definition of entrepreneurship

The world entrepreneurship originates from the French word that is “entreprendre” which means “to undertake”. But in the business context it means to start a business. However the Merriam Webster Dictionary present the definition of an entrepreneur as one who are organizes, manages, and assumes the risk of the a business or enterprise. In the other idea of Austrian Economist Joseph Schumpeter’s definition of entrepreneurship placed an emphasis on innovation into the new product, new production methods, new markets, and new forms of organization.
One of the top entrepreneurs in the world we can see and we can take as an idol in the world of business is a Bill Gates, founder of Microsoft and started his first business at the age of 15. Nowadays, Ramly Burger has a successful business in Frozen food supply industries and one of the successful entrepreneurs in Malaysia.
Innovation and entrepreneurship are at the heart of “creative destruction”. While Henry Chesbrough has described a new paradigm of open innovation that is in contrast to the traditional closed model. According to the Henry Chesbrough under the open innovation research result are able to traverse the firm’s boundaries. Other companies that are able to utilize a technology can license, creating a “win-win situation”.