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    Definitions of Entrepreneuship

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    Janna Jnon Mh
    Entrepreneurship can be understood from various perspectives and defined in different ways by scholars, experts, and organizations. Some common themes in the definitions provided in the document include entrepreneurship as the process of creating value through recognizing and exploiting opportunities, bringing together resources to do so, and taking risks to organize businesses or ventures and turn ideas into outcomes that create profit or impact. Entrepreneurship ultimately involves the pursuit of creating something new, whether a business or social improvement, by organizing efforts and resources to develop and manage initiatives despite constraints.

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    Definitions of Entrepreneuship

    Uploaded by

    Janna Jnon Mh
    14 views2 pages
    Entrepreneurship can be understood from various perspectives and defined in different ways by scholars, experts, and organizations. Some common themes in the definitions provided in the document include entrepreneurship as the process of creating value through recognizing and exploiting opportunities, bringing together resources to do so, and taking risks to organize businesses or ventures and turn ideas into outcomes that create profit or impact. Entrepreneurship ultimately involves the pursuit of creating something new, whether a business or social improvement, by organizing efforts and resources to develop and manage initiatives despite constraints.

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    Entrepreneurship can be understood from various perspectives and defined in different ways by scholars, experts, and organizations. Some common themes in the definitions provided in the document include entrepreneurship as the process of creating value through recognizing and exploiting opportunities, bringing together resources to do so, and taking risks to organize businesses or ventures and turn ideas into outcomes that create profit or impact. Entrepreneurship ultimately involves the pursuit of creating something new, whether a business or social improvement, by organizing efforts and resources to develop and manage initiatives despite constraints.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    14 views2 pages

    Definitions of Entrepreneuship

    Uploaded by

    Janna Jnon Mh
    Entrepreneurship can be understood from various perspectives and defined in different ways by scholars, experts, and organizations. Some common themes in the definitions provided in the document include entrepreneurship as the process of creating value through recognizing and exploiting opportunities, bringing together resources to do so, and taking risks to organize businesses or ventures and turn ideas into outcomes that create profit or impact. Entrepreneurship ultimately involves the pursuit of creating something new, whether a business or social improvement, by organizing efforts and resources to develop and manage initiatives despite constraints.

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    © All Rights Reserved
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    of 2

    Entrepreneurship is a complex and multifaceted concept that can be understood from various

    perspectives. Here are some definitions of entrepreneurship provided by scholars, experts, and
    organizations:

    1. Joseph Schumpeter (Economist): "Entrepreneurship is the process of creative destruction,


    whereby old resources are repurposed, and new resources are introduced into the market
    economy."

    2. Peter Drucker (Management Consultant): "Entrepreneurship is neither a science nor an art.


    It is a practice. It is knowledge based. And it has to be organized for effective results."

    3. Harvard Business Review: "Entrepreneurship is the pursuit of opportunity beyond resources


    controlled."

    4. Jeffrey A. Timmons (Entrepreneurship Educator): "Entrepreneurship is the process of


    creating something new with value by devoting the necessary time and effort, assuming the
    accompanying financial, psychic, and social risks, and receiving the resulting rewards of
    monetary and personal satisfaction and independence."

    5. United Nations Conference on Trade and Development (UNCTAD): "Entrepreneurship is the


    ability to create and build something from practically nothing."

    6. Richard Branson (Entrepreneur): "Entrepreneurship is about turning what excites you in life
    into capital, so that you can do more of it and move forward with it."

    7. Steve Blank (Entrepreneurship Educator): "Entrepreneurship is a temporary organization


    used to search for a repeatable and scalable business model."

    8. Innovation, Science and Economic Development Canada: "Entrepreneurship is the process


    of creating value by bringing together a unique combination of resources to exploit an
    opportunity."

    9. Howard H. Stevenson (Harvard Business School): "Entrepreneurship is the pursuit of


    opportunity beyond resources controlled."

    10. World Economic Forum: "Entrepreneurship is the mindset that allows you to see
    opportunity everywhere. It could be in a business, but it could also be in a social context or
    something that is open for improvement."

    11. BusinessDictionary: "The capacity and willingness to develop, organize, and manage a
    business venture along with any of its risks to make a profit."

    12. European Commission: "Entrepreneurship is the ability to create and build something from
    practically nothing."

    13. Martin Luther King Jr.: "If a man is called to be a street sweeper, he should sweep streets
    even as a Michelangelo painted, or Beethoven composed music or Shakespeare wrote
    poetry. He should sweep streets so well that all the hosts of heaven and earth will pause to
    say, 'Here lived a great street sweeper who did his job well.'"

    These definitions collectively emphasize the creation of value, innovation, risk-taking, opportunity
    recognition, resource management, and the pursuit of goals beyond existing limitations. Keep in
    mind that entrepreneurship can be understood in various contexts and may take on different
    meanings depending on the perspective of the individual or the organization using the term.

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