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Entrepreneurship Organizations
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 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". The people who create these businesses are often referred to as "entrepreneurs". In the field of econ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Value
In economics, economic value is a measure of the benefit provided by a goods, good or service (economics), service to an Agent (economics), economic agent, and value for money represents an assessment of whether financial or other resources are being used effectively in order to secure such benefit. Economic value is generally measured through units of currency, and the interpretation is therefore "what is the maximum amount of money a person is willing and able to pay for a good or service?” Value for money is often expressed in comparative terms, such as "better", or "best value for money", but may also be expressed in absolute terms, such as where a deal does, or does not, offer value for money. Among the competing schools of economic theory there are differing Theory of value (economics), theories of value. Economic value is ''not'' the same as Price, market price, nor is economic value the same thing as market value. If a consumer is willing to buy a good, it implies tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Opportunity
A business opportunity refers to the process of selling or leasing product, service, equipment, etc., to help buyers or renters start a new business. It usually includes support or guidance to help someone begin a business, such as choosing a location or supplying the main product. The party offering the business opportunity will usually promise to help the buyer find the right place to operate, or directly provide the buyer with the desired product. This is different from an outright sale of an independent business, where there is no need to maintain a long-term relationship between the seller and the buyer. A business opportunity provides a way to start a business without the need to maintain ongoing connections like buying an independent business. Eckhardt and Shane (2003) argue that the identifying business opportunities is a key influencing factor on the road to future entrepreneurship. In simpler terms, spotting a good opportunity is often the first and most important step ... [...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] |
Drinking Straw
A drinking straw is a List of eating utensils, utensil that uses suction to carry the contents of a beverage to one's mouth. A straw is used by placing one end in the mouth and the other in a beverage. By applying suction with the mouth, the air pressure in the mouth drops, which causes atmospheric pressure to force the liquid through the straw and into the mouth. Drinking straws can be straight or have an angle-adjustable bellows segment. Disposable product, Disposable straws are commonly made from plastics. However, environmental concerns related to plastic pollution and new regulation have led to rise in reusable and biodegradable straws. Following a rise in regulation and public concern, some companies have voluntarily banned or reduced the number of plastic straws used. Alternative straws are often made of Reuse, reusable materials like silicone or metal or alternative disposable and biodegradable materials like paper, cardboard, pasta, or bamboo. Straws have been used sin ... [...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] |
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] |
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] |
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] |
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] |
Ludwig Von Mises
Ludwig Heinrich Edler von Mises (; ; September 29, 1881 – October 10, 1973) was an Austrian-American political economist and philosopher of the Austrian school. Mises wrote and lectured extensively on the social contributions of classical liberalism and the central role of consumers in a market economy. He is best known for his work in praxeology, particularly for studies comparing communism and capitalism, as well as for being a defender of classical liberalismHayek, Friedrich A. "Introduction". In ''Socialism: An Economic and Sociological Analysis'', by Ludwig von Mises. London: Jonathan Cape, 1936. in the face of rising illiberalism and authoritarianism throughout much of Europe during the 20th century. In 1940, Mises emigrated from Austria to the United States to escape the Nazis. On the day German forces entered Vienna, they raided his apartment, confiscating his papers and library, which were believed lost or destroyed until rediscovered decades later in Soviet archive ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Carl Menger
Carl Menger von Wolfensgrün (; ; 28 February 1840 – 26 February 1921) was an Austrian economist who contributed to the marginal theory of value. Menger is considered the founder of the Austrian school of economics. In building his marginalist approach, Menger rejected many established views of classical economics. He directly disputed the view of the "German school" that economic theory could be derived from history. Departing from the cost-of-production theory of value—the prevailing theory of Adam Smith, David Ricardo, and Karl Marx—Menger's subjective theory of value emphasized role of mutual agreement in deriving prices. Although he had few readers outside Vienna until late in his career, disciples including Eugen von Böhm-Bawerk and Friedrich von Wieser brought his theories into wider readership. Friedrich Hayek wrote that the Austrian school's "fundamental ideas belong fully and wholly to Carl Menger." Menger began his career as a lawyer and business jour ... [...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] |
