125-499: Upper class in modern societies is the social class composed of people who hold the highest social status, usually are the wealthiest members of class society , and wield the greatest political power . According to this view, the upper class is generally distinguished by immense wealth which is passed on from generation to generation. Prior to the 20th century, the emphasis was on aristocracy , which emphasized generations of inherited noble status , not just recent wealth. Because
250-697: A "pariah group". For Bourdieu , the place in the social strata for any person is vaguer than the equivalent in Weberian sociology. Bourdieu introduced an array of concepts of what he refers to as types of capital. These types were economic capital, in the form assets convertible to money and secured as private property . This type of capital is separated from the other types of culturally constituted types of capital, which Bourdieu introduces, which are: personal cultural capital (formal education, knowledge); objective cultural capital (books, art); and institutionalized cultural capital (honours and titles). On 2 April 2013,
375-658: 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
500-429: 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"
625-406: 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
750-516: A disproportionate influence over the nation's political, educational, religious, and other institutions. Of all social classes, members of the upper class also have a strong sense of solidarity and 'consciousness of kind' that stretches across the nation and even the globe. Since the 1970s, income inequality in the United States has been increasing, with the top 1% (largely because of the top 0.1%) experiencing significantly larger gains in income than
875-413: A few number of professionals , are considered members of this class by contemporary sociologists, such as James Henslin or Dennis Gilbert . There may be prestige differences between different upper-class households. An A-list actor, for example, might not be accorded as much prestige as a former U.S. President , yet all members of this class are so influential and wealthy as to be considered members of
1000-447: 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
1125-415: A greater proportion of people who suffer from mental health issues such as anxiety and depression symptoms. A series of scientific studies have demonstrated this relationship. Statistics support this assertion and results are found in life expectancy and overall health; for example, in the case of high differences in life expectancy between two Stockholm suburbs. The differences between life expectancy of
1250-467: A large influence over political ideals of the French Revolution because of his views of inequality and classes. Rousseau saw humans as "naturally pure and good," meaning that humans from birth were seen as innocent and any evilness was learned. He believed that social problems arise through the development of society and suppress the innate pureness of humankind. He also believed that private property
1375-416: 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
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#17328516425381500-507: A living, as they were supported by earned or inherited investments (often real estate ), although members of the upper class may have had less actual money than merchants. Upper-class status commonly derived from the social position of one's family and not from one's own achievements or wealth. Much of the population that composed the upper class consisted of aristocrats, ruling families, titled people, and religious hierarchs . These people were usually born into their status and historically there
1625-526: 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
1750-522: A new class of petty bourgeois has been formed". "An industrial army of workmen, under the command of a capitalist, requires, like a real army, officers (managers) and sergeants (foremen, over-lookers) who, while the work is being done, command in the name of the capitalist". Marx makes the argument that, as the bourgeoisie reach a point of wealth accumulation, they hold enough power as the dominant class to shape political institutions and society according to their own interests. Marx then goes on to claim that
1875-435: 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
2000-483: A person from an undistinguished background into a member of the upper class as one must be born into a family of that class and raised in a particular manner to understand and share upper class values, traditions, and cultural norms. The term is often used in conjunction with terms like upper-middle class , middle class , and working class as part of a model of social stratification . Historically in some cultures, members of an upper class often did not have to work for
2125-410: 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
2250-404: 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
2375-511: 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
2500-467: A simple hierarchy of working class , middle class and upper class . Within academia, two broad schools of definitions emerge: those aligned with 20th-century sociological stratum models of class society and those aligned with the 19th-century historical materialist economic models of the Marxists and anarchists . Another distinction can be drawn between analytical concepts of social class, such as
2625-527: 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,
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#17328516425382750-507: 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
2875-494: 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
3000-411: A very wealthy and powerful upper class that owns and controls the means of production; a middle class of professional workers, small business owners and low-level managers ; and a lower class, who rely on low-paying jobs for their livelihood and experience poverty . The upper class is the social class composed of those who are rich , well-born, powerful, or a combination of those. They usually wield
3125-518: A wide range of sometimes conflicting meanings, and there is no broad consensus on a definition of class. Some people argue that due to social mobility , class boundaries do not exist. In common parlance, the term social class is usually synonymous with socioeconomic class, defined as "people having the same social, economic, cultural, political or educational status", e.g. the working class , "an emerging professional class" etc. However, academics distinguish social class from socioeconomic status , using
