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Entrepreneurship
Entrepreneurship is the creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk (assumed by a traditional business), and potentially involving values besides simply economic ones. An entrepreneur () is an businessperson, individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as "entrepreneurship". The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures. More narrow definitions have described entrepreneurship as the process of designing, launching and running a new business, often similar to a small business, or (per ''Business Dictionary'') as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a Profit (accounting), profit". The people who create these businesses are often referred to as "e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Israel Kirzner
Israel Meir Kirzner (also Yisroel Mayer Kirzner ; born February 13, 1930) is a British-born American economist, historian, rabbi, and Talmudist closely identified with the Austrian School. Early life and education The son of a well-known rabbi and Talmudist, Kirzner was born in London and reached the United States by way of South Africa. After studying at the University of Cape Town, South Africa in 1947–48, and with the University of London External Programme in 1950–51, Kirzner received his B.A. '' summa cum laude'' from Brooklyn College in 1954, and an MBA in 1955 and Ph.D. in 1957 from New York University, where he studied under Ludwig von Mises. Economics Kirzner is emeritus professor of economics at New York University and a leading authority on Ludwig von Mises's thinking and methodology in economics. Kirzner's research on entrepreneurship economics is also widely recognized. His book, ''Competition and Entrepreneurship'' criticizes neoclassical theory for its ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joseph Schumpeter
Joseph Alois Schumpeter (; February 8, 1883 – January 8, 1950) was an Austrian political economist. He served briefly as Finance Minister of Austria in 1919. In 1932, he emigrated to the United States to become a professor at Harvard University, where he remained until the end of his career, and in 1939 obtained American citizenship. Schumpeter was one of the most influential economists of the early 20th century, and popularized creative destruction, a term coined by Werner Sombart. His magnum opus is considered '' Capitalism, Socialism and Democracy.'' Early life and education Schumpeter was born in 1883 in Triesch, Habsburg Moravia (now Třešť in the Czech Republic, then part of Austria-Hungary), to German-speaking Catholic parents. Though both of his grandmothers were Czech, Schumpeter did not acknowledge his Czech ancestry. His father, who owned a factory, died when Joseph was only four years old. In 1893, Joseph and his mother moved to Vienna. Schumpeter was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Small Business
Small businesses are types of corporations, partnerships, or sole proprietorships which have a small number of employees and/or less annual revenue than a regular-sized business or corporation. Businesses are defined as "small" in terms of being able to apply for government support and qualify for preferential tax policy. The qualifications vary depending on the country and industry. Small businesses range from fifteen employees under the Australian ''Fair Work Australia, Fair Work Act 2009'', fifty employees according to the definition used by the European Union, and fewer than five hundred employees to qualify for many U.S. Small Business Administration programs. While small businesses can be classified according to other methods, such as annual revenues, shipments, sales, assets, annual gross, net revenue, net profits, the number of employees is one of the most widely used measures. Small businesses in many countries include service or retail operations such as convenience sto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Businessperson
A businessperson, also referred to as a businessman or businesswoman, is an individual who has founded, owns, or holds shares in (including as an angel investor) a private-sector company. A businessperson undertakes activities (commercial or industrial) to generate cash flow, sales, and revenue by using a combination of human, financial, intellectual, and physical capital to fuel economic development and growth. History Medieval period: Rise of the merchant class Merchants emerged as a social class in medieval Italy. Between 1300 and 1500, modern accounting, the bill of exchange, and limited liability were invented, and thus, the world saw "the first true bankers", who were certainly businesspeople. Around the same time, Europe saw the " emergence of rich merchants." This "rise of the merchant class" came as Europe "needed a middleman" for the first time, and these "burghers" or "bourgeois" were the people who played this role. Renaissance to Enlightenment: Ris ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Creative Destruction
Creative destruction (German: ''schöpferische Zerstörung'') is a concept in economics that describes a process in which new innovations replace and make obsolete older innovations. The concept is usually identified with the economist Joseph Schumpeter, who derived it from the work of Karl Marx and popularized it as a theory of Innovation economics, economic innovation and the business cycle. It is also sometimes known as Schumpeter's gale. In Marxian economic theory, the concept refers more broadly to the linked processes of the accumulation and annihilation of wealth under capitalism. The German sociologist Werner Sombart has been credited with the first use of these terms in his work ''Krieg und Kapitalismus'' (''War and Capitalism'', 1913).Describing the way in which the destruction of forests in Europe laid the foundations for nineteenth-century capitalism, Sombart writes: "Wiederum aber steigt aus der Zerstörung neuer schöpferischer Geist empor" ("Again, however, fro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Innovation
