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NATIONAL ENTREPRENEUR'S DAY

HISTORY OF NATIONAL ENTREPRENEUR'S DAY

Entrepreneur is derived from the French term entreprendre, which means "to undertake." It originally appeared in the 1723 edition of Jacques des Bruslons' French lexicon "Dictionnaire Universel de Commerce." Richard Cantillon, an Irish-French economist, pioneered the study of entrepreneurship in the late 17th and early 18th centuries. In his book "Essay on the Nature of Trade in General," he described an entrepreneur as someone who buys a product at a fixed price and resells it at a variable price.

Cantillon distinguished the difference between the entrepreneur and the investor by emphasizing the entrepreneur's willingness to take on risk and deal with uncertainty. Jean-Baptiste Say, a French economist, defined entrepreneurs as economic development drivers, highlighting their function as one of the basic elements of production. Say and Cantillon were both physiocrats who belonged to the French school of thought.

An entrepreneur, according to economist Joseph Schumpeter in the 1930s, is someone who is willing and capable of turning a novel concept or invention into a successful venture. Entrepreneurship, for him, resulted in the creation of new industries and the integration of currently available inputs. His example was the horseless vehicle, which was created by combining the steam engine and the wagon.

Siamak Taghaddos, an entrepreneur, sponsored a petition in 2010 to establish a National Entrepreneur's Day. He couldn't understand why America, despite being the world's most enterprising country, didn't already have a day set aside to honor entrepreneurs. After six months and thousands of signatures, President Obama declared National Entrepreneur's Day on the last day of National Entrepreneur Week in 2010.

 

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