What Is The Difference Between Entrepreneur And Entrepreneurship

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Entrepreneur and entrepreneurship

The thought of entrepreneurship was first introduced in the 1700s, and the meaning has evolved ever since. Many simply equate it with starting one’s own business. Most economists consider it is more than that. To some economists, the entrepreneur is one who is ready to bear the risk of a new business enterprise if there is a significant chance for profit. Others highlight the entrepreneur’s role as an innovator who markets his innovation. Still other economists say that entrepreneurs build up new goods or processes that the market demands and are not currently being supplied.
In the 20th century, economist Joseph Schumpeter (1883-1950) focused on how the entrepreneur’s drive for innovation and improvement creates turmoil and change. Schumpeter viewed entrepreneurship as a force of “creative destruction.” Traditional ways of doing business are shattered by the creation of new and better ways to do them.
Business expert Peter Drucker (1909-2005) took this idea further, relating the entrepreneur as someone who actually looks for change, responds to it, and exploits change as an opportunity. A quick look at changes in communications—from typewriters to personal computers to the Internet— from pager to mobile phones—illustrates these ideas.
Entrepreneurship means different things to different people. Some imagine tech geniuses with Silicon Valley startups, while others picture small business owners opening up their shop doors on Main Street.

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