Origin and Nature of Entrepreneurship

This set covers the vocabulary, historical evolution, theoretical definitions, and socio-economic impacts of entrepreneurship based on the provided lecture notes.

Entreprendre

A French word which simply means "to undertake" and is considered the origin of the term entrepreneur.

Early Entrepreneurs (Feudalistic Society)

Individuals who provided men and materials needed by feudal lords to wage war against their enemies, focusing on the provision of services rather than personal gain or profit.

Between-taker / Go-between

Other terms used to translate entrepreneur; a typical example is Marco Polo who attempted to establish trade routes to the Far East.

Entre (Lloyd Shefsky)

A part of the word entrepreneur meaning "to enter."

Pre (Lloyd Shefsky)

A part of the word entrepreneur meaning "before."

Neur (Lloyd Shefsky)

A part of the word entrepreneur meaning "nerve center."

Entrepreneur (Lloyd Shefsky's definition)

Someone who enters a business—any business—in time to form or change substantially that business nerve center.

Entrepreneur (Economist's perspective)

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

Entrepreneur (Psychologist's perspective)

A person typically driven by forces such as the need to obtain or attain something, to experiment, to accomplish, or to escape from authority of others.

Entrepreneur (Robert Nelson's definition)

A person who is able to look at the environment, identify opportunities to improve the environment, marshal resources, and implement action to maximize those opportunities.

Entrepreneurship (Joseph Schumpeter's definition)

Doing things that are not generally done in the ordinary course of business routine; it is essentially a phenomenon that comes under the wider aspect of leadership.

Entrepreneurship (Jeffry Timmons' definition)

The ability to create and build a vision from practically nothing, requiring a willingness to take calculated personal and financial risks.

Five Major Dimensions (Albert Shapero)

The elements through which the dynamic process of innovation and new-venture creation occurs: individuals, organization, environment, process, and institutions.

Entrepreneurial Event Factors

The process of entrepreneurial activity includes: a) Initiative (taken by an individual or group) and b) Organization (resources are brought together or reorganized to accomplish an objective).

Entrepreneur (Dr. N. A. Orcullo, Jr.)

Someone who perceives an opportunity and creates an organization to pursue it.

Entrepreneurial Process (Dr. N. A. Orcullo, Jr.)

Involves all the functions, activities, and actions associated with perceiving opportunities and creating organizations to pursue them.

Growth Orientation

A means of differentiating an entrepreneur from a small business owner, measured in terms of the owner’s intention, propensity for fostering growth, and initiation of strategic plans.

Mobilizing Capital

The process where idle capital kept in the vaults of households is released and pumped into the financial system and the economy through the establishment of new businesses.

Tax Sources

Includes a kind of income out of real estate, income tax, sales tax, fees, and all other forms of payment to the national and local government units.

National Identity and Pride

Enhanced by the quantity and quality of products and services produced by an entrepreneur, which serves as a source of identity for a country.

Competitive Consciousness

A culture of competition catalyzed by innovation which breeds long-term quality and international/global competitiveness.

SEED

The Society for Entrepreneurship Education, Inc., which promotes entrepreneurship education in both formal and non-formal sectors.

COME

The Council of Management Educators, which acknowledges entrepreneurship as part of management education.

Andrew Gonzalez

Former Education Secretary who stated college education is not a right and suggested higher education be left to students with aptitude and talent.