Question

8. What is entrepreneurship? Describe evolution and development of entrepreneurship

Answer 1

Explanation:

The Evolution of the Entrepreneur

Entrepreneurs have shaped the face of business and enterprise since the dawn of man. From the first wheel to the advent of the internet, these clever businesspeople evolved for centuries into their most recent incarnation, the social media entrepreneur.An enterprise contributes to increasing the Gross Domestic Product (GDP) and income per resident, which results in economic growth. ... Worldwide entrepreneurs also contribute to a country's exports and improves the trade balance which is important in economic development

Answer 2

Entrepreneurship

An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.

Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bring good new ideas to market. Entrepreneurs who prove to be successful in taking on the risks of a startup are rewarded with profits, fame, and continued growth opportunities. Those who fail, suffer losses and become less prevalent in the markets.

KEY TAKEAWAYS

A person who undertakes the risk of starting a new business venture is called and entrepreneur.

An entrepreneur creates a firm, which aggregates capital and labor in order to produce goods or services for profit.

Entrepreneurship is an important driver of economic growth and innovation.

Entrepreneurship is high-risk, but also can be high-reward as it serves to generate economic wealth, growth, and innovation.

 Entrepreneurs commonly face many obstacles when building their companies.

The three that many of them cite as the most challenging are as follows:

Overcoming bureaucracy

Hiring talent

Obtaining financing

☆ Schumpeter Theory on Brief:

“Schumpeter emphasized the role of the innovator-be-, the innovator, the developer, the promoter, the person who initiatives and recognizes technical improvements and who succeeds in getting them introduced” (Samuelson, 1980). The inventor in business terms is the entrepreneur whose function is entrepreneurship, which is the spring of all business innovations and improvements, and the main source economic development (Samuelson, 1980). Thus, the sequence of economic development is entrepreneur entrepreneurship innovations business and economic development. Innovate or perish is ‘Schumpeter’s ideology. The reward for entrepreneurship is profit.

the different types of entrepreneurship:

Small business entrepreneurship.

Large company entrepreneurship.

Scalable startup entrepreneurship.

Social entrepreneurship.

Innovative entrepreneurship.

Hustler entrepreneurship.

Imitator entrepreneurship.

Researcher entrepreneurship