DEFINITION OF ENTREPRENEURSHIP.

                                                 DEFINITION OF ENTREPRENEURSHIP.

I will be starting our discussion with the definition of entrepreneurship. It is important we know the meaning of the subject and get the key words in the different definitions we will be stating.

Entrepreneurship is a dynamic process of vision, change, and creation that requires an application of energy and passion toward the creation and implementation of new ideas and creative solutions. This process of innovation and new-venture creation is accomplished through four major dimensions—individual, organizational, environmental, and process— and is aided by collaborative networks in government, education, and institutions. All of the macro and micro positions of entrepreneurial thought must be considered while recognizing and seizing opportunities that can be converted into marketable ideas capable of competing for implementation in today’s economy.

(Kuratko, Donald.  Introduction to Entrepreneurship is the 8th Edition. Cengage Learning UK, 3/14/09. p. 21). <vbk:9781133455189# page(21)>

I will give five other definitions of entrepreneurship by world's most successful entrepreneurs over time. We will say their definition to entrepreneurship is sharing their experiences to the world in different terms. There is truly a great difference between entrepreneurship and small business owners but I must mention that your ability to succeed and expand far beyond your tentacles is what makes you an entrepreneur. 

1725: Richard Cantillon: An entrepreneur is a person who pays a certain price for a product to resell it at an uncertain price, thereby making decisions about obtaining and using the resources while consequently admitting the risk of enterprise.

. 1934: Schumpeter: According to him entrepreneurs are innovators who use a process of shattering the status quo of the existing products and services, to set up new products, new services

1961: David McClleland: An entrepreneur is a person with a high need for achievement [N-Ach]. He is energetic and a moderate risk taker.

1964: Peter Drucker: An entrepreneur searches for change, responds to it and exploits opportunities. Innovation is a specific tool of an entrepreneur hence an effective entrepreneur converts a source into a resource.

1975: Albert Shapero: Entrepreneurs take initiative, accept risk of failure and have an internal locus of control

Source; Wikipedia...

From the definitions of entrepreneurship stated, we will observe that innovation and productivity are key factors to being an entrepreneur.