1. Globalization
Globalization implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers. However, it does not include unhindered movement of labor and, as suggested by some economists, may hurt smaller or fragile economies if applied indiscriminately.
Reference:
http://www.businessdictionary.com/definition/globalization.html
Synthesis:
Because of the globalization various countries had a connection through the free transfer of goods and services and consequently had a good understanding and helping each country.
2. Nature and Importance of Entrepreneurs
The term entrepreneur comes from the French and translates “between-taker” or “go-between.”
Earliest Period
In this period the money person (forerunner of the capitalist) entered into a contract with the go-between to sell his goods. While the capitalist was a passive risk bearer, the merchant bore all the physical and emotional risks.
Middle Ages
In this age the term entrepreneur was used to describe both an actor and a person who managed large production projects. In such large production projects, this person did not take any risks, managing the project with the resources provided. A typical entrepreneur was the cleric who managed architectural projects.
17th Century
In the 17th century the entrepreneur was a person who entered into a contract with the government to perform a service Richard Cantillon, a noted economist of the 1700s, developed theories of the entrepreneur and is regarded as the founder of the term. He viewed the entrepreneur as a risk taker who “buy[s] at certain price and sell[s] at an uncertain price, therefore operating at a risk.”
18th Century
In the 18th century the person with capital was differentiated from the one who needed capital. In other words, entrepreneur was distinguished from the capital provider. Many of the inventions developed during this time as was the case with the inventions of Eli Whitney and Thomas Edison were unable to finance invention themselves. Both were capital users (entrepreneurs), not capital providers (venture capitalists.) Whitney used expropriated crown property. Edison raised capital from private sources. A venture capitalist is a professional money manager who makes risk investments from a pool of equity capital to obtain a high rate of return on investments.
19th and 20th Centuries
In the late 19th and early 20th centuries, entrepreneurs were viewed mostly from an economic perspective. The entrepreneur “contributes his own initiative, skill and ingenuity in planning, organizing and administering the enterprise, assuming the chance of loss and gain. “Andrew Carnegie is one of the best examples of this definition, building the American steel industry on of the wonders of industrial world, primarily through his competitiveness rather than creativity.
In the middle of the 20th century, the notion of an entrepreneur as an innovator was established. Innovation, the act of introducing something new, is one of the most difficult tasks for the entrepreneur. Edward Harriman and John Pierpont Morgan are examples of this type of entrepreneur. Edward reorganized the Ontario and southern railroad through the northern pacific trust and john developed his large banking house by reorganizing and financing the nation’s industries. This ability to innovate is an instinct that distinguishes human beings from other creatures and can be observed throughout history.
Reference:
Synthesis:
In the earliest period the capitalist give capital to those person whose entering the contract while the middle ages the entrepreneur was use to describe both actor or to contract and the capitalist in the this large product this person cannot take the risk in 17th century Richard Cantillon develop theories of entrepreneur and regarded as the founder of the term. In the 18th century the person with capital was differentiated the one needed capital in other word it is the capital provided Eli Whitney and Thomas Edison users not capital provider.
3. Entre-Intra preneurial Mind
The Entrepreneurial Process involves finding, evaluating, and developing an opportunity by overcoming the strong forces that resist the creation of something new.
Reference:
Synthesis:
The entre-intra preneurial mind is the process to find, evaluate, and develop to create a something new to make the profit increase.
4. Individual Entrepreneur
An individual who, rather than working as an employee, runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes.
Reference:
http://www.investopedia.com/terms/e/entrepreneur.asp
Synthesis:
Individual entrepreneur is the one who is working as employee and the risk of that is by given business idea or service offered to the sale and commonly the entrepreneur called a business leader.
5. International Entrepreneurship Opportunities
International Entrepreneurship is the process of an entrepreneur conducting business activities across national boundaries. Entrepreneurship in this sense may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses; in recent years, the term has been extended to include social and political forms of entrepreneurial activity.
References:
Synthesis:
The international entrepreneurship is a process of conducting business activities in national boundaries and also this mature organization is response to opportunity.
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