THE CONCEPT OF ENTREPRENEURSHIP

 “The concept was first established in the 1700s, and it has evolved ever since.” To most,
entrepreneurship means putting up a business. Economists believe that it is more than simply
starting it. To most businesspeople, an entrepreneur is willing to bear and take the risk of
creating a new venture if there is a substantial potential for growth and profit. Others believe
that the entrepreneur’s role is to be the innovator of new products and services that delivers
customer’s needs and demands.”
 In the 20th century, an economist named Joseph Schumpeter (1883-1950) studied how the
entrepreneurs are motivated to look, innovate, and create new and better ways of doing
business.
 Business expert Peter Drucker (1909-2005) took this idea even further and described an
entrepreneur as someone who searches for things to change, responds to it by researching and
taking new ideas and trends, and exploits these changes as an opportunity to create and deliver
something better. Few good examples of changes are the usage of home phones to cellular
phones, to the internet in the communications industry, while long playing (LP) record to play
music has been replaced by mp3 players, and now the usage of music apps such as Spotify.
 Most economists and businesspeople agree that entrepreneurship is a necessary component in
encouraging economic growth. It also gives employment opportunities to the increasing
workforce and helps resolve poverty in the society.

Benefits to Senior High School Students