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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