Questions and Answers
What is the primary focus of entrepreneurship?
According to Richard Cantillon, what is a key characteristic of an entrepreneur?
What is the meaning of the word 'entrepreneur' borrowed from French?
What is the concept of 'creative destruction' related to in the context of entrepreneurship?
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How did Alfred Marshall view the role of an entrepreneur?
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In what century was the word 'entrepreneur' first documented in English?
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Which of the following definitions of an entrepreneur emphasizes the role of risk-taking?
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What is the common theme among the definitions of entrepreneurship provided by Schumpeter, Cantillon, and Marshall?
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Which of the following is NOT a characteristic of entrepreneurship as defined by the scholars?
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What is the primary goal of an entrepreneur, according to the definitions provided?
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Which scholar's definition of entrepreneurship emphasizes the concept of 'creative destruction'?
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What is the common thread among the definitions of entrepreneurship provided?
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Study Notes
Definition and Concept of Entrepreneurship
- Entrepreneurship is the act of designing, launching, and starting new businesses, often starting as small businesses
- It involves strong initiative and risk-taking skills
Definition of an Entrepreneur
- An entrepreneur is a person who organizes and manages an enterprise or business
- The word "Entrepreneur" was loaned from French and means the act of being able to lead, be initiative, innovate, and engage in new venture creation
- The earliest documented use of the word "Entrepreneur" in English was in the 17th century
Early 17th Century Scholars' Definitions of an Entrepreneur
Joseph Schumpeter's Definition
- An entrepreneur is someone who engages in the "gale of creative destruction" during negative business cycles
- They replace part or a whole of an inferior offering in industries, creating a new product and new business
Richard Cantillon's Definition
- An entrepreneur is a risk-taker who deliberately allocates resources to exploit opportunities
- The goal is to maximize returns
Alfred Marshall's Definition
- An entrepreneur is a multi-tasking capitalist who utilizes opportunities of economic disequilibrium
- The goal is to maximize financial returns
Definition and Concept of Entrepreneurship
- Entrepreneurship is the act of designing, launching, and starting new businesses, often starting as small businesses
- It involves strong initiative and risk-taking skills
Definition of an Entrepreneur
- An entrepreneur is a person who organizes and manages an enterprise or business
- The word "Entrepreneur" was loaned from French and means the act of being able to lead, be initiative, innovate, and engage in new venture creation
- The earliest documented use of the word "Entrepreneur" in English was in the 17th century
Early 17th Century Scholars' Definitions of an Entrepreneur
Joseph Schumpeter's Definition
- An entrepreneur is someone who engages in the "gale of creative destruction" during negative business cycles
- They replace part or a whole of an inferior offering in industries, creating a new product and new business
Richard Cantillon's Definition
- An entrepreneur is a risk-taker who deliberately allocates resources to exploit opportunities
- The goal is to maximize returns
Alfred Marshall's Definition
- An entrepreneur is a multi-tasking capitalist who utilizes opportunities of economic disequilibrium
- The goal is to maximize financial returns
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Description
Learn about the definition and concept of entrepreneurship, including the skills required and the role of an entrepreneur in business.
