Objectives
- To introduce the concept of entrepreneurship and its historical development.
- Discuss the benefits of entrepreneurship to the development of the economy of Ghana.
- What are Entrepreneurial traits ? List any five of them.
- List and explain some of the myths in Entrepreneurship.
- Discuss the potential drawbacks of entrepreneurship.
Introduction
- Welcome to the world of Entrepreneurship!
- Research indicates that individuals who study entrepreneurship are three to four times more likely to start their own business and earn 20 to 30% more than students studying in other fields.
- So most of what you hear about entrepreneurship, says America’s leading management thinkers, is all wrong. It’s not magic, it’s not mysterious; and it has nothing to do with genes. It’s a discipline, it can be learned.
Brief History of Entrepreneurship
- The word ‘entrepreneur’ is derived from the French word ‘enterprendre’ which means ‘to undertake’. In early 16th century, the Frenchmen who led military expeditions were referred to as ‘entrepreneurs’. Around 17th century this term was used for architects and contractors for public works, Later it was applied to the function of engaging labour and buying materials and selling the resultant products at contracted prices.
- In fact, it was in 18th century that the term ‘entrepreneur’ was applied initially to business by the French economist Cantillon who designated him as a dealer who purchases the means of production for combining them into marketable products. Frenchman J. B. Say expanded Cantillon idea and conceptualized entrepreneur as an organizer of a business firm. In case of a developing economy like India, it refers to one who starts a new business, undertakes risk, bears the uncertainties and performs the managerial functions of decision making and coordination. In many countries, the entrepreneur is associated with a person who starts his own new and small business.
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