entrepreneur

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entrepreneur

(än'trəprənûr`) [Fr.,=one who undertakes], person who assumes the organization, management, and risks of a business enterprise. It was first used as a technical economic term by the 18th-century economist Richard Cantillon. To the classical economist of the late 18th cent. the term meant an employer in the character of one who assumes the risk and management of business; an undertaker of economic enterprises, in contrast to the ordinary capitalist, who, strictly speaking, merely owns an enterprise and may choose to take no part in its day-to-day operation. In practice, entrepreneurs were not differentiated from regular capitalists until the 19th cent., when their function developed into that of coordinators of processes necessary to large-scale industry and trade. Joseph Schumpeter and other 20th-century economists considered the entrepreneur's competitive drive for innovation and improvement to have been the motive force behind capitalist development. Richard Arkwright in England and William Cockerill on the Continent were prominent examples of the rising class of entrepreneurial manufacturers during the Industrial Revolution. Henry Ford was a 20th-century American example. The entrepreneur's functions and importance have declined with the growth of the corporationcorporation,
in law, organization enjoying legal personality for the purpose of carrying on certain activities. Most corporations are businesses for profit; they are usually organized by three or more subscribers who raise capital for the corporate activities by selling shares
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Bibliography

See J. Schumpeter, The Theory of Economic Development (1934); J. W. Gough, The Rise of the Entrepreneur (1969); O. F. Collins, The Organization Makers (1970).

entrepreneur

any owner of capital who is engaged in the management of an enterprise for the sale of goods or services for profit. Classical economics focused on entrepreneurial activity as a factor of production in which risk taking was the key attribute of the entrepreneur. Classical microeconomic theory of the firm also assumed the existence of an individual entrepreneur as the basis for decision making in terms of profit maximization. In contrast, sociological study of entrepreneurs has been concerned in particular with their position within the class structure, their values and their relations to other class groupings (see also MIDDLE CLASS). Features of entrepreneurship variously include: values of independence, innovation, competition and a belief in enterprise and profit making (see also PROTESTANT ETHIC, ENTERPRISE CULTURE). Recent organizational research has identified the phenomenon of intrapreneurship: the development of entrepreneurial attitudes and behaviour of employees within the enterprise.

Empirical research into entrepreneurs has indicated that they do not comprise a homogeneous category, but include the self-employed, small employers, owner-controllers and owner-directors (Scase and Goffe, 1982). Sociological analysis of the self-employed – small proprietors, artisans and tradespeople – has occupied a problematic place in the study of the changing class structure of capitalist societies in terms of their position between large-scale capital and the working class (see PETTY BOURGEOISIE). Interest in the self-employed has been renewed recently with the proliferation of small businesses and research into the INFORMAL ECONOMY. The class position of owner-controllers and owner-directors has figured prominently in the analysis of the separation of ownership from control, and of the RULING CLASS in advanced capitalist societies. See also MANAGERIAL REVOLUTION, POSTCAPITALISM AND POSTCAPITALIST SOCIETY.

References in periodicals archive ?
The findings provide a comparative study of factors driving and discouraging entrepreneurism in these economies versus the impact of these trends on the growth of national economies.
Pinkett and Robinson note that while they believe that entrepreneurs are the major wealth creators in America and entrepreneurism can transform the black community, ''unfortunately, less than 5 percent of the black population is self-employed or engaged in founding and running registered businesses.
Self-funded, and risking only time and intellectual horsepower, is the essence of entrepreneurism," said Soha.
He explains why this event -- a hotbed of digital entrepreneurism -- won him over last year.
The target-driven culture that we live in has frustrated entrepreneurism in the public sector stifling innovation.
It's a philosophical and practical guide to the basic foundations of employee ownership, from challenging growth goals to practicing community entrepreneurism, and continues to be a classic pick for any business or social issues library.
We may find that our hill yields more to be proud about than transient entrepreneurism.
Talking to OT about why Mr Patel was selected, Ben Sequerra, chief executive of Pro Sheffield and the person who selected this year's 35, said: "We selected East for the entrepreneurism and innovation he has used in setting up the store.
It was very polite, saying they had a big section for entrepreneurism.
von Liebig Center for Entrepreneurism and Technology Advancement at the University of California, San Diego, explained to the times that "Devices are much easier to understand for a repurposed venture guy," such as a person who used to focus investments on the computer industry
He said: "This corner shop started more than 50 years ago and it has grown into a monument of entrepreneurism, hard work, endeavour and foresight, a veritable icon woven into the fabric of Grangetown, sometimes called the 'everything shop'.
These include the need to cultivate workplace democracy, stress on "people conservation" and the practice of community entrepreneurism.

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