Samuel Carnes Collier (May 14, 1912 – September 23, 1950) was an American advertising entrepreneur and auto racer . He made his fortune in streetcar advertising.
94-490: Briggs Swift Cunningham II (January 19, 1907 – July 2, 2003) was an American entrepreneur and sportsman. He is best known for skippering the yacht Columbia to victory in the 1958 America's Cup race, and for his efforts as a driver, team owner, and constructor in sports car racing , including the 24 Hours of Le Mans . Cunningham was born in Cincinnati , Ohio on 19 January 1907. The family were long-time residents of
188-488: A Cunningham downhaul , an improved downhaul invented by Cunningham that has come to bear his name. Cunningham was part of the syndicate that commissioned construction of the 12 meter sloop Columbia to contest the first post-war America's Cup race in 1958. The original choice to skipper Columbia in the America's Cup was Cornelius "Corny" Shields , but when he was sidelined by heart troubles Cunningham stepped in and led
282-406: A Jaguar D-Type . Cunningham entered a 750 cc Stanguellini in the 1954 race at Watkins Glen, with driver Marshall Lewis. The car won its H Modified class, while John Gordon Bennett was second in a Cunningham O.S.C.A. MT4 1450. Entrepreneur Entrepreneurship is the creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk (assumed by
376-729: A 331 cu in (5,424 cc) Chrysler FirePower V8 for the Cadillac in the C-1. The C-2R first appeared at Le Mans in 1951. To be homologated as a manufacturer for Le Mans, Cunningham undertook to build 25 examples of the C-3 road car. The C-3s used an upgraded version of the Chrysler FirePower V8. Production of the C-3 is variously reported to have been twenty-five (twenty coupes and five convertibles) or twenty-seven (eighteen coupes and nine convertibles). The next racing car for
470-729: A Dodge touring car. As a boy Cunningham was a passenger during some impromptu street races in the car with Heyl. Cunningham's early schooling took place at Groton and the Hill School in Pottstown, Pennsylvania. His university days were spent at Yale. He was also a brakeman on the Olympic bobsled team. On 2 October 1929 he married Lucie Bedford, the granddaughter of E.T. Bedford , a co-founder and director of Standard Oil . The couple spent an extended honeymoon in Europe, where Cunningham won
564-658: A business owner who is affiliated with millennials (also known as Generation Y), those people born from approximately 1981 to 1996. The offspring of baby boomers and early Gen Xers , this generation was brought up using digital technology and mass media. Millennial business owners are well-equipped with knowledge of new technology and new business models and have a strong grasp of its business applications. There have been many breakthrough businesses that have come from millennial entrepreneurs, such as Mark Zuckerberg , who created Facebook. However, millennials are less likely to engage in entrepreneurship than prior generations. Some of
658-429: A college or university), science parks and non-governmental organizations, which include a range of organizations including not-for-profits, charities, foundations and business advocacy groups (e.g. Chambers of commerce ). Beginning in 2008, an annual " Global Entrepreneurship Week " event aimed at "exposing people to the benefits of entrepreneurship" and getting them to "participate in entrepreneurial-related activities"
752-604: A concours with a Mercedes Benz SS delivered to him personally by Rudolph Caracciola . It was also during this trip that he attended his first major automobile race, the 1930 Monaco Grand Prix. When the couple returned to the US they settled on the Long Island Sound. During World War II (WWII) he tried to enlist in the US Navy but was deemed ineligible due to a combination of age and a pre-existing condition. He instead joined
846-406: A cultural authority and leverage it to create and sustain various cultural enterprises"; "tycoons", defined as "entrepreneurs who buil[d] substantial clout in the cultural sphere by forging synergies between their industrial, cultural, political, and philanthropic interests"; and "collective enterprises", organizations which may engage in cultural production for profit or not-for-profit purposes. In
940-820: A designer, proprietor, and manager of the Overlook Theatre, in Pocantico Hills , New York . He attended Yale where he was a member of Skull and Bones . He graduated in 1935. He served in World War II as a Navy pilot. "He was one of the founders of the Automobile Racing Club of America , competed in the 1939 Alpine Trial, and was the founder of the concern of Motor Sport, Inc., sole American importers of M.G. cars ." In 1949 Collier finished third overall, and first in Class E, in
1034-447: A focus on opportunities other than profit as well as practices, processes and purpose of entrepreneurship. Gümüsay suggests a three pillars model to explain religious entrepreneurship: The pillars are the entrepreneurial, socio-economic/ethical, and religio-spiritual in the pursuit of value, values, and the metaphysical . A feminist entrepreneur is an individual who applies feminist values and approaches through entrepreneurship, with
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#17327974312291128-416: A level of risk is a necessity. Fourth, the entrepreneurial process requires the organization of people and resources. An entrepreneur uses their time, energy, and resources to create value for others. They are rewarded for this effort monetarily and therefore both the consumer of the value created and the entrepreneur benefit. The entrepreneur is a factor in and the study of entrepreneurship reaches back to
