Entrepreneurship is the term utilised to define the quality of being an entrepreneur (a person who undertakes an enterprise). The term places large emphasis on the efforts and risks which burden individuals who own and manage businesses.
The most common and obvious form of entrepreneurship is that of staring a new business. This notion is now referred to as ‘Startup Company’ and it has recently been extended to encompass social and political forms of entrepreneurial movements.
There is a myriad of types of entrepreneurial activities; they differ significantly according to the type of organisation and creativity involved.
Entrepreneurship also ranges in scale. It can be something like a small solo project where the entrepreneur may only be required on a part-time basis or it can be something like a major business undertaking that creates and facilitates many job opportunities.
In the 20th century, Joseph Schumpeter who was an Austrian American economist and political scientist studied and largely contributed to the definition and meaning of the notion of entrepreneurship.
In his studies he contended that an entrepreneur is a person that is willing and capable of converting new ideas or inventions into successful innovations. To him Entrepreneurship employs “the gale of creative destruction" to replace inferior innovations across markets, and in turn to create new products including new business models. Thus to him, entrepreneurship and creative destruction are largely responsible for the long-run economic growth.
Today many people affiliate entrepreneurship with risks, however without this notion, the world would be a much less sophisticated and advanced place.
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