How to Know if you are an Entrepreneur
The word ” Entrepreneur ” has been defined severally in different ages. Obviously, this article is on the verge to enlighten you more about who an entrepreneur is, the origin, earlier and the latest definition and concept.
The term “entrepreneur” was coined from the French word entrepreneur (verb), which means “to undertake”. Albeit, entrepreneur as a concept has been in existence for centuries yet, the classical and neo-classical economists couldn’t include entrepreneurs in their formal models.
They believe that pure information would be exposed to absolutely rational actors, with little or no mention for discovery and risk-taking. However, by the middle of the 20th century, serious attempts were made by economists to incorporate the concept of entrepreneurship into their models.
Paradoxically, three scholars of eminent personalities were pivoted to the inclusion of entrepreneur into the economic model they are: Schumpeter, Frank Knight and Israel Kirzner.
Schumpeter proclaimed that entrepreneurs – rather than companies – were saddled with the responsibilities of creating new things in other to maximize profit.
Knight advanced that entrepreneurs are the brunt bearers of uncertainty plus, they were risking taker in the financial markets.
While Kirzner, on the other hand, was of the opinion that entrepreneurship is a process that often led to beautiful discovery.
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