What kinds of changes in underlying conditions can cause the supply and demand curves to shift? Give examples and explain the direction in which the curves shift. What is price elasticity?
The word first appeared in the French dictionary entitled Dictionnaire Universel de Commerce compiled by Jacques des Bruslons and published in Cantillon considered the entrepreneur to be a risk taker who deliberately allocates resources to exploit opportunities in order to maximize the financial return.
Both Say and Cantillon belonged to French school of thought and known as the physiocrats. This institution was introduced in after a period of so-called freedom of trade Gewerbefreiheit, introduced in in the German Reich.
However, proof of competence was not required to start a business. While the loan from French of the word "entrepreneur" dates to thethe term "entrepreneurship" was coined around the s. According to Schumpeter, an entrepreneur is willing and able to convert a new idea or invention into a successful innovation.
The idea that entrepreneurship leads to economic growth is an interpretation of the residual in endogenous growth theory [ clarification needed ] and as such continues to be debated in academic economics.
An alternative description by Israel Kirzner suggests that the majority of innovations may be incremental improvements such as the replacement of paper with plastic in the construction of a drinking straw that require no special qualities. For Schumpeter, entrepreneurship resulted in new industries and in new combinations of currently existing inputs.
Schumpeter's initial example of this was the combination of a steam engine and then current wagon making technologies to produce the horseless carriage. In this case, the innovation i.
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It did not immediately replace the horse-drawn carriage, but in time incremental improvements reduced the cost and improved the technology, leading to the modern auto industry. Despite Schumpeter's early 20th-century contributions, the traditional microeconomic theory did not formally consider the entrepreneur in its theoretical frameworks instead of assuming that resources would find each other through a price system.
In this treatment, the entrepreneur was an implied but unspecified actor, consistent with the concept of the entrepreneur being the agent of x-efficiency.
For Schumpeter, the entrepreneur did not bear risk: Schumpeter believed that the equilibrium was imperfect. Schumpeter demonstrated that the changing environment continuously provides new information about the optimum allocation of resources to enhance profitability.
Some individuals acquire the new information before others and recombine the resources to gain an entrepreneurial profit. Schumpeter was of the opinion that entrepreneurs shift the production possibility curve to a higher level using innovations.
In the s, entrepreneurship has been extended from its origins in for-profit businesses to include social entrepreneurshipin which business goals are sought alongside social, environmental or humanitarian goals and even the concept of the political entrepreneur. According to Paul Reynolds, founder of the Global Entrepreneurship Monitor"by the time they reach their retirement years, half of all working men in the United States probably have a period of self-employment of one or more years; one in four may have engaged in self-employment for six or more years.
Participating in a new business creation is a common activity among U. Entrepreneurial activities differ substantially depending on the type of organization and creativity involved.
Entrepreneurship ranges in scale from solo, part-time projects to large-scale undertakings that involve a team and which may create many jobs.
Many "high value" entrepreneurial ventures seek venture capital or angel funding seed money in order to raise capital for building and expanding the business. Beginning inan annual " Global Entrepreneurship Week " event aimed at "exposing people to the benefits of entrepreneurship" and getting them to "participate in entrepreneurial-related activities" was launched.
While most entrepreneurial ventures start out as a small business, not all small businesses are entrepreneurial in the strict sense of the term.
Many small businesses are sole proprietor operations consisting solely of the owner—or they have a small number of employees—and many of these small businesses offer an existing product, process or service and they do not aim at growth.
In contrast, entrepreneurial ventures offer an innovative product, process or service and the entrepreneur typically aims to scale up the company by adding employees, seeking international sales and so on, a process which is financed by venture capital and angel investments.
In this way, the term "entrepreneur" may be more closely associated with the term " startup ". Successful entrepreneurs have the ability to lead a business in a positive direction by proper planning, to adapt to changing environments and understand their own strengths and weakness. A long tradition of academic research explores the experiences and strategies of ethnic entrepreneurs as they strive to integrate economically into mainstream U.
Classic cases include Jewish merchants and tradespeople in large U. She mentions that in modern organizations, human resources need to be combined in order to better capture and create business opportunities. In their book The Business of CultureRea and Volland identify three types of cultural entrepreneur: Feminist entrepreneurs are motivated to enter commercial markets by desire to create wealth and social change, based on the ethics of cooperation, equality and mutual respect.
Social entrepreneurship Social entrepreneurship is the use of the by start up companies and other entrepreneurs to develop, fund and implement solutions to social, cultural, or environmental issues. Social entrepreneurship typically attempts to further broad social, cultural, and environmental goals often associated with the voluntary sector  in areas such as poverty alleviation, health care and community development.
At times, profit-making social enterprises may be established to support the social or cultural goals of the organization but not as an end in itself. For example, an organization that aims to provide housing and employment to the homeless may operate a restaurantboth to raise money and to provide employment for the homeless people.
Nascent[ edit ] A nascent entrepreneur is someone in the process of establishing a business venture. In this sense, over time, the nascent venture can move towards being discontinued or towards emerging successfully as an operating entity. The distinction between the novice, serial and portfolio entrepreneurs is an example of behavior-based categorization.
Nascent entrepreneurship that emphasizes the series of activities involved in new venture emergence,    rather than the solitary act of exploiting an opportunity.The environmental impact of aviation occurs because aircraft engines emit heat, noise, particulates and gases which contribute to climate change and global dimming.
Airplanes emit particles and gases such as carbon dioxide (CO 2), water vapor, hydrocarbons, carbon monoxide, nitrogen oxides, sulfur oxides, lead, and black carbon which interact among themselves and with the atmosphere.
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