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Class 3-evolution of entrepreneurship
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.
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Class 3-evolution of entrepreneurship
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- 2. Advantages of Entrepreneurshipover 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 theconcept 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 andmeanings 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 andmeanings 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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