Chapter 1 Entrepreneurs and Entrepreneurship
The nature and development of Entrepreneurship The word Entrepreneur stems from French word “Entreprendre” and coined by Richard Cantillon which means between-taker or go between. The dictionary meaning of an entrepreneur is a person who takes certain risk against a business. 2
The nature and development of Entrepreneurship This is an Entrepreneurial age Entrepreneurs are driving a revolution that is transforming and renewing economies worldwide They generate most of the new economies – Almost 23256 people move to entrepreneurship per day – Overall earnings estimated at US $951 billion per year – Most new businesses opt for • Computer technology (41.2% web portals) • ISPs (16.6%) • Nail Salons and Parlors (18%) • Electronics (12%) • Vehicle dealers (12.1%) • Landscaping services (11.1%) 3
The nature and development of Entrepreneurship Entrepreneurship has long been described by researchers and writers with terms such as: new, innovative, flexible, dynamic, creative, and risk taking. and many authors have said that identifying and pursuing opportunities is an important part of entrepreneurship. 4
The nature and development of Entrepreneurship Earliest Period: – In the earliest period of entrepreneurship, we find out a person whose name was Marco Polo who came to China from Europe and told the Chinese people about his culture and brought some stories for economic conditions and social conditions. – Marco Polo’s determination can be labeled as Entreprepreneurship Because Marco Polo took much risk and has gone from one country to another to do something new
The nature and development of Entrepreneurship (2) Middle Ages/Entrepreneurship: – In this stage entrepreneurs made contracts with the govt. or some other persons. – In the middle ages entrepreneurs were used to be called the actors and persons who manage large production process projects . Entrepreneur was basically a creator.
The Nature and Development of Entrepreneurship In the middle ages, we can find a person whose name was Cleric . He was a person who was responsible for major constructions, cathedrals, buildings, castles etc. Basically, he was a great entrepreneur. As well as in Asia, Mughals also created Taj Mahal, Shalimar Gardans, Badshahi Mosque and Forts etc.
The nature and development of Entrepreneurship (3) 17 th Century: – In this stage, entrepreneurs used to do contracts with govt on fixed price. Here, we can give an example of a
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- Fall '17
- Business, Entrepreneurship, entrepreneurial ventures, Portfolio Entrepreneur