Elastic Term: Thomas Eisenman from Harvard Business School describes entrepreneurship as an "elastic" term, implying it can be defined in various ways.
Dictionary Definitions:
Macmillan Dictionary:
Definition: Activity of using money to start businesses and make business deals.
Oxford Learner's Dictionary:
Definition: Activity of making money by starting or running businesses, especially involving financial risks.
Merriam-Webster Dictionary:
Definition: Someone who organizes, manages, and assumes the risks of a business or enterprise.
Cambridge Dictionary:
Definition: Skill in starting new businesses, particularly in recognizing new opportunities.
Key Terms Identified:
Business
Opportunity
Organization
Management
Financial Risks
Comprehensive Definition of Entrepreneurship
Definition: A skill that involves seeing an opportunity and then starting, organizing, and managing a business while taking financial risks.
Expert Definition
Howard Stevenson:
Definition: "Entrepreneurship is the pursuit of opportunity beyond resources controlled."
Interpretation: Understanding this definition requires careful consideration.
Simplified Explanation by Joel Trammell
Definition of Entrepreneur:
Anyone who spots an opportunity and pursues it, regardless of their current resources.
Examples of Opportunities:
Innovative products
New business models
Better or cheaper versions of existing products
Targeting new customer sets
Entrepreneurial Mindset:
Sees possibilities and finds ways to make them happen.
Involves taking risks to innovate and strengthen the economy.
Who are Entrepreneurs?
Examples:
Aunt Daniela, who sold food products during a community lockdown.
Ma'am Romina, CEO of RM Corporation, expanding to new regions.
Reflection Questions
Which definition of entrepreneurship resonates with you?
Why do you think so?
Closing
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