Technoprenuership1 1
TECHNOPRENEURSHIP I Introduction Entrepreneurship is a branch of economics that has been largely overlooked for two main reasons namely that it is ab Difficult
to measure empirically. Since few economists agree on its definition, developing the tools to measure it has been problematic b)
Characterised by uncertainty and occurs in the presence of imperfect information and market failure, economists have tended to disregard it in economic modeling.
However a number of models that focus on developing countries are relaxing their assumptions about perfect information. This more realistic view of economic markets has made entrepreneurship standout as one of the leading sources of market transformation (i.e.
shifting of resources from less productive to more productivetechniques per worker resulting in the creation of new goods, new skills and new markets economic growth and development in recent years.
Who is an ‘Entrepreneur?’ The term entrepreneur is derived from the French words which mean “
between” and “to take”respectively, thus an entrepreneur is one who takes a position between a supplier and a consumer. This term was first introduced by the early 18th
century French Economist Richard Cantillon. According to Schumpeter (1951), Cantillon defined the entrepreneur as the agent
who buys means of production (land, labour and capital
)at certain prices in order to combine them into anew product.
Jean-Baptiste Say, another French Economist, added to Cantillon’s definition by including the idea that entrepreneurs had to be leaders.
Say claims that “an entrepreneur is one who brings other people together in order to build a single productive organism Peter Drucker (1985) noted that although the term entrepreneur has been used for more than 200 years, there has been total confusion over the definition He defined the entrepreneur as
