Table of Contents
MGT602: Entrepreneurship
An entrepreneur is the ability and willingness to develop, plan and run a business venture, and any uncertainty of it to make a profit. A prime example of a business venture is the start of a new business venture. MGT602 Handouts pdf
MGT602 Handouts pdf
Course Category: Management
Course Overview
This entrepreneurship course is designed to provide step-by-step guidance to aspiring entrepreneurs that will help turn their business ideas into successful business ventures. This course can be viewed as an overview of entrepreneurial basic concepts of what it is all about to fathom into entrepreneurial essential concepts, skills, mindset, methods, and strategies to successfully launch a business venture in a competitive market.
This course is a step-by-step manual to walk an entrepreneur through the process of launching a successful enterprise by covering all elements of a business plan and risk-taking. Creativity and innovation are the prime focus of this course and it will also help students to assess opportunities at the national and international levels and turn a disruptive idea into a high-impact venture. MGT602 Handouts pdf
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MGT602 HANDOUTS
MGT602: Entrepreneurship
Nature And Development of Entrepreneurship
The word businessman comes from the French and translates as “in the middle of the carrier” or “walk-in.” The old-age At this time the money man (the forerunner of the capitalist) entered into an agreement with the seller to sell his property. While the capitalist was a risk-taker, the trafficker carried all the physical and emotional risks.
Middle Ages
Over the years the term entrepreneur was used to describe both the actor and the person in charge of major production projects. In these large production programs, this person did not take any risks, managing the project with the resources provided. A typical businessman was a lecturer in charge of real estate projects.
17th Century
In the 17th century, an entrepreneur was a man who entered into an agreement with the government to do business Richard Cantillon, a well-known economist of the 1700s, developed the ideas of the businessman and is regarded as the inventor of the term. He viewed the businessman as a risk-taker who “buys [items] at a certain price and then sells them at an unreliable price, thus making a risk.”
18th Century
In the 18th century, a person who had a lot of money was separated from the one who needed money. In other words, the businessman was separated from the money provider. Many of the inventions that were developed during this period as were the case with the invention of Eli Whitney and Thomas Edison could not pay for themselves. Both were moneylenders (businessmen), not money launderers (business capitalists.) Whitney used confiscated crown jewels. Edison raised money from private sources. A venture capitalist is a professional investor who makes investments at risk from an equity fund to earn a maximum return on investment.
19th and 20th Centuries
In the late 19th and early 20th centuries, businessmen were highly valued on an economic scale. An entrepreneur “contributes his or her initiative, skill and ingenuity to planning, organizing and managing a business, taking advantage of losses and gains.” Andrew Carnegie is one of the best examples of this definition, building an American steel industry over the wonders of the industrial world, primarily through his competition rather than innovation. In the middle of the 20th century, an entrepreneurial perspective was developed.
