Entreprenuership Essay

1797 words - 8 pages

INTRODUCTION

Entrepreneurship is a way of life for many people all over the world. This paper aims to present the topic of entrepreneurship and various factors around it. Therefore the term “Entrepreneurship” shall be defined, enterprises started by entrepreneurs shall be introduced and famous entrepreneurs shall also be presented. Though briefly, the topic of how to become an entrepreneur will be looked at. In addition, whilst attempting to do the former, this paper aims to provoke thought in its readers regarding the opportunities and possibilities that embarking in entrepreneurship can afford.

DEFINING ENTREPRENEURSHIP

According to The Columbia Encycopedia (1993. pp 879), the word Entrepreneurship comes from French and means “one who undertakes, person who assumes the organization, management, and risks of a business enterprise”. Thereafter it provides a historical explanation of its usage. The Columbia Encycopedia (1993. pp 879) states;

It was first used as a technical economic term by the 18th century economist Richard Cantilon. To the classical economist of the late 18th century, 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 C 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 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 Corporation.

Entrepreneurship, is therefore, all about an individual or groups of individuals exploiting business ideas for financial gain with a level of risk. Fortunately enough, present day societies have shown us many entrepreneurs who appear to be shining examples of entrepreneurship done right. Later in this paper, those examples shall briefly be addressed.

EXAMPLES OF BUSINESSES STARTED BY ENTREPRENEURS

There are popular businesses that were started by entrepreneurs all over the world. Some of these businesses include Amazon.com which is a business that revolutionalised shopping in the 21st century by providing an online solution that has grown over the years (Stone, 2014). Amazon has become the world's biggest online store. Another example is Ford Motors which is a business that was started by Henry Ford. Ford Motors...

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