‘One who undertakes an endeavor’ is the meaning of the French word entrepreneur. It is really all about starting something and making it prosper while offering people the services and products they need. This word was not commonly utilized until the late 19th century to the early 20 century. Before looking at the actual history of this practice, it is vital to really understand what it entails today. It is the process in which entrepreneurs are able to bring different resources and innovations to influence society and interact in the name of business. Those who establish these ventures may start from scratch or may use other ventures and take them to greater heights.
Mot people have seen entrepreneurship as a difficult thing to get into. This is for a reason because most ventures that are started will actually fail even without taking off. Therefore, there is great need to recognize this and to learn all the lessons that are vital for success. There are certain people that are known to have contributed to the popularity and emergence of entrepreneurship.
Among them was Joseph Schumpeter, Adam Smith and Richard Cantillon and others that have contributed greatly to the development of this idea and indeed the success and boom of it in the present day.
These great people were economists that saw the need to highlight the possibilities and opportunities that would later prove to be worthwhile. There were other great economists from Austria who contributed and in the 1940s; it was the blink of a revolution that would see many look this direction.
Carl Menger is just an example of an Austrian economist whose work has been followed keenly for playing a part in helping the history of entrepreneurship. Schumpeter is famous for having an excellent definition for an entrepreneur which is as follows. According to him, an entrepreneur is a person willing to convert an idea into innovations.
This is basically what great entrepreneurs of all time have done making their venture pretty profitable. This ancient expert came up with the ‘the gale of creative destruction’ which according to him was employed by entrepreneurship. This basically means creating new innovations that will take over the old and maybe more inferior models. This insight has been shared throughout the years as one of the biggest breakthroughs that brought to reality the essence of entrepreneurship. It is through this creative destruction that industries were formed to be dynamic and were able to grow and progress.
The scholars and experts who helped demystify entrepreneurship seemed to agree on several things. It is through this knowledge that this idea was birthed and has been sustained through different rules of play. They agreed that entrepreneurship was about risk which was defined in different ways. They all seemed to agree on the ambiguity of the ventures. Frank H. Knight is popular with his classifications that centered on risk and uncertainties thereof. There are many other principles that were brought together to create and define entrepreneurship as we know it.