ENTREPRENEURSHIP

THEORIES & CONCEPTS ON ENTREPRENEURSHIP

1. Definition of Entrepreneur:

• "An entrepreneur is a person who undertakes to do a job" Richard Cantillon (1755). 
• The term entrepreneur is a French word first coined by Richard Cantillon.
• In Malaysia the term "usahawan" is used for entrepreneur.

2. Definition of Entrepreneurship:

• Entrepreneurship involves not only the process that leads to the setting up of a business entity but also the expansion and development of an on going concern. The study of entrepreneurship is concerned with the entrepreneurial behavior, the dynamics of business set up and expansion and development.
• Adam Smith (1776) - An entrepreneur is a person who acts as agent in transforming demand into supply.
• Jean Babtiste Say (1803) - An entrepreneur is a person who shifts resources from an area of low productivity to high productivity.
• John Stuart Mill (1848) - An entrepreneur is a prime mover in the private enterprise. The entrepreneur is the fourth factor of production after land, labor and capital.
• Carl Menger (1871) - The entrepreneur acts as an economic agent who transforms resources into products and services. The entrepreneur transforms and gives added value.
  
• Joseph Aloysius Schumpeter (1934) - An entrepreneur is an innovator. The economy moves through leaps and bounds and the prime mover is the entrepreneur through the process of creative destruction.
  
• Alfred Marshall (1936) - The process of entrepreneurship or business development is incremental or . It evolves from sole proprietorship to a public company.
  
• Ibnu Khaldun (Abdul Rahman Mohamed Khaldun) - The entrepreneur is seen as a instrumental in the development of a city state where enterprise will emerge.
  
• David McClelland - The entrepreneur is a person with a high need for achievement. This need for achievement is directly related to the process of entrepreneurship.