Entrepreneurship - A Brief Introduction
https://www.linkedin.com/in/simonarias Entrepreneurship is the practice of designing, starting and running a new business, which is often originally a small business. The men and women who make these companies are called entrepreneurs. Entrepreneurship was described as the "capacity and willingness to develop, arrange and manage a business enterprise alongside any of its dangers in order to create a profit". While definitions of entrepreneurship normally revolve around the start and running of businesses, due to the high risks involved with launching a start-up, an important percentage of startup businesses must close due to "lack of funding, bad business decisions, an economic crisis, lack of market demand--or even a combination of all of these. Entrepreneurship is the act of becoming an entrepreneur, or "an operator or manager of a business enterprise who makes money at danger and initiative". Entrepreneurs act as managers and oversee 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 necessary resources needed 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 a place of higher productivity and greater return". Entrepreneurs create something new, something different-they change or transmute values. Regardless of the business size, big or little, they can partake in entrepreneurship opportunities. Four criteria are required by the chance to become a entrepreneur. First, there must be opportunities or situations to recombine resources to create profit. Secondly, entrepreneurship requires differences between individuals, such as accessibility to specific individuals or the capability to recognize details about opportunities. Third, taking on risk is quite necessary. Fourth, the entrepreneurial process requires the organization of people and resources. The entrepreneur is a element in microeconomics and also the analysis of entrepreneurship reaches back to the job of Richard Cantillon and Adam Smith in the late 17th and early 18th centuries. But,
entrepreneurship was mostly ignored theoretically until the late 19th and early 20th centuries and empirically before a deep 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 and other Austrian economists like Carl Menger, Ludwig von Mises and Friedrich von Hayek. According to Schumpeter, an entrepreneur is someone who's willing and able to convert a brand new idea or innovation into a successful innovation. Entrepreneurship employs what Schumpeter called "the gale of creative destruction" to replace in whole or in part inferior innovations across markets and businesses, simultaneously creating new products including new business models. In this way, creative destruction is largely responsible for its dynamism of industries and long-term economic development. The supposition that entrepreneurship leads to economic growth is an interpretation of this residual in endogenous growth theory and as this is hotly debated in academic economics. An alternate description posited by Israel Kirzner suggests that the majority of innovations may be much more incremental improvements like the replacement of paper with plastic in the creating of drinking straws. https://www.forbes.com/sites/theyec/2017/12/04/five-ways-to-stay-motivated-and-hit-your-business-g oals/