The Quick view evolution

Question 1

Cantillon (1725)

Answer 1

an entrepreneur is a person bearing risk of profit or loss in a fixed price contract with the Government.

Question 2

J.B.Say (1803)

Answer 2

entrepreneur is a person who brings different factors of production together.

Question 3

Economist Schumpeter (1934)

Answer 3

defined an entrepreneur creates value by carrying out new combinations causing discontinuity through innovation

Question 4

Peter Drucker (1964)

Answer 4

said Entrepreneurs are the ones that maximize opportunities and is an innovator.

Question 5

The biggest challenge in over 200 years of the study of entrepreneurship

Answer 5

• no single definition of “Entrepreneur.”
• No theory of entrepreneurship developed to explain or predict entrepreneurship
• Still debatable about why only some people leave their jobs to become a “Boss of their Own”.

Question 6

Entrepreneur

Answer 6

derived from a French root “entreprendre” meaning “to undertake”.

Question 7

A Dominant Theory perspective for our pursuit of the Phenomenon

Answer 7

• It is viable to study entrepreneurship as a phenomenon rather than just focus on the unique efforts of some talented individuals alone.
• For the sake of academic and policy-making - Schumpeter’s definition dominant for about 75 years
• Schumpeter (1936) argued that economic development emerged when “new combinations appear discontinuously”