Entrepreneurship

According to Henry, Hill & Leitch (2003) the invent enterpriser was derived from the French word entreprendre which means to undertake, and the send-off psyche who introduced and used the word of entrepreneur was Richard Cantillon (1680-1734), an Irish economist. Cantillon delineate entrepreneur as a person with the foresight and confidence to work in conditions when costs whitethorn be known, but rewards ar uncertain (Bridge, ONeill & Cromie 1998). Therefore, it behind be concluded that entrepreneurship demands foresight and willingness to assume risk (Landstrom 1997, cited in Corbetta, Huse & Rovasi 2004). In short it can be said that the first concept of entrepreneurship from Cantillon emphasis on taking risk to jeopardise into a business. Van Praag (2005) divides entrepreneurship concept into five different groups which are classical approach, classical approach, Schumpeterian, Knightian, and neo-Austrian approach. Each concept will be discussed separately. 3.1 The classical approach According to van Praag (2005) the famous French economist, Jean-Baptiste set up (1767-1832) seemed to be the first expert who added managerial role into entrepreneur characteristics.

The managerial role consist of getting involved in combining and coordinating factors which influence production process in order to accommodate the unexpected and overcome problems (Bridge, Oneill, & Cromie 1998). In summariy, the characteristics of entrepreneurs according to Say is the person who is in charge of production, dispersal and consumption activities; a coordinator in market and firm take; a leader and manager within the firm, problem solver (van Praag 2005) and also a risk taker (Corbetta, Huse & Ravasi 2004). Therefore, according to Landstrom (1997, cited in Corbetta, Huse & Ravasi 2004) entrepreneurship is defined as the combining of the means of production process into an organism. 3.2 The neoclassical approach The neoclassical era is famous with the concept... If you want to get a full essay, order it on our website: Ordercustompaper.com

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