Entrepreneurship Case

The word entrepreneur originates from the French word, entreprendre, which means "to undertake.” The entrepreneur is the one who organizes, manages, and assumes the risks of a business or enterprise. Furthermore, an entrepreneur can also be defined as the innovator or developer who recognizes and utilizes opportunities; converts those opportunities into marketable ideas; adds value through time, effort, and money; and realizes the rewards from these efforts [1].

Entrepreneurs are creative in the form that they think and reason genuinely, are highly motivated and are equipped with the acute amount of knowledge to bring about innovative changes or ideas that can directly impact the economic development. They should possess the willingness to learn take risks as introducing new industries, products, and sectors will not be successfully implemented without having the self-confidence and self-reliance to do so. Ultimately, passion is one of the most vital quality of an entrepreneur because without it, these concepts will most likely be destined to fail eventually. Moreover, a famous motivational speaker and author said “A great leader’s courage to fulfill his vision comes from passion, not position.”- John Maxwell.

Innovation is the molding of current ideas and methods of the development of new ideas based upon products already launched in the market. Without innovation, economic growth and development would not be possible and therefore we would be using the same products for decades as well as not increasing our standard quality of living.

One of the pioneers that aided in defining the term entrepreneurship, Joseph Schumpeter, developed an economic theory by the name “Schumpeterian model” which assumes perfect competition, full employment and no savings nor technical change. He stated that in this model, profit-motivated entrepreneurs innovate, and these innovations are quickly imitated to wipe out monopoly. Schumpeter coined the term “Creative destruction” where he explained it as the “process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one. [2]" By continuing the innovation and enhanced development of products and goods, new industries will emerge replacing outdated goods that no longer satisfy the profit and consumer demands in that time period. Therefore, creativity is displayed to be an important characteristic when thinking about entrepreneurship and innovation. Such theory applies nowadays to modern capitalist economies of developed countries like the USA and UK. These countries have highly effective infrastructure and organization that allows it to improve their methods of production and economic growth which are characteristics of economic development.

“Entrepreneurs see “problems” as “opportunities,” then take action to identify the solutions to those problems and