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Entrepreneurship - A Short Introduction

http://ladiesonthetour.sites.gettysburg.edu/entrepreneur/simon-arias Entrepreneurship is the process of designing, launching and running a new company, which is often originally a small company. The people who create these businesses are called entrepreneurs. Entrepreneurship has been described as the "capacity and willingness to grow, organize and manage a company venture alongside any of its dangers so as to make a profit". While definitions of entrepreneurship typically revolve around the launching and running of companies, due to the large risks involved with launching a startup, a significant percentage of startup companies must close due to "lack of financing, poor business decisions, an economic crisis, lack of market demand--or even a combination of all of them. Entrepreneurship is the action of becoming an entrepreneur, or even "an operator or director of a business enterprise who makes money at danger and initiative". Entrepreneurs act as supervisors and oversee the launch and expansion of an enterprise. Entrepreneurship is the process by which either an individual or a team defines a business opportunity and acquires and deploys the necessary resources needed 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 yield". Entrepreneurs create something fresh, something different-they change or transmute values. Regardless of the business size, large or small, they can partake in entrepreneurship opportunities. Four standards are required by the chance. First, there needs to be opportunities or situations to recombine resources to create profit. Secondly, entrepreneurship requires differences between people, such as accessibility to specific individuals or the ability to comprehend details about opportunities. Third, taking on risk is a necessary. The entrepreneurial process demands the organization of resources and people. The entrepreneur is a element in microeconomics and the study of entrepreneurship reaches back to 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 before a profound resurgence in economics and business 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 like Carl Menger, Ludwig von Mises and Friedrich von Hayek. According to Schumpeter, an entrepreneur is a person who's willing and able to convert a new idea or invention into a successful innovation. Entrepreneurship employs what Schumpeter called "the gale of creative destruction" to replace in whole or in part poor innovations across markets and businesses, simultaneously producing new products such as new business models. In this manner, creative destruction is largely responsible for its dynamism of businesses and long-run economic growth. The supposition that entrepreneurship leads to economic development is an interpretation of this residual in endogenous growth theory and as this is hotly debated in academic economics. An alternative explanation typified by Israel Kirzner implies that nearly all innovations could be more incremental improvements like the replacement of paper with plastic in the creating of drinking straws. http://www.mylifeatail.com/leadership/american-income-life-sga-of-the-year-simon-arias/

Entrepreneurship - A Short Introduction...  

http://ladiesonthetour.sites.gettysburg.edu/entrepreneur/simon-ariasEntrepreneurship is the process of designing, launching and running a ne...

Entrepreneurship - A Short Introduction...  

http://ladiesonthetour.sites.gettysburg.edu/entrepreneur/simon-ariasEntrepreneurship is the process of designing, launching and running a ne...

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