The word entrepreneur derived from is one of the most popular words in business. However, few people know where the word is derived from or have a clear definition of it. Generally, entrepreneurs are considered to be the driving force behind a new business. They are also responsible for creating jobs and stimulating the economy.
What is the French word for entrepreneur?
The roots of the term entrepreneur can be traced to the thirteenth century French verb entreprendre. This means “to undertake.” Around the same time, Cantillon developed the idea of an entrepreneur as someone who would take risks to create something new in a market that was not yet fully developed. Cantillon’s ideas were an important step in the evolution of entrepreneurship.
In 1800, Jean-Baptiste Say added to the academic understanding of entrepreneurship with his Treatise on Political Economy. He described an entrepreneur as someone who moves resources out of an area with low productivity and into an area with greater potential for profit.
More recently, Joseph Schumpeter and Israel Kirzner have helped to define entrepreneurship as an economic process. Schumpeter emphasized the role of entrepreneurs as innovators, who implement change in an economy by introducing new products and services that cause other products to become obsolete.
Kirzner, on the other hand, viewed an entrepreneur as someone who adds value to existing products or markets. He believed that successful entrepreneurs identify a pain point or gap in the marketplace and then create a product to meet that need.