3250-446: Is a grouping of people into a set of hierarchical social categories, the most common being the working class , middle class , and upper class . Membership of a social class can for example be dependent on education, wealth, occupation, income, and belonging to a particular subculture or social network. Class is a subject of analysis for sociologists , political scientists , anthropologists and social historians . The term has
3375-565: Is a matter of sociological research. Class societies exist all over the globe in both industrialized and developing nations. Class stratification is theorized to come directly from capitalism . In terms of public opinion, nine out of ten people in a Swedish survey considered it correct that they are living in a class society. One may use comparative methods to study class societies, using, for example, comparison of Gini coefficients , de facto educational opportunities, unemployment, and culture. Societies with large class differences have
3500-434: 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
3625-517: Is an organizing principle society in which ownership of property, means of production , and wealth is the determining factor of the distribution of power, in which those with more property and wealth are stratified higher in the society and those without access to the means of production and without wealth are stratified lower in the society. In a class society, at least implicitly, people are divided into distinct social strata, commonly referred to as social classes or castes . The nature of class society
3750-425: Is difference of opinions among authors. Not a single Egyptian was, in our sense of the word, free. No individual could call in question a hierarchy of authority which culminated in a living god. Although slaves were mostly used as indentured servants, they were able to buy and sell their servitude, work their way to freedom or nobility, and were usually treated by doctors in the workplace. In Ancient Greece when
3875-694: Is estimated to constitute less than 1% of the population. By self-identification, according to this 2001–2012 Gallup Poll data, 98% of Americans identify with the five other class terms used, 48–50% identifying as "middle class". The main distinguishing feature of the upper class is its ability to derive enormous incomes from wealth through techniques such as money management and investing, rather than engaging in wage-labor salaried employment, although most upper-class individuals today will still hold some sort of employment, which differs from historical norms. Successful entrepreneurs , CEOs , investment bankers , venture capitalists , heir to fortunes, celebrities, and
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4000-518: Is etymologically derived from the Latin classis , which was used by census takers to categorize citizens by wealth in order to determine military service obligations. In the late 18th century, the term class began to replace classifications such as estates , rank and orders as the primary means of organizing society into hierarchical divisions. This corresponded to a general decrease in significance ascribed to hereditary characteristics and increase in
4125-423: 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
4250-454: Is ongoing, depending on the sociological and anthropolitical perspective. Class societies have not always existed; there have been widely different types of class communities. For example, societies based on age rather than capital. During colonialism , social relations were dismantled by force, which gave rise to societies based on the social categories of waged labor, private property, and capital. Class society or class-based society
4375-477: Is sometimes separated into those who are employed but lacking financial security (the " working poor ") and an underclass —those who are long-term unemployed and/or homeless , especially those receiving welfare from the state . The latter is today considered analogous to the Marxist term " lumpenproletariat ". However, during the time of Marx's writing the lumpenproletariat referred to those in dire poverty; such as
4500-479: Is that the proletariat work but do not own the means of production, and the bourgeoisie , those who invest and live off the surplus generated by the proletariat's operation of the means of production , do not work at all. This contrasts with the view of the sociologist Max Weber , who contrasted class as determined by economic position, with social status ( Stand) which is determined by social prestige rather than simply just relations of production. The term class
4625-450: Is the condition for the free development of all". This would mark the beginning of a classless society in which human needs rather than profit would be motive for production. In a society with democratic control and production for use , there would be no class, no state and no need for financial and banking institutions and money. These theorists have taken this binary class system and expanded it to include contradictory class locations,
4750-597: Is the main reason for social issues in society because private property creates inequality through the property's value. Even though his theory predicted if there were no private property then there would be wide spread equality, Rousseau accepted that there will always be social inequality because of how society is viewed and run. Later Enlightenment thinkers viewed inequality as valuable and crucial to society's development and prosperity. They also acknowledged that private property will ultimately cause inequality because specific resources that are privately owned can be stored and
4875-509: 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
5000-533: Is understood as the aggregated phenomenon to the "interlinked movement", which generates the quasi-objective concept of capital. Subjectively, the members will necessarily have some perception (" class consciousness ") of their similarity and common interest. Class consciousness is not simply an awareness of one's own class interest but is also a set of shared views regarding how society should be organized legally, culturally, socially and politically. These class relations are reproduced through time. In Marxist theory ,
5125-682: 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
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5250-479: The class structure of the capitalist mode of production is characterized by the conflict between two main classes: the bourgeoisie , the capitalists who own the means of production and the much larger proletariat (or "working class") who must sell their own labour power ( wage labour ). This is the fundamental economic structure of work and property, a state of inequality that is normalized and reproduced through cultural ideology . For Marxists, every person in
