CONTRIBUTOR AND
YEAR OF
CONTRIBUTION
Jean Baptiste Say
(1800)
CONTRIBUTION TO ENTREPRENEURSHIP
THOUGHT
Entrepreneurship refers to the shifting of economic
resources out of an area of lower and into higher
productivity and greater yield.
Carl Menger
(1871)
Entrepreneurship involves obtaining information,
calculation, an act of will and supervision.
Joseph Schumpeter
(1910)
Entrepreneurship is, in its essence, the finding and
promoting new combinations of productive factors.
Harvey Liebenstein
(1970)
Entrepreneurship is the reduction of organizational
inefficiency.
Israel Kirzner
(1975)
Entrepreneurship is the identification of market arbitrage
opportunities.
Albert Shapiro
(1975)
Entrepreneurship involves a kind of behavior that
includes initiative taking, organizing and recognizing
social mechanism to turn resources and situations to
practical account, and the acceptance of risks and
failures.
Karl Vesper
(1980)
Entrepreneurship is the dynamic process of creating
incremental wealth.
W. Ed Mc Mullan and
Wayne A. Long
(1990)
Entrepreneurship is the building of new growth
organization.
Howard Stevenson
(1992)
Entrepreneurship is the pursuit of opportunity beyond the
resources currently under one’s control.
Jeffrey Timmons
(1994)
Entrepreneurship is the ability to create and build a
vision from practically nothing.
Peter Drucker
(1998)
Entrepreneurship is the process of starting one’s own,
new and small business. It is also the process of
innovation and new venture creation through four major
dimensions – individual, organizational, environmental,
process – aided by collaborative networks in government,
education and institutions.
Robert Hisrisch
(2001)
Entrepreneurship involves the creation process, requires
the devotion of the necessary time and effort, assumes
the accompanying financial, psychic and social risks, and
receives the resulting rewards of monetary and personal
satisfaction and independence.