Contemporary Views on Entrepreneurship

Lloyd Shefsky

is Professor of Entrepreneurship at Kellogg School of Management, as well as Co-Director, at Center for Family Enterprises.

Lloyd Shefsky defined entrepreneur

by dissecting the word entrepreneur into three parts

entre

to enter

pre

means before

neur

means nerve center

Lloyd Shefsky Book Title:

Entrepreneurs are made not Born

SHEFSKY’S practicall view on the term entrepreneur

leads definition of the word as “someone who enters a business”, any business in time to form or change substantially that business nerve center.

Karl H. Vesper

born in California 1932

B.S in mechanical engineering

US Air force military service

MBA from Harvard University

PhD, Stanford University

Karl Vesper Describes an entrepreneur

in a broader perspective by postulating that entrepreneurship is now a concern of various professions.

Karl Vesper to an economist:

an entrepreneur is one who brings resources, labor, materials and other assets into combinations that make their value greater than before, and also one who introduces changes, innovation, and a new order.

Karl Vesper to a psychologist:

entrepreneur could refer to such a person as typically driven by certain forcers: need to obtain or attain something, to experiment, to accomplish, or perhaps to escape from authority of others.

Karl Vesper to one businessman:

an entrepreneur appears as an aggressive competitor, whereas to another businessman, the entrepreneur may be an ally, a source of supply, a customer, or someone good to invest in.

Vesper-" Entrepreneurs are

achievement oriented individuals driven to accomplishments.”

(Vesper 1998), He argues that

both entrepreneurship research and education would have much to gain from being more experimental.

Karl Vesper is known for his

substantial contribution to the organizing of the field of entrepreneurship research.

Robert Henry Nelson (1944-2018)

was a Senior Fellow at the independent Institute, Professor of Environmental Policy in the School of Public Policy at the University of Maryland, and Senior Scholar at the Mercatus Center.

Professor Robert Henry Nelson Defines entrepreneur as

"a person who is able to look at the environment, identify opportunities to improve the environment, resources and implement action to maximize those opportunities”

Professor Robert Henry Nelson further emphasizes that the term entrepreneur is

meant to be used in the broadest sense and would include persons in work situations in large medium and small business enterprises as well as those in cooperatives and government.

Joseph Alois Schumpeter (1883-1950)

was a 20th-century Austrian economist, historian, and author. He is best known for his theories on business cycles, capitalism, and entrepreneurship. He viewed entrepreneurs as the main source of innovation and the driving force of economic growth.

Schumpeter served

as minister of finance in the Austrian government, the president of a private bank, and a professor, before being forced to emigrate, due to the rise of the Nazi Party.

Schumpeter also introduced

the concept of entrepreneurship.

The economist coined the term

"creative destruction" to describe how the old is being constantly replaced by the new.

Joseph Alois Schumpeter Described entrepreneurship

as an essential phenomenon that comes under wider aspect of leadership.

Jeffry Timmons Described entrepreneurship

as “the ability to create and build a mission from practically nothing.”

Jeffry A. Timmons (1941-2008)

was an American Professor of Entrepreneurship, known as a pioneer of both entrepreneurship research and education.

In 2004, Timmons was named

Entrepreneurship Educator of the Year by the United States Association for Small Business Entrepreneurship and was the first to use the word “entrepreneurial” in a dissertation title, in his 1971 Harvard Business School dissertation.

Albert Shapero Defined an entrepreneurial activity

aimed at changing a system by making it more productive, lowering costs, creating personal wealth, or increasing social value.

according to Albert Shapero Entrepreneurship is the process of

creating something different with value by devoting the necessary time and efforts.

Dr. Norberto A. Orcullo, Jr. Defines entrepreneurship as

1. Entrepreneur-someone who perceives an opportunity and creates an organizations to pursue it.

2. Entrepreneurial process involves all the functions, activities and actions associate with perceiving opportunities and creating organizations to pursue them.

THE ENTREPRENEUR

- Someone who coordinates different factors of production.

SOCIO-ECONOMIC BENEFITS FROM ENTREPRENEURSHIP

a. Promotes self-help and employment.

b. Mobilizes capital

c. Provides taxes to the economy

d. Empower individuals

e. Enhance national identity and pride

f. Enhance competitive consciousness

g. Improves quality of life

h. Enhances equitable distribution of income/wealth.