The document traces the evolution of the concept of entrepreneurship from the 16th century to present. It began referring to those engaged in military expeditions, then was extended to engineering activities like construction. In the early 17th century, it took on the meaning of bearing risks of profits or losses in contracts. Later thinkers further refined the definition to separate entrepreneur profits from capital profits and identify entrepreneurs as innovators who develop new technologies and maximize opportunities. Modern definitions characterize entrepreneurs as applying knowledge and skills to create new businesses or diversify existing ones in order to pursue growth, generate wealth and employment, and create social good.

1. Evolution
of
Entrepreneurship

2. Advantages of Entrepreneurship over Employment
Employment Entrepreneurship
•Work for others Own boss
•Follow Instructions Makes own plans
•Routine Job Creative activity
•Earning is Fixed not
negative
Earnings range from
maximum to minimum
•Does not create wealth Does create wealth

3. Evolution of the concept of entrepreneur
Period Connotations and meanings
16th
century Referred to persons engaged in military
expeditions
Beg. 17th
century
Extended to persons engaged in engineering
activities such as constructions
Early of 17th
century
Bearing risks of profits or loss in a fixed price
contract with government
1725 Bearing risks are different from one supplying
capital – Richard Cantillon
1803 Separated profits of entrepreneur from profits of
capital – Jean Baptiste

4. Period Connotations and meanings
1876 Who received profit from managerial capabilities
-Fransis Walker
1934 An innovator & develops untried technology
–Joseph Schumpeter
1961 An energetic, moderate risk taker
-David C. Mc. Clelland
1964 Maximizes opportunities – Peter F. Drucker
1975 Initiative, organize some social & economic
mechanisms and accepts risks of failure
-Albert Shapero
1980 Differently by economists, psychologists, business
persons and politicians – Karl Vesper

5. Period Connotations and meanings
1983 Intrapreneur is Entrepreneur within an already
established organization - Giffored Pinchit
1985 Creating something different with value, putting
necessary time and efforts, accompanying financial,
psychological and social risks and receiving the
rewards of monetary and personal satisfaction
– Robert D. Hisrich
2008 The professional application of knowledge, skills and
competencies and / or of monetizing a new idea by
and individual or a set of people by launching an
enterprise or diversifying from an existing one, these
to pursue growth while generating wealth,
employment and social good
-National Knowledge Committee (NKC)

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