1. What is business and its etymology?

Business is an enterprising entity that is formed by individuals systematically working together

towards a common goal of gaining a profit through production or sales of services and goods.
Aside from the goal of making a profit, businesses are also made to satisfy its society’s need.
Different businesses engaged in commercial, industrial or professional activities only exist due
to the demands and the need of its customers. In order for a business to be successful, it should
be organized in terms of its resources and it should reasonably meet the society’s needs in
some way.

The word business was derived from the Old English word bisignes, where in bisig means
“careful, anxious, busy, occupied and diligent”. From this, its meaning eventually evolved into
“occupation” and “trade”, which is somehow connected into the present meaning of business
that we know.

Source: https://study.com/academy/lesson/what-is-a-business-definition-characteristics-
examples.html

https://www.investopedia.com/terms/b/business.asp

https://www.etymonline.com/word/business

2. What is entrepreneurship and its etymology?

Entrepreneurship is the process of setting up or launching of a business along with the financial
risk of having a loss in the hope of gaining profit. Because business is a gamble, the
entrepreneur should be willing and has the capacity to take a risk towards the launching or
development of a business venture. He needs to risk his resources, capital, and labor to take a
shot in making a profit.

The word entrepreneurship was derived from the Old French word entreprendre which means
“to undertake”. Undertake, on the other hand, means to begin or attempt to do something. This
is applicable to entrepreneurship which is the process of beginning a business.

Sources: http://www.businessdictionary.com/definition/entrepreneur.html

https://www.davelerner.com/latest-posts/david_b_lerner/2009/05/etymology-of-the-word-
entrepreneur.html

3. Who are business persons, capitalists, and entrepreneurs?

A business person is a person involved in a commercial or industrial business whose focus is to

make money. The type of businesses that they set up is already an existing business idea.
Because their goal is to make money, most business persons go for a business idea that is
highly in demand and profitable.

A capitalist is a person that invests and finances capital or large amount of money in a business
with the goal of making profit in accordance with the principles of Capitalism. They believe in the
system of privately-owned, for-profit businesses, wherein capitalists control the means of
production.

An entrepreneur is an innovator that starts and runs a business. Entrepreneurs are seen as
innovators because they conceive unique ideas and concepts that are later turned into the
services, products, or goods that are offered in their business.

Sources: https://keydifferences.com/difference-between-businessman-and-entrepreneur.html

September 7, 2015 By Surbhi S

https://www.merriam-webster.com/dictionary/capitalist

https://www.merriam-webster.com/dictionary/capitalism

https://www.investopedia.com/terms/e/entrepreneur.asp

4. What are the roles of entrepreneurship and entrepreneurs to the economic development of
the society?

Entrepreneurship and entrepreneurs plays a huge and influential role in the economic
development of our society. Entrepreneurship provides a gateway of opportunities for the
people of the society. Because entrepreneurs are innovators, we can say that they are job
creators. They do not just create job for themselves, but they also provide employment for the
job seekers of their society. Entrepreneurs also play an important role in the increase in the
standard of living of people in their society. Their innovations will lead to the betterment of
people’s quality of life. On the other hand, entrepreneurship also provides investment
opportunities. Large investments mobilize public wealth which allows the people of the society
to benefit from the development of the businesses. The upturn of these businesses will also
eventually lead to infrastructure projects. Lastly, it can increase the GDP and per capita income
of a society which is the key goal of economic development.

Source: https://evoma.com/business-centre/7-roles-of-entrepreneurship-in-economic-
development-of-a-country/