1222-560: A new 6 meter, also to be named Lucie . She was built at the Henry B. Nevins Boatyard in New York in 1931. He spent part of his honeymoon sailing the new Lucie . Cunningham won 6 world titles in 6 meter yachts. F.T. Bedford commissioned the 12 meter Nyala as a gift for Cunningham and his daughter Lucie when they married. In 1931 Cunningham was a crew member aboard the Dorade when it won
1316-498: A period of self-employment of one or more years; one in four may have engaged in self-employment for six or more years. Participating in a new business creation is a common activity among U.S. workers over the course of their careers". In recent years, entrepreneurship has been claimed as a major driver of economic growth in both the United States and Western Europe. Entrepreneurial activities differ substantially depending on
1410-410: A price system). In this treatment, the entrepreneur was an implied but unspecified actor, consistent with the concept of the entrepreneur being the agent of x-efficiency . For Schumpeter, the entrepreneur did not bear risk : the capitalist did. Schumpeter believed that the equilibrium was imperfect. Schumpeter (1934) demonstrated that the changing environment continuously provides new information about
1504-404: A profitable manner. But before such a venture is actually established, the opportunity is just a venture idea. In other words, the pursued opportunity is perceptual in nature, propped by the nascent entrepreneur's personal beliefs about the feasibility of the venturing outcomes the nascent entrepreneur seeks to achieve. Its prescience and value cannot be confirmed ex ante but only gradually, in
1598-511: A recent statistical analysis of U.S. census data shows that whites are more likely than Asians, African-Americans and Latinos to be self-employed in high prestige, lucrative industries. Religious entrepreneurship refers to both the use of entrepreneurship to pursue religious ends as well as how religion impacts entrepreneurial pursuits. While religion is a central topic in society, it is largely overlooked in entrepreneurship research. The inclusion of religion may transform entrepreneurship including
1692-485: A source of new ideas, goods , services, and business/or procedures. More narrow definitions have described entrepreneurship as the process of designing, launching and running a new business, often similar to a small business , or (per Business Dictionary ) as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit ". The people who create these businesses are often referred to as "entrepreneurs". In
1786-536: A tendency towards risk-taking that makes them more likely to exploit business opportunities . "Entrepreneur" ( / ˌ ɒ̃ t r ə p r ə ˈ n ɜːr , - ˈ nj ʊər / , UK also /- p r ɛ -/ ) is a loanword from French. The word first appeared in the French dictionary entitled Dictionnaire Universel de Commerce compiled by Jacques des Bruslons and published in 1723. Especially in Britain,
1880-507: A theoretical standpoint is that they have to "rewire" these temporary ventures and modify them to suit the needs of new project opportunities that emerge. A project entrepreneur who used a certain approach and team for one project may have to modify the business model or team for a subsequent project. Project entrepreneurs are exposed repeatedly to problems and tasks typical of the entrepreneurial process. Indeed, project-based entrepreneurs face two critical challenges that invariably characterize
1974-402: A traditional business), and potentially involving values besides simply economic ones. An entrepreneur ( French: [ɑ̃tʁəpʁənœʁ] ) is an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as "entrepreneurship". The entrepreneur is commonly seen as an innovator ,
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#17327974312292068-494: A variety of organizations with different sizes, aims, and beliefs. For-profit entrepreneurs typically measure performance using business metrics like profit , revenues and increases in stock prices , but social entrepreneurs are either non-profits or blend for-profit goals with generating a positive "return to society" and therefore must use different metrics. Social entrepreneurship typically attempts to further broad social, cultural, and environmental goals often associated with
2162-423: Is largely responsible for long-term economic growth. The idea that entrepreneurship leads to economic growth is an interpretation of the residual in endogenous growth theory and as such continues to be debated in academic economics. An alternative description by Israel Kirzner (born 1930) suggests that the majority of innovations may be incremental improvements – such as the replacement of paper with plastic in
2256-509: Is the process by which either an individual or a team identifies a business opportunity and acquires and deploys the necessary resources required for its exploitation. In the early 19th century, the French economist Jean-Baptiste Say provided a broad definition of entrepreneurship, saying that it "shifts economic resources out of an area of lower and into an area of higher productivity and greater yield". Entrepreneurs create something new and unique—they change or transmute value. Regardless of
