A Review of the Role of Entrepreneurship in Stimulating Economic Growth, Reducing Unemployment and Increasing Level of Income in Low to Middle Income Countries.

Entrepreneur is a person who habitually creates and innovates something with recognised value and seizes the opportunities to convert them to marketable ideas (Bolton & Thompson, 2004). Kuratko (2009) describes entrepreneurship as a process of vision and creation that requires an application of energy and passion towards the creation and implantation of new ideas and creative solutions.

Entrepreneurship is the willingness to take risks to create and operate a business. An entrepreneur is someone who sees a potentially

Entrepreneurship roots from the word entrepreneur, which according to www.wikipedia.com, it can be defined as one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods. Entrepreneurs are risk takers, willing to roll the dice with their money or reputation on the line in support of an idea or enterprise. They willingly assume responsibility for the success or

The role of entrepreneurship in the economy of a country is to inspire new business ventures that support wealth

Schumpter (1934) saw the definition of an entrepreneur as not only individuals who bears the risk of buying and selling at uncertain prices , but more of process by which an economy moves forward through the act of creative disruption or innovation. There are many different avenues on what defines a person as an entrepreneur, the definition itself is evolving based on the society we are in today. The entrepreneur in this report when asked what he thinks is an entrepreneur in a small business, his opinion was “a person who takes control of his or her own destiny to become self employed either by setting up a business or taking over from someone else.”

According to the Richard Cantillon (1680-1734), entrepreneur is risk-taker who has the foresight and willingness to assume risk and take the require action to make profit or loss. His entrepreneur is kind of forward-looking and risk-taking. Risks were distinguished by Frank Knight (1885-1972) as capable of being measured and un-measurable. According to Knight, entrepreneur takes the latter risk which is no objective measure of probability of gain or loss. According to Burke (2006), entrepreneur can be defined as a person who habitually creates and innovates to build something of recognized value around perceived opportunities. Joseph Schumpeter (1883-1950) said that entrepreneur is innovator who is the central figure in advancing the wealth of nations and creating dynamics disequilibrium in the global economy. He pointed out that knowledge underlying the innovation need not be newly discovered and may be existing knowledge that has never been utilized in

How important is entrepreneurship in the development and growth of the economy of the country

Entrepreneurship refers to organizational, management, and assumption of risk of a business venture (Skousen, 2014). There are several approaches to entrepreneurship theorized in economics. Perhaps two of the most common theories are that of Israel M. Kirzner and Joseph A. Schumpeter. This short essay will review theories by both Kirzner and Schumpeter, share personal opinion of the accuracy of each theory, and offer further insights of how an individual benefits from obtaining a greater understanding of these entrepreneurship theories.

Within this essay it will include a theorist that is relevant to the chosen entrepreneur and their entrepreneurial motivations and their characteristics. Being an entrepreneur requires specific characteristics and skills that are often achieved through education, hard work and planning. An entrepreneur is an individual who accepts some sort of risk usually financial in the pursuit of new ventures. The word can apply to any person organising a new project or opportunity, though it is most often used in a business context. A person in this role is often characterised as innovative, independents optimistic, creative, and hard-working.

Entrepreneurship can be defined as the process of starting a business or other organization. Entrepreneurship can also be defined as job that involves the fundamental principles of business. Entrepreneurs not only sell products but services, and businesses, often at the same time.

There is no such thing as a typical entrepreneur (business case study, n.d.) and no standard and universal definition of entrepreneurship. It is derived from the French language, entreprendre, meaning assume duties or attempt. An entrepreneurship is a process of someone who has a capacity and willingness to develop, organize and manage any enterprise or business venture along with any personal financial risks in order to make profit. Entrepreneurship is a process or an activity of discovering new ways or ideas of combining resources to make profits. Besides owning a business, entrepreneurship also includes any entrepreneur or a person who is a business leader or an innovator of new ideas to process a business.

An entrepreneur is a person who creates new business, taking risks in accomplishing the objectives which they intend to make profits and growth by recognising vital opportunities (Burdus, 2010). They are individuals who innovate, recognise business opportunities, gather and co-ordinate new blends of resources {i.e. production functions) in other to extract the most profits from their innovations in an uncertain environment (Rapheal Amit, 1993) Entrepreneurs are private business owners. They are self-starters and optimistic

Entrepreneurship can be defined in many ways, as one man called Merriam-Webster said that “one who organizes, manages and assumes the risks of a business or enterprise. “An Entrepreneur can also define as “a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk” this definition is recommended by Forbes. In the following report entrepreneurs will be uncovered and dissected also in this report it will also focus on one of the famous entrepreneurs ever to be witnessed Michael dell the founder and current CEO of Dell Incorporation. It will also be discussed in the following report that how do entrepreneurs impact our economy and also it will be discussed the entrepreneurs in South Africa and many more.

Entrepreneurships often quoted definition is that it is about the “discovery and exploitation of opportunities” (Shane & Venkataraman 2001). Why is innovative entrepreneurship important? Innovative entrepreneurship plays an important role in today’s society across different countries and institutional contexts and by contributing to economic development, it is a catalyst for institutional development and structural change, and it helps addressing challenges that policy makers are trying to overcome. Such challenges include economic growth, climate change, sustainable development, maintaining biodiversity, socioeconomic issues, job creation and poverty. The level and type of impact

Entrepreneurship is an extremely important aspect of the modern economy. Entrepreneurship entails improving business and the development of areas that are good for a business, people and the overall economy of a country (Galindo, & Méndez-Picazo, 2013). Since the need for entrepreneurship has been widely discussed and proven through research (Isenberg, 2010; Khan, 2016; Rahman, 2014), it is important to focus on the frameworks that can positively influence the structure of the country’s economy.