In where ideas drive economies, it is no wonder that innovation and entrepreneurship are frequently observed as inseparable bedfellows. The governments about the planet are beginning to realize that in order to sustain progress and enhance a country’s economy, the men and women have to be encouraged and trained to assume out-of-the-box and be continually building revolutionary items and solutions. The when feasible approaches of performing small business are no longer guarantees for future financial accomplishment!

In response to this inevitable change, some governments are rethinking the way the young are educated by infusing creative thinking and innovation in their nation’s educational curriculum. In the very same vein, they are putting a lot emphasis on the need to have to train future entrepreneurs by means of infusing entrepreneurship elements within the educational technique, in particular at the tertiary level.

Some nations have taken this initiative to a greater level by introducing entrepreneurship education at elementary schools and encouraging them to be future entrepreneurs when they are of age. In a series of survey funded by Kauffman Center for Entrepreneurial Leadership, it was identified that practically seven out of 10 youths (aged 14-19) have been interested in becoming entrepreneurs.

Being an entrepreneur is now the option of the new generation as compared to the preferred career alternatives of yesteryears such as being a physician, lawyer or a fighter pilot. In a current pay a visit to to the bustling city of Shanghai in China, an informal survey was carried out among Chinese youths by the author. The results of the survey showed that getting an entrepreneur, especially in the field of laptop and e-commerce, is perceived as a ‘cool’ profession and is an aspiration for a lot of Chinese youths Prior to the ‘opening up’ of modern China, becoming an entrepreneur was perceived as the outcome of one’s inability to hold a fantastic government job and those who dared to venture, had been often scorned at by their peers. Occasions have indeed changed.

With this change in mindset and the relative know-how that entrepreneurs bring forth enhanced job creations, the awareness and academic research of entrepreneurship have also heightened. In numerous tertiary institutes, many courses of entrepreneurship and innovation are being created and provided to cater to the escalating demand. The term “entrepreneurship” has also evolved with many variations. The proliferation of jargons such as netpreneur, biotechpreneur, technopreneur and multipreneur are coined to retain up with the ever-altering instances and company conditions that surround us.

In view of these alterations, it is vital that the definition of entrepreneurship be refined or redefined to allow its application in this 21st century. To put it succinctly, “Great science has to begin with very good definitions (Bygrave & Hofer, 1991, p13).” Without having the right definition, it will be laborious for policymakers to create profitable applications to inculcate entrepreneurial qualities in their individuals and organizations within their nation.

The paper will deliver a summary of the definitions of entrepreneurship supplied by scholars in this subject area. The author will also expand on 1 of the definitions by Joseph Schumpeter to produce a superior understanding of the definition of the term “entrepreneurship” as applied in today’s company world.

Entrepreneurship by way of the Years:

It was found that the term ‘entrepreneurship’ could be discovered from the French verb ‘entreprende’ in the twelfth century even though the meaning could not be that applicable today. This meaning of the word then was to do a thing without any hyperlink to economic profits, which is the antithesis of what entrepreneurship is all about right now. It was only in the early 1700’s, when French economist, Richard Cantillon, described an entrepreneur as 1 who bears dangers by acquiring at certain costs and promoting at uncertain rates (Barreto, 1989, Casson 1982) which is most likely closer to the term as applied nowadays.

In the 1776 believed-provoking book ‘The Wealth of Nations’, Adam Smith explained clearly that it was not the benevolence of the baker but self-interest that motivated him to supply bread. From Smith’s standpoint, entrepreneurs have been the financial agents who transformed demand into provide for profits.

In 1848, the well-known economist John Stuart Mill described entrepreneurship as the founding of a private enterprise. This encompassed the threat takers, the decision makers, and the individuals who desire wealth by managing limited sources to produce new organization ventures.