entrepreneur
Quick Summary
An entrepreneur is an individual who starts and runs a new business, accepting the economic risks involved to generate profit and economic value. They are agents of change and innovation, identifying gaps between market demand and new or improved supply. Entrepreneurs are often visionaries and disruptors, quick to forecast market conditions and exploit production inefficiencies.12
While all entrepreneurs innovate, not all aim for massive scale. Some focus on serving more customers or simply covering costs. Entrepreneurs differ from corporate executives and managers primarily in their willingness to bear significant business risk. They can be categorized in various ways, including small-business, scalable start-up, e-commerce, solopreneur, innovator, imitator, social, and franchise entrepreneurs.1
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- economic growthEntrepreneurship
This historical fact points to an element that has received little attention so far: the influence of entrepreneurship. If the allocation of resources changes during the course of growth and development, it does so under the leadership of an entrepreneurial class. The quality of…
Read MoreThis historical fact points to an element that has received little attention so far: the influence of entrepreneurship. If the allocation of resources changes during the course of growth and development, it does so under the leadership of an entrepreneurial class. The quality of…
Read More - economic growthRole of the entrepreneur
Modern growth theory can be said to have started with Joseph A. Schumpeter. Unlike most Keynesian or pre-Keynesian theorists, Schumpeter laid primary stress on the role of the entrepreneur, or businessman. It was the quality of his performance that determined whether capital would grow…
Read MoreModern growth theory can be said to have started with Joseph A. Schumpeter. Unlike most Keynesian or pre-Keynesian theorists, Schumpeter laid primary stress on the role of the entrepreneur, or businessman. It was the quality of his performance that determined whether capital would grow…
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