Duane Karl Migui C.

Playda Section - 3A
MGT 3255 1/19/2024

1. What is entrepreneurship?

Entrepreneurship is like the engine driving innovation and change in the business world.
It's about individuals, called entrepreneurs, who take the initiative to turn ideas into
action. These visionaries spot opportunities, take calculated risks, and create new
businesses or enhance existing ones. Whether it's introducing innovative products,
services, or processes, entrepreneurs play a crucial role in economic growth. They're not
just risk-takers; they're problem-solvers, leaders, and creators who shape industries,
create jobs, and contribute to the overall progress of society. In essence, entrepreneurship
is the art of turning possibilities into reality, driving positive transformations in the
business landscape.

2. What is the role of entrepreneurship for an economy?

Entrepreneurship acts as the heartbeat of a flourishing economy, breathing life into

innovation, job opportunities, and overall well-being within a community. Picture
entrepreneurs as the architects of progress, crafting new businesses and introducing
exciting products or services that not only boost productivity and technological prowess
but also elevate global competitiveness. It's like a ripple effect— their endeavors not only
spark economic activity but also create jobs and nurture the growth of different regions.
And when entrepreneurial ventures thrive, it's akin to unlocking a treasure trove,
generating wealth, diversifying industries, and contributing essential funds to government
coffers through taxes. Beyond the financial aspect, entrepreneurs are the problem-solvers,
tackling social and environmental challenges and paving the way for a more sustainable
and inclusive future. The beauty of entrepreneurship lies in its ability to adapt, ensuring
that economies not only withstand challenges but embrace continuous growth and positive
transformations.

3. Who are entrepreneurs and what function do they perform?

Entrepreneurs are the dreamers and builders of the business world. They're like leaders
with special skills—they can find great opportunities, take smart risks, and come up with
new ideas that people really need. Entrepreneurs help the economy grow by starting new
businesses and creating cool products or services. This not only makes more jobs but also
brings out creativity and makes everyone work better. Picture them as team captains,
guiding their groups and making important choices. Because they're good at handling
challenges and grabbing new chances, entrepreneurs are like the builders of economic
progress, creating new industries, making money, and finding solutions for what society
needs.

4. Explain the evolution of entrepreneurship

Duane Karl Migui C. Playda Section - 3A
MGT 3255 1/19/2024

From the caveman age to the 18th century, entrepreneurship involved survival strategies
and early trade. The 19th century marked a shift with the Industrial Revolution, leading to
large-scale industrial businesses. In the 20th century, there was a surge in mass
production, the growth of multinational corporations, and the rise of technology.
Innovations in transportation and communication connected entrepreneurs globally, and
the digital age brought about a new era of startups and internet-based businesses.
Throughout history, entrepreneurship evolved to adapt to changing conditions,
showcasing people's ability to seize opportunities for economic and societal progress.

5. Define entrepreneurship from different scholar‘s points of view perspective

Scholars have different takes on entrepreneurship. Joseph Schumpeter sees it as a creative

process where entrepreneurs bring in new ideas, innovations, and technologies that shake
up existing markets, leading to economic growth. Shane and Venkataraman desc ribe
entrepreneurship as going after opportunities beyond what you currently have. They
highlight the importance of identifying, evaluating, and making the most of these
opportunities. Howard Stevenson sees entrepreneurs as proactive go-getters who actively
pursue and capitalize on opportunities, even if they don't have all the resources yet. So, in
simple terms, it's about being creative, spotting chances, and taking action in the world of
entrepreneurship.