Entrepreneurship concept and functions Chapter end Question and answer LEARNING OBJECTIVES OF ENTREPRENEURSHIP CONCEPT AND FUNCTIONS: After studying this lesson the students should be able to: Understand the concept of Entrepreneurship. Concept of Entrepreneurship 1. It takes a few readings to sink in. The concept of entrepreneurship was first es-tablished in the 1700s, and the meaning has evolved ever since. It brings resources together and provides option for self-employment to an individual. Entrepreneurship: Concept. The concept broken down is made up of an entrepreneur, a person, who commits to a process of action, known as entrepreneurship, which they then use to realize their goal or their enterprise. The concept of entrepreneurship was existing in 17th century was a common topic in economic essays for much of the 18th and 19th century . Concept of Entrepreneurship. At first glance, it seems to be missing certain things—namely, the starting of companies and the inherent risk. Entrepreneurship also creates employment opportunity for others. While some call entrepreneurship as ‘risk-bearing’, others view it innovation and yet others consider it ‘thrill-seeking’. Many simply equate it with starting one’s … Entrepreneurship is viewed as a key competency Concept of Entrepreneurship. Explain the function of Entrepreneurship. Hence, it is defined differently by different authors. Like other economic concepts, entrepreneurship has been a subject of much debate and discussions. Entrepreneurship is the process of identifying and developing economic, business and social opportunities (Shane & Venkatraman, 2000) through the efforts of individuals and organizations (Thornton & Yang, 2012), and it can be analyzed generating a … The process of discovering new venture with creativity and innovation is called entrepreneurship. Entrepreneurship requires assumption of risk and reaping of awards. Joseph Aloysius Schumpeter (1934) - An entrepreneur is an innovator. It is an elusive concept. Entrepreneurship is the pursuit of opportunity beyond resources controlled. Entrepreneurship as a concept Entrepreneurship is a concept that has been around for hundreds of years and has experienced many evolution in its meaning. Concept of Entrepreneurship and Entrepreneurs Traits and Characteristics Nader Seyed Amiri and Mohammad Reza Marimaei Public Management, University of Tehran, Faculty of Management MA in Agricultural Economics Accepted 23 November, 2012 Entrepreneurship is a driver of competitive advantage. According to A Schumpeter “The entrepreneurship is essentially a creative activity or it is an innovative function”. 3. Appreciate the need for Entrepreneurship in our economy. Let us read about how it has evolved as one of the factor of production over a period of time. Entrepreneurship can be defined as a process of action an entrepreneur undertakes to establish his enterprise.
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