This refers to those who undertake the risk of new enterprises. The creation of a countrys wealth and dynamism depends upon the competitive ness of its firms and this, in turn, relies fundamentally on the capabilities of its en trepreneurs and managers. In this way, the venture capital industry financially supports entrepreneurial activity for economic growth and governs and nurtures the growth of the smes. Pdf the article provides a historic description of how the. So in this article, researchers provide various definitions of entrepreneurship, entrepreneurship and entrepreneurial activity background and theoretical basics of the issue entrepreneurship which has an important role in development and wealth creation is considered as a. The word entrepreneur is derived from the french verb enterprendre, which means to undertake.
Concepts and characteristics of entrepreneurship broadly speaking, entrepreneurship refers to a person working for himself or herself. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. Entrepreneurship is a concept that has been around for hundreds of years and has experienced many evolution in its meaning. First, it sees entrepreneurship as a distinctive approach to managing. In todays times, social entrepreneurship is a revolution across the world. The essence of the modern firm lies in the specialization of functions. Risk bearing the acceptance of uncommonly high risk from the potential losses or failure of a business unit performance intention the intent to realise high levels of growth andor profit through a business unit. Pdf entrepreneurship concept, theories, and new approaches. The process of creation is called entrepreneurship. So, does stevensons definition of entrepreneurship matter, in practical terms. And because this definition paints a picture of a selfish man, thus, the narrower concepts were developed, highlighting certain characteristics of entrepreneurship.
The concept of entrepreneurship international journal of arts and. Download as doc, pdf, txt or read online from scribd. Pdf the entrepreneurship concept a short introduction. Concept of entrepreneurship and entrepreneurs traits and. Due to the fact that there is no market for opportunities, the entrepreneur must exploit them, meaning that he or she must develop his or her capabilities to.
Concept, characteristics and implications for teacher education article pdf available march 2015 with 43,679 reads how we measure reads. The meaning of entrepreneurship entrepreneurship is defined as an activity that involves the discovery, evaluation and exploitation of opportunities to introduce new goods and services, ways of organising, markets, processes and raw materials through organising efforts that previously had not. People from different walks of life are creating and implementing effective, innovative, and sustainable solutions to battle social and environmental challenges. Social entrepreneurship meaning, definition, and concept. An entrepreneur is an individual who, rather than working as an employee, founds and runs a small business, assuming all the risks and rewards of the venture. The concept of entrepreneurship was first established in the 1700s, and the meaning has evolved ever since. This lack of consistent definition of the term entrepreneurship has been a challenge. Each time they tried to define, they had a notion of it that they thought to be.