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Evolution of
Entrepreneurship
Advantages of Entrepreneurship over Employment
Employment Entrepreneurship
•Work for others Own boss
•Follow Instructions Makes own plans
•Routine Job Creative activity
•Earning is Fixed not negative
Earnings range from maximum to minimum
•Does not create wealth Does create wealth
Evolution of the concept of entrepreneur
Period Connotations and meanings16th century Referred to persons engaged in military
expeditions
Beg. 17th century
Extended to persons engaged in engineering activities such as constructions
Early of 17th century
Bearing risks of profits or loss in a fixed price contract with government
1725 Bearing risks are different from one supplying capital – Richard Cantillon
1803 Separated profits of entrepreneur from profits of capital – Jean Baptiste
Period Connotations and meanings1876 Who received profit from managerial capabilities
-Fransis Walker
1934 An innovator & develops untried technology –Joseph Schumpeter
1961 An energetic, moderate risk taker -David C. Mc. Clelland
1964 Maximizes opportunities – Peter F. Drucker
1975 Initiative, organize some social & economic mechanisms and accepts risks of failure -Albert Shapero
1980 Differently by economists, psychologists, business persons and politicians – Karl Vesper
Period Connotations and meanings1983 Intrapreneur is Entrepreneur within an already
established organization - Giffored Pinchit
1985 Creating something different with value, putting necessary time and efforts, accompanying financial, psychological and social risks and receiving the rewards of monetary and personal satisfaction – Robert D. Hisrich
2008 The professional application of knowledge, skills and competencies and / or of monetizing a new idea by and individual or a set of people by launching an enterprise or diversifying from an existing one, these to pursue growth while generating wealth, employment and social good -National Knowledge Committee (NKC)
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