Entrepreneurship

Entrepreneur

a person who organizes and develops a business idea taking on greater than normal financial risks in order to do so.

Entrepreneurship

the process of identifying oppurtunities in the marketplace,arranging the resources and investing in the opportunities for a long term gain.

Joseph Schumpeter (1833-1950)

The 20th century economist who focused on the entrepreneur's drive and called entrepreneurship "creative destruction"

Richard Cantillon

the person who named an entrepreneur a "go-between" or "between-taker"

Some factors that influences entrepreneurship

1. Economic Changes

2. Globalization and increased competition

3. Advancing technology

Explain the factors that influences entrepreneurship

1. Economic Changes- because of the economic down turns in the 1980s, companies had to downsize and layoff numerous employees. Individuals took their redundacy pay and invested it into business ventures.

2. Globalization and increased competition - globalization allows the entire world to become one big marketplace and individuals can now sell their products internationally

3. Advancing Technology - as technology advances, it becomes easy for entrepreneurs to identify unattended needs and turn them into a market niche.

What are the impacts of entrepreneurship?

1. Job creation

2. Innovation

3. Increase in Gross Domestic Product (GDP)

4. Entrepreneurship serves small markets with new technology

What is a Social Entrepreneur?

a person who establishes an enterprise with the aim of solving social problems or effecting social change.

What sets entrepreneurs apart from small businesses?

Innovation

An entrepreneur can be BEST described as an individual who has

a strong desire to achieve and is innovative

What is an intrapreneur?

A person who exhibits an entrepreneurial approach within an existing company

Explain the difference between an intrapreneur and an entrepreneur.

the main difference is that entrepreneurs start their own businesses, while intrapreneurs innovate and drive change within existing organizations.

What are the types of entrepreneurship?

Lifestyle,Survival,Dynamic,Speculative

What can entrepreneurs be classified as?

Oppurtunity-based, necessity-based

What is a Lifestyle entrepreneur?

a person who starts a business to gain flexibility in work hours and control over his or her life