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kennabucht846   , 45

from Liguori


Entrepreneurship - What is It ?



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

Entrepreneurship has been described as the "capability and willingness to develop, arrange and manage a business enterprise along with any of its risks in order to create a profit". While definitions of entrepreneurship normally revolve around the launching and running of businesses, due to the large risks involved in launching a startup, an important percentage of startup companies have to close due to "lack of financing, poor business decisions, an economic crisis, lack of market demand--or even a combination of all of these.

Entrepreneurship is the action of becoming an entrepreneur, or "an operator or manager of a business enterprise who makes money through risk and initiative". Entrepreneurs act as managers and manage the launch and expansion of a venture. Entrepreneurship is the process by which an individual or a team identifies a business opportunity and acquires and deploys the essential resources required for its manipulation.

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 greater yield". Entrepreneurs create something new, something different--they change or transmute values. Irrespective of the business size, large or small, they could partake in entrepreneurship opportunities. The opportunity requires four criteria.

First, there must be opportunities or situations to recombine resources to generate profit. Secondly, entrepreneurship requires differences between people, such as accessibility to specific individuals or the capability to comprehend information regarding opportunities. Third, taking on risk is a necessary. The entrepreneurial process requires the organization of resources and people.

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

According to Schumpeter, an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful invention. Entrepreneurship employs what Schumpeter called "the gale of creative destruction" to substitute in whole or in part inferior 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 businesses and long-term financial development.

The supposition that entrepreneurship leads to economic development is an interpretation of this remaining 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 much more incremental improvements such as the replacement of paper using plastic from the creating of drinking straws.