Entrepreneur — Flashcards

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An entrepreneur is a person who sets up a business or enterprise, identifies business opportunities, organises resources such as land, labour, capital, and technology, and takes risks to create wealth…

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Entrepreneurs help economic and social development by creating businesses, generating employment, introducing innovation, and acting as a catalyst for change. They also help other sectors grow by star…

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Ritesh Agarwal identified a gap in affordable and standardised hotel services and built OYO Rooms using technology. This shows opportunity recognition, innovation, and the ability to organise resource…

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Richard Cantillon defined an entrepreneur as a risk-bearer who purchases goods at a certain price and sells them at an uncertain future price. His definition highlights risk-taking as a central entrep…

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Adam Smith described an entrepreneur as an economic agent who transforms demand into supply by organising production activities and responding to market needs. This shows the entrepreneur as a coordin…

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Joseph Schumpeter viewed the entrepreneur as an innovator who introduces new products, new methods of production, new markets, or new forms of organisation. He also linked entrepreneurs with creative …

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Peter F. Drucker defined an entrepreneur as a person who searches for change, responds to it, and exploits it as an opportunity. The focus is on recognising change early and turning it into business s…

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Entrepreneurs are classified on the basis of generation, ownership, Danhof's classification, societal norms, and technology. These bases help explain different styles and roles of entrepreneurship.