Entrepreneurship - A Brief Introduction
https://www.forbes.com/sites/theyec/2017/12/04/five-ways-to-stay-motivated-and-hit-your-business-g oals/ Entrepreneurship is the process of designing, launching and running a new company, which is often originally a little business. The men and women who make these businesses are called entrepreneurs. Entrepreneurship has been described as the "capability and willingness to develop, arrange and manage a company enterprise alongside any of its risks so as to create a profit". While definitions of entrepreneurship normally focus on the launching and running of companies, because of the high risks involved with establishing a start-up, a significant proportion of startup 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 being an entrepreneur, or "an owner or manager of a business enterprise who makes money through risk and initiative". Entrepreneurs act as managers and manage the launch and growth of an enterprise. Entrepreneurship is the process by which either an individual or a staff defines a business opportunity and acquires and deploys the necessary 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 out of an area of lower and into a place of higher productivity and greater return". Entrepreneurs create something new, something different--they change or transmute values. Regardless of the firm size, big or little, they can partake in entrepreneurship opportunities. Four standards are required by the chance. First, there must be opportunities or scenarios to recombine resources to generate profit. Second, entrepreneurship requires differences between people, such as preferential access to certain individuals or the capability to comprehend information regarding opportunities. Third, taking on risk is quite necessary. Fourth, the entrepreneurial process requires the organization of resources and people. The entrepreneur is a factor in microeconomics and the analysis of entrepreneurship reaches 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 until a profound resurgence in business and economics since the late 1970s. In 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 is 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 inferior innovations across markets and industries, simultaneously producing new products including new business models. In this manner, creative destruction is mostly responsible for its dynamism of businesses and long-run financial growth. The supposition that entrepreneurship results in 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 may be more incremental improvements such as the replacement of paper with plastic from the creating of drinking straws. https://www.linkedin.com/in/simonarias