2350-695: The German Reich . However, proof of competence was not required to start a business. In 1935 and in 1953, greater proof of competence was reintroduced ( Großer Befähigungsnachweis Kuhlenbeck ), which required craftspeople to obtain a Meister apprentice-training certificate before being permitted to set up a new business. In the Ashanti Empire , successful entrepreneurs who accumulated large wealth and men as well as distinguished themselves through heroic deeds were awarded social and political recognition by being called "Abirempon" which means big men. By
2444-423: The voluntary sector in areas such as poverty alleviation, health care and community development . At times, profit-making social enterprises may be established to support the social or cultural goals of the organization but not as an end in itself. For example, an organization that aims to provide housing and employment to the homeless may operate a restaurant, both to raise money and to provide employment for
2538-440: The "cradle of political economy". Cantillon defined the term as a person who pays a certain price for a product and resells it at an uncertain price, "making decisions about obtaining and using the resources while consequently admitting the risk of enterprise". Cantillon considered the entrepreneur to be a risk taker who deliberately allocates resources to exploit opportunities to maximize the financial return. Cantillon emphasized
2632-572: The 1930s and other Austrian economists such as Carl Menger , Ludwig von Mises and Friedrich von Hayek . According to Schumpeter, an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation . Entrepreneurship employs what Schumpeter called "the gale of creative destruction" to replace in whole or in part inferior innovations across markets and industries, simultaneously creating new products, including new business models . Extensions of Schumpeter's thesis about entrepreneurship have sought to describe
2726-573: The 2000s, story-telling has emerged as a field of study in cultural entrepreneurship. Some have argued that entrepreneurs should be considered "skilled cultural operators" that use stories to build legitimacy, and seize market opportunities and new capital. Others have concluded that we need to speak of a 'narrative turn' in cultural entrepreneurship research. The term "ethnic entrepreneurship" refers to self-employed business owners who belong to racial or ethnic minority groups in Europe and North America. A long tradition of academic research explores
2820-514: The 2000s, the term "entrepreneurship" has been extended to include a specific mindset resulting in entrepreneurial initiatives, e.g. in the form of social entrepreneurship , political entrepreneurship or knowledge entrepreneurship . According to Paul Reynolds, founder of the Global Entrepreneurship Monitor , "by the time they reach their retirement years, half of all working men in the United States probably have
2914-589: The 2000s, usage of the term "entrepreneurship" expanded to include how and why some individuals (or teams) identify opportunities, evaluate them as viable, and then decide to exploit them. The term has also been used to discuss how people might use these opportunities to develop new products or services, launch new firms or industries, and create wealth. The entrepreneurial process is uncertain because opportunities can only be identified after they have been exploited. Entrepreneurs exhibit positive biases towards finding new possibilities and seeing unmet market needs, and
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3008-552: The 2010s, ethnic entrepreneurship has been studied in the case of Cuban business owners in Miami, Indian motel owners of the U.S. and Chinese business owners in Chinatowns across the U.S. While entrepreneurship offers these groups many opportunities for economic advancement, self-employment and business ownership in the U.S. remain unevenly distributed along racial/ethnic lines. Despite numerous success stories of Asian entrepreneurs,
3102-501: The B.S. Cunningham Company was designed by G. Briggs Weaver . Two C-4R roadsters were built, as well as a single C-4RK coupe with truncated rear bodywork. The cars debuted at the 1952 24 Hours of Le Mans . For 1953 a single all-new C-5R was prepared for Le Mans. The Chrysler V8 engine remained, with power increased by 10 hp (7.5 kW). When the car arrived for the 1953 Le Mans, French observers named it "Le Requin Souriant" —
3196-583: The Bu-Merc at the inaugural Watkins Glen Grand Prix in 1948. Driven by Haig Ksayian, the TC finished first in class and third overall. Cunningham had originally planned to enter a team of "Fordillacs" at Le Mans. The cars were 1949 Fords with Cadillac OHV V8s installed. The conversion had been designed by Bill Frick and was built by Frick-Tappet Motors. In 1949 Cunningham partnered with Alfredo Momo, and bought Ferrari 166 Spider Corsa 016-I from Luigi Chinetti . This
3290-702: The Buick chassis by Byron Jersey. In 1940 the Bu-Merc appeared at the Worlds Fair Grand Prix at the New York Fairgrounds. Driven by "Miles" Collier, it did not finish due to an accident. Cunningham drove the Bu-Merc at the first Grand Prix held at Watkins Glen in 1948, where he finished second. After receiving a 1949 version of the Straight-8 and chassis modifications suggested by Buick's vice president of engineering Charles Chayne,
3384-633: The Cincinnati area. Cunningham's grandfather had been involved in operating river boats and in shipping, then had gone into the meat packing business with son Briggs Swift Cunningham Senior. The meat packing business was eventually known as Evans, Lippencott & Cunningham. Cunningham Sr. later became founder and president of the Citizen's National Bank, as well as director of the Pennsylvania Railroad, among several others. Cunningham Sr.