5375-612: The poverty line . Examples of these types of jobs are factory workers, salesperson, teacher, cooks and nurses. There is a new trend by some scholars which assumes that the size of the middle class in every society is the same. For example, in paradox of interest theory, middle class are those who are in 6th–9th decile groups which hold nearly 12% of the whole society's wealth. Lower class (occasionally described as working class) are those employed in low-paying wage jobs with very little economic security. The term "lower class" also refers to persons with low income. The working class
5500-423: 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
5625-440: 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
5750-572: 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
5875-622: 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
6000-501: 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
6125-589: 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
6250-542: 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,
6375-484: The Marxist and Weberian traditions, as well as the more empirical traditions such as socioeconomic status approach, which notes the correlation of income, education and wealth with social outcomes without necessarily implying a particular theory of social structure. "[Classes are] large groups of people differing from each other by the place they occupy in a historically determined system of social production, by their relation (in most cases fixed and formulated in law) to
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#17328516425386500-698: The Peerage of Ireland granted by the British monarch have no recognition in the Irish Constitution. Contemporary Ireland is generally perceived to have a two-tier social class system composed of working class and middle class (with the exception of a small number of wealthy billionaires). The American upper class is a social group within the United States consisting of people who have the highest social rank primarily due to economic wealth . The American upper class
6625-429: The aristocracy and royalty, with wealth playing a less important role in class status. Many aristocratic peerages or titles have seats attached to them, with the holder of the title (e.g. Earl of Bristol) and his family being the custodians of the house, but not the owners. Many of these require high expenditures, so wealth is typically needed. Many aristocratic peerages and their homes are parts of estates, owned and run by
6750-424: 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
6875-416: The bottom. However, the class was not rigid; a man of humble origins could ascend to a high post. The ancient Egyptians viewed men and women, including people from all social classes, as essentially equal under the law, and even the lowliest peasant was entitled to petition the vizier and his court for redress. Farmers made up the bulk of the population, but agricultural produce was owned directly by
7000-544: 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
7125-477: The clan system was declining. The classes replaced the clan society when it became too small to sustain the needs of increasing population. The division of labor is also essential for the growth of classes. Historically, social class and behavior were laid down in law. For example, permitted mode of dress in some times and places was strictly regulated, with sumptuous dressing only for the high ranks of society and aristocracy , whereas sumptuary laws stipulated
7250-545: The classes through the assets that they have such as property and expertise. Weber derived many of his key concepts on social stratification by examining the social structure of many countries. He noted that contrary to Marx's theories, stratification was based on more than simply ownership of capital . Weber pointed out that some members of the aristocracy lack economic wealth yet might nevertheless have political power. Likewise in Europe, many wealthy Jewish families lacked prestige and honor because they were considered members of
7375-515: 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
7500-530: The constant stress that these white, middle aged Americans feel fighting poverty and wavering between the middle and lower classes, these strains have taken a toll on these people and affected their whole bodies. 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] )
7625-431: 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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#17328516425387750-553: 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
7875-410: 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
8000-527: 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
8125-451: 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
8250-483: The dress and jewelry appropriate for a person's social rank and station . In Europe, these laws became increasingly commonplace during the Middle Ages. However, these laws were prone to change due to societal changes, and in many cases, these distinctions may either almost disappear, such as the distinction between a patrician and a plebeian being almost erased during the late Roman Republic . Jean-Jacques Rousseau had
8375-535: 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
8500-406: 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
8625-454: 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
8750-485: 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
8875-570: 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
9000-417: 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
9125-775: 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
9250-455: 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
9375-451: The former to refer to one's relatively stable cultural background and the latter to refer to one's current social and economic situation which is consequently more changeable over time. The precise measurements of what determines social class in society have varied over time. Karl Marx defined class by one's relationship to the means of production (their relations of production ). His understanding of classes in modern capitalist society
9500-466: 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
9625-475: The goods or services in society. In the Marxist view of capitalism , this is a conflict between capitalists ( bourgeoisie ) and wage-workers (the proletariat). For Marxists, class antagonism is rooted in the situation that control over social production necessarily entails control over the class which produces goods—in capitalism this is the exploitation of workers by the bourgeoisie. Furthermore, "in countries where modern civilisation has become fully developed,
9750-474: The greatest political power. In some countries, wealth alone is sufficient to allow entry into the upper class. In others, only people who are born or marry into certain aristocratic bloodlines are considered members of the upper class and those who gain great wealth through commercial activity are looked down upon by the aristocracