Entrepreneurship - What's It ?
https://openlab.citytech.cuny.edu/rowland/unconventional-leadership-the-simon-arias-blueprint/ Entrepreneurship is the process of designing, launching and running a new business, which is often initially a little company. The people who create these companies are known as entrepreneurs. Entrepreneurship has been described as the "capacity and willingness to grow, arrange and manage a business venture alongside some of its risks in order to create a profit". While definitions of entrepreneurship typically revolve around the launching and running of companies, because of the high risks involved in establishing a start-up, a significant proportion of start-up businesses must close due to "lack of funding, poor business decisions, an economic crisis, lack of market demand--or a mixture of all of these. Entrepreneurship is the act of becoming an entrepreneur, or even "an owner 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 either an individual or a team identifies a business opportunity and acquires and deploys the essential resources required for its exploitation. 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 a place of higher productivity and higher return". Entrepreneurs create something fresh, something different--they change or transmute values. Regardless of the business size, big or small, they could partake in entrepreneurship opportunities. The opportunity to become an entrepreneur requires four criteria. First, there needs to be opportunities or scenarios to recombine tools to create profit. Second, entrepreneurship requires differences between people, such as accessibility to certain individuals or the ability to comprehend details regarding opportunities. Third, taking on risk is quite necessary. Fourth, the entrepreneurial process demands the organization of resources and people. The entrepreneur is a element in microeconomics and also the study of entrepreneurship reaches back into the job of Richard Cantillon and Adam Smith in the late 17th and early 18th centuries. However, entrepreneurship was largely ignored theoretically before the late 19th and early 20th centuries and empirically until a profound resurgence in business and economics since the late 1970s. From the 20th century, the understanding of entrepreneurship owes much to the work of
economist Joseph Schumpeter in the 1930s along with other Austrian economists such as Carl Menger, Ludwig von Mises and Friedrich von Hayek. According to Schumpeter, an entrepreneur is someone who's willing and able to convert a new idea or innovation into a successful innovation. Entrepreneurship employs what Schumpeter called "the gale of creative destruction" to substitute in whole or part inferior innovations across markets and businesses, simultaneously creating new products including new business models. In this way, creative destruction is mostly responsible for the dynamism of industries and long-run economic development. The supposition that entrepreneurship results in economic growth is an interpretation of this remaining in endogenous growth theory and as such is hotly debated in academic economics. An alternate description posited by Israel Kirzner implies that nearly all innovations may be much more incremental improvements like the replacement of paper using plastic from the making of drinking straws. https://openlab.citytech.cuny.edu/rowland/unconventional-leadership-the-simon-arias-blueprint/