ENTREPRENEURSHIP

Origin & Nature of Entrepreneurship

What is Entrepreneurship?
• entrepreneurship is the process of identifying and startin
g a new business venture, sourcing and organizing the re
quired resources, while taking both the risks and rewards
associated with the venture.
Evolution of Entrepreneurship
• From the French word “entreprendre” which means to “un
dertake”.
• Although there is no specific reference as to whether it me
ant undertaking the business for himself or doing it for so
meone else.
• Entrepreneurs are also seen as “between-taker”, “go betw
een”, or “middleman”.
Contemporary Views on Entrepreneurship
“consists in doing things that are not generally
done in the ordinary course of business routine;
it is essentially a phenomenon that comes unde
r a wider aspect of leadership”

-Richard Cantillon,1725
Contemporary Views on Entrepreneurship
“at least in all non-authoritarian societies, constitutes a brid
ge between society as a whole, especially the non-economi
c aspects of that society, and the profit-oriented institutions
established to take advantage of its economic endowments
and to satisfy, as best as they can, its economic desires.”

-Jean Baptiste Say,1803

Contemporary Views on Entrepreneurship
“In entrepreneurship, there is an agreement that we are talk
ing about a kind of behavior that includes initiative taking, o
rganizing or reorganizing of social economic mechanisms t
o turn resources and situation to practical account and the
acceptance of risk.”

-Joseph Schumpeter,1934
Contemporary Views on Entrepreneurship
“the dynamic process of creating incremental wealth. This
wealth is created by individuals who assume the major risk
s in terms of equity, time, and/or career commitment of prov
iding value for some product or service. The product or serv
ice may not be new or unique, but the entrepreneur must s
omehow infuse value by securing and allocating the necess
ary skills and resources.”

-Robert Ronstadt,1984
Contemporary Views on Entrepreneurship
“is a process of innovation and new-venture creation throug
h four major dimensions- individual, organization, environm
ent, process- and aided by collaborative networks in govern
ment, education and institutions.”

-Donald F. Kuratko, et al., 1995

Socio-Economic Benefits of Entrepreneur
ship
• Promotes self-help and employment
• Mobilizes capital
• Provides taxes to the community
• Empowers individuals
• Enhances national identity and pride
• Enhances competitive consciousness
• Improves quality of life
• Enhances equitable distribution of income and wealth