Entrepreneur Write For Us
Entrepreneurship is one of the resources economists categorize as integral to production, the other three being land/natural resources, labor, and capital. An entrepreneur combines the first three to manufacture goods or provide services. They typically create a business plan, hire work, acquire resources and financing, and provide leadership and management for the business.
Why Are Entrepreneurs Important?
Entrepreneurship is one of the resources economists categorize as integral to production, the other three being land/natural resources, labor, and capital. An entrepreneur combines the first three to manufacture goods or provide services. They typically create a business plan, hire work, acquire resources and financing, and provide leadership and management for the business.
Definition of Entrepreneurs
Economists have never had a consistent definition of “entrepreneur” or “entrepreneurship” (the word “entrepreneur” comes from the French verb entreprendre, meaning “to undertake”). Though the concept of an entrepreneur existed and was known for centuries, the classical and neoclassical economists left entrepreneurs out of their formal models.
They assumed that perfect information would be known to entirely rational actors, leaving no room for risk-taking or discovery. It wasn’t until the middle of the 20th century that economists seriously attempted to incorporate entrepreneurship into their models. Three thinkers were central to including entrepreneurs: Joseph Schumpeter, Frank Knight, and Israel Kirzner.
Schumpeter suggested that entrepreneurs not just companies were responsible for creating new things in the search for profit. Knight focused on entrepreneurs as the bearers of uncertainty and believed they were accountable for risk premiums in financial markets. Kirzner thought of entrepreneurship as a process that led to discovering opportunities.
Fast-forward to today, entrepreneurs commonly face many obstacles when building their companies. The three that many cite as the most challenging include overcoming bureaucracy, hiring talent, and obtaining financing.
Opportunist
Opportunistic entrepreneurs are optimistic individuals who can pick out financial opportunities, get in at the right time, stay on board during growth, and exit when a business hits its peak.
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