Innovation is the practical implementation of ideas that result in the introduction of new goods or service (economics), services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity, realizing or redistributing value (economics), value". Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies. Innovation often takes place through the development of more-effective product (business), products, processes, Service (economics), services, technologies, art works or business models that innovators make available to Market (economics), markets, governments and society. Innovation is related to, but not the same as, ''invention'': innovation is more apt to involve the practical implementation of an invention (i.e. new / improved ability) to make a meaningful impact in a market or society, and not all innovations requir ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business
Business is the practice of making one's living or making money by producing or Trade, buying and selling Product (business), products (such as goods and Service (economics), services). It is also "any activity or enterprise entered into for profit." A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired except for limited liability company. The taxation system for businesses is different from that of the corporates. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business. A distinction is made in law and public offices between the term business and a company (such as a corporation or cooperative). Colloquially, the terms are used interchangeably. Corporations are distinct from Sole proprietorship, sole proprietors and partnerships. Corporations are separate and unique Legal person, legal entities from their shareholde ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Plan
A business plan is a formal written document containing the goals of a business, the methods for attaining those goals, and the time-frame for the achievement of the goals. It also describes the nature of the business, background information on the organization, the organization's financial projections, and the strategies it intends to implement to achieve the stated targets. In its entirety, this document serves as a road-map (a plan) that provides direction to the business. Written business plans are often required to obtain a bank loan or other kind of financing. Templates and guides, such as the ones offered in the United States by the Small Business Administration can be used to facilitate producing a business plan. Audience Business plans may be internally or externally focused. Externally-focused plans draft goals that are important to outside stakeholders, particularly financial stakeholders. These plans typically have detailed information about the organization or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Innovator
Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity, realizing or redistributing value". Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies. Innovation often takes place through the development of more-effective products, processes, services, technologies, art works or business models that innovators make available to markets, governments and society. Innovation is related to, but not the same as, ''invention'': innovation is more apt to involve the practical implementation of an invention (i.e. new / improved ability) to make a meaningful impact in a market or society, and not all innovations require a new invention. Technical innovation often manifests itself via the engineering process whe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Model
A business model describes how a Company, business organization creates, delivers, and captures value creation, value,''Business Model Generation'', Alexander Osterwalder, Yves Pigneur, Alan Smith, and 470 practitioners from 45 countries, self-published, 2010 in economic, social, cultural or other contexts. The model describes the specific way in which the business conducts itself, spends, and earns money in a way that generates Profit (economics), profit. The process of business model construction and modification is also called ''business model innovation'' and forms a part of business strategy. In theory and practice, the term ''business model'' is used for a broad range of informal and formal descriptions to represent core aspects of an organization or business, including Mission statement, purpose, business process, target market, target customers, offerings, strategies, infrastructure, organizational structures, profit structures, sourcing, trading practices, and operational ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Friedrich Von Hayek
Friedrich August von Hayek (8 May 1899 – 23 March 1992) was an Austrian-born British academic and philosopher. He is known for his contributions to political economy, political philosophy and intellectual history. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena. His account of how prices communicate information is widely regarded as an important contribution to economics that led to him receiving the prize. He was a major contributor to the Austrian school of economics. During his teenage years, Hayek fought in World War I. He later said this experience, coupled with his desire to help avoid the mistakes that led to the war, drew him into economics. He earned doctoral degrees in law in 1921 and political studies in 1923 from the University of Vienna. He subsequently lived and worked in Austria, Great Britain, the United Stat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Management
Management (or managing) is the administration of organizations, whether businesses, nonprofit organizations, or a Government agency, government bodies through business administration, Nonprofit studies, nonprofit management, or the political science sub-field of public administration respectively. It is the process of managing the resources of businesses, governments, and other organizations. Larger organizations generally have three Hierarchy, hierarchical levels of managers, organized in a pyramid structure: * Senior management roles include the board of directors and a chief executive officer (CEO) or a President (corporate title), president of an organization. They set the strategic goals and policy of the organization and make decisions on how the overall organization will operate. Senior managers are generally executive-level professionals who provide direction to middle management. Compare governance. * Middle management roles include branch managers, regional managers, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
