Complications Of Richard Cantillon's Theory Of Entrepreneurship

Entrepreneurs use innovation to exploit or create change, such innovation provides opportunity for making profit. They do this by shifting economic resources from an area of lower productivity into an area of higher productivity and greater yield, accepting a high degree of risk and uncertainty in doing so. (Burn, 2011)

Today we will look at an important entrepreneur which I would consider a legend. First we will define what an entrepreneur is. We will look at who I choose as the person to research and why. We will also see what economic decision she made that was significant to her success with a detailed example. There are several areas to look into also, such as examples of her managerial economics, her social responsibility and her ethics.

Entrepreneurship is the activity of creating a new business or enterprise. It is an essential and significant action in the growing job market (Bednarzik, 2000). Entrepreneurship has become important to all the countries whether they developed or developing ones. It is a basis of economic growth and employment creation (Thurik, Carree, Van Stel, Audretsch, 2008). It involves opportunity recognition or creation, collecting resources to track the opportunity, and managing actions that bring a new venture into existence. Some ventures are complete start-ups, while other ventures are pursued within an existing organization (Enz and Harrison, 2010). Entrepreneurs accept the personal financial risks that drive with having their own business. On the other hand, entrepreneurs benefit directly from the

The existing literature on entrepreneurship stems from economical conceptual frameworks developed in the early twentieth century by Schumpeter, Cole, Kirzner among others. Fayolle (2014) notes that entrepreneurship has gained considerable study

Through fresh innovative and creative ideas we have seen how these different concepts and ideas change the business environment. Entrepreneurship plays a role in the economy and can result in the growth and development of the economy in a country. This essay will be discussing the different aspects on what Entrepreneurship is, The Role it plays in the economy and the different type Entrepreneurial businesses involved in the growth and development of the economy of the country. Entrepreneurship will help the economy by providing more job opportunities, creating new wealth and can reduce unemployment . It is clear that there is positive relationship between Entrepreneurship and Economic growth; this link will be discussed in the essay.

Explain and critically analyze unique traits of an Entrepreneur, discuss these related to personal strengths and weaknesses

The term “entrepreneurship” was brought up by Joseph Schumpeter (1910) after he surveyed related literature about entrepreneurs. According to him, entrepreneurship is the cause for discovering, introducing innovative formulations of production factors leading to social economy. Since then, academic communities has started to give more interest to entrepreneurship. The enterprise that holds entrepreneurship should have three characteristics: the first is innovation including both product and process innovation; the second is risk-taking which means the main decision maker of an enterprise should have the capability to take risk; and finally the third is proactiveness, i.e., an enterprise should be able to passionately explore the difference of the environment and accept strategy to respond in advance (Miller, 1983).

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.

Opportunity is defined as "any activity requiring the investment of scarce resources in hopes of a future return" (Sahlman, 1996, p.140). Change is motivated by the vision of the future that is better for the decision maker, and by the credibility of the path presented to that desired future state. One of the historic difficulties in the study of entrepreneurship is that the definition of opportunity is not necessarily shared by the multiple constituencies who must work together to create change. Often change affects power relationships, economic interests, personal networks, and

Current economic research denies the innate characteristics of the entrepreneur. Rather than attributing economic growth and innovation to personality traits, economists would rather advocate a form of economic determinism: if an aggressive personality dominated an industry, economists try to explain the characteristics of the industry that made aggression a successful strategy. Economic models are

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.

With the growing importance of entrepreneurship within today’s business industry it is of upmost importance to understand the motivations and intentions of individuals wanting to pursue an entrepreneurial career as this now accounts for X of the population and X% of income. Its apparent from the literature that “significant differences exist in the levels of entrepreneurial activity across countries” (Pinillo & Reyes, 2011) and existing research addresses the question as to why some countries have more entrepreneurs than others, a main answer to this question has been the one regarding the economic climate of the particular country, however this focus solely on economic explanations majorly “underexposes the role of culture” (Brown & Ulijn, 2004). It would seem meaningless to ignore this factor as something that influences the level of entrepreneurship between different countries as “the rate or level of entrepreneurship at the societal level depends upon the opportunities provided by the environment and these aspects are influenced by … culture” (Brown & Ulijn, 2004). Whilst much of the literature has focused on economic reasons for differences in entrepreneurship activity, it is suggested by Pinillo & Reyes (2011) that “culture, more than economic variables” plays a key role in explaining these differences.

Map the current status of entrepreneurship in the country and identify country-specific entrepreneurship opportunities and challenges

Brian identified the entrepreneur as a person who is optimistic, future-oriented, thinking that achievement is conceivable and being open to attempting risky methods to accomplish their objectives of benefits. They are capable of succeeding their objectives of benefits by trying different methods and also changing quickly as they get new data. (Brian Tracy, 2005)

Entrepreneurship has played a vital role in the economic development of a country along with innovation and competition. Landes (1998) stated that Entrepreneurship is also a solution to poverty alleviation. In modern times, Poverty and wealth has been linked to entrepreneurial activities. However, entrepreneurship has not been studied widely in developing countries in the world. According to Reynolds et al. (2004), more than 400 million persons are either owner or managers of newly developed firms. A phenomenon of entrepreneurship is different in developed and developing countries and existing models only explains this process for developed countries. No one has explained how this process will be carried out in developing nations. A little research has been found regarding entrepreneurial process in developing countries, specifically characteristics of well growing as well as new firms.