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91-502: In 1881, around the time Howard sold out his interest and retired, E. Howard Watch & Clock Company was formed as a joint stock corporation on December 1, 1881 to succeed the earlier firm. Howard was a clockmaking apprentice of Aaron Willard Jr. and commenced business with David P. Davis, manufacturing high-grade wall clocks under the name of Howard & Davis in 1842. They also became known for their manufacture of sewing machines , fire engines and precision balances. About 1843, with

182-658: 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

273-429: 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"

364-564: A compacted mechanism in a compact body which could be fastened on a wall. With a not-cheap price of about $ 30, it was nevertheless a hit. It became the most famous clock in the early history of the United States. At Grafton, in Worcester County, Massachusetts, the one-room farm had been built in 1718 by Joseph Willard , who belonged to the third generation of the Willard family. The residence

455-406: 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

546-503: A distinguishing feature early: since 1790, about their cases where, up over the dial, the case-door delineated a half circle which echoed the dial. The clocks' tops were adorned with a series of wooden curly arrangements called Whales-Tails . Later on, these ringlets evolved, and they finished extra-stretched and artistically riddled too. Many elements of brass—which were usually imported—sprinkled all case's woodwork. Particularly, Aaron's clocks had three spherical finials on top. However,

637-447: 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

728-416: 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

819-585: A military commander and dealt fiercely with the Indians . The Willards were among the founders of the town of Concord, Massachusetts . Later on, Simon had a prominent role throughout the region as politician and judge. A century later, Aaron Willard was of Simon's fifth New England generation. He was born in 1757, at a farm located in the hill-region of Grafton , in Worcester County, Massachusetts . Aaron Willard's parents were Benjamin Willard and Sarah Brooks. He

910-526: 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 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

1001-689: A new company called the Howard Watch & Clock Company (transposing clock & watch) on October 1, 1863, which was successful for some years but was reorganized in 1881 after financial setbacks of a few years previous. In 1882, Edward Howard sold out his personal interests and retired, leaving the firm to new management. This firm continued the manufacture of many clock styles, primarily weight driven wall timepieces and regulators of fine quality. Only two common wall models, #5 and # 10, were produced as stock items, all others being manufactured by special order. Regular watch making operations ceased in 1903, when

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1092-435: 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

1183-410: 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

1274-404: 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

1365-734: A radius of a quarter of a mile, 21 other important manufacturers supplied the factory in different capacities. After his two brothers had already settled in Boston, Aaron Willard met a lady who was from nearby. Catherine Gates was from the Roxbury region, which neighbored Boston to the south, in Suffolk County . They married on March 6, 1783, in Roxbury. She was 20 years old. They had two children: Aaron Willard, Junior , on June 29, 1783, and Nancy Willard , on July 14, 1785. Catherine Gates died just days after

1456-511: 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

1547-527: 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,

1638-507: 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

1729-490: A third partner, Luther Stephenson, they began to also manufacture tower clocks . In 1857, David P. Davis left the firm and Howard & Davis was dissolved. In 1857-8, Edward Howard finished and sold left over "Model 1857" material from the Boston Watch Co. under the name Howard & Rice. In December 1858, Howard bought out Rice's interest and began manufacturing watches of a new design, signed "E. Howard & Co." While

1820-494: 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

1911-434: 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 , 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

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2002-423: 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

2093-509: 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

2184-682: 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

2275-423: 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

2366-440: 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

2457-572: 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

2548-622: 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

2639-501: 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

2730-589: 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

2821-542: 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,

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2912-457: The 2196-address. Aaron Willard brought his business in 1792 to the 2224-address which was a quarter of a mile from Simon's. The Boston Directory promoted Aaron's establishment as "Aaron Willard, clock maker on the Neck." The factory's workshop functioned inside an extension which was bigger than the actual residence. Inside, the number of employees was approximately 30 during the best years. Within

3003-631: The Howard name in association with watches was sold to the Keystone Watch Case Co. Keystone purchased the defunct US Watch Co. factory building in Waltham , Massachusetts (The US Watch Co. of Waltham is not to be confused with an earlier company of the same name in Marion, New Jersey.) Keystone manufactured watches at the location signed "E. Howard Watch Co." These watches were of new designs and unlike those of

