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92-398: Kendall Square has been called "the most innovative square mile on the planet", in reference to the high concentration of entrepreneurial start-ups and quality of innovation which have emerged in the vicinity of the square since 2010. The neighborhood has approximately 50,000 people who work in the area on a daily basis and a growing residential population. Originally a salt marsh on

184-451: A 1 ⁄ 2 mile (0.80 km) from the traditional hub of Kendall Square. To the west, Technology Square is directly behind the main campus of MIT, and once housed its computer research labs. The confusingly-named One Kendall Square complex is located between Broadway and Binney Street (across from Landmark 's Kendall Square Cinema, a small cineplex), northwest of the traditional Kendall Square hub. The "@Kendall Square" development

276-399: A profit ". The people who create these businesses are often referred to as "entrepreneurs". In 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

368-658: 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

460-429: 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"

552-406: 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

644-447: 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

736-687: A large selection of complementary works from other academic and trade publishers, including magazines and academic journals. Starting in October 2016, the Bookstore was temporarily relocated to Central Square , just north of the previous location of the MIT Museum , because of extensive construction on its former site. In 2022, the Bookstore moved into a new building at 314 Main Street, adjacent to an existing subway entrance to Kendall/MIT station. Sharing

828-416: 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

920-570: A modest department store and general bookstore at 325 Main Street, as Kendall Square's largest retailer. In February 2019, the store moved to smaller temporary quarters at 80 Broadway, to allow for demolition of the building housing its former location. A new, taller 16-story building will be constructed on the site, and the Coop is expected to move into a space larger than its temporary quarters, but possibly smaller than its previous space at that location. In December 2017, Roche Bros and MIT agreed to put

1012-583: A new DOT research center, which was later named the John A. Volpe National Transportation Systems Center in his memory. For the next twenty years, other large parcels of Kendall Square, which had also been cleared in anticipation of a much larger NASA complex, were an unoccupied post-industrial wasteland. Another contribution came when Harvard University announced plans to construct a high-containment lab in which it would experiment with recombinant DNA . Opposition from Cambridge mayor Alfred Vellucci resulted in

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1104-617: A part of the agreement, MIT will build a new replacement research facility for the Department of Transportation, before demolishing the existing building for redevelopment of the entire parcel. Long-term planning has begun for the site, which is not expected to accelerate development until the Kendall Square Initiative construction has largely been completed. The Kendall Square Association is the official business and civic development organization for Kendall Square, and

1196-498: 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

1288-410: 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

1380-508: A principal tenant, the Boeing Company , which will lease 100,000 square feet (9,300 m) of lab and office space. By 2014, a U.S. Department of Transportation building complex and its surrounding parking lots and open land at the western end of Kendall Square constituted one of the largest remaining areas not already subject to 21st century development. The Boston Globe published an article describing possible plans to repurpose

1472-404: 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

1564-511: 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

1656-616: A supermarket in the center of the Kendall business and residential district. The store, opened in November 2019 at One Broadway, is a 12,000-square-foot (1,100 m) small-format "Brothers Marketplace" which offers fresh, to-go, and prepared foods. For decades, the MIT Press Bookstore was a regional attraction in the heart of Kendall Square, offering a complete selection of Press titles for browsing and retail purchase, plus

1748-536: 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,

1840-507: 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

1932-486: A time. Small stainless-steel bicycle parking racks have been installed on sidewalks in the area, with various science-themed shapes, such as a sine wave or a caffeine molecule. They were commissioned in 2012 from five local artists after a public competition run by the City of Cambridge. Entrepreneurship Entrepreneurship is the creation or extraction of economic value in ways that generally entail beyond

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2024-525: A variety of industries, including "printing and publishing, musical instruments (especially organs and pianos), furniture, clothing, carpenters work, soap and candles, and biscuit making." Heavy machinery was also produced here. Cambridge was once the third-largest pork packer in the US. One of these factories was the Kendall Boiler and Tank Company . The square was named after the company, which in turn

2116-494: 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

2208-418: Is commonly seen as an innovator , 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

