The document discusses the evolution and nature of entrepreneurship. It traces the origins of the term back to the Middle Ages in Europe and its French roots. Throughout history, the definition and understanding of entrepreneurs and entrepreneurship has changed, from those who provided services to feudal lords, to risk-takers, to innovators. Several authors contributed to defining entrepreneurship, such as identifying entrepreneurs as risk-takers, innovators, and opportunity maximizers. The characteristics of successful entrepreneurs include risk-taking ability, drive, innovation, leadership skills, and the ability to recognize and pursue opportunities.
The document discusses the evolution and nature of entrepreneurship. It traces the origins of the term back to the Middle Ages in Europe and its French roots. Throughout history, the definition and understanding of entrepreneurs and entrepreneurship has changed, from those who provided services to feudal lords, to risk-takers, to innovators. Several authors contributed to defining entrepreneurship, such as identifying entrepreneurs as risk-takers, innovators, and opportunity maximizers. The characteristics of successful entrepreneurs include risk-taking ability, drive, innovation, leadership skills, and the ability to recognize and pursue opportunities.
The document discusses the evolution and nature of entrepreneurship. It traces the origins of the term back to the Middle Ages in Europe and its French roots. Throughout history, the definition and understanding of entrepreneurs and entrepreneurship has changed, from those who provided services to feudal lords, to risk-takers, to innovators. Several authors contributed to defining entrepreneurship, such as identifying entrepreneurs as risk-takers, innovators, and opportunity maximizers. The characteristics of successful entrepreneurs include risk-taking ability, drive, innovation, leadership skills, and the ability to recognize and pursue opportunities.
The document discusses the evolution and nature of entrepreneurship. It traces the origins of the term back to the Middle Ages in Europe and its French roots. Throughout history, the definition and understanding of entrepreneurs and entrepreneurship has changed, from those who provided services to feudal lords, to risk-takers, to innovators. Several authors contributed to defining entrepreneurship, such as identifying entrepreneurs as risk-takers, innovators, and opportunity maximizers. The characteristics of successful entrepreneurs include risk-taking ability, drive, innovation, leadership skills, and the ability to recognize and pursue opportunities.
Evolution of entrepreneurship The term entrepreneur or entrepreneurship originated in Europe sometime in the Middle Ages. The word entrepreneur is of French origin from the word entreprendre which simply means to undertake. From literature available, it was reported that early entrepreneurs provided men, materials needed by feudal lords to wage war against enemies. This kind of activity is called provision of service . Hisrich and Peters Made an account of the evolution of the nature of entrepreneur/entrepreneurship. This authors came up with an overview and developments of entrepreneurship. French: means between-taker or go between. Middle Ages: actor and person in charge of large-scale production projects. 17th century: person bearing risks of profit in a fixed price contract with the government. 1797: Beaudeau- person being risks, planning, supervising, organizing, and owning. 1803: Jean Baptiste Say- separated profits of entrepreneur from profits of capital. 1876: Francis Walker- distinguished between those who supplied funds and received interest and those who received profit from managerial capabilities. 1934: Joseph Schumpeter- entrepreneur is an innovator and develops untried technology. 1961: David Mc Clelland- entrepreneur is an energetic, moderate risk taker. 1964: Peter Drucker- entrepreneur maximize opportunities. 1975: Albert Shapero- entrepreneur takes initiative, organizes some social-economic mechanism, and accepts risk failure. 1980: Karl Vesper- entrepreneur seen differently by economics, psychologist, businesspersons, and politicians. 1983: Gifford Pinchot- entrepreneur is an entrepreneur within an already established organization. 1985: Robert Hisrich- Entrepreneurship is the process of creating something different with value by devoting the necessary time and effort , assuming the accompanying financial, psychological, and social risks, and receiving the resulting rewards of monetary and personal satisfaction. Characteristics of Entrepreneurs DATE AUTHOR(S) CHARACTERISTICS 1848 Mill Risk bearing
1934 Schumpeter Innovation;
initiative 1961 Mc Clelland Risk taking: Need For achievement.
1964 Pickle Drive/mental;
human relations; communication ability; technical knowledge. 1985 MacMillan, Familiarity with Siegel, the market; a and capacity for Subba Intense Narisimha effort; leadership ability. 1978 Timmons Drive/self confidence; goal oriented; risk-taker, locus of control; creativity/ innovative. 1986 Ibrahim Ability to and Goodwin delegate, manage customer, and employee relations; interpersonal skills. 1989 Wheelen Ability to and Hunger Implement strategy with programs, procedures, budgets, evaluation. 1992 Chandler Self-assessed and Jansen ability to recognize opportunity.