Entrepreneurship

 

“Entrepreneur” is the term which first appeared in the book “Essai sur la Nature du Comerce en General” written by Cantillon in the year 1755. The term generally consigns to a person who acquires products in an identified price and later on sells it at the market which is also not known. This phenomenon brings on steadiness to the system of the market. Basically the term entrepreneurship has been derived from the French term “entrepreneur”. To denote the connotation of the term entrepreneurship, the work of the Verin must be taken into consideration. According to this work, the historical origins of the term have been derived in the late 17^th century and early 18th century. After the reconsideration of the various literatures, it has been found that there has been no thorough definition of the term entrepreneurship. This has caused implying dissimilarities between the numerous theorists regarding the concept of the term. By basing upon different approaches of entrepreneurship definition, there have been derived two views by the scholars of entrepreneurship in identifying the proper definition of entrepreneurship (Carayannis, and Stewart, 2013). According to the economic view, the entrepreneurship is identified under the terms of enlistment of capital and more importantly the utilization of prospects which determines the risks concerned with the process of entrepreneurship. Another point of view for identifying the definition of the term Entrepreneurship is the business sociology view. This view centres upon a particular entrepreneurship behaviour like opportunity, detection, assessment, improvement. All these behavioural factors identify the functions as well as the activities which are associated with the set up of a fresh business organization.

Cantillon has connected the phenomenon entrepreneurship with the risk involved in a business. He portrays it to be a process when a person buys a particular thing in a certain amount and sells it in an amount which is unknown to him. This can cause a subsequent risk for the particular entrepreneur. Another German economist Schumpeter has pertained over providing one of the most significant theoretical descriptions over the term, as he states that an entrepreneur is a person who commences as well as coerces the change in market through the process of innovation (Swedberg, 2007). However, (Drucker ,1985) has emancipated the fact where he expressed it as a blend of modernism and opportunity where he expressed the idea where the innovation act who assumes the bequest of the sustaining resources with the capability of creating wealth. Two other theorists Martina and Osberg have identified the term entrepreneurship to be connected with the phenomenon of opportunity. According to them, entrepreneurs have the unique capability to denote as well as utilize new chances , needed assurances and also inspirations to shape it in a frame and moreover to suppose the inbuilt risks. This particular view of the term entrepreneurship has looked into the term as a product compiled by three elements which are-a) the context at which an opportunity is generated; b) set of individual aptitudes to denote as well as utilize the opportunity and c) the ability to show up the opportunity through converting it into results. To fulfil the purpose of the proposed study, the definition of the entrepreneurship can be adopted from the view points of (Martina and Osberg 2007) because they considered in combination of previous view of entrepreneurship which denoted it as a risk and the vital condition to start a new entrepreneurial venture. Moreover this viewpoint also represented innovation to be main focus of entrepreneurship and most importantly the basic conditions of entrepreneurship is fulfilled by the recognition as well as use of opportunities.