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http://www.mylifeatail.com/leadership/american-income-life-sga-of-the-year-simon-arias/ Entrepreneurship is the practice of designing, launching and running a new business, which is often originally a little business. The people who make these businesses are called entrepreneurs. Entrepreneurship was described as the "capability and willingness to develop, arrange and manage a business venture alongside any of its risks so as to make a profit". While definitions of entrepreneurship typically focus on the launching and running of businesses, because of the large risks involved with establishing a startup, a significant percentage of start-up companies must close because of "lack of financing, poor business decisions, an economic crisis, lack of market demand--or a mixture of all them. Entrepreneurship is the act of becoming an entrepreneur, or even "an operator or manager of a business enterprise who makes money through danger and initiative". Entrepreneurs act as supervisors and oversee the launch and expansion of a venture. Entrepreneurship is the process by which either an individual or a team identifies a business opportunity and acquires and deploys the necessary resources needed for its manipulation. Early 19th century French economist Jean-Baptiste Say provided a broad definition of entrepreneurship, stating that it "shifts economic resources from an area of lower and into a place of higher productivity and higher return". Entrepreneurs create something new, something different--they change or transmute values. Regardless of the business size, big or little, they can partake in entrepreneurship opportunities. The chance needs four criteria. First, there must be opportunities or scenarios to recombine resources to create profit. Second, entrepreneurship requires differences between people, such as preferential access to certain individuals or the capability to recognize information regarding opportunities. Third, taking on risk is quite necessary. Fourth, the entrepreneurial process requires the organization of people and resources. The entrepreneur is a element in microeconomics and also the study of entrepreneurship reaches into the job of Richard Cantillon and Adam Smith in the late 17th and early 18th centuries. But, entrepreneurship was mostly ignored theoretically before the late 19th and early 20th centuries and empirically before a deep resurgence in business and economics since the late 1970s. From the 20th century, the understanding of entrepreneurship owes much to the work of economist Joseph Schumpeter in the 1930s and other Austrian economists such as Carl Menger, Ludwig von Mises and Friedrich von Hayek. According to Schumpeter, an entrepreneur is a person who's willing and able to convert a new idea or innovation into a successful invention. Entrepreneurship employs what Schumpeter called "the gale of creative destruction" to replace in whole or part poor innovations across markets and industries, simultaneously producing new products such as new business models. This manner, creative destruction is largely responsible for its dynamism of businesses and long-run financial development. The supposition that entrepreneurship results in economic growth is an interpretation of the remaining in endogenous growth theory and as such is hotly debated in academic economics. An alternative explanation typified by Israel Kirzner suggests that the majority of innovations may be more incremental improvements such as the replacement of paper with plastic in the creating of drinking straws. http://ladiesonthetour.sites.gettysburg.edu/entrepreneur/simon-arias
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