Podcast
Questions and Answers
Who was the first to introduce the concept of an entrepreneur in an economic context?
Who was the first to introduce the concept of an entrepreneur in an economic context?
Entrepreneurship began in Nigeria with trade by barter.
Entrepreneurship began in Nigeria with trade by barter.
True
What are the four factors of production identified by Alfred Marshall?
What are the four factors of production identified by Alfred Marshall?
land, labour, capital, organization
Richard Cantillon characterized an entrepreneur as someone who buys means of production to create a new ______.
Richard Cantillon characterized an entrepreneur as someone who buys means of production to create a new ______.
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Match the economist to their contribution to entrepreneurial theory:
Match the economist to their contribution to entrepreneurial theory:
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What is one of the typologies presented by Schumpeter concerning entrepreneurial behavior?
What is one of the typologies presented by Schumpeter concerning entrepreneurial behavior?
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Alfred Marshall stated that organization is the only factor of production.
Alfred Marshall stated that organization is the only factor of production.
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Schumpeter asserts that overcoming entrepreneurial inhibitions requires an unusually strong _____ and great personal weight.
Schumpeter asserts that overcoming entrepreneurial inhibitions requires an unusually strong _____ and great personal weight.
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Study Notes
Origins and Evolution of Entrepreneurship
- Entrepreneur originates from the French verb entreprendre, meaning to undertake or carry out tasks.
- During the Middle Ages, an entrepreneur was someone who performed tasks.
- French economist Richard Cantillon, in the early 18th century, formally introduced the concept.
- Cantillon defined an entrepreneur as someone who purchases production resources to create a new product.
- J.B. Say, another French economist, highlighted the leadership aspect of entrepreneurship.
- In the 16th century, entrepreneurs took the lead in business ventures.
- The 20th century saw significant advancements in entrepreneurial theory under Joseph Schumpeter.
- Important research on entrepreneurial history was conducted at the Centre for Entrepreneurial History at Harvard.
- Arthur H. Cole viewed entrepreneurs as organizational builders.
- Examples of entrepreneurial activity include Coca-Cola (19th century) and fast food chains like McDonald's (20th century).
- Nigeria's entrepreneurial journey started with barter trade.
- Colonial influence significantly shaped modern entrepreneurship in Nigeria.
Entrepreneurial Theory (Schumpeter)
- Alfred Marshall recognized entrepreneurship as essential to production, asserting four production factors: land, labor, capital, and organization.
- Marshall highlighted organization as the coordinating element, emphasizing entrepreneurship as the driving force behind organization.
- Schumpeter presented three typologies of entrepreneurial behavior:
- Introducing new products/services.
- Motivations: desire for personal power and achievement, the drive to compete, and the satisfaction in problem-solving.
- Inhibitors: complexities of innovation, self-doubt, and potential social disapproval.
- To overcome inhibition, Schumpeter argued for strong will and significant personal conviction.
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Description
Explore the fascinating history of entrepreneurship from its French roots in the Middle Ages to modern-day interpretations. This quiz covers key thinkers like Richard Cantillon and J.B. Say, as well as significant developments in the 20th century. Test your knowledge on how the concept of entrepreneurship has evolved over time.
