Entrepreneurship (entrepreneurial activity) is an independent activity carried out at one's own risk, aimed at the systematic receipt of profit from the use of property, the sale of goods, the performance of work or the provision of services.


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Persons engaged in entrepreneurial activity must be registered in this capacity in the manner prescribed by law, unless otherwise provided by law

Individual cases of the sale of goods, the performance of work or the provision of services that do not lead to the systematic receipt of profit are not entrepreneurship.

For doing business, property, intangible assets, labor, both the entrepreneur himself and those attracted from outside, are used. There is no guarantee that the money spent will pay off, that the product will be sold at a profit - read any business book PDF to learn it in detail. Associated with this is the risk of loss of all or part of the property.

Most countries require formal registration to start a business, but the criteria and conditions can vary significantly. According to the legislation, entrepreneurship can be carried out by a legal entity or directly by an individual (individual entrepreneur) after their registration in the manner prescribed by law.

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To make a decision, one cannot do without thorough marketing or studying the state of the market, the state of affairs of competitors, scientific forecasts of probable changes in supply and demand, and the purchasing power of the population. As practice shows, there are many sources of new ideas: reviews of business partners and contract partners, competitors' products, materials from publications of government agencies, information sheets from patent offices. The most important place in the sources is occupied by the opinion of consumers of products, since the ultimate goal of entrepreneurial activity is to satisfy their needs.

Entrepreneurial activity is often associated with small business, when the owner is also the manager. In a large company, management functions are often performed by hired managers, and the owners receive income and vote only occasionally at general meetings.

Sometimes social entrepreneurship is singled out as a separate category.

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In the 20th century, entrepreneurship was studied by Joseph Schumpeter in the 1930s and other Austrian economists such as Karl Menger, Ludwig von Mises, and Friedrich von Hayek. While the French borrowing of the word "entrepreneur" dates back to 1850, the term "entrepreneurship" was coined around the 1920s. According to Schumpeter, an entrepreneur is willing and able to turn a new idea or invention into a successful innovation. Entrepreneurship uses what Schumpeter called "the storm of creative destruction" to replace, in whole or in part, undersupply in markets and industries, while creating new products and new business models, thus creative destruction is largely responsible for long-term economic growth. The idea that entrepreneurship leads to economic growth coming from the best business books PDF is an interpretation of the remainder in Endogenous Growth Theory and as such continues to be debated in academic economics. Israel Kirzner's alternative description suggests that most innovations could be incremental improvements, such as replacing paper with plastic in drinking straws that do not require special qualities.