ENTREP CHAPTER 1

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20 Terms

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Introduction (Product Life Cycle)
The stage where a product is launched, focusing on promotion and market awareness.
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Growth (Product Life Cycle)
The stage where sales increase and the product gains market acceptance.
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Maturity (Product Life Cycle)
The stage where sales peak, competition is high, and growth slows down.
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Decline (Product Life Cycle)
The stage where sales decrease as demand diminishes or better alternatives emerge.
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Entrepreneur
Term derived from the French word 'entreprendre,' meaning 'to undertake'.
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Richard Cantillon
An 18th-century economist credited with defining entrepreneurship as an economic force.
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Lloyd Shefsky's View
Entrepreneurs are made, not born; they enter businesses that can change and develop.
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Karl Vesper's View
Entrepreneurship encompasses various professions, including economics and business.
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Joseph Schumpeter's Perspective
Entrepreneurship involves doing things outside ordinary business routines.
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Jean Baptiste Say's Contribution
Entrepreneurship shifts economic resources to higher productivity and yield.
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Carl Menger's Definition
Entrepreneurship involves obtaining information, calculation, willpower, and supervision.
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Joseph Schumpeter (1910)
Defined entrepreneurship as finding and promoting new combinations of productive factors.
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Harvey Leibenstein (1970)
Entrepreneurship reduces organizational inefficiency.
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Israel Kirzner (1975)
Entrepreneurship identifies market arbitrage opportunities.
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Albert Shapero (1975)
Entrepreneurship includes initiative, organizing, recognizing social mechanisms, and accepting risks.
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Karl Vesper (1980)
Defined entrepreneurship as the dynamic process of creating wealth.
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Howard Stevenson (1992)
Entrepreneurship is about pursuing opportunities beyond current resources.
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Jeffrey Timmons (1994)
Entrepreneurship is about creating and building a vision from almost nothing.
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Peter Drucker (1998)
Entrepreneurship involves starting new businesses and innovation across various dimensions.
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Robert Hisrich (2001)
Entrepreneurship involves creation, effort, risks, and rewards.