The capacity and willingness to undertake designion,organization, and management of a productive jeopardy with all attendant risks, while seeking profit as a reward.
In economics, entrepreneurship is regarded as a instrument ofproduction together with land, labor, natural resources, andcapital. Entrepreneurial spirit is characterized by innovationand risk-taking, and an essential grammatical constituent of a nationsability to succeed in an ever changing and much competitiveglobal marketplace.
Entrepreneur
noun
* A person who organizes and manages any enterprise,especially a business, usually with spacious initiative andrisk.
* An employer of productive labor; contractor.
What is Entrepreneurship?
The earliest definition of entrepreneurship, geological dating from the eighteenth century, used it as an economic term describing the physical process of bearing the risk of buying at certain prices and interchange at uncertain prices. Other, later commentators broadened the definition to include the concept of bringing together the factors of production. This definition led others to question whether thither was any unique entrepreneurial function or whether it was exclusively a form of management. Early this century, the concept of innovation was added to the definition of entrepreneur-ship.
This innovation could be process innovation, market innovation, product innovation, factor innovation, and even organizational innovation. Later definitions described entrepreneurship as involving the human beings of new enterprises and that the entrepreneur is the founder.
Considerable effort has also deceased into trying to understand the psychological and sociological wellsprings of entrepreneurship. These studies have renowned some common characteristics among entrepreneurs with respect to need for achievement, perceived locus of control, orientation toward intuitive rather than sensate thinking, and risk-taking propensity. In addition, more have commented upon the common, but not universal,...If you want to get a full essay, order it on our website: Ordercustompaper.com
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