A characteristic of people who assume the risk of organizing productive resources to produce goods and services; a resource. View Capstone Lesson(s) that address this concept
The assumption of risk and responsibility in designing and implementing a business strategy or starting a business.
the activity of organizing, managing, and assuming the risks of a business enterprise.
economic innovation and risk taking.
refers to the set of skills a person needs in order to successfully start and run a small business. These skills include the ability to identify a need in the marketplace and to take risks.
the qualities that are needed to function effectively in a business, profit-making context (e.g. the ability to identify business opportunities, negotiate prices, broker deals)
Involves the recognition of opportunities (needs, wants, problems, and challenges) and the use of resources to implement innovative ideas for new, thoughtfully planned ventures.
The human resource that organizes labor, land, and capital. (p. 42)
Managerial skill; or, especially as used by Joseph Schumpeter and other theorists of capitalims in the early 20th century, UNUSUAL managerial skill combined with a willingness to take risks and a perspicacity about the future. From the French word meaning simply 'contractor'.
The organisation, management, and the assumption of risks of a business or enterprise, usually implying an element of change or challenge and a new opportunity.
The managerial ability and risk-taking that contribute to a productive society.
Entrepreneurship is skills associated with business development and typically include: business planning, identifying opportunities, marketing, operations, and finance.
Willingness to take the risks involved in starting and managing a business.
The ability to organize and develop a business, a trade or entertainment.
The human resource that assumes the risk of organizing other productive resources to produce goods and services.
a process through which individuals and groups pursue opportunity, leverage resources, and initiate change to create value. Thus, an entrepreneur is one who creates and manages change by pursuing opportunity, acting with passion for a purpose, living proactively, and leveraging resources to create value.
refers to the management skills, or the personal initiative used to combine resources in productive ways. It involves taking risks.
The undertaking of a business or enterprise with the chance of profit or loss. This is a common specialization in business programs in which students study the traits of successful entrepreneurs as well as what is needed to establish a new business.
Entrepreneurship is the resource that organizes the other three resources (or factors of production) -- land, labor, and capital. Entrepreneurs come up with new ideas about what, how, when, and where to produce, make business decisions, bear the risks and reap the potential rewards which arise from their decisions. While entrepreneurs stand in line to receive all potential profits of the firm, payments to entrepreneurs (the opportunity costs of being an entrepreneur) are known as normal profit and are included as a cost of the firm.
an individual's willingness to take advantage of business opportunities and to assume the risk involved by establishing and operating a business. Page 56
Entrepreneurship is the practice of starting new organizations, particularly new businesses generally in response to identified opportunities. Entrepreneurship is often a difficult undertaking, as a majority of new businesses fail. Entrepreneurial activities are substantially different depending on the type of organization that is being started.