3478-620: The Civil Air Patrol, flying submarine patrols off the east coast, first in a Fairchild and later a Sikorski S39B amphibious airplane, both paid for by himself. By building and sailing his own ships, and building and racing his own cars, he epitomized the definition of the American sportsman. Owing to his mother's concerns about the dangers of automobile racing, Cunningham did not pursue a driving career until after her death, but did race sail boats competitively. At seventeen he joined
3572-425: The French dubbed "Petit Pataud"; possibly a reference to a puppy in a French children's book from the 1930s. Changes to the car were minimal, and included a dual-carburetor intake manifold, brake cooling ducts, a second fuel tank, and extra lights. While engine swaps were illegal, body modifications were permitted, so a second Cadillac had its stock body removed and an entirely new body that was lower and narrower than
3666-554: The Frick-Tappet Motors company and relocated the operation from Long Island, New York to West Palm Beach, Florida, renaming it the "B.S. Cunningham Company". The first product of the new company was the Cunningham C-1, powered by a 331 cu in (5,424 cc) Cadillac V8. Only one was built. Very similar to the C-1 were the three subsequent C-2Rs, all built to racing specifications. Cunningham substituted
3760-467: The Pequot Yacht Club and began to race Star Class boats. He said that it was his wife who taught him to sail. Cunningham partnered with his father-in-law Frederick T. Bedford to purchase the eight meter Loke in 1928. In 1929 he bought the six meter Akaba , and renamed her Lucie — the first of two of his boats with that name. In 1930 Cunningham commissioned Clinton H. Crane to design
3854-534: The Seneca Cup Race, at Watkins Glen, New York , driving a supercharged MG . Collier drove in the 1950 24 Hours of Le Mans : "Of the two Cadillacs entered by Briggs Cunningham , the strictly stock saloon , driven by the brothers Miles and Sam Collier, which had been nicknamed 'Clumsy Pup', had come in tenth at an average of 81.398 m.p.h." Samuel was killed while leading the (September 23) 1950 Watkins Glen Grand Prix , held on public roads in and around
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3948-424: The barriers to entry for entrepreneurs are the economy, debt from schooling, and the challenges of regulatory compliance. A nascent entrepreneur is someone in the process of establishing a business venture. In this observation, the nascent entrepreneur can be seen as pursuing an opportunity , i.e. a possibility to introduce new services or products, serve new markets, or develop more efficient production methods in
4042-629: The boat and crew to victory. Cunningham began racing internationally in 1930 with brothers Cowles "Miles" Collier and Sam Collier . These college friends of Cunningham's established the Automobile Racing Club of America (ARCA) in 1933, which became the Sports Car Club of America (SCCA) in 1944. Cunningham took part in the first ever SCCA race. He was described as one of the most successful drivers in SCCA sports car racing at
4136-461: The car appeared at Watkins Glen the next year with Cunningham driving to a third-place finish. In 1950 Cunningham raced a cycle-fendered Healey Silverstone that he had one of Cadillac's new V8 engines installed in. The car appeared at Palm Beach on 3 January 1950. Driven by Cunningham, it finished second. On 23 September that year the car was driven by Cunningham again at Watkins Glen, and finished second. At this race Samuel "Sam" Carnes Collier
4230-479: The car in 1933, and the next year sold it to Gil Pirrung of Missouri. This special was based on the chassis, drivetrain and running gear of a 1939 Buick Century . Cunningham had Phil Shafer modify the car by lowering the Buick Straight-8 engine and moving it back in the chassis. The engine's compression ratio was raised. The body and radiator came from a wrecked Mercedes Benz SSK , and were adapted to
4324-550: The cars. The team's chief mechanic was Alfredo Momo. On 31 December 1950 Cunningham raced an Aston Martin DB2 in the 6-hour Sam Collier Memorial Race, the first automobile race held at the Sebring Airport race track . Cunningham finished third in class and seventeenth overall. His car, serial number LML/50/21, was one of the first, if not the first, DB2 Vantage built. 1955 was the last year that Cunningham built his own cars,
4418-544: The changes and "dynamic economic equilibrium brought on by the innovating entrepreneur [were] the norm of a healthy economy". While entrepreneurship is often associated with new, small, for-profit start-ups, entrepreneurial behavior can be seen in small-, medium- and large-sized firms, new and established firms and in for-profit and not-for-profit organizations, including voluntary-sector groups, charitable organizations and government . Entrepreneurship may operate within an entrepreneurship ecosystem which often includes: In
4512-515: The collective nature of entrepreneurship. She mentions that in modern organizations, human resources need to be combined to better capture and create business opportunities. The sociologist Paul DiMaggio (1988:14) has expanded this view to say that "new institutions arise when organized actors with sufficient resources [institutional entrepreneurs] see in them an opportunity to realize interests that they value highly". The notion has been widely applied. The term "millennial entrepreneur" refers to
