VOCABULARY USE

Choose the correct word for each blank.

History of Entrepreneurship

The understanding of entrepreneurship owes much to the work of economist Joseph Schumpeter and the Austrian School of Economics. In Schumpeter (1950), an entrepreneur is a person who is willing and able to (1) a new idea or invention into a successful innovation. Entrepreneurship forces " creative destruction" across markets and industries, simultaneously (2) new products and business models. In this way, creative destruction is largely responsible for the dynamism of industries and long-run economic (3). Despite Schumpeter's early 20th-century (4), the traditional microeconomic theory of economics has had little room for entrepreneurs in its theoretical frameworks (instead assuming that resources would find each other through a price system). (ref. The Economist Magazine, March 11, 2006, pp 67).

Entrepreneurship received a (5) in the formalized creation of so-called incubators and science parks (e.g., those listed at NBIA.org), where businesses can start at a small scale, share services and space while they grow, and (6) move into space of their own when they have achieved a large enough scale to be (7), stand-alone businesses. It is being encouraged in an effort to (8) fading downtowns and inner cities in America, which may have excellent resources but suffer from a lack of spirited development.

For Frank H. Knight (1967) and Peter Drucker (1970), entrepreneurship is about taking risk. The behavior of the entrepreneur reflects a kind of person willing to put his or her career and financial (9)on the line and take risks in the name of an idea, spending much time as well as capital on an uncertain (10).

Still another view of entrepreneurship is that it is the process of discovering, evaluating, and (11)opportunities, which go on to reify themselves in the form of new business enterprises. In this model, an entrepreneur could be defined as "someone who acts with ambition beyond that supportable by the resources currently under his control, in relentless (12) of opportunity" (a definition common to entrepreneurship professors Howard Stevenson and Jeffry Timmons). Pinchot (1985) (13) the term Intrapreneurship to describe entrepreneurial-like activities inside organizations and government. The concept is commonly referred to as Corporate Entrepreneurship.

The place of the disharmony-creating and idiosyncratic entrepreneur in traditional economic theory presents theoretic (14). On the other hand, throughout the developed world, entrepreneurship is widely regarded as an (15) player in the business world, and particularly as an engine for job creation and economic growth.