What is Entrpreneurship?
This Course is required to make us self-sufficient.Thus,needing no outside help in satisfying ones basics needs especially with regards to the production of food.
The course is also able to help you provide everything you need especially food for yourself without the help of other people .
This means that, when we learn or have the basic Knowledge about this course, we would be able to acquire basic skills to either start our own business or work with people.
This would help us to generate or get money to feed ourselves.
Background of Entrepreneurship
The term entrepreneur, which most people recognize as someone who organizes and assumes the risk of a business in return for the profits, appears to have been introduced by Richard Cantillon (1697-1734).
He was an Irish economist of French descent.
•The term came into much wider use after John Stuart Mill popularized it in his 1848 classic, Principles of Political Economy.
Entrepreneurship is having an idea, something abstract, being rolled out to reality for it to become a business which gives us income, capital etc.
The word originated from the French word “entreprandre” which means to undertake. This started way back in the Middle East.
It has a lot of decision making which could result from either a profit or loss and an individual who wants to be an entrepreneur should be ready and willing to take the risk.
Definitions of Entrepreneurship from Renounced people
In 1800,Jean Baptiste Say, a French economist defined entrepreneurship as shifting of economic resources out of an area of lower and into higher productivity and greater yields.
Entrepreneurship is in its essence the finding and promoting new combination of production factors. (Joseph Schumpeter, In 1910.)
Also, Israel Kirzner 1775 , defines Entrepreneurship as the identification of market arbitrage opportunity this can be checking the inequality of pricing.
Another definition of entrepreneurship is that;
Entrepreneurship is the dynamic process of the creating incremental wealth (Karl Vesper 1980).
Explanation: As an individual starts the entire entrepreneurship process, he or she is not to end there but rather add value to the business because as you add value to it, you add value to your wealth.
As an individual starts the entire entrepreneurship process, he or she is not to end there but rather add value to the business because as you add value to it, you add value to your wealth.
Again Jeffry timmons 1994 also defines entrepreneurship which he says:
“entrepreneurship is the ability to crate and build a vision from practically nothing. (Jeffry Timmons, 1994)”
Also Peter Druker who is the contemporary father of Entrepreneurship defines it as the process of starting ones own new small businessbit is the process of innovation and new venture creation.(1998)
Entrepreneurship is all about bringing something new into the market or adding value to something which is already in existence. Also due to the changing trends of the world economy and marketing, take it or leave it is no longer in the system.
Who are entrepreneurs?
Entrepreneurs are …
•Founders of businesses that become large-scale enterprises are People who
•Buy a local franchise outlet
•Open a small retail shop
•Operate a self-employed service business
•People who introduce a new product or operational change in an existing organization.
“Considering these definitions of entrepreneurship and factors, Are entrepreneurs born or made?”
Therefore, entrepreneurship is the strategic and risk taking behaviour that results in the creation of the new opportunities for individuals and or organisations.
Above all, you first need to identify a problem and generate solutions to the problem.
I believe everyone can be an entrepreneur. What do you believe in? comment below.