Entrepreneurship - What is It ?
http://www.mylifeatail.com/leadership/american-income-life-sga-of-the-year-simon-arias/ Entrepreneurship is the practice of designing, launching and running a new company, which is often initially a little business. The men and women who make these businesses are known as entrepreneurs. Entrepreneurship has been described as the "capability and willingness to develop, arrange and manage a company enterprise along with some of its dangers so as to make a profit". While definitions of entrepreneurship normally revolve around the launching and running of companies, because of the large risks involved with launching a startup, a significant proportion of start-up companies have to close because of "lack of financing, poor business decisions, an economic crisis, lack of market demand--or a mixture of all these. Entrepreneurship is the action of being an entrepreneur, or "an owner or director of a business enterprise who makes money through risk and initiative". Entrepreneurs act as supervisors and oversee the launch and growth of a venture. Entrepreneurship is the process by which either an individual or a staff 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 from an area of lower and into an area of higher productivity and higher return". Entrepreneurs create something new, something different-they change or transmute values. Regardless of the business size, large or little, they could partake in entrepreneurship opportunities. The chance to become a entrepreneur needs four standards. First, there must be opportunities or scenarios to recombine tools to generate profit. Secondly, entrepreneurship requires differences between individuals, such as preferential access to certain people or the ability to recognize details about opportunities. Third, taking on risk is a necessary. The entrepreneurial process demands the organization of people and resources. The entrepreneur is a factor in microeconomics and also the study of entrepreneurship reaches 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 considerably to the work of economist Joseph Schumpeter from the 1930s and other Austrian economists like 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 innovation. Entrepreneurship employs what Schumpeter called "the gale of creative destruction" to replace in whole or part inferior innovations across markets and businesses, simultaneously producing new products such as new business models. In this way, creative destruction is largely responsible for its dynamism of industries and long-run economic development. The supposition that entrepreneurship leads to economic development is an interpretation of the residual in endogenous growth theory and as this is hotly debated in academic economics. An alternative explanation typified by Israel Kirzner suggests that nearly all innovations may be more incremental improvements such as the replacement of paper with plastic from the creating of drinking straws. http://www.mylifeatail.com/leadership/american-income-life-sga-of-the-year-simon-arias/