Knight Definition Of Entrepreneurship

The risk can be classified as a calculable and non calculable risk. Entrepreneurship is an act of being an entrepreneur or the owner or manager of a business enterprise who by risk and initiative attempts to make profits. Knight who believed profit as a reward for uncertainty bearing not to risk bearing.

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An entrepreneur creates a firm which aggregates capital and labor in order to produce goods or services for profit.

Knight definition of entrepreneurship. Despite the fact that defining entrepreneurship has. There is no universal consensus on defining entrepreneurship. Entrepreneurship is an important driver of economic growth and innovation. Enormous number of definitions has been forwarded by the researchers in the recent academic studies on the area of entrepreneurship.

Knight 1921 and peter drucker 1970 entrepreneurship is about taking risk. Simply profit is the residual return to the entrepreneur for bearing the uncertainty in business. He has accepted entrepreneurship as a physiological motivation also which exists in all individuals. An entrepreneur is an innovator of a new combination in the field of production.

According to this concept entrepreneurship as a creative activity and it is the function of progressive leadership different concepts of entrepreneurship. Entrepreneurs act as managers and oversee the launch and growth of an enterprise. Knight had made a clear distinction between the risk and uncertainty. Michael palner writes the word entrepreneur carries a deluge of definitional and operational ambiguity.

This definition emphasises that entrepreneurs exercise a high degree of initiative and are willing to take a high degree of risk. Definition of entrepreneurship by different scholars. English dictionarydefines an entrepreneur as a person who attempts to profit by risk and initiative. Similarly entrepreneurship is the quality of developing resources of the institution developing human capacity performing creative activities and coordinating new thoughts.

The behavior of the entrepreneur reflects a kind of person willing to put his or her career and financial security on the line and take risks in the name of an idea spending much time as well as capital on an uncertain venture. Pathak has said that entrepreneurship includes those broad areas for which various decisions are to be taken.