3094-548: The arch of the dial. it is driven by the motion of the pendulum. About 1812, the Napoleonic Wars altered the national economy, forcing a simplification of the most expensive models, due to cost-problems. For example, the dial-door became a conventional square, and the extra devices, which were traditionally around the dial, were simplified. Arriving in Roxbury, MA. about 1780, and continued to produce tall case clocks, but some time later began to produce Shelf Clocks. This model

3185-424: 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

3276-451: The case presented a spate of other small brassy touches around, depending on the model. The case's door was secured by means of an iron lock. The clock dials (faces) were painted iron. They were produced with varying complexity, in accord with the price of the model. For the economical, it was relatively unadorned. For the most expensive types, the dial featured artistic paintings from recognized Bostonian artists. Aaron Willard increased

3367-544: 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

3458-515: 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

3549-536: The company name changed several times during the firm's watchmaking history, all watches it made continued to be signed "E. Howard & Co." throughout, with only minor exceptions. The Howard firm established itself as a leading American manufacturer of luxury watches from 1858 into the 1890s. On March 24, 1861 the clock and watch businesses were combined into one joint stock corporation, the Howard Clock & Watch Company, which failed in 1863. Thereafter, Howard formed

3640-431: 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

3731-553: 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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3822-410: 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

3913-527: 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

4004-502: The design of their clocks too. Due to Aaron's massive production, the clock became a domesticated product for public usage, whether in parlors , offices , or the like. Nonetheless, the Willard brothers' clocks weren't affordable yet for most common people. The Willard family became quite recognizable within American high society , particularly Simon. Although the clocks had been relatively expensive, both Willard brothers strove to compact

4095-451: 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

4186-567: The dial or the glass-panel. Aaron Willard began manufacturing and commercializing traditional tall case clocks (referred to as longcase clocks outside of the US). These clocks, often called Grandfather clocks today, generally stood about 7 1/2 to 8 feet tall . Although some other clockmakers produced wooden movement clocks, Willard made only clocks with brass movements. His tall case clocks were always of eight-day duration (other than extremely rare extended running clocks). Like Simon's, Aaron's clocks adopted

4277-535: 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

4368-406: 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

4459-454: 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

4550-485: 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

4641-570: 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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4732-683: The factory building. After a lengthy trial he was convicted, though never served any time in jail. At the time of the arrest, the Federal Government stepped in and the Howard firm was placed under Chapter 11 bankruptcy protection. A manager was brought in by the bankruptcy court and after creditors were satisfied, the firm sold the clockmaking portion of the business to private investors who continue to offer Howard clocks. 42°22′21″N 71°14′54″W  /  42.37263°N 71.24828°W  / 42.37263; -71.24828 Aaron Willard Aaron Willard (October 14, 1757 – May 20, 1844)

4823-417: 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

4914-724: 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

5005-455: 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

5096-466: 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

5187-475: The high standards the Howard firm had become famous for and cases were made to very strict specifications. The older owners of the firm sold the business to a young, seemingly successful businessman in August 1977. He eventually fired most of the firm's knowledgeable management and proceeded to drain it financially. By 1980, when the firm was at the verge of bankruptcy, the new manager was caught attempting to burn down

5278-458: 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

5369-634: 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

5460-492: 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,

5551-539: The most significant). Both brothers moved to Roxbury, Boston , Massachusetts, (where the peninsular town of Boston joined to the mainland) where they developed one of the first modern American industries, independently from each other. Simon and Aaron Willard's clocks were the first economically accessible timepieces of the country. The first American ancestor of Willard's family was Simon Willard who arrived in 1634, together with his wife Mary Sharpe, stemming from Horsmonden, Kent , England. In America, Simon Willard became

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5642-435: 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

5733-435: 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

5824-408: The original Howard company. Clocks were manufactured at Roxbury, a section of Boston, but in the early 1930s those operations were also moved to Waltham, Massachusetts . A very small number of pre-existing Howard watches were finished in the Howard clock factory between 1903 and 1927. A new firm known as Howard Clock Products was formed November 5, 1934, to succeed the earlier firm. Clock production

5915-593: 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 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

