Professional Documents
Culture Documents
Entrepreneurship Theories
1600: French verb- Entreprendre to undertake 1700: Person bearing Risks of Profit in a fixed price contract (Risk) 1725: Richard Cantillon Person bearing risks is different from Capital Supplier (Risk) 1803: J. B. Say Shifts economic resources out of an area of lower into an area of higher productivity & greater yields (Value Addition) 1934: Joseph Schumpeter Innovator and develops untried technology (Productivity & Innovation)
Entrepreneurship Theories
1961: David McClelland highly motivated, energetic, moderate risk taker (Need for achievement) 1964: Peter Drucker Searches for change, responds to it & exploits as opportunity (Opportunity Focused) 1980: Karl Vesper Behaviour PerceptionsEconomists, Psychologists, Businessmen, Politicians (Environment) 1983: Gifford Pinchot- Intrapreneur 1985: Robert Hisrich - Creating something different with value, devoting time & effort, assuming risks ; results-rewards and satisfaction (Leadership & Vision)
Entrepreneurship Theories
Entrepreneurship
Is the process of creating something different with value by devoting the necessary time and effort, assuming the accompanying financial, intuitive, social risks and receiving the resulting rewards of monetary and personal satisfaction and independence
Entrepreneurship
New Definition involves four aspects:
The creation process The devotion of time and efforts The assumption of risks Rewards of independence, satisfaction, money.
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Assignment
Updates on Assignment 1
To an Individual
Self Employment Employment for near & dear Prolonged career for next generations Freedom to use own ideas - Innovation and creativity Unlimited income / higher retained income Independence Satisfaction
To the Nation
Provides larger employment Results in wider distribution of wealth Mobilizes local resources, skills and savings Accelerates the pace of economic development Stimulates innovation & efficiency
Some more.
Self Driven Social Networkers Active Competitive Curious Decisive Determined Enthusiastic Focused Hardworking Imaginative Passionate Patient Disciplined