Background to entrepreneurship
Definition and interpretation The term enterpreneurship emerges from the french (literally between take or go between )and traceable to the eighteen century economiist Richard Cantillon ,Anne-Robert –jacques Turgot and
Francios Quesnay ,The term was also denoted to an actor in charge of large –scale construction
Project as cathedral, bearing no risk but simply carrying the task forward untill resoures were
Exhausted ,the change in the use of term began in the seventeen century with a specific reference to risk bearing and enterpreneurship was tagged a person who entered into a contractual relationship with the government for the performance of a service or the supply of good ;The assumption was the price of a contract had been valued and fixed and the enterpreneur bore the risk of profit and loss from the bargain.
In the eighteen century ,the term was applied in france in several way ; cantillon in 1725 referred to entrepreneurs as risk bearing .But he tried to differentiate the entrepreneurs who provide capital or funds from those who relied on their own labour and resources. That showed an entrepreneurial role as independent of the capitalist role Quesnay considered an enterpreneur as a tenant farmer who rent property at a fixed rent and produces a given price’s like cantillon bandeau ( 1797) and Turgot upheld the risk bearing element of the entrepreneur but add the concepts of planning supervising organizing and ownership . The use of the term was not restricted to finance alone. However, the concept evolved at the same time in England during industrial Revolution of the sixteenth and seventeenth centuries. it was the period where the term was associated