There can be a variety of definitions of an entrepreneur but typically it can be defined as “one who organizes, manages, and assumes the risks of a business or enterprise”.
The first person that popped into my mind was none other than Mark Zuckerberg, the creator of the commonly-used, social networking site Facebook.
Joseph Schumpeter, an Austrian economist, strongly emphasizes that the main focus of entrepreneurship is innovation. This is clearly demonstrated as no other social network was able to provide as convenient of an access in connecting with your friends and family.
Four main requirements for Entrepreneurial venture:
1. Amount of Wealth Creation
– In 2007, Microsoft bought a 1.6% stake in Facebook for approximately $240 million.
2. Speed of Wealth Creation
– In one year’s time, Facebook was already able to generate $12.7 million in venture capital.
3.Risk
– Zuckerberg was absent for many of classes in order to create Facebook and eventually dropped out of Harvard.
4.Innovation
– Facebook is still continually expanding. Mark Zuckerberg had replied saying that the site is still “work in progress”.
Thus, Mark Zuckerberg is an ideal example of a successful, multi-billion entrepreneur.
http://www.quickmba.com/entre/definition/
http://www.entrepreneur.com/growyourbusiness/radicalsandvisionaries/article197850.html
2 responses so far ↓
Mike Abasov // Nov 15th 2010 at 8:16 pm
For the first point, I think it was supposed to be Facebook, not Microsoft.
Good post, otherwise.
stephaniefan // Nov 15th 2010 at 8:29 pm
I meant Microsoft buying into Facebook but thanks for clarifying!
Leave a Comment