An Analysis of Entrepreneurship - Juxtaposing Diverse Professional Definitions

An Analysis of Entrepreneurship:

Juxtaposing Diverse Professional Definitions

By:

Farah Gosnell

M590

March 13, 2007

Introduction

The definition of entrepreneurship is one that has many experts, from diverse schools of thought, baffled and contentious. These experts, in their respective fields, believe that only their definition holds merit and should readily explain, to the general population, what entrepreneurship means.

This paper will attempt to derive the differences and parallels of the various definitions, from five different areas of expertise and schools of thought, which will include: economics, social, institutional, public, and corporate.

In conclusion, this thought piece gives an example of what entrepreneurship, after much research, means to this author.

Differences and Parallels

The term entrepreneur is derived from the French ‘entreprendre’, which in its most literal form, comes from the German word ‘unternehmen’ meaning ‘to undertake’. The earliest entrepreneurs, dating back to the 16th century, were explorers engaged by the French military. Over time, paid builders of military bridges, harbors and fortifications, were also considered entrepreneurs (Cunningham). Therefore, the initial entrepreneurs were those employed to perform risky or dangerous jobs.

Consequently, French economists furthered the terminology to include people who bore risk and uncertainty in order to make innovations (Vogel). Hence, at present, it is an irony of economics that most economists cannot agree to a definition of entrepreneurship. This is because entrepreneurship cannot fit neatly into the static equilibrium framework or a “neat” theory in