ADM 2313 Lecture Notes - Lecture 13: Venture Capital Financing, Social Entrepreneurship, Glass Ceiling
5 Jan 2018
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Chapter 1 the entrepreneur: concepts and evidence. Contributions of economic writers and theorists on the role of the entrepreneur in economic development and the application of economic theory: Cantillon: the first to recognize the crucial role of the entrepreneur in economic development. Divided society into 3 classes: entrepreneurs, landowners, workers. Say: the entrepreneur provided a commercial stage in the 3 stages of production. Entrepreneur could be seen as close to the traditional mainstream and as someone willing to take risks. Kirzner: entrepreneur is alert to profitable opportunities for exchange. They are able to identify suppliers and customers and act as the intermediary. The possession of additional knowledge (information) provides opportunities for creative discoveries. The entrepreneur brings our change through the introduction of new technological processes or products. Large monopolistic firms have distinct advantages over small firms in the technological process. The opportunity for profit arises out of uncertainty surrounding change.
