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Entrepreneurship is the creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk (assumed by a traditional business), and potentially involving values besides simply economic ones.
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Apr 12, 2024 · entrepreneurship, the state of being an entrepreneur, or a person who organizes, manages, and assumes the risk of a business with the goal of generating economic value. The term is derived from the Old French verb entreprendre, “to undertake.”
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Kirzner's research on entrepreneurship economics is also widely recognized. [2] His book, Competition and Entrepreneurship criticizes neoclassical theory for its preoccupation with the model of perfect competition, which neglects the important role of the entrepreneur in economic life.
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- 2.1 Introduction. The historical evolution of ideas about the entrepreneur is a wide-ranging subject and one that can be organized in different ways—theorist by theorist, period by period, issue by issue and so forth.
- 2.2 The entrepreneur in economic history. Entrepreneurship is not a concept that has a tightly agreed definition. In modern common usage an ‘entrepreneur’ is ‘a person who undertakes an enterprise, especially a commercial one, often at personal financial risk’.1 It is the product of a ‘modern’ post-enlightenment world in which continual change has become the norm, where ‘progress’ (technical, social and economic) has become expected and where notions of liberal individualism predominate.
- 2.3 The entrepreneur in classical political economy. Classical economics did not incorporate a systematic treatment of entrepreneurship. The system of economic thought that prevailed during the ‘hey day’ of the ‘men of business’ paid no particular attention to them except as a form of skilled labour or as providers of capital.
- 2.4 The entrepreneur in neoclassical theory. It is sometimes argued that the development of neoclassical analysis beginning with Menger and Jevons in the 1870s, heralded a change of emphasis from the ‘magnificent dynamics’ of classical theory to ‘precise statics’.14 Robbins (1935: 16) later described this central concern as ‘the relationship between ends and scarce means which have alternative uses’.
The founding figures of entrepreneurship theory, as Richard Cantillon and Jean-Baptiste Say, lived in a time when agriculture was the main industry and used examples related to agricultural practices of the 18th and 19th centuries (Vik and Mcelwee, 2011 ). Richard Cantillon coined the term “entrepreneur” in the mid-18th century for a farmer ...
Dec 21, 2020 · The research field of entrepreneurship is vast, and it attracts scholars from different disciplines. The chapter provides an overview of the evolution of entrepreneurship, and it highlights the drivers that have contributed to the growth of the domain.
