Introduction – Product is launched; focus on promotion and market awareness.
Growth – Sales increase, and the product gains market acceptance.
Maturity – Sales peak; competition is high, and growth slows down.
Decline – Sales decrease as demand diminishes or better alternatives emerge.
Origin of the Term – The term “entrepreneur” comes from the French word "entreprendre" (to undertake).
Richard Cantillon's Contribution – an 18th-century IrishFrench economist, is widely credited with defining entrepreneurship and entrepreneurs as an economic force that drives development.
Contemporary Views on Entrepreneurship:
Lloyd Shefsky – Entrepreneurs are made, not born. Entrepreneurs enter businesses that can change and develop the business's core.
Karl Vesper – Entrepreneurship concerns various professions, including economics, psychology, and business.
Joseph Schumpeter – Entrepreneurship involves doing things outside of the ordinary business routine.
Jean Baptiste Say – Entrepreneurship shifts economic resources to higher productivity and greater yield.
Carl Menger – Involves obtaining information, calculation, willpower, and supervision.
Joseph Schumpeter (1910) – Entrepreneurship is about 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) – Entrepreneurship is the dynamic process of creating wealth.
Howard Stevenson (1992) – Entrepreneurship is pursuing opportunities beyond current resources.
Jeffrey Timmons (1994) – Entrepreneurship is creating and building a vision from almost nothing.
Peter Drucker (1998) – Entrepreneurship involves starting new businesses and innovation across individual, organizational, and environmental dimensions.
Robert Hisrich (2001) – Entrepreneurship involves creation, effort, risks, and rewards.