Entrepreneurship Theory

761 Words 4 Pages
Research on in the field of entrepreneurship has been enduring for decades. Richard Cantillon was the first scholar who defined the word entrepreneur in an economic subject, in the 18th century. The men, who are the risk-taker, act as arbitrageurs and utilize resources to establish new businesses is called entrepreneur (Cantillon, 1952). Fred Wilson stated that entrepreneurship is the art or specialty of turning ideas into a business organisation (Barringer &Ireland, 2010). Entrepreneurship is a mindset is the practice of starting new organizations or stimulating established organizations, principally new businesses in response to identified opportunities (Green Paper on Entrepreneurship, 2003, p. 6). ).In this regard entrepreneurship is a process aiming at starting a new company or new organisation …show more content…
In this way, Shane and Venkataraman (2000) argued that identification and utilization of business opportunities by whom and its outcomes are the key to entrepreneurship. Schumpeter (1934), defined entrepreneur is an innovator who breaks an existing state of equilibrium in market to create progress and profit. Innovation is the driving force to create new products, new production and operations methods, new sources, new business models, new tools, techniques and new markets. In this sense, entrepreneurship is highly related and concerned to the ability to produce something new through factors of productions. Entrepreneurship is the “engine” that drives an economy to create new businesses, new ventures, new jobs and well-being in society. It’s also spurs business expansion, technological progress on the bases of innovation, and wealth creation through factors of productions (Lumpkin & Dess, 1996). Increasing the supply of entrepreneurs in the economy is a central preoccupation of governments, policy makers and scholars for two

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