Origin And Nature Of Entrepreneurship | Meir Waknine

Meir Waknine

Entrepreneur or Entrepreneurship originated in Europe sometime in the Middle Ages.

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Entrepreneur originated from the French word “Entreprendre” which means to undertake.

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Entrepreneurship ◦ The ability of the individual to determine and come up with the proper combination of the resources available in his environment and transform this into an output of either goods or services, and obtain a fair profit at the price the entrepreneur sets.

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JEAN BAPTISTE SAY (1800)

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Entrepreneurship refers to the shifting of economIc resources out of an area of lower and into higher productivity and greater yield.

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CARL MENGER (1871)

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Entrepreneurship involves obtaining information, calculations, an act of will and supervision.

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HARVEY LEIBENSTEIN (1970)

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Entrepreneurship is the reduction of organizational inefficency.

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JOSEPH SCHUMPETER (1910)

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Entrepreneurship is, in its essence, the finding and promoting new combinations of productive factors.

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ISRAEL KIRZNER (1975)

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Entrepreneurship is identification of market arbitrage opportunity.

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ALBERT SHAPIRO (1975)

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Entrepreneurship involves a kind of behavior that includes initiative taking, organizing and recognizing social mechanism to turn resources and situations so practical account, and the acceptance of risk and failures.

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KARL VESPER (1980)

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Entrepreneurship is the dynamic process of creating incremental wealth.

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W. ED MC MULLAN AND WAYNE A. LONG (1990)

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Entrepreneurship is the building of new growth organization.

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HOWARD STEVENSON (1992)

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Entrepreneurship is the pursuit of opportunity beyond the resources currently under one’s control.

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JEFFRY TIMMONS (1994)

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Entrepreneurship is the ability to create and build a vision from practically nothing.

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PETER DRUCKER (1998)

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Entrepreneurship is the process of starting one’s own new and small business.

It is also the process of innovation and new venture creation through four major dimensions – individual, organizational, environmental, process – aided by collaborative networks in government, education and institutions.

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ROBERT HISRICH (2001)

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Entrepreneurship involves the creation process, requires the devotion of the necessary time and effort, assumes the accompanying financial, psychic and social risks, and receives the resulting rewards of monetary and personal satisfaction and independence.

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Approach ◦ The entrepreneur considers the opportunity to solve the problem rather than solving the problem itself.

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◦ Entrepreneurship is a dynamic process of innovation and new – venture creation through the five major dimensions: individuals, organizations, environment, process and intuitions.

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Findings in the 2006 Global Entrepreneurship Monitor (GEM) Research Consortium:

◦ Four out of ten adult Filipino are engaged in business. ◦ About half are in the early – stage entrepreneurial activity (Total Early Stage Activity – TEA). ◦ 19.7% (9.5 million) comprise the country’s established business. ◦ Mindanao has the higher TEA while Northern Luzon has the lowest. ◦ Most of the businesses are in consumer oriented with 35%.

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Findings in the 2006 Global Entrepreneurship Monitor (GEM) Research Consortium:

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◦ Motivated by Necessity (54%) and opportunity motivations (37%). ◦ Face stiff competition (75%), lack novelty (71%), lack new technology (67%), not employing (63%), and not exporting (77%). ◦ Only 8 out of 10 have discontinued a business in the past 12 months. ◦ Only 34% have dealings with banks. ◦ Only 17 who receive remittances use then to finance business. ◦ Only 1% are non – owner investors.

“Borderless World” – globalized trading system

◦ The Filipino entrepreneur who used to develop and market products locally is now faced with local competition with both Filipino and foreign products and services which are now available in the market. ◦ The Filipino entrepreneur has to contend with casting out the colonial mentality of the local market with its preferences for imported goods. ◦ Filipino entrepreneurs have the chance of developing and marketing export – quality products awing to the various incentives and support available.

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