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Lecture 2

The document defines key terms related to entrepreneurship and discusses common elements of entrepreneurship. It provides various definitions of entrepreneur from economists and scholars over time, highlighting elements of opportunity pursuit, risk-taking, and innovation. The document concludes by defining entrepreneurship as the creation of a new innovative economic organization for the purpose of gain or growth under conditions of risk and uncertainty.

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19 views

Lecture 2

The document defines key terms related to entrepreneurship and discusses common elements of entrepreneurship. It provides various definitions of entrepreneur from economists and scholars over time, highlighting elements of opportunity pursuit, risk-taking, and innovation. The document concludes by defining entrepreneurship as the creation of a new innovative economic organization for the purpose of gain or growth under conditions of risk and uncertainty.

Uploaded by

hali.bese21seecs
Copyright
© © All Rights Reserved
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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The Game

• Learn the rules of the game


• Play by the rules of the game
• Get to the top of the game
to
• Make the rules of the game
Entrepreneurship Definitions

• 17th century, French economist Richard Cantillon coined the


term, “entrepreneur”.
• The literal definition of (entrepreneur) is “to undertake” or “go
between” referring to the position an individual assume when
pursuing an opportunity.
• Knight (1921) Profits from bearing uncertainty and risks
• Cole (1952) Purposeful activity to initiate and develop a
profit-oriented business
• McClelland (1961) Moderate risk taking

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Entrepreneurship Definitions
• Casson (1982) Decision and judgments about the coordination of
scarce resources
• Stevenson et al (1989) The pursuit of opportunity without regard
to resources currently controlled
• Kuratko & Hodgetts (2004) A dynamic process of vision, change
and creation…
• Allen (2006) A mindset or way of thinking that is opportunity
focused, innovative and growth-oriented. Can be found in large
corporations and socially responsible not-for-profits…
Common Elements

• Creation: a founding and an origin


• Innovation: a new way of doing something
• Economic Organization: an organization whose purpose is to
allocate scarce resources.
• Risk: variability of outcomes or returns
• Uncertainty: confidence in the estimates of how the world
works; of the causes and effects of the environment
• Entrepreneurial Behavior: Strategic thinking and risk-taking
behavior that results in the creation of new opportunities for
individuals and/or organizations
5
Entrepreneurship
• The creation of an innovative economic
organization for the purpose of gain or growth
under conditions of risk and uncertainty.

6
Start Up
A startup is a human institution designed to
create a new product or service under
conditions of extreme uncertainty. Eric Ries

Entrepreneur
"An entrepreneur is someone who jumps
from a plane without a parachute, and
figures out how to build one on the way
down." http://f-st.co/yuLY5Gv
Progress
The reasonable man adapts himself to the
world; the unreasonable one persists in trying to
adapt the world to him. Therefore, all progress
depends on the unreasonable man.
George Bernard Shaw

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