JEREMIAH NYAGA TECHNICAL TRAINING INSTITUTE

Entrepreneurship is an academic discipline in management and economics. In the framework of economics, entrepreneurship is an exception to classical input–output economics. In a social and management framework the entrepreneur is often an active ‘change agent’. The entrepreneur consciously uses innovation and creativity as tools to achieve enterprise. The formalization of innovation into forms that can be patented is a relatively new phenomenon. Thus the term ‘entrepreneur’ is to...

The word ‘entrepreneur’ comes from the French entre meaning ‘between’. The root of the verb entreprendre can be traced back to around 1200. By 1500, a noun form appeared and soon thereafter both the verb and noun entered the English language. Already in 1730, ‘entrepreneur’ was used to mean a self-employed person with a risk tolerance. Already here there exists confusion between the concept of ‘middle man’ or intermediary (the ‘between’ part) on one hand and, on the other...

entrepreneurship is introduced in its economic and academic setting; an economic theory and practice outside the perimeter of classical input-output economics. By the beginning of the twentieth century, neo-classical economics had refined the theory of the capitalist economy to one where the central concept is market equilibrium, and where market supply equals demand in a perfectly competitive market. In this scheme there is little place for innovative entrepreneurs and, interestingly, comm...