Literature Review On Entrepreneurship

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Literature review— for course: ICT Entrepreneurship Zhou Ziye(e1101668)
1.An Overview of Entrepreneurship
It is observed that the phrase “Entrepreneurship” has been used in disparate meanings by scholars around the world. In academic definition, entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control(Stevenson & Jarillo). In venture capitalist, entrepreneurship is the art of turning an idea into a business(Fred Wilson). In a simple word, entrepreneurship is the process of designing a new business and start new businesses is the most obvious example of entrepreneurship. Most researchers would agree with a definition of entrepreneurship as an activity that involves the
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Thus there is a need to do this literature review.
2.Entrepreneurship history
a)Middle ages
At that time, “entrepreneur” was used to portray a person who managed considerable production projects using resources provided by ministry of the country and did not need to bear a risk. Cleric was a typical entrepreneur in that time.
b)17th Century
During 17th century, risk of entrepreneurship came into people’s mind. At that time, a person who had a constitutional agreement with government to supply desinated product or operate a service was regarded as an entrepreneur. Entrepreneur need to undertake all the profits or losses since the bargin price was established. A frenchman named John Law was a famous entrepreneur that time. He was granted to inaugurate a royal bank. However, the bank developed into a commerce firm ultimately, that was the Mississippi Company. Another guy named Richard Cantillion got the motive of legislation and evelved the early theories of entrepreneur which regard entrpreneurs as risk takers, running with risk by buying at a fixed price and betraying at an uncertain
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