6006-494: 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

6097-494: 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

6188-409: The pieces are valuated at over 100,000 dollars. Twelve of the clocks are Aaron Willard's. Entrepreneur Entrepreneurship is the creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk (assumed by a traditional business), and potentially involving values besides simply economic ones. An entrepreneur ( French: [ɑ̃tʁəpʁənœʁ] )

6279-403: 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

6370-454: 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

6461-454: The second birth. In time, Aaron Junior would be a renowned horologist too. In the same decade, Aaron Willard married again, to Mary Partridge , who lived on nearby Roxbury St. She was 27 years old. The wedding took place at the Grafton farm on November 19, 1789. They had nine children: In 1823, Aaron Willard went into retirement. He died on May 20, 1844, at Roxbury, Suffolk, Massachusetts. He

6552-488: 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

6643-550: 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

6734-535: 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

6825-662: 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

6916-492: The traditional 18th century British type of longcase clock . They simplified its action-mechanism and, for casing, they used specifically tailored wooden frames—which were uncomplicated for either manufacturing or assembling. Their new smaller models were relatively economic. Therefore, sales rose quickly, and the Willard brothers supplied clocks to both public and domestic consumers. Aaron Willard's models were: On every unit, Aaron Willard spelled his signature out, over either

7007-698: 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

7098-445: The two Willard brothers' chief enterprises—Simon's and Aaron's—were of the first American industries. Their well-organized modern workshops demanded supplies—such as mahogany or previously cast pieces—which stemmed from more than 20 manufacturers within a mile-zone. They dominated the clock-making in the Boston region. Both brothers had successful uncompromising policies in commerce, although they were permanently pledged into improving

7189-531: 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

7280-423: The value of his clocks by adding features to the dials. Most had a revolving calendar wheel, indicating the date. Many incorporated a revolving moon disc at the top of the dial for indicating the phases of the moon. In rare instances, a "rocking ship" dial was used. These were produced in Boston and are highly desirable to collectors. They are fitted with a small depiction of a sailing ship that rocks back and forth in

7371-540: 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

7462-407: 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

7553-410: 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

7644-424: Was 87 years old. Today, the Grafton homestead—which housed the original Willard brothers' workshop—is house museum Willard House and Clock Museum . It exhibits over 80 Willard clocks and numerous Willard family heirlooms. The J. Cheney Wells Clock Gallery is located at Old Sturbridge Village , Sturbridge, Massachusetts . The general collection of 122 clocks has a scope which ranges from 1725 to 1825. Some of

7735-423: Was an 18th and early 19th Century entrepreneur , an industrialist , and a designer of clocks who worked extensively at his Roxbury , Massachusetts, factory during the early years of the United States of America. While at the family farm at Grafton, Aaron Willard developed his career conjointly with his three brothers, who became celebrated horologists too (though Aaron's and his brother Simon's creations are

7826-683: 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

7917-515: Was further enlarged through the years. In 1776, Benjamin Willard began learning the horologist profession there, and he built a small workshop for commerce. Consequently, his knowledge was learnt also by his brothers. All did a seasonal tradeoff between farming chores and their new profession. By producing clocks for the region, the business eventually was profitable. Successively, three of Willard brothers moved to Boston's Roxbury Street. Benjamin arrived in 1770. Simon arrived approximately in 1778, to

8008-604: 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

8099-530: Was much smaller than the tall case clocks and as a result, was suitable for being placed on a mantle, shelf or a piece of furniture. Nowadays, the Shelf-Clocks are nonetheless considered Aaron's foremost department. They are avidly sought by collectors. Aaron Willard's third clock-model was the Banjo clock , which eventually became the factory's mainstream. The Banjo had been invented by Simon in 1802. It comprised

8190-421: Was on the wane, but precision gear cutting business kept the firm profitable, particularly from government contract work. Production of smaller clocks ceased in 1957 or 1958 and the last tower clock was produced in 1964. In 1975, Dana J. Blackwell, as a new Vice President of the firm, revived clock production, reintroducing several of the more popular models to the market. Movements in these later clocks maintained

8281-403: Was the third of four sons; his brothers were Benjamin , Simon , and Ephraim . After Senior Benjamin's first steps into horology, the four brothers became horologists as well. All developed their skills at their Grafton farm and, initially, they shared time between farming chores and the new activity. All their lives were closely connected and they had strong influence reciprocally. At Boston,

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