Authors : JYOTI D. KAMBLE
Page Nos : 50-53
Description :
Many definitions of entrerpreneurship can be found in the literature describing business processes. The earliest definition of entrepreneurship, dating from the eighteenth century, used as an economic term describing the process of bearing the risk of buying at certain prices and selling at uncertain prices. Other, later commentators broadened the definition to include the concept of bringing together the factors of production. This definition led others to question whether there was any unique entrepreneurial function or whether it was simply a form of management. Early this century , the concept of innovation was added to the definition of entrepreneur-ship. This innovation could be process innovation , market innovation, product innovation, factor innovation, and even organizational innovation. Later definition described entrepreneurship as involving the creation of new enterprises and that the entrepreneur is the founder.
