an area of higher productivity and higher return". Entrepreneurs create something fresh, something different--they change or transmute values. Irrespective of the firm size, big or small, they can partake in entrepreneurship opportunities. Four criteria are required by the opportunity.

First, there needs to be opportunities or scenarios to recombine resources to generate profit. Secondly, entrepreneurship requires differences between individuals, such as accessibility to certain individuals or the ability to recognize information about opportunities. Third, taking on risk is quite necessary. The entrepreneurial process demands the organization of resources and people.

The entrepreneur is a factor in microeconomics and the analysis of entrepreneurship reaches back to the job of Richard Cantillon and Adam Smith in the late 17th and early 18th centuries. However, entrepreneurship was mostly ignored theoretically until the late 19th and early 20th centuries and empirically before a profound resurgence in economics and business since the late 1970s. In the 20th century, the understanding of entrepreneurship owes much to the work of economist Joseph Schumpeter in the 1930s and other Austrian economists such as Carl Menger, Ludwig von Mises and Friedrich von Hayek.

According to Schumpeter, an entrepreneur is a person who's willing and able to convert a new idea or innovation into a successful invention. Entrepreneurship employs what Schumpeter called "the gale of creative destruction" to replace in whole or in part poor innovations across markets and businesses, simultaneously creating new products including new business models. In this manner, creative destruction is largely responsible for its dynamism of businesses and long-term financial growth.

The supposition that entrepreneurship leads to economic development is an interpretation of this remaining in endogenous growth theory and as this is hotly debated in academic economics. An alternate description posited by Israel Kirzner implies that nearly all innovations could be much more incremental improvements such as the replacement of paper using plastic from the making of drinking straws.