Study "BUSINESS AND ENTREPRENEURSHIP", a flashcard deck on FORKSAI.
What is the origin of the word 'entrepreneur'?
The word 'entrepreneur' originates from the French word 'Entreprendre', which means 'to undertake'.
How was the entrepreneur defined during the Early Period, and who is associated with this definition?
During the Early Period, the entrepreneur was defined as a 'go-between', with Marco Polo being the earliest figure associated with this role as he tried to establish trade routes.
In the Early Period, what was the profit distribution between the venture capitalist and the merchant?
In the Early Period, the profit ratio was 75% for the venture capitalist and 25% for the merchant.
How did the role of an entrepreneur evolve in the Middle Ages?
In the Middle Ages, the term entrepreneur referred to a person managing large projects, but they were not taking any risks, instead managing projects with resources provided by the State.
Who was the first to apply the term 'entrepreneur' to business, and how did he view them?
Richard Cantillon, a French Economist, was the first to apply the term entrepreneur to business. He viewed the entrepreneur as a risk-taker, observing that merchants and sole proprietors operate at a risk by buying at a certain price and selling at an uncertain price.
How did industrialization in the 18th century impact entrepreneurship?
Industrialization in the 18th century allowed for new business models where entrepreneurs could secure funding from others, fueling innovation and enabling them to take advantage of new markets offered by technology.
What was the primary view of entrepreneurs in the 19th century?
In the 19th century, entrepreneurs were not clearly distinguished from managers and were primarily viewed from an economic perspective, taking risks and contributing their initiative and skills to plan, organize, and lead their enterprises.
Who equated the entrepreneur with a business promoter in the early 20th century, and what was the promoter's role?
Thomas Dewing equated the entrepreneur with a business promoter in the early 20th century, viewing the promoter as someone who transformed ideas into a profitable business.
According to Joseph Schumpeter, what is the defining characteristic of an entrepreneur?
According to Joseph Schumpeter, an entrepreneur is primarily an innovator who develops untried technology and institutes new combinations of factors of production, bringing about dynamic economic change.
What perspective did Research Scientist Live De Bone offer regarding who can be called an entrepreneur in the 21st century?
Live De Bone pointed out that in the 21st century, an individual does not always need an entirely new idea to be called an entrepreneur; adding incremental value to a current product or service also qualifies them as an entrepreneur.