Critically Evaluate the Key Theoretical Developments of the Term Entrepreneurship

Introduction

There are many theories regarding on what entrepreneur means. Entrepreneur was derived from the French word ‘entreprendre’ during the eighteenth century which means to undertake. It was during this time that it started evolving to the English word entrepreneur. Along the years, there were many theories on explaining what entrepreneur means. Different authors came up with different theories on what entrepreneur is defined as. This report shall look into the theoretical developments of entrepreneurship through different authors throughout the years and as to how they differentiate from each other. Entrepreneur in today’s terms can be simplified as one who undertakes the task of organizing, managing and risks of a business or enterprises. To illustrate better an example of an enterprise shall be explained in details to have a further understanding of what entrepreneurship means.

Entrepreneur in general terms simply means that when a person is willing to manage, develop and organize a business with the risks involved earning profits. They strived to maximize their potential to venture into the business world with minimal risks as possible. Entrepreneurs also learn to recognize the opportunities within a market to create goods and services before their competitors do. Entrepreneurs can create new, enhance or upgrade an existing products and services through innovation. (University of North Carolina Wilmington, 2008). To be an entrepreneur, they must be responsible to handle the business. There are some factors that will affect entrepreneurship. Most people seek to become an entrepreneur is because they would like to fulfill a sense of achievement and run their own business the way how they see fit.

Entrepreneurs can start their own business due to some attractiveness such as money, flexibility, decisions and the excitement. Salaries will not come into play because as an entrepreneur, all the benefits will be theirs. However, this means that venturing...