Entrepreneurship

entrepreneurFounderentrepreneursCo-Founderentrepreneurialserial entrepreneurenterpriseFoundersbootstrappedentrepreneurialism
Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business.wikipedia
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Jean-Baptiste Say

SayJean Baptiste SayJ.B. Say
Early-19th-century French economist Jean-Baptiste Say provided a broad definition of entrepreneurship, saying that it "shifts economic resources out of an area of lower and into an area of higher productivity and greater yield".
Moreover, he was one of the first economists to study entrepreneurship and conceptualized entrepreneurs as organizers and leaders of the economy.

Entrepreneurship ecosystem

high technology ecosystemEntrepreneurial ecosystemhigh technology and entrepreneurship ecosystem
An entrepreneurial ecosystem or entrepreneurship ecosystem is the social and economic environment affecting local or regional entrepreneurship.

Small business

small businessesmom and popsmall business owner
Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business.
The concepts of small business, self-employment, entrepreneurship, and startup overlap to certain degree but also carry important distinctions.

Joseph Schumpeter

SchumpeterJoseph A. SchumpeterJoseph Alois Schumpeter
In the 20th century, the understanding of entrepreneurship owes much to the work of economist Joseph Schumpeter in the 1930s and other Austrian economists such as Carl Menger, Ludwig von Mises and Friedrich von Hayek. Economist Joseph Schumpeter (1883–1950) saw the role of the entrepreneur in the economy as "creative destruction" – launching innovations that simultaneously destroy old industries while ushering in new industries and approaches.
Although his writings could be critical of the School, Schumpeter's work on the role of innovation and entrepreneurship can be seen as a continuation of ideas originated by the Historical School, especially the work of Gustav von Schmoller and Werner Sombart.

Social entrepreneurship

social entrepreneursocial entrepreneurssocial
In the 2000s, entrepreneurship has been extended from its origins in for-profit businesses to include social entrepreneurship, in which business goals are sought alongside social, environmental or humanitarian goals and even the concept of the political entrepreneur. In the 2000s, the term "entrepreneurship" has been extended to include a specific mindset resulting in entrepreneurial initiatives, e.g. in the form of social entrepreneurship, political entrepreneurship or knowledge entrepreneurship.
Social entrepreneurship is an approach by start-up companies and entrepreneurs, in which they develop, fund and implement solutions to social, cultural, or environmental issues.

Intrapreneurship

intrapreneurintrapreneurs
Entrepreneurship within an existing firm or large organization has been referred to as intrapreneurship and may include corporate ventures where large entities "spin-off" subsidiary organizations.
Intrapreneurship is the act of behaving like an entrepreneur while working within a large organization.

Creative destruction

Schumpeterian growthmutation
Economist Joseph Schumpeter (1883–1950) saw the role of the entrepreneur in the economy as "creative destruction" – launching innovations that simultaneously destroy old industries while ushering in new industries and approaches.
In Schumpeter's vision of capitalism, innovative entry by entrepreneurs was the disruptive force that sustained economic growth, even as it destroyed the value of established companies and laborers that enjoyed some degree of monopoly power derived from previous technological, organizational, regulatory, and economic paradigms.

Business opportunity

business opportunitiesopportunitiesbusiness and job opportunities
Entrepreneurs exhibit positive biases towards finding new possibilities and seeing unmet market needs, and a tendency towards risk-taking that makes them more likely to exploit business opportunities.
Eckhardt and Shane (2003) argue that when taking the path of entrepreneurship, one of the most important indictors for future entrepreneurship is the skill of finding the business opportunity.

Startup company

startupstartupsstartup companies
While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant proportion of start-up businesses have to close due to "lack of funding, bad business decisions, an economic crisis, lack of market demand, or a combination of all of these."
A startup or start up is a company or project initiated by an entrepreneur to seek, effectively develop, and validate a scalable business model.

Global Entrepreneurship Week

Global Entrepreneurship Congress
Beginning in 2008, an annual "Global Entrepreneurship Week" event aimed at "exposing people to the benefits of entrepreneurship" and getting them to "participate in entrepreneurial-related activities" was launched.
Global Entrepreneurship Week (GEW) is an international initiative that introduces entrepreneurship to young people in six continents.

Knowledge entrepreneurship

In the 2000s, the term "entrepreneurship" has been extended to include a specific mindset resulting in entrepreneurial initiatives, e.g. in the form of social entrepreneurship, political entrepreneurship or knowledge entrepreneurship.
Knowledge entrepreneurship is different from 'traditional' economic entrepreneurship in that it does not aim at the realization of monetary profit, but focuses on opportunities with the goal to improve the production (research) and throughout of knowledge (as in personal transformation ), rather than to maximize monetary profit.

Venture capital financing

venture fundingSeries B fundingventure capital
Another strategy is to align with a set of known serial entrepreneurs who have a demonstrated success at establishing start-ups that acrue value and return on investment.

