Role of Entrepreneurship in Economic Development

Definitions of entrepreneurship almost always involve the risk taking within the business world. Businessdictionary.com states “The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.” Why we want individuals to create new companies or even to grow products and ideas within an existing company is beyond the scope of this paper be we are going to assume that over all the outcome of this behavior is good for the organization, community, or country. There is little dispute that the United States was known for this behavior over the last two hundred years and it may be something that we are starting to lose. At least it is a behavior that we want to continue to foster.

To me, entrepreneurship is completely dedicating yourself to creating something out of nothing, finding an opportunity and taking full advantage of it while embracing new challenges every day. Social Entrepreneurship is an integrated part of Entrepreneurship that aims to use business to

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

Entrepreneurship is a when you are running your own business. We use this business to have goals and go through different challenges to create value. Why is entrepreneurship important? Entrepreneurship is important because it allows to get people to created new ideas that provide others with new jobs.

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

Entrepreneurship can have multiple meanings. Business daily consider it to be a business ventures that shares a commitment to turning an idea into a profitable business (Fernandes, 2016). Bruce Bachenheimer, a clinical professor of management and executive director at Pace university also mentioned "At its core, it is a mind-set, a way of thinking and acting. It is about imagining new ways to solve problems and create value." (Fernandes, 2016). I couldn’t have agreed any more as anyone can come up with an idea but implementing it to produce change in the world is where the real work starts.

Speaking of Bill Gates, he actually makes a very good example of entrepreneur who gained a huge success by using the innovation. In terms with Schumpeter’s model, this is the case of new quality good creation and opening a new market afterwards. Everybody knows the story of Bill Gates and the Microsoft corporation foundation.

            Schumpeter (1939), as cited in Mintrom, Schneider and Teske (1995), asserts that an entrepreneur functions to innovate, which means devising new production function out of the existing factors of production.   In simpler terms, an entrepreneur is one who introduces a new product or a product that deviates from the ordinary.  Such is the basic idea or definition of an entrepreneur from which its modern definitions have developed.

Entrepreneurship generates employment within the economy. When people are employed, they will have more buying power because they are earning an income. When people have more buying power, they will be able to buy products and services offered by different businesses, which will result in more trade within the country and at the end, the economy develops because of the ongoing trade.

An entrepreneur is someone who starts, operates or sets up a business and is usually the main shareholder in the business venture. They take on financial risks with the hope of making a profit

Translated from its French roots, entrepreneur means “one who undertakes”. The Oxford English Dictionary (2008) defines entrepreneur „a person who attempts to profit by risk and initiative“. Entrepreneurs do this by exploiting some form of change and shifting resources

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

As we think about the role of entrepreneurship in terms of the economic growth, entrepreneurs make new organizations and new organizations,thus they create employment opportunities, based on the above explanation, they

Definitions of entrepreneurship almost always involve the risk taking within the business world. Businessdictionary.com states “The capacity and willingness to develop, organize and manage a business venture along with any

Entrepreneur is a person who has the prudence enthusiasm to justify the risk and take the required action to make either profit or loss.