1. Which country was the first to use the term ‘entrepreneur’ and at what point in time?

"Entrepreneur" first appeared in the French dictionary and dates back to 1762. The study of
entrepreneurship started with economist Richard Cantillon. Cantillon defined the term first in
his Essay on the Nature of Trade in General, Cantillon defined the term as “a person who pays a
certain price for a product and resells it at an uncertain price, making decisions about obtaining
and using the resources while consequently admitting the risk of enterprise”.

2. Definition of ‘Small Business’.

A small business is defined by the U.S. Small Business Administration's Office of Advocacy as one
having fewer than 500 employees and selling less than $5 million worth of products or services
in a year (depending upon the industry). Most of the world's businesses are small businesses. A
neighborhood restaurant or a clothing boutique is each an example of a small business.