Entrepreneurship - A Short Introduction
https://www.linkedin.com/in/simonarias Entrepreneurship is the process of designing, launching and running a new business, which is often initially a little business. The people who make these companies are known as entrepreneurs. Entrepreneurship has been described as the "capability and willingness to grow, organize and manage a company enterprise alongside some of its risks in order to make a profit". While definitions of entrepreneurship normally focus on the start and running of companies, because of the high risks involved with launching a startup, an important percentage of startup businesses have to close due to "lack of funding, bad business decisions, an economic crisis, lack of market demand--or even a mixture of all these. Entrepreneurship is the action of becoming an entrepreneur, or even "an owner or director of a business enterprise who makes money through danger and initiative". Entrepreneurs act as supervisors and manage the launch and growth of an enterprise. Entrepreneurship is the process by which 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, stating that it "shifts economic resources from an area of lower and into a place of higher productivity and higher return". Entrepreneurs create something fresh, something different-they change or transmute values. Irrespective of the business size, large or small, they could partake in entrepreneurship opportunities. The chance to become an entrepreneur requires four standards. First, there must be opportunities or scenarios to recombine tools to generate profit. Secondly, entrepreneurship requires differences between people, such as preferential access to certain people or the capability to comprehend information regarding opportunities. Third, taking on risk is quite necessary. The entrepreneurial process requires the organization of people and resources. The entrepreneur is a element in microeconomics and the study of entrepreneurship reaches into the job of Richard Cantillon and Adam Smith in the late 17th and early 18th centuries. But, entrepreneurship was largely ignored theoretically until the late 19th and early 20th centuries and empirically before a deep 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 from 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 is willing and able to convert a brand new idea or invention into a successful invention. Entrepreneurship employs what Schumpeter
called "the gale of creative destruction" to substitute 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 largely responsible for the dynamism of industries and long-term economic development. The supposition that entrepreneurship results in economic development is an interpretation of the 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 more incremental improvements like the replacement of paper with plastic in the making of drinking straws. https://www.linkedin.com/in/simonarias