ENTREP CHAPTER 1

Introduction (Product Life Cycle)

The stage where a product is launched, focusing on promotion and market awareness.

Growth (Product Life Cycle)

The stage where sales increase and the product gains market acceptance.

Maturity (Product Life Cycle)

The stage where sales peak, competition is high, and growth slows down.

Decline (Product Life Cycle)

The stage where sales decrease as demand diminishes or better alternatives emerge.

Entrepreneur

Term derived from the French word 'entreprendre,' meaning 'to undertake'.

Richard Cantillon

An 18th-century economist credited with defining entrepreneurship as an economic force.

Lloyd Shefsky's View

Entrepreneurs are made, not born; they enter businesses that can change and develop.

Karl Vesper's View

Entrepreneurship encompasses various professions, including economics and business.

Joseph Schumpeter's Perspective

Entrepreneurship involves doing things outside ordinary business routines.

Jean Baptiste Say's Contribution

Entrepreneurship shifts economic resources to higher productivity and yield.

Carl Menger's Definition

Entrepreneurship involves obtaining information, calculation, willpower, and supervision.

Joseph Schumpeter (1910)

Defined entrepreneurship as finding and promoting new combinations of productive factors.

Harvey Leibenstein (1970)

Entrepreneurship reduces organizational inefficiency.

Israel Kirzner (1975)

Entrepreneurship identifies market arbitrage opportunities.

Albert Shapero (1975)

Entrepreneurship includes initiative, organizing, recognizing social mechanisms, and accepting risks.

Karl Vesper (1980)

Defined entrepreneurship as the dynamic process of creating wealth.

Howard Stevenson (1992)

Entrepreneurship is about pursuing opportunities beyond current resources.

Jeffrey Timmons (1994)

Entrepreneurship is about creating and building a vision from almost nothing.

Peter Drucker (1998)

Entrepreneurship involves starting new businesses and innovation across various dimensions.

Robert Hisrich (2001)

Entrepreneurship involves creation, effort, risks, and rewards.