B. When was the term Entrepreneurship coined?
(a) 1980
(b) 1950
(c) 1920
(d) 1930
Answers
Answer:
1980
Explanation:
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Answer:
The term "entrepreneurship" was in fact coined in the late 1970s and early 1980s, by scholars such as Howard Stevenson, William Baumol, and Israel Kirzner. They used the term to describe the process of creating and growing new businesses, as well as the characteristics and behaviors of the individuals who engage in this process.
Explanation:
Entrepreneurship is the process of creating or starting a new business venture in order to make a profit by identifying a need in the market and developing a product or service to meet that need. It involves taking on financial risk in the hopes of creating a successful business. The term "entrepreneurship" was coined in the late 1970s and early 1980s by scholars such as Howard Stevenson, William Baumol, and Israel Kirzner. They used the term to describe the process of creating and growing new businesses, as well as the characteristics and behaviors of the individuals who engage in this process.
Entrepreneurship as a field of study has evolved over time. In the early 20th century, economist Joseph Schumpeter introduced the concept of "creative destruction," which describes the way in which new technologies and business models disrupt existing ones. In the 1930s, Austrian economist Peter Drucker began writing about the role of entrepreneurs in driving economic growth. However, the more modern definition of entrepreneurship was created by those scholars in late 1970s and early 1980s. They defined the entrepreneurship as the process of creating and growing new businesses and the characteristics and behaviors of the individuals who engage in this process.
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