Chapter 1 Entrepreneurship and the entrepreneurship

Chapter 1
Entrepreneurship and the entrepreneur

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  Entrepreneurship is the process of developing, organizing, and running a new business to generate profit while taking on financial risk. (pagnenegosyo)
  
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  Entrepreneur is someone who has an idea and who works to create a product or service that people will buy, as well as an organization to support that effort. (Negosyante)
  

Entrepreneurship as a self-employment decision

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  Entrepreneur is basically aimed to gear someone towards self-employment. It also generally pertains to engaging in small and medium-sized business.
  
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  Individuals wants to go into business because he wants to be his own boss, A practicing entrepreneur has probably more bosses than he realizes.
  

Here are some of them:

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  The various government regulatory bodies
  
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  The supplier who controls material.
  
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  The demands cycles of the market
  

Causes of Business Failures

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  Neglect
  
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  Fraud
  
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  Lack of technical Expertise
  
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  Lack of management Expertise
  
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  Lack of Experience
  
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  Incompetence
  
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  Disaster and other reason
  

The Concept of Entrepreneur

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  Entrepreneurship started in France after the French Revolution. It was the start of Capitalism and end of Feudalism. The word Entrepreneur was state by Jean Baptiste Say, a French economist.
  
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  Say state that the concept of entrepreneurship is independent of the classical economics and is unable to coexist with it.
  

Economists’ Description of Entrepreneurship

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  Entrepreneurship consist in doing thing that are not generally done it ordinary course of business routine; it is essentially a phenomenon that comes under a wider aspect of leadership (Cantillon 1725).
  
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  Entrepreneurship talking about a kind of behavior that includes initiative talking, organizing or reorganizing of social economic mechanism to turn resources and situation to practical account and acceptance of risk (Rondstat 1984)
  
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  Entrepreneurship is a process of innovation and new venture creation through four major dimensions; individual, organization, environment and process (Kuratko, et al. 1995).