ENTREP CHAPTER 1

Life Cycle of a Product:

1. Introduction – Product is launched; focus on promotion and market awareness.

2. Growth – Sales increase, and the product gains market acceptance.

3. Maturity – Sales peak; competition is high, and growth slows down.

4. Decline – Sales decrease as demand diminishes or better alternatives emerge.

Chapter 1: Origin and Nature of Entrepreneurship:

1. Origin of the Term – The term “entrepreneur” comes from the French word "entreprendre" (to undertake).

2. 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:

1. Lloyd Shefsky – Entrepreneurs are made, not born. Entrepreneurs enter businesses that can change and develop the business's core.

2. Karl Vesper – Entrepreneurship concerns various professions, including economics, psychology, and business.

3. Joseph Schumpeter – Entrepreneurship involves doing things outside of the ordinary business routine.

4. Jean Baptiste Say – Entrepreneurship shifts economic resources to higher productivity and greater yield.

5. Carl Menger – Involves obtaining information, calculation, willpower, and supervision.

6. Joseph Schumpeter (1910) – Entrepreneurship is about finding and promoting new combinations of productive factors.

7. Harvey Leibenstein (1970) – Entrepreneurship reduces organizational inefficiency.

8. Israel Kirzner (1975) – Entrepreneurship identifies market arbitrage opportunities.

9. Albert Shapero (1975) – Entrepreneurship includes initiative, organizing, recognizing social mechanisms, and accepting risks.

10. Karl Vesper (1980) – Entrepreneurship is the dynamic process of creating wealth.

11. Howard Stevenson (1992) – Entrepreneurship is pursuing opportunities beyond current resources.

12. Jeffrey Timmons (1994) – Entrepreneurship is creating and building a vision from almost nothing.

13. Peter Drucker (1998) – Entrepreneurship involves starting new businesses and innovation across individual, organizational, and environmental dimensions.

14. Robert Hisrich (2001) – Entrepreneurship involves creation, effort, risks, and rewards.