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    Lesson 1

    Uploaded by

    MJ Nuarin
    1. The document discusses different definitions of entrepreneurship from various scholars, with no universally accepted definition. 2. Entrepreneurship is defined by some as innovative risk-taking for profit or bearing uncertainty in prices, and by others as creating new value through effort and assuming accompanying risks. 3. Peter Drucker defined entrepreneurship as a discipline, while Nick Aduana defined it as managing a self-owned wealth-creating business by providing valuable goods and services to customers.

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    © All Rights Reserved
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    Lesson 1

    Uploaded by

    MJ Nuarin
    27 views16 pages
    1. The document discusses different definitions of entrepreneurship from various scholars, with no universally accepted definition. 2. Entrepreneurship is defined by some as innovative risk-taking for profit or bearing uncertainty in prices, and by others as creating new value through effort and assuming accompanying risks. 3. Peter Drucker defined entrepreneurship as a discipline, while Nick Aduana defined it as managing a self-owned wealth-creating business by providing valuable goods and services to customers.

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    LESSON-1

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    1. The document discusses different definitions of entrepreneurship from various scholars, with no universally accepted definition. 2. Entrepreneurship is defined by some as innovative risk-taking for profit or bearing uncertainty in prices, and by others as creating new value through effort and assuming accompanying risks. 3. Peter Drucker defined entrepreneurship as a discipline, while Nick Aduana defined it as managing a self-owned wealth-creating business by providing valuable goods and services to customers.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    27 views16 pages

    Lesson 1

    Uploaded by

    MJ Nuarin
    1. The document discusses different definitions of entrepreneurship from various scholars, with no universally accepted definition. 2. Entrepreneurship is defined by some as innovative risk-taking for profit or bearing uncertainty in prices, and by others as creating new value through effort and assuming accompanying risks. 3. Peter Drucker defined entrepreneurship as a discipline, while Nick Aduana defined it as managing a self-owned wealth-creating business by providing valuable goods and services to customers.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 16

    chapter 1:

    understanding
    entrepreneurship
    mare
    1. Define
    entrepreneur and
    Today's entrepreneurship

    Agenda 2. Describe the


    salient features of
    entrepreneurship
    why do we need to
    study
    entrepreneurship?
    Do you imagine
    yourself becoming an
    entrepreneur or
    managing your own
    business in the future?
    overview of
    entrepreneurship

    no universally
    accepted
    definition!
    Back to Agenda
    overview of
    entrepreneurship
    1. Different views
    2. Scholars who defined the
    term are largely influenced
    by their own personal beliefs
    3. Entrepreneurial models
    differs; depending on its
    contexts and era

    Back to Agenda
    Joseph
    Schumpeter
    Entrepreneurship is
    any kind of innovative
    function that could
    have a bearing on the
    welfare of an
    entrepreneur.
    Other definitions of entrepreneurship accdng. to some scholars:
    “Entrepreneurship entails bearing the risk of buying at a certain price
    and selling at uncertain prices.”- Ricardo Cantillon
    “Entrepreneurship is that form of social decision making performed by
    economic innovators.” -Robert K. Lamb

    “Entrepreneurship is the process of creating something new with value


    by devoting the necessary time and effort, assuming the
    accompanying financial, psychic and social risks and receiving the
    resulting rewards of monetary and personal satisfaction and
    independence.” - Robert D. Hisrich and Michael P. Peters

    The management guru, Peter Drucker (1909—2005) defined


    entrepreneurship as a discipline
    Other definitions of entrepreneurship accdng. to some scholars:
    “Entrepreneurship entails bearing the risk of buying at a certain price
    and selling at uncertain prices.”- Ricardo Cantillon
    “Entrepreneurship is that form of social decision making performed by
    economic innovators.” -Robert K. Lamb

    “Entrepreneurship is the process of creating something new with value


    by devoting the necessary time and effort, assuming the
    accompanying financial, psychic and social risks and receiving the
    resulting rewards of monetary and personal satisfaction and
    independence.” - Robert D. Hisrich and Michael P. Peters

    The management guru, Peter Drucker (1909—2005) defined


    entrepreneurship as a discipline
    Nick Aduana defines ENTREPRENEURSHIP as the
    art of observing correct practices in managing a self-
    owned wealth-creating business enterprise by
    providing goods and services that are valuable to the
    customers.
    entrepreneur
    entrependre "to
    undertake"
    A PERSON who organizes,
    operates, and assumes the risk of
    business VENTURES. This venture
    is also called an enterprise.
    two kinds of business enterprise:

    NOte writing

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