The study of entrepreneurship dates back to the work of the Irish-French economist Richard Cantillon at the end of the 17th and early 18th centuries, which was central to the classical economy. Cantillon first defined the term in his Essai sur la Nature du Commerce and Général, or Essay on the Nature of Commerce in General, a book that William Stanley Jevons considered the “cradle of political economy.”. Cantillon defined the term as a person who pays a certain price for a product and resells it at an uncertain price, “takes decisions about obtaining and using resources and therefore recognizes the business risk.”. Cantillon considered the businessman to be a risk taker who deliberately allocates resources to take advantage of opportunities to maximize financial performance.
Entrepreneurship is an act of being an entrepreneur or ‘the owner or manager of a commercial company that tries to make a profit at risk and initiative’. Entrepreneurs act as managers and supervise the launch and growth of a company. Entrepreneurship is the process by which an individual or a team identifies a business opportunity and acquires and implements the necessary resources for its exploitation. The French economist of the early nineteenth century, Jean-Baptiste Say, gave a broad definition of entrepreneurship and said that “it leads the economic resources of a smaller area to an area of higher productivity and higher performance”. Entrepreneurs create something new, something different: they change or transmute values.
An entrepreneur is someone who develops a business model, acquires the physical and human capital necessary to start a new business, operates it and is responsible for its success or failure. In other words, the entrepreneur is the risk taker and an innovator, but also a maker of new companies, while the professional manager is simply the executor. It is also true that when we hear the term entrepreneur, we tend to associate it with a person who has or starts his own business or, in other words, touches it himself. This is in fact the case, since the formal definition of entrepreneurship is that it is the process of starting a business or organization for profit or for social needs. We have used the phrase for profit or for social needs to define commercial entrepreneurship and separate it from charity and social entrepreneurship.
However, another survey found that states with a more progressive income tax have a higher percentage of single owners in their workforce. Ultimately, many studies show that the effect of taxes on the chance of becoming an entrepreneur is small. Donald Bruce and Mohammed Mohsin discovered that a 50 percentage point drop in the maximum tax rate would be necessary to effect a one percent change in business.
Companies that have started to provide existing products or services in the same way as others already on the market do not consider themselves entrepreneurs, even though they offer superior products or services. As the company matures, the founder’s role is likely to include both long-term strategic planning and short-term tactical management and financial decisions. Pursuing a Master of Business Administration or comparable management-oriented training provides women entrepreneurs with Nomad Entrepreneur the skills they need to succeed in every step of the process when they achieve their business goals. Cesaire Assah Meh discovered that corporate tax is an incentive to become an entrepreneur to avoid double taxation. Donald Bruce and John Deskins found literature suggesting that a higher corporate tax rate could reduce a state’s share of entrepreneurs. They also found that inheritance tax or wealth tax states typically have lower entrepreneurship rates when using a tax-based measure.
Most lifestyle entrepreneurs are fully autonomous; This is to give them time to set up their projects. Simply put, a lifestyle entrepreneur is addicted to whatever they do, they do very well, they spend their time, resources and energy to see their project completed. Examples of a lifestyle entrepreneur according to e-commerce rules include; Tim Ferriss, Pat Flynn and Chris Guillebeau. The last model to consider is social entrepreneurship, which is looking for innovative solutions to community-based problems.
They need more venture capital to feed and support their project or business. In this sense, an entrepreneur also meets the definition of founder of a company and owner of a small business. However, not all company founders or small business owners are entrepreneurs.