George Westinghouse

WestinghouseWestinghouse, GeorgeGeorge Westinghouse Jr.
They were followed by Sam Walton; J. P. Morgan; Alfred P. Sloan; Walt Disney; Ray Kroc; Thomas J. Watson; Alexander Graham Bell; Eli Whitney; James J. Hill; Jack Welch; Cyrus McCormick; David Packard; Bill Hewlett; Cornelius Vanderbilt; and George Westinghouse.
George Westinghouse Jr. (October 6, 1846 – March 12, 1914) was an American entrepreneur and engineer based in Pennsylvania who invented the railway air brake and was a pioneer of the electrical industry, gaining his first patent at the age of 19.

Capital (economics)

capitalcapital flowsinvestment capital
Many "high value" entrepreneurial ventures seek venture capital or angel funding (seed money) to raise capital for building and expanding the business.
This includes organization, entrepreneurship, knowledge, goodwill, or management (which some characterize as talent, social capital or instructional capital).

Self-employment

self-employedSelf–employedself-employment tax
The term "ethnic entrepreneurship" refers to self-employed business owners who belong to racial or ethnic minority groups in the United States and Europe.
Entrepreneurship refers all new businesses, including self-employment and businesses that never intend to grow big or become registered, but startups refer to new businesses that intend to grow beyond the founders, to have employees, and grow large.

Political entrepreneur

Political entrepreneurs
In the 2000s, entrepreneurship has been extended from its origins in for-profit businesses to include social entrepreneurship, in which business goals are sought alongside social, environmental or humanitarian goals and even the concept of the political entrepreneur. In the 2000s, the term "entrepreneurship" has been extended to include a specific mindset resulting in entrepreneurial initiatives, e.g. in the form of social entrepreneurship, political entrepreneurship or knowledge entrepreneurship.
In the field of business, entrepreneurship involves people taking a risk in order to create new business ventures, to gain advantage over a competitor, and to maximize profits.

Israel Kirzner

Israel M. KirznerKirzner
An alternative description by Israel Kirzner suggests that the majority of innovations may be incremental improvements such as the replacement of paper with plastic in the construction of a drinking straw that require no special qualities.
Kirzner's major work is in the economics of knowledge and entrepreneurship and the ethics of markets.

Global Entrepreneurship Monitor

According to Paul Reynolds, founder of the Global Entrepreneurship Monitor, "by the time they reach their retirement years, half of all working men in the United States probably have a period of self-employment of one or more years; one in four may have engaged in self-employment for six or more years. Participating in a new business creation is a common activity among U.S. workers over the course of their careers".
The Global Entrepreneurship Monitor (GEM) research project is an annual assessment of the national level of entrepreneurial activity in multiple, diverse countries.

Microeconomics

microeconomicmicroeconomic theoryprice theory
Despite Schumpeter's early 20th-century contributions, the traditional microeconomic theory did not formally consider the entrepreneur in its theoretical frameworks (instead of assuming that resources would find each other through a price system).
The cost can comprise any of the factors of production: labour, capital, land, entrepreneur.

Innovation

innovativeinnovatorpioneer
The ability of entrepreneurs to innovate relates to innate traits, including extroversion and a proclivity for risk-taking.
Entrepreneurs continuously look for better ways to satisfy their consumer base with improved quality, durability, service and price which come to fruition in innovation with advanced technologies and organizational strategies.

Venture capital

venture capitalistventure capital firmventure capitalists
Many "high value" entrepreneurial ventures seek venture capital or angel funding (seed money) to raise capital for building and expanding the business.
This practice is called "bootstrapping".

Mindset

mentalitygrowth mindsetmind-set
In the 2000s, the term "entrepreneurship" has been extended to include a specific mindset resulting in entrepreneurial initiatives, e.g. in the form of social entrepreneurship, political entrepreneurship or knowledge entrepreneurship.
There is a double relation between the institution embodying for example an entrepreneurial mindset and its entrepreneurial performance.

Angel investor

angel investorsangel investmentbusiness angel
Many "high value" entrepreneurial ventures seek venture capital or angel funding (seed money) to raise capital for building and expanding the business.

Coworking

co-workingco-working spaceCollaborative workspace
Some coworking places were developed by nomadic Internet entrepreneurs seeking an alternative to working in coffee shops and cafes, or to isolation in independent or home offices.

Sam Walton

Sam M. WaltonSamuel WaltonMr. Sam Walton
They were followed by Sam Walton; J. P. Morgan; Alfred P. Sloan; Walt Disney; Ray Kroc; Thomas J. Watson; Alexander Graham Bell; Eli Whitney; James J. Hill; Jack Welch; Cyrus McCormick; David Packard; Bill Hewlett; Cornelius Vanderbilt; and George Westinghouse.