English

Etymology

Noun

1. the art of taking something at risk which would be profitable and that is at moderate risk
2. the art and science for innovations of all things that is concerned for business and riskness
3. the quality of being an entrepreneur

Translations

Entrepreneurship is the practice of starting new organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities. Entrepreneurship is often a difficult undertaking, as a vast majority of new businesses fail. Entrepreneurial activities are substantially different depending on the type of organization that is being started. Entrepreneurship ranges in scale from solo projects (even involving the entrepreneur only part-time) to major undertakings creating many job opportunities. Many "high-profile" entrepreneurial ventures seek venture capital or angel funding in order to raise capital to build the business. Angel investors generally seek returns of 20-30% and more extensive involvement in the business. Many kinds of organizations now exist to support would-be entrepreneurs, including specialized government agencies, business incubators, science parks, and some NGOs.

History of Entrepreneurship

The understanding of entrepreneurship owes much to the work of economist Joseph Schumpeter and the Austrian economists such as Ludwig von Mises and von Hayek. In Schumpeter (1950), an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation. Entrepreneurship forces "creative destruction" across markets and industries, simultaneously creating new products and business models. In this way, creative destruction is largely responsible for the dynamism of industries and long-run economic growth. Despite Schumpeter's early 20th-century contributions, the traditional microeconomic theory of economics has had little room for entrepreneurs in its theoretical frameworks (instead assuming that resources would find each other through a price system).

References and external articles

* William J. Baumol, Litan, R. E., Schramm, C. J. (2007) Good Capitalism, Bad Capitalism, Yale University Press

• Bird, B. (1992)"The Roman God Mercury: An Entrepreneurial Archetype", Journal of Management Enquiry, vol 1, no 3, September, 1992.
• Busenitz, L. and Barney, J. (1997) "Differences between entrepreneurs and managers in large organizations", Journal of Business Venturing, vol 12, 1997.
• Richard Cantillon, Essai sur la Nature du Commerce in Général. 1759 http://www.econlib.org/library/NPDBooks/Cantillon/cntNTContents.html
• Casson, M. (1982) The Entrepreneur: An Economic Theory Reprint. 1991.
• Casson, M. (2003) The Entrepreneur: An Economic Theory, second edition", Edward Elgar Publishing 2003.
• Cole, A. (1959) Business Enterprise in its Social Setting, Harvard University Press, Boston, 1959.
• Collins, J. and Moore, D. (1970) The Organization Makers, Appleton-Century-Crofts, New York, 1970.
• Peter Drucker, (1970) "Entrepreneurship in Business Enterprise", Journal of Business Policy, vol 1, 1970.
• Folsom Jr., Burton W. (1987) The Myth of the Robber Barons'', Young America.
• Gold, Steven K (2005) "Entrepreneur's Notebook" Learning Ventures Press, 2005.
• Hebert, R.F. and Link, A.N. (1988) The Entrepreneur: Mainstream Views and Radical Critiques. New York: Praeger, 2nd edition.
• Knight, K. (1967) "A descriptive model of the intra-firm innovation process", Journal of Business of the University of Chicago, vol 40, 1967.
• Israel Kirzner, (1997) 'Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach', Journal of Economic Literature 35: 60-85
• Lumpkin, GT and Dess, GG (1996) 'Clarifying the Entrepreneurial Orientation Construct and Linking it to Performance', Academy of Management Review 21(1): 135-172
• McClelland, D. The Achieving Society, Van Nostrand, Princeton NJ, 1961.
• Pinchot, G. (1985) Intrapreneuring, Harper and Row, New York, 1985.
• Joseph Schumpeter, (1950) Capitalism, Socialism, and Democracy, 3rd edition, Harper and Row, New York, 1950.
• Shane S., (2003) A general theory of entrepreneurship : the individual-opportunity nexus in New Horizons in Entrepreneurship series, Edward Elgar Publishing.
• Shane, S and Venkataraman, S (2000), 'The Promise of Entrepreneurship as a Field of Research', Academy of Management Review 25(1): 217-226
• Stevenson, HH and Jarillo, JC (1990) 'A Paradigm of Entrepreneurship: Entrepreneurial Management', Strategic Management Journal 11: 17-27

External links

• The Foundation of Entrepreneurship The online resource for building entrepreneurial economies.
• Joint OECD / Eurostat Programme on Entrepreneurship Indicators International effort on a harmonization of entrepreneurship indicators and determinants
• ENTREPRENEURSHIP-PHD ENTREPRENEURSHIP-PHD is an international mailing list for PhD-students and junior researchers in the field of entrepreneurship
• U.S. Small Business Administration
• Starting a Business - from U.S. Internal Revenue Service