Entrepreneurship is the primary factor of production that initiates a business plan and executes the plan with all the available resources usually by taking risk to establish an investment and exercising control over all other factors of production with the goal to realize profit and huge turn over.
For the purpose of this article, an entrepreneur must have certain qualities, exercise certain functions, must have an idea of business, production and distribution. Do you know that there is a scientific definition of business? Have you heard of the “Schumpeterian definition and the Kirznerian definition of entrepreneurship”? How do you startup a business, what are the goods you can produce to start up a lucrative business, what are the functions of entrepreneurship? All this and many more are in brief.
According to Oxford learners’ dictionary, an idea could be referred to as a picture or an impression in your mind of what somebody or something is like. It could also be referred to as a plan, thought or suggestion especially about what to do in a particular situation.
What then is Entrepreneurship? As it implies it could first of all be distinguished as either entrepreneur or entrepreneurship both terms are geared towards a direction (ownership). While an entrepreneur involves an individual, entrepreneurship involves all the surrounding elements that makes up a business and also gives an individual “access to ownership”.
Theories of Entrepreneurship $1.50 (#500)
Theory is derived from the Greek word θεωρία which means “idea”. A theory is an idea or set of ideas that is intended to explain facts or events. “It can also be a body of knowledge which may be associated with particular explanatory models”.The term entrepreneur was first introduced by the early