Commerce · Ch 3 — Entrepreneurship Development
Summary
Summary
- The terms entrepreneur, entrepreneurship and enterprise can be understood through the subject-verb-object analogy: the entrepreneur is the person (subject), entrepreneurship is the process (verb), and the enterprise is the creation and output of the process (object).
- Entrepreneurs play important roles both in relation to economic development and in relation to the enterprise. In relation to economic development they contribute to GDP, capital formation and employment generation, create business opportunities for others, and improve the quality of life in their communities.
- In relation to the enterprise they perform many roles — from conceiving a business idea and examining its feasibility to mobilising resources and eventually realising it as a firm — bearing the uncertainties and risks of business and introducing product, market and technological innovations; in the developing-country context they also manage the enterprise day to day. …