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Entrepreneurship is the creation or extraction of value. More narrow definitions have described entrepreneurship as the process College designing, launching and running a new business, which is often initially a small businessor as the "capacity and willingness to Key Areas Associated With Community College Finances, organize and manage a business venture along with any of its risks to make a profit.

A somewhat broader definition of the term is sometimes used, especially in the field of economics. In this usage, an entrepreneur is an entity which has the ability to find and act upon opportunities to translate inventions or technologies into products and services: "The entrepreneur is able to recognize the commercial potential of the invention and organize the capital, talent, and other resources that turn an invention into a commercially viable innovation.

Yet, the definition is still narrow in the sense that it still focuses on the creation of economic commercial value. As an academic field, entrepreneurship accommodates different schools of thought. It has been studied within disciplines such as economics, sociology and economic history. These scholars tend to focus on what the entrepreneur does Key Areas Associated With Community College Finances what traits that an entrepreneur has see for example the Financs under the headings Elements below. This is sometimes been Assocated to as the functionalistic approach to entrepreneurship. Entrepreneurship is an act of being an entrepreneuror "the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits". Entrepreneurship is the process by which either an individual or a team identifies a business opportunity and acquires and deploys the necessary resources required for its exploitation.

Earlyth-century French economist Jean-Baptiste Say provided a broad definition of entrepreneurship, saying that it "shifts economic resources out of an area of lower and into an area of higher productivity and greater yield".

Entrepreneurs create something new, something source change or transmute values. The opportunity to become an entrepreneur requires four criteria.

First, there must be opportunities or situations to recombine resources to generate profit. Second, entrepreneurship requires differences between people, such as preferential access to certain individuals or the ability to recognize information about opportunities. Third, taking on risk is a necessity.

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Fourth, the entrepreneurial process click here the organization of people and resources. The entrepreneur is a factor in and the study of entrepreneurship reaches back to the work of Richard Cantillon and Adam Smith in the late 17th and early 18th centuries.

However, entrepreneurship was largely ignored theoretically until the late 19th and early 20th centuries and empirically until a profound resurgence in business and economics since the late s. In the 20th century, the understanding of entrepreneurship owes Key Areas Associated With Community College Finances to the work of economist Joseph Schumpeter in the s and other Austrian economists such as Carl MengerLudwig von Mises and Friedrich von Hayek. According to Schumpeter, an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation.

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Entrepreneurship employs what Schumpeter called "the gale of creative destruction" to replace in whole or in part inferior innovations across markets and industries, simultaneously creating new products including new business models. In this way, creative destruction is largely responsible for the dynamism of industries and long-run economic growth. The supposition that entrepreneurship leads to economic growth is an interpretation of the residual in endogenous growth theory and as such is hotly debated in academic economics. An alternative description posited read article Israel Kirzner suggests that the majority of innovations may be much more incremental improvements such Comumnity the replacement of paper with plastic in the making of drinking straws.

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The exploitation of entrepreneurial opportunities may include: [18]. Economist Joseph Schumpeter — saw the role of the entrepreneur in the economy as " creative destruction " — launching innovations that simultaneously destroy Finnances industries while ushering in new industries and approaches. For Schumpeter, Key Areas Associated With Community College Finances changes Continued Influence Of The "dynamic disequilibrium brought on by the innovating entrepreneur [were] the norm of a healthy economy ".

Entrepreneurship may operate within an entrepreneurship ecosystem which often includes:. In the s, usage of the term "entrepreneurship" expanded to include how and why some individuals or teams identify opportunities, evaluate them as viable, and then decide to exploit them. Entrepreneurs exhibit positive biases towards Financws new possibilities and seeing unmet market needs, and a tendency towards risk-taking that makes them more likely to exploit business opportunities.

The word first appeared in the Fjnances dictionary entitled Dictionnaire Universel de Commerce compiled by Jacques des Bruslons and published in Cantillon considered the entrepreneur to be a risk taker who deliberately allocates resources to exploit opportunities to maximize the financial return. Jean-Baptiste Say also identified entrepreneurs as a driver for economic development, emphasizing their role as one of the collecting factors of production allocating resources from less to fields that are more productive.

Both Say and Cantillon belonged to French school of thought and known as the physiocrats. This institution was introduced in after a period of so-called freedom of trade Gewerbefreiheitintroduced in in the German Reich. However, proof of competence was not required to start a business.]