What Is It Really Meant By The Term Entrepreneur Entrepreneurship Business Essay

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In this essay I will be analysing the validity of the following statement “The Entrepreneur is dead, long live the Infopreneur.” What is it REALLY meant by the term entrepreneur/Entrepreneurship? According to Oxford English Dictionary the term entrepreneur is outlined as “person who sets up a business or businesses”. An entrepreneur is a person who has new idea, venture, enterprise and assumes significant accountability for the outcome and inherent risks. Entrepreneurship is the art of innovation and the attitude and quality of taking risk in order to make profit in business.

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Infopreneur is the ‘person whose primary business is gathering and selling electronic information’. Infopreneur is a entrepreneur who make money through the process of selling information on the internet. In the current & future market infopreneur seems to be more in trend compared to entrepreneur. The main reason for this is the development of the technology. From the beginning of the history , several economists from different backgrounds argued to theorize the defenition of this concept, until the 18th century a frech economist named Richard Cantillon used it as an economic term describing “a person who pays a certain price for a product to resell it at an uncertain price, thereby making decisions about obtaining and using the resources while consequently admitting the risk of enterprise.” which is probably closer to the term as applied today. The following definition was later extended by others by including the concept of having the factors of production.

Some definitions of an entrepreneur are listed below:

In 1976 British economist Adam Smith described in a few words the concept of entrepreneurship, as “entrepreneurs were the economic agents who transformed demand into supply for profits. In 1803, french economist Jean Baptist Say, has extended the term entrepreneur. He defined an entrepreneur as any person who. Say described an entrepreneur as one who has several skills of creating new economic enterprises, but also had the vision into society’s demands and was able to fulfill them. He also extended the term to have the idea that entrepreneurs were Say broadened the definition to include the idea that entrepreneurs were bosses bringing people together and managing them in the company. In 1848, the famous english economist John Stuart Mill stated entrepreneurship as the founding of a private company. This incorporated the risk takers, the decision makers, and every individuals who needs capital by maintaining limited resources to establish new business enterprises. And he underlines on how valuable the entrepreneurship is for economic development.

After Mill , the aspect of the entrepreneur in economics has advanced to evolve.

In 1934, the best definition was coined by the Austrian economist Joseph Schumpeter, and also added the idea of innovation to entrepreneurship.

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