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December, 2013

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An Outline of the Concept of Entrepreneur: Main perspectives on the entrepreneur

Adam Smith gave a theoretic expression to many phenomena, processes, categories, laws as well as to the market economy related mechanism itself, under the forms specific to the 18th century. However, his ideas and his work represented the inspirational source -critical, neutral or creative – for many types of schools and economic thinking trends.
The harmonization of the particular with the general, of the national with the universal offered his theoretic creation a value that has not been diminished in time, and the “Wealth of Nations” is recognized as the masterpiece in which the economy as a science gained precise outlines and became a self – contained field. Smith’s economic conception as presented in the “Wealth of Nations” results from his previous writings, among which one distinguishes the importance of “The Theory of Moral Feelings”. The central issue of his work is determining the means by which men formulate a moral judgment (assertion of certain ideas about vices and virtue, about the good and the bad, about just and unjust). In terms of the generality and universality of Smith’s theory, he is an international classic, not only a classic of a country and social category, and his masterpiece remains one of the most important reference moments in the cumulative process of economic science development. Indian Capital Market

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An Outline of the Concept of Entrepreneur: Introduction

An Outline of the Concept of Entrepreneur: IntroductionThe concept related to entrepreneur has been widely used since the oldest times up to present times, as it is encountered in the specialized literature under different aspects. The notion of entrepreneur originates from the French word “entreprendre”, which means to carry on, to get involved in the creation of a thing, to engage into something. Payday Loans Online

In the older times, the typical entrepreneur could be encountered among the militaries and merchants, since wars were often carried out due to economic reasons. The military leaders, assuming considerable risks, could obtain consistent gains if they had a successful strategy, and the merchants used to risk their fortunes in this context too. Often, the merchant and the fortune hunter were the same person. Marco Polo, for example, was a fortune hunter who wanted to settle trade routes to the Far East. The merchant – fortune hunter assumed the physical and emotional risk of such an action, and the capitalist assumed the economic risk. At the end of the mission, the capitalist received 75% of the gain, and the merchant received the difference.

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