lesson 2 development of entrepreneurship Flashcards
formulated by scholars based on theories that are rooted in economics, psychology, sociology, anthropology, and management
Evolution of the Field of Entrepreneurship
is a person who sells goods on behalf of the goods’ owner
THE EARLIEST PERIOD
entrepreneurship was exhibited by Marco Polo (1254-1324)
THE EARLIEST PERIOD
He would enter into a formal agreement with a capitalist to sell his goods.
THE EARLIEST PERIOD
He bore all the risks of possible damage or loss of the goods.
THE EARLIEST PERIOD
After everything was sold, profits were divided between the capitalists and the trader as agreed.
THE EARLIEST PERIOD
The term entrepreneur was used to describe both an actor and a person who was in charge of and managed large production projects
THE MIDDLE AGES
This person merely managed the projects using the resources provided by the government.
THE MIDDLE AGES
The entrepreneur in this age was the person who was in charge of great architectural works such as public buildings and cathedrals.
THE MIDDLE AGES
Entrepreneurship has become associated with risk
THE 17TH CENTURY
The entrepreneur was someone who would enter into a formal agreement with the government to provide products or services
THE 17TH CENTURY
an economist who viewed the entrepreneur as the risk taker and bearer of uncertainty.
Richard Cantillon (1680-1734)
It was common practice to agree on the price as part of the terms in the agreement. In effect, the entrepreneur either reaps profits or bear losses
THE 17TH CENTURY
The entrepreneur was distinguished from the capitalist who simply provides money for the creation of products to be sold
THE 18TH CENTURY
a French economist and businessman
Jean-Baptiste Say (1767-1832)
