>>>> 1. What Is Entrepreneurship? hat is meant by
entrepreneurship? The concept of entrepreneurship was first
established in the 1700s, and the meaning has evolved ever
since. Many simply equate it with starting one’s own business.
Most economists believe it is more than that. To some
economists, the entrepreneur is one who is willing to bear the
risk of a new venture if there is a significant chance for
profit. Others emphasize the entrepreneur’s role as an innovator
who markets his innovation. Still other economists say that
entrepreneurs develop new goods or processes that the market
demands and are not currently being supplied. In the 20th
century, economist Joseph Schumpeter (1883-1950) focused on how
the entrepreneur’s drive for innovation and improvement creates
upheaval and change. Schumpeter viewed entrepreneurship as a
force of “creative destruction.” The entrepreneur carries out
“new combinations,” thereby helping render old industries
obsolete. Established ways of doing business are destroyed by t