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HISTORY OF ENTREPRENEURSHIP The understanding of entrepreneurship owes much to the work of economist Joseph Schumpeter and the Austrian School of Economics . In Schumpeter (1950), an entrepreneur is a person who is willing and able to convert a new idea or Invention into a successful Innovation . Entrepreneurship forces " Creative Destruction " across markets and industries, simultaneously creating new products and Business Model s. In this way, creative destruction is largely responsible for the dynamism of industries and long-run economic growth. Despite Schumpeter's early 20th-century contributions, the traditional Microeconomic theory of Economics has had little room for entrepreneurs in its theoretical frameworks (instead assuming that resources would find each other through a price system).'' The Economist '', March 11, 2006, pp 67. Entrepreneurship received a boost in the formalized creation of so-called incubators and science parks (e.g., those listed at NBIA.org), where businesses can start at a small scale, share services and space while they grow, and eventually move into space of their own when they have achieved a large enough scale to be viable stand-alone businesses. It is being encouraged in an effort to revitalize fading downtowns and inner cities in America, which may have excellent resources but suffer from a lack of spirited development. ] For Frank H. Knight (1967) and Peter Drucker (1970) entrepreneurship is about taking Risk . The behavior of the entrepreneur reflects a kind of person willing to put his or her career and financial security on the line and take risks in the name of an idea, spending much time as well as Capital on an uncertain venture. Still another view of entrepreneurship is that it is the process of discovering, evaluating, and exploiting opportunities, which go on to reify themselves in the form of new business ventures. In this model an entrepreneur could be defined as "someone who acts with ambition beyond that supportable by the resources currently under his control, in relentless pursuit of opportunity" (a definition common to entrepreneurship professors Howard Stevenson and Jeffry Timmons). Pinchot (1985) coined the term Intrapreneurship to describe entrepreneurial-like activities inside organizations and government. The concept is commonly referred to as Corporate Entrepreneurship. The place of the disharmony-creating and idiosyncratic entrepreneur in traditional economic theory (which describes many efficiency-based ratios assuming uniform outputs) presents theoretic quandaries. William Baumol has added greatly to this area of economic theory and was recently honored for it at the 2006 annual meeting of the American Economic Association . Entrepreneurship is widely regarded as an integral player in the business culture of American life, and particularly as an engine for job creation and economic growth. Robert Sobel published ''The Entrepreneurs: Explorations Within the American Business Tradition'' in 1974. THE ENTREPRENEUR Entrepreneur s have many of the same character traits as Leaders . Similarly to the early Great Man Theories of leadership; however trait-based theories of entrepreneurship are increasingly being called into question. Entrepreneurs are often contrasted with managers and administrators who are said to be more methodical and less prone to risk-taking. Although such person-centric models of entrepreneurship have shown to be of questionable validity, a vast but clearly dated literature studying the entrepreneurial personality found that certain traits seem to be associated with entrepreneurs:
CHARACTERISTICS OF ENTREPRENEURSHIP
NOTES SEE ALSO ;General: Entrepreneur , Entrepreneurial Economics , Political Entrepreneur , Internet Entrepreneur , Entrepreneurship Education ;Business: Business Incubators , Business Opportunity , Junior Enterprise ;Lists: List Of Management Topics , List Of Social Entrepreneurs ;Other: Bootstrap Funding REFERENCES AND EXTERNAL ARTICLES ;Books and publications
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