4606-475: The company having run out the five-year grace period that the Internal Revenue Service allowed low-volume manufacturers to become profitable. Cunningham continued in international competition from 1930 until 1963, when he dissolved his Le Mans team. His final professional race was in a Porsche Carrera GTS (Type 904) at Sebring in 1966 with John Fitch and Davey Jordan. His last amateur race
4700-431: The construction of a drinking straw – that require no special qualities. For Schumpeter, entrepreneurship resulted in new industries and in new combinations of currently existing inputs. Schumpeter's initial example of this was the combination of a steam engine and then current wagon-making technologies to produce the horseless carriage . In this case, the innovation (i.e. the car) was transformational but did not require
4794-561: The context of the actions that the nascent entrepreneur undertakes towards establishing the venture as described in Saras Sarasvathy 's theory of Effectuation , Ultimately, these actions can lead to a path that the nascent entrepreneur deems no longer attractive or feasible, or result in the emergence of a (viable) business. In this sense, over time, the nascent venture can move towards being discontinued or towards emerging successfully as an operating entity. The distinction between
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#17327974312294888-410: The creation of a new venture: locating the right opportunity to launch the project venture and assembling the most appropriate team to exploit that opportunity. Resolving the first challenge requires project-entrepreneurs to access an extensive range of information needed to seize new investment opportunities. Resolving the second challenge requires assembling a collaborative team that has to fit well with
4982-543: The demands of the consumer revolution that helped drive the Industrial Revolution in Great Britain, Josiah Wedgwood , the 18th-century potter and entrepreneur and pioneer of modern marketing, which includes devising direct mail , money back guarantees , travelling salesmen and "buy one get one free" , was named by the historian Judith Flanders as "among the greatest and most innovative retailers
5076-451: The development of dramatic new technology. It did not immediately replace the horse-drawn carriage, but in time incremental improvements reduced the cost and improved the technology, leading to the modern auto industry . Despite Schumpeter's early 20th-century contributions, traditional microeconomic theory did not formally consider the entrepreneur in its theoretical frameworks (instead of assuming that resources would find each other through
5170-535: The eighteenth and nineteenth centuries AD, the appellation "Abirempon" had formalized and politicized to embrace those who conducted trade from which the whole state benefited. The state rewarded entrepreneurs who attained such accomplishments with Mena(elephant tail) which was the "heraldic badge" In the 20th century, entrepreneurship was studied by Joseph Schumpeter in the 1930s and by other Austrian economists such as Carl Menger (1840–1921), Ludwig von Mises (1881–1973) and Friedrich von Hayek (1899–1992). While
5264-406: The entrepreneur . These scholars tend to focus on what the entrepreneur does and what traits an entrepreneur has. This is sometimes referred to as the functionalistic approach to entrepreneurship. Others deviate from the individualistic perspective to turn the spotlight on the entrepreneurial process and immerse in the interplay between agency and context. This approach is sometimes referred to as
5358-458: The entrepreneur as a multi-tasking capitalist and observed that in the equilibrium of a completely competitive market there was no spot for "entrepreneurs" as economic-activity creators. Changes in politics and society in Russia and China in the late 20th century saw a flowering of entrepreneurial activity, producing Russian oligarchs and Chinese millionaires . In the 2000s, entrepreneurship
5452-485: The entrepreneur typically aims to scale up the company by adding employees, seeking international sales and so on, a process which is financed by venture capital and angel investments . In this way, the term "entrepreneur" may be more closely associated with the term "startup". Successful entrepreneurs have the ability to lead a business in a positive direction by proper planning, to adapt to changing environments and understand their own strengths and weaknesses. Meeting
5546-581: The experiences and strategies of ethnic entrepreneurs as they strive to integrate economically into mainstream U.S. or European society. Classic cases include Jewish merchants and tradespeople in both regions, South Asians in the UK, Koreans, Japanese, and Chinese in the U.S. and the Turks and North Africans in France. The fish and chip industry in the UK was initiated by Jewish entrepreneurs, with Joseph Malin opening
5640-407: The field of economics, the term entrepreneur is used for an entity that has the ability to translate inventions or technologies into products and services. In this sense, entrepreneurship describes activities on the part of both established firms and new businesses. In the 21st century the governments of nation states have tried to promote entrepreneurship, as well as enterprise culture , in
5734-417: The firm size, big or small, it can take part in entrepreneurship opportunities. There are four criteria for becoming an entrepreneur. First, there must be opportunities or situations to recombine resources to generate profit. Second, entrepreneurship requires differences between people, such as preferential access to certain individuals or the ability to recognize information about opportunities. Third, taking on
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#17327974312295828-727: The first mail order business, with the BBC summing up his legacy as "The mail order pioneer who started a billion-pound industry". A 2002 survey of 58 business history professors gave the top spots in American business history to Henry Ford , followed by Bill Gates ; John D. Rockefeller ; Andrew Carnegie , and Thomas Edison . They were followed by Sam Walton ; J. P. Morgan ; Alfred P. Sloan ; Walt Disney ; Ray Kroc ; Thomas J. Watson ; Alexander Graham Bell ; Eli Whitney ; James J. Hill ; Jack Welch ; Cyrus McCormick ; David Packard ; Bill Hewlett ; Cornelius Vanderbilt ; and George Westinghouse . A 1977 survey of management scholars reported
5922-459: The first fish and chip shop in London in the 1860s, while Samuel Isaacs opened the first sit-down fish restaurant in 1896 which he expanded into a chain comprising 22 restaurants. In 1882, Jewish brothers Ralph and Albert Slazenger founded Slazenger , one of the world's oldest sport brands, which has the longest-running sporting sponsorship in providing tennis balls to Wimbledon since 1902. In
6016-466: The goal of improving the quality of life and well-being of girls and women. Many are doing so by creating "for women, by women" enterprises. Feminist entrepreneurs are motivated to enter commercial markets by desire to create wealth and social change, based on the ethics of cooperation, equality and mutual respect. These endeavours can have the effect of both empowerment and emancipation. The American-born British economist Edith Penrose has highlighted
6110-425: The homeless people. Sam Collier Collier was the son of Barron Gift Collier and Juliet Gordon Carnes, the founders of Collier County, Florida . He had two brothers, (Cowles) Miles Collier and Baron Collier Jr. He married Dixie Thompson from Honolulu in 1936. Together they had three children, Samuel Carnes Collier Jr., Terry Collier and Richard Collier. As a teenager Collier completed three seasons as
6204-405: The hope that it would improve or stimulate economic growth and competition . After the end of supply-side economics , entrepreneurship was supposed to boost the economy. As an academic field, entrepreneurship accommodates different schools of thought. It has been studied within disciplines such as management, economics, sociology, and economic history. Some view entrepreneurship as allocated to
6298-458: The inter-relationships between activities, between an activity (or sequence of activities) and an individual's motivation to form an opportunity belief, and between an activity (or sequence of activities) and the knowledge needed to form an opportunity belief. With this research, scholars will be able to begin constructing a theory of the micro-foundations of entrepreneurial action. Scholars interested in nascent entrepreneurship tend to focus less on
6392-642: The loan from French of the English-language word "entrepreneur" dates to 1762, the word "entrepreneurism" dates from 1902 and the term "entrepreneurship" also first appeared in 1902. According to Schumpeter, an entrepreneur is willing and able to convert a new idea or invention into a successful innovation . Entrepreneurship employs what Schumpeter called the "gale of creative destruction " to replace in whole or in part inferior offerings across markets and industries, simultaneously creating new products and new business models , thus creative destruction
6486-492: The majority of innovations may be much more incremental improvements such as the replacement of paper with plastic in the making of drinking straws . The exploitation of entrepreneurial opportunities may include: The economist Joseph Schumpeter (1883–1950) saw the role of the entrepreneur in the economy as " creative destruction ", Which he defined as launching innovations that simultaneously destroy old industries while ushering in new industries and approaches. For Schumpeter,
6580-435: The novice, serial and portfolio entrepreneurs is an example of behavior-based categorization. Other examples are the (related) studies by, on start-up event sequences. Nascent entrepreneurship that emphasizes the series of activities involved in new venture emergence, rather than the solitary act of exploiting an opportunity. Such research will help separate entrepreneurial action into its basic sub-activities and elucidate
6674-435: The optimum allocation of resources to enhance profitability. Some individuals acquire the new information before others and recombine the resources to gain an entrepreneurial profit . Schumpeter was of the opinion that entrepreneurs shift the production-possibility curve to a higher level using innovations. Initially, economists made the first attempt to study the entrepreneurship concept in depth. Alfred Marshall viewed
6768-478: The original fabricated in aluminum over a metal tube framework. The new body was designed and built with the help of engineer Howard Weinmann from Grumman . Another feature was the use of five carburetors. This car was nicknamed "Le Monstre". The Collier brothers partnered to drive "Petit Pataud", and finished in tenth place. Cunningham and co-driver Phil Walters were in "Le Monstre", and finished eleventh. To prepare for his next attempt at Le Mans, Cunningham bought
6862-494: The particular challenges of the project and has to function almost immediately to reduce the risk that performance might be adversely affected. Another type of project entrepreneurship involves entrepreneurs working with business students to get analytical work done on their ideas. Social entrepreneurship is the use of the by start up companies and other entrepreneurs to develop, fund and implement solutions to social, cultural, or environmental issues. This concept may be applied to
6956-499: The physiocrats. Dating back to the time of the medieval guilds in Germany, a craftsperson required special permission to operate as an entrepreneur, the small proof of competence ( Kleiner Befähigungsnachweis ), which restricted training of apprentices to craftspeople who held a Meister certificate. This institution was introduced in 1908 after a period of so-called freedom of trade ( Gewerbefreiheit , introduced in 1871) in
7050-403: The processual approach, or the contextual turn/approach to entrepreneurship. Entrepreneurship includes the creation or extraction of economic value . It is the act of being an entrepreneur, or the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits. Entrepreneurs act as managers and oversee the launch and growth of an enterprise. Entrepreneurship
7144-645: The race around the Fastnet Rock . In 1937 he was a member of the crew for Harold Stirling Vanderbilt on his yacht Vim . Cunningham bought the schooner Brilliant from the Coast Guard after WWII, and modified it in an attempt to increase its speed. In 1953 he donated the Brilliant to the Mystic Seaport to be used as an off-shore classroom. The Brilliant was the first vessel to receive
7238-454: The repeated assembly or creation of temporary organizations. These are organizations that have limited lifespans which are devoted to producing a singular objective or goal and get disbanded rapidly when the project ends. Industries where project-based enterprises are widespread include: sound recording , film production, software development , television production, new media and construction. What makes project-entrepreneurs distinctive from
7332-488: The short-term. These driving characteristics allude to the presence of serial entrepreneurship in the region. It has been argued, that creative destruction is largely responsible for the dynamism of industries and long-run economic growth. The supposition that entrepreneurship leads to economic growth is an interpretation of the residual in endogenous growth theory and as such is debated in academic economics. An alternative description posited by Israel Kirzner suggests that
7426-550: The single act of opportunity exploitation and more on the series of actions in new venture emergence, Indeed, nascent entrepreneurs undertake numerous entrepreneurial activities, including actions that make their businesses more concrete to themselves and others. For instance, nascent entrepreneurs often look for and purchase facilities and equipment; seek and obtain financial backing, form legal entities , organize teams; and dedicate all their time and energy to their business Project entrepreneurs are individuals who are engaged in
7520-648: The smiling shark. The final B. S. Cunningham company car model abandoned the Chrysler V8 for a 3.0 L four-cylinder Offenhauser from Meyer & Drake. At the 1955 Le Mans the C-6R retired on lap 202. Among the earliest cars that Cunningham raced or lent to race was a series of MGs. In 1934 he owned an MG J2 that he personally drove in select ARCA events. Two years later he loaned his MG K3 Magnette to "Miles" Collier and George Rand, who campaigned it in Europe. Cunningham's supercharged MG TC appeared alongside
7614-544: The term "adventurer" was often used to denote the same meaning. The study of entrepreneurship reaches back to the work in the late 17th and early 18th centuries of Irish-French economist Richard Cantillon , which was foundational to classical economics . Cantillon defined the term first in his Essai sur la Nature du Commerce en Général , or Essay on the Nature of Trade in General , a book William Stanley Jevons considered
7708-485: The time. Cunningham became an early member of the Road Racing Drivers Club, an invitation-only group that honors drivers, officials, and journalists that have made significant contributions to the sport. Cunningham's racing team arrived at the track accompanied by a large transporter that was both extensively and lavishly equipped, along with the drivers, a retinue of professionals and mechanics, and
7802-662: The top five pioneers in management ideas were: Frederick Winslow Taylor ; Chester Barnard ; Frank Bunker Gilbreth Sr. ; Elton Mayo ; and Lillian Moller Gilbreth . According to Christopher Rea and Nicolai Volland, cultural entrepreneurship is "practices of individual and collective agency characterized by mobility between cultural professions and modes of cultural production", which refers to creative industry activities and sectors. In their book The Business of Culture (2015), Rea and Volland identify three types of cultural entrepreneur: "cultural personalities", defined as "individuals who buil[d] their own personal brand of creativity as
7896-721: The traits of an entrepreneur using various data sets and techniques. Looking at data from the Global Entrepreneurship Monitor (GEM), entrepreneurial traits specific to the Association of Southeast Asian Nations (ASEAN) are: experience in managing or owning a business, pursuit of an opportunity while being employed, and self-employment. In the decision to establish a new business, the ASEAN entrepreneur depends especially on their own long-term mental model of their enterprise, while scanning for new opportunities in
7990-531: The type of organization and creativity involved. Entrepreneurship ranges in scale from solo, part-time projects to large-scale undertakings that involve a team and which may create many jobs. Many "high value" entrepreneurial ventures seek venture capital or angel funding ( seed money ) to raise capital for building and expanding the business. Many organizations exist to support would-be entrepreneurs, including specialized government agencies, business incubators (which may be for-profit, non-profit, or operated by
8084-540: The willingness of the entrepreneur to assume the risk and to deal with uncertainty, thus he drew attention to the function of the entrepreneur and distinguished between the function of the entrepreneur and the owner who provided the money. Jean-Baptiste Say also identified entrepreneurs as a driver for economic development, emphasizing their role as one of the collecting factors of production allocating resources from less to fields that are more productive. Both Say and Cantillon belonged to French school of thought and known as
8178-407: The work of Richard Cantillon and Adam Smith in the late 17th and early 18th centuries. However, entrepreneurship was largely ignored theoretically until the late 19th and early 20th centuries and empirically until a profound resurgence in business and economics since the late 1970s. In the 20th century, the understanding of entrepreneurship owes much to the work of economist Joseph Schumpeter in
8272-410: The world has ever seen". Another historian Tristram Hunt called Wedgwood a "difficult, brilliant, creative entrepreneur whose personal drive and extraordinary gifts changed the way we work and live." Victorian-era Welsh entrepreneur Pryce Pryce-Jones , who would capitalise on the railway network created during the Industrial Revolution and the modern postal system that also developed in the UK, formed
8366-475: Was also the chief financier of soap company Procter and Gamble . William Cooper Procter would be Cunningham's godfather. Cunningham Sr. died when Briggs was five years old. The estate was structured such that the Cunningham heirs did not receive full control of it until age forty. Cunningham's maternal uncle was Dr. Ashton Heyl, a former Rough Rider . Heyl had installed a Hispano-Suiza aircraft engine in
8460-683: Was extended from its origins in for-profit businesses to include social entrepreneurship , in which business goals are sought alongside social, environmental or humanitarian goals and even the concept of the political entrepreneur . Entrepreneurship within an existing firm or large organization has been referred to as intrapreneurship and may include corporate ventures where large entities "spin-off" subsidiary organizations. Entrepreneurs are leaders willing to take risk and exercise initiative, taking advantage of market opportunities by planning, organizing and deploying resources, often by innovating to create new or improving existing products or services. In
8554-538: Was in the same Porsche 904 at Riverside Raceway in September 1966. One of Cunningham's first racing cars, and his only sprint car , was the Number 5 Special . Built by R.T. Jackson of Dayton, Ohio, the car was driven by "Ed" Coffey. The car had a custom frame and was powered by a Ford Model T inline four-cylinder engine with a 16 valve , double-overhead camshaft Frontenac "Fronty" cylinder head. Cunningham owned
8648-437: Was killed while driving Cunningham's Ferrari. The Cadillac-Healey also appeared at the 6 Hours of Sebring on 31 December 1950. Co-driven by Phil Walters and Bill Frick , it finished twelfth overall and third in class. When his plan to enter a Fordillac hybrid in the 1950 24 Hours of Le Mans was rejected by the organizers, Cunningham entered two Cadillacs instead. The first was a stock-appearing Cadillac Series 61 that
8742-604: Was launched. The term "entrepreneur" is often conflated with the term " small business " or used interchangeably with this term. While most entrepreneurial ventures start out as a small business, not all small businesses are entrepreneurial in the strict sense of the term. Many small businesses are sole proprietor operations consisting solely of the owner—or they have a small number of employees—and many of these small businesses offer an existing product, process or service and they do not aim at growth. In contrast, entrepreneurial ventures offer an innovative product, process or service and
8836-474: Was the second Ferrari in the US, the first being a Tipo 166 MM Touring Barchetta, chassis 0002 M, sold to Tommy Lee in Los Angeles in the first quarter of 1949. 016-I was the first Ferrari raced in the US. In 1954 Cunningham's 1.5-liter O.S.C.A. MT4 driven by Stirling Moss and Bill Lloyd was the outright winner of the 12 Hours of Sebring . The team won at Sebring again the following year, this time with
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