What is Entrpreneurship?

 

Follow me

 Entrepreneurship

Introduction 

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.

“My opinion”

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.
https://www.economist.com/news/2009/04/27/entrepreneurship

Entrepreneurship is in its essence the finding and promoting new combination of production factors. (Joseph Schumpeter, In 1910.)

Joseph Schumpeter
(1910)

Also, Israel Kirzner 1775 , defines Entrepreneurship as the identification of market arbitrage opportunity this can be checking the inequality of pricing.

Israel Kirzner
{1775)

Another definition of entrepreneurship is that;

Entrepreneurship is the dynamic process of the creating incremental wealth (Karl Vesper 1980).

(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)”

(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)

Peter Druker
(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?”

Conclusion

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.

3
Leave a Reply

avatar
3 Comment threads
0 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
3 Comment authors
sirglio freiHarmony Carderoprol evorter Recent comment authors

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
newest oldest most voted
Notify of
sirglio frei
Guest

Simply a smiling visitant here to share the love (:, btw outstanding style. “Make the most of your regrets… . To regret deeply is to live afresh.” by Henry David Thoreau.

Harmony Carder
Guest

I like this post, enjoyed this one regards for posting.

oprol evorter
Guest

I and my guys were found to be reviewing the great hints located on your web site and then before long I got a horrible feeling I had not expressed respect to the web site owner for those secrets. All the guys had been for this reason happy to read through them and have now certainly been enjoying them. Thank you for being indeed accommodating as well as for getting varieties of incredibly good tips most people are really desirous to discover. My personal honest regret for not expressing appreciation to sooner.