![Marketing Genius Contest.png](https://cdn.steemitimages.com/DQmQu4FqG29WPwt1mWp2NBAVXmjaiY77isaFHM5tvoPCMJ2/Marketing%20Genius%20Contest.png) |

Lesson 01: Understanding Entrepreneurship

| |-| ### Introduction We are introducing new way of conducting our contest. In this format I will deliver lecture on specific topic and at the end I will give you some task to complete. This approach aims to enhance your understanding and engagement with the material. ### Learning Objectives 1. **Introduce the concept of entrepreneurship and Its Historical Development** 2. **Explain the Entrepreneurial Decision Proces** 3. **Identify the Basic Type of Start up Ventures** 4. **Explain the Role of Entrepreneurship in Economic Development** 5. **Discuss the Ethics and Social Responsibility of Entrepreneur** ### Nature and Development of Entrepreneurship The term "entrepreneur" originate from the French word "entreprendre " meaning "to undertake." Throughout history the Concept and role of the entrepreneur have evolved significantly. #### Earliest Period In the earliest period the capitalist precursor to modern investors entered into contracts with go betweens to sell good. while the capitalist was passive risk bearer the merchant bore all physical and emotional risk. #### Middle Ages During the Middle Ages the term entrepreneur was used to describe both actor and managers of large production projects. These entrepreneur did not take risks but managed projects with resources provided by others. An example is clerics who managed architectural projects. #### 17th Century In the 17th century entrepreneurs entered into contracts with the government to perform service. Richard Cantillon an economist from the 1700s viewed the entrepreneur as a risk-taker who buys at certain prices and sells at uncertain prices thus operating at a risk. #### 18th Century In the 18th century a distinction emerged between entrepreneurs and Capital providers. Entrepreneurs like Eli Whitney and Thomas Edison were capital users who raised funds from external sources while venture capitalists provided these funds. #### 19th and 20th Centuries During the late 19th and early 20th centuries entrepreneurs Were viewed primarily from economic perspective. They contributed initiative skill and ingenuity in planning and organizing enterprises assuming the risk of los and gain. Andrew Carnegie is a prime example building the American steel industry through competitivenes. By the mid 20th century the notion of the entrepreneur as innovator became prominent with figures like Edward Harriman and John Pierpont Morgan exemplifying this role. ### Definition of Entrepreneur Entrepreneurship involves various behaviors and roles including: 1. **Initiative Taking** 2. **organizing and Reorganizing Social/Economic Mechanism** 3. **Acceptance of Risk or failure** From different perspectives: - **Economist:** An entrepreneur combines resources labor materials and other assets to create greater value and introduce changes and innovations. - **Psychologist:** Entrepreneurs are driven by need to achieve experiment or escape authority. - **Dynamic Process:** Entrepreneurship is the process of creating incremental wealth requiring time Effort and risk taking. Rewards include independence Personal satisfaction and monetary gains. ### The Entrepreneurial Decision Process Deciding to become an entrepreneur involves moving from current lifestyle to forming a new enterprise. This decision often stems from disruptions such as retirement relocation job loss or completing an education. The decision to start a new Company arises when an individual perceives it as both desirable and Possible leading to millions of new ventures worldwide despite economic challenges. ### Key Terms - **Breakthrough Innovations:** New products with technological changes. - **Business Ethics:** The study of behavior and morals in business situations. - **Desirability of New Venture Formation:** Aspects that make starting a new company desirable. - **Entrepreneur:** An individual who takes risks to start something new. - **Entrepreneur as an Innovator:** An individual who develops something unique. - **Entrepreneurial Decision Process:** Deciding to become entrepreneur by leaving current activities. - **Entrepreneurship:** The process of creating something new and assuming the risks and rewards. --- By completing these tasks you will gain a basic understanding of the various facets of entrepreneurship and its significance in both historical and contemporary contexts. |

Assignment Tasks

| |-| 1. **Brief History:** write short paragraph (100 - 150 words) on how the role of entrepreneur has change from the Middle Age to the 20th century. 2. **Famous Entrepreneur:** Name a famous entrepreneur and list two risk they took to become successful. 3. **Decision Reflection:** Think of a decision you or someone you know made that involved taking a risk. Write two sentences about what the decision was and the outcome. 4. **Economic Role:** Write a sentence about how entrepreneurs contribute to economic development. 5. **Ethics in Business:** List one ethical responsibility entrepreneurs have when starting a new business. |

Assignment Guidlines

| |-| - The Title of the Post should be **Exploring the Evolution of Entrepreneurship** - In the first four hashtags include the primary hashtag #learnablecontest and ensure the use of the hashtag #steemexclusive and your #countrytag. - Participant are required to join one of the following clubs: #club5050 #club75 or #club100. - The written content should consist of a minimum of 300 words and can be submitted in either national or global languages. - It is preferable to include original photos and if internet sourced images are used they must be copyright free with a clearly indicated source. - Contribute to the growth of the official community curation account by allocating a 10% reward to the @steempreneurship account. - Plagiarism the utilization of artificial intelligence (AI) and any other forms of cheating may result in potential disqualification. |

NOTES

| |-| - Participants are invited to engage during the specified period from *Saturday, aug 3 2024 00.00 UTC to the expiration of this post* - Prizes totaling 6 STEEM will be distributed as follows: 1st place (2 STEEM) 2nd place (2 STEEM) 3rd place (2 STEEM). Winning entries stand a chance to receive support from the @booming account. - The use of the hashtag #burnsteem25 is permissible only if the participant has allocated a reward of 25% to the @null account. - **Special thanks** extend to the entire Steemit Team Participants Jury and all stakeholders contributing to the success of the "Exploring the Evolution of Entrepreneurship" contest. / Cc: @disconnect

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