Who described 'Entrepreneurship' as the founding of a Private Enterprise?
Answers
Answer:
Early-19th-century French economist Jean-Baptiste Say provided a broad definition of entrepreneurship, saying that it "shifts economic resources out of an area of lower and into an area of higher productivity and greater yield".
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In 1848, the famous economist John Stuart Mill described 'Entrepreneurship' as the founding of a Private enterprise.
Entrepreneurship is a full time job which requires dedication and hard work. Entrepreneurs are innovators. They are owners, producers, market creators, decision takers and risk takers. Entrepreneurs are referred to as fourth 'Factor of Production' along with the other factors such as land, labour and capital. They generate employment opportunities so they are the backbone of nation's economic progress. They play a very important role in the development of any country.
In the early 16th century the term 'Entrepreneur' was used by Frenchman to denote men leading in military expeditions.
• Around 1700 A.D. the term was used in France for contractors or architects.
• By the early 18th century the term was applied to Business and economic activities by the French Economist Richard Cautillon.( Cantilon)
• In 1848, the famous economist John Sturt Mill described 'Entrepreneurship' as the founding of
a Private enterprise.
As far as India is concerned, several factors are responsible for the slow growth of entrepreneurship in pre independent India. At the time of independence, the industrial base of our economy was very poor. The industries were facing many difficulties, like shortage of raw material, shortage of capital, marketing problems etc. However, the Indian Government is considerably enhancing the ease of doing business.
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