2300-423: 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

2392-485: Is located one block north of Kendall Square, and includes a mixed-use "live, work, play" community that weaves parks, an ice rink, a farmers market , and a recreational boating basin through a series of office, lab, residential and retail buildings. Buildings within the @Kendall Square development have won numerous design awards including the AIA California Council's 2004 Architectural Design Merit Award,

2484-636: Is the Kendall Band , an interactive sound sculpture by Paul Matisse , located in the Kendall/MIT subway station underground in the heart of the Square. A bronze fountain sculpture, Galaxy: Earth Sphere by MIT professor Joe Davis , is installed at the junction of Main Street and Broadway in the Square. The fountain was designed to have flowing water and to emit low-temperature steam, but has been partially or completely non-operational for years at

2576-509: 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

2668-415: Is what moved Mission Control from Cambridge to Houston, but this is untrue.) In 1964, Kendall Square got a much smaller NASA Electronic Research Center instead. President Richard M. Nixon would shut it down only five years later. Former Massachusetts Governor John A. Volpe , who served as US Secretary of Transportation (DOT) from 1969 to 1973, succeeded in getting the former NASA buildings rededicated to

2760-585: The Blake and Knowles Steam Pump Company National Register District . High technology firms are lured in part by the proximity of the Massachusetts Institute of Technology (MIT) campus on the south side of Main Street. MIT owns a significant amount of the commercial real estate in the square, and has been actively constructing space for new high-tech tenants as well as rebuilding its own facilities fronting Main Street. Nearby MIT facilities include

2852-617: The Charles River between Boston and Cambridge, Kendall Square has been an important transportation hub since the construction of the West Boston Bridge in 1793, which provided the first direct wagon route between the two settlements. By 1810, the Broad Canal had been dug, which would connect with a system of smaller canals in this East Cambridge seaport area. From 1880 to 1910, the eastern part of Cambridge hosted

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2944-695: 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

3036-563: The Kendall Hotel , and several more hotels are located within walking distance. There have also been several large condominium and rental developments, greatly expanding the residential population of the area. As of 2020, MIT is building residences for 450 graduate students, plus 290 affordable or market-rate units. The MIT branch of the Harvard/MIT Cooperative Society ("The Coop") has for decades operated

3128-510: The Red Line ); the original Kendall subway station was opened in 1912. In 1916, the Massachusetts Institute of Technology moved from its original campus in Back Bay, Boston to its new Cambridge campus, located south of Kendall Square between Main Street and Massachusetts Avenue. Since then, the proximity of MIT, whose campus eventually expanded into Kendall Square, has influenced much of

3220-699: The Stata Center and the MIT Sloan School of Management , as well as many other buildings of the eastern end of the MIT campus . The Cambridge Center office development is closest to the junction of Main Street and Broadway and the MBTA subway station at the traditional core of Kendall Square. On December 2, 1982, the Kendall/MIT subway station was renamed "Cambridge Center/MIT", although few signs were changed to reflect this. There were many complaints that

3312-423: 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

3404-440: 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

3496-572: 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

3588-626: 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

3680-514: 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

3772-589: 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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3864-552: 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,

3956-809: The Boston Society of Architects' 2004 Interior Architecture/Interior Design Honor Award, the Chicago Athenaeum 2004 American Architecture Award, the AIA 2004 Excellence in Sustainable Design Award, and the AIA COTE 2004 Top Ten Green Projects Award. In 2016, the City of Cambridge approved MIT's plans for six major buildings with floorspace totaling 1,800,000 square feet (170,000 m) as part of its "Kendall Square Initiative" development. One building, at 314 Main Street, will have as

4048-590: The DOT property for future redevelopment, which would require federal approval for relocation of the DOT center, probably to a more-compact building with underground parking. A related article described some ideas on how to use the DOT land more effectively. In January 2017, MIT signed an agreement with the federal government to purchase the 14-acre (5.7 ha) site of the John A. Volpe National Transportation Systems Center in Kendall Square, for $ 750 million. As

4140-690: The MBTA had suddenly changed the name without public input, and that the new name would be confused with the next Red Line station at Central Square . On June 26, 1985, the name was reverted to Kendall/MIT. The Cambridge Innovation Center , a shared office space for startups and venture capital firms founded by Tim Rowe and currently occupied by almost 400 small startup businesses, is also close by at One Broadway. Google , Facebook , and IBM have research labs located in or immediately adjacent to Kendall Square. Many other high technology firms are in two nearby multi-building office complex parks, both located about

4232-424: 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

4324-544: 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

4416-639: The city council passing a three-month moratorium and convening a citizen's committee to study the issue. The resulting regulations passed in 1977 by the council provided certainty for research and development organizations, and led to the creation of the Kendall biotechnology cluster. The first companies taking advantage of this were Harvard spin-off Genetics Institute (which ended up in Cambridge after opposition in Boston and Somerville, and which would eventually become part of Pfizer ), and Biogen , which located in

4508-425: The city in 1982. In the 1990s and 2000s, the area northeast of Kendall, in the direction of the then-new CambridgeSide Galleria shopping mall was transformed from an industrial area into a collection of office and research buildings, housing over 150 biotechnology and information technology firms as of 2011. In 1997, the surviving industrial buildings between Third, Binney, Fifth, and Rogers Streets were declared

4600-515: 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

4692-431: 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

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4784-561: 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

4876-410: 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

4968-543: 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

5060-451: 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

5152-405: The development of the area, and contributed to its development as a technology hub. World War I consumed a great deal of Cambridge's production. After the war, other products were also produced: "soap, rubber goods, books, metal products, electrical equipment, furniture, ink, pianos, candy and ice cream". The Boston Woven Hose company and Lever Brothers were major employers, and Cambridge became

5244-535: 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

5336-406: 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

5428-458: 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

5520-485: 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

5612-581: 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

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5704-417: 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

5796-783: 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

5888-459: 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

5980-466: 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

6072-516: The governments of nation states have tried to promote entrepreneurship, as well as enterprise culture , in 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

6164-458: 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

6256-642: 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

6348-492: 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,

6440-405: The minimal amount of risk (assumed by 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

6532-435: 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

6624-435: 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

6716-494: 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

6808-499: 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

6900-403: 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

6992-454: 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

7084-703: The same building, in 2022 the MIT Museum moved to Kendall Square for the first time, including a newly expanded museum store. Kendall/MIT station on the MBTA Red Line is located along Main Street directly beneath Kendall Square. MBTA bus routes 64, 68, 85 and CT2 also stop here, as well as the EZRide shuttle between Cambridgeport and North Station , and a free shuttle to the CambridgeSide Galleria Mall . A popular public artwork

7176-546: The second-largest industrial city in Massachusetts. After World War II , manufacturing stagnated, and from 1945 to 1965, the heaviest industries—"food, chemicals, rubber, plastics, machinery"—declined by 30-50%. At the same time, technical work grew by 35%. In 1961, after announcing the American effort to land a man on the moon , President John F. Kennedy (a Massachusetts native) wanted to make Cambridge

7268-488: 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

7360-550: 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

7452-644: The site of NASA 's newly expanded mission control center . Kennedy allowed his vice president Lyndon B. Johnson (a native Texan) to choose Houston, Texas for the complex, now the Johnson Spaceflight Center . To mark the beginning of construction, Kennedy would give his " We choose to go to the Moon " speech in Houston , not Cambridge. (A Cambridge urban legend is that the Kennedy assassination

7544-544: 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

7636-662: 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

7728-721: 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

7820-531: 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

7912-540: 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

8004-407: 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

8096-410: 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

8188-683: 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

8280-626: Was formed by approximately 80 organizations in February 2009. Its motto is "We share more than a future, we share a sidewalk". It has developed and distributed a free "Kendall Square Walking Map" showing destinations and attractions within a 10-minute walking radius from Kendall/MIT station. Several hotels are located in Kendall Square, including the Boston Marriott Cambridge, the Cambridge Residence Inn, and

8372-604: 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

8464-640: Was named after one of its owners, Edward Kendall. The square itself consisted of the triangle defined by Main Street, Broadway, and the short stretch of Third Street between them, now the site of the Galaxy: Earth Sphere fountain and the surrounding plaza. When the Longfellow Bridge replaced the West Boston Bridge in 1907, it included provisions for a future rapid-transit subway link to Harvard Square and Boston (now

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