History Of Entrepreneurship

SE 01 ENTREPRENEURSHIP

CENTER FOR SOCIAL ENTREPRENEURSHIP

SCHOOL OF MANAGEMENT AND LABOUR STUDIES

KANISHK SHARMA M2014SE036

Enterprise, entrepreneur, entrepreneurship all trace their roots to the same word, the French expression 'entreprendre' which literally translates to 'to take between'. The verb describes an activity where an individual undertakes an effective and efficient project, thus amounting to leaders who look for new ways to bring about economic progress. Entrepreneur as a word was first used in modern times in the early 18th century in France and was in those days simply defined as an individual who creates and operates a business or a commercial activity. The Irish-French economist Richard Cantillon is widely regarded

Never before were such extensive theories developed in the field. According to Schumpeter the 'creative destruction' in a society/economy/state/nation is what drives its economic progress. Changes occur when economics moves away or forward from the usual land, labour and capital. Creative Destruction, also sometimes called "Schumpeter's gale", here refers to destruction of old systems for new systems to take birth. The new systems are essentially the impetus for new business cycles (he borrowed from Kondratiev, 'Kondratiev's Cycles') and these new systems in turn are an incident of

Entrepreneurship thus in effect is a way of thinking, reasoning and acting that is opportunity obsessed, sustainable, holistic in approach, and leadership balanced for the purpose of value creation and capture. (Timmons) Entrepreneurs rather than taking wild risks manage it by calculating the loss and try reducing the cost of failure by failing earlier and at lower level of investments. (Saraswathy “What makes Entrepreneurs Entrepreneurial?)

Entrepreneurship is beyond starting a new venture, the contemporary research in fact emphasizes upon the entrepreneurial mindset. Entrepreneurship doesn't demand a particular set of characteristics but hard work and perseverance are entrepreneurial traits. Learning gives you courage, people are guided not just by goals and missions but also by beliefs. Structures and situations might demand a change in gears or even orbits. Steady state doesn't exist. Markets and societies are dynamic which is why innovation can only give a short term advantage implying that ideas aren't enough and consistency and persistence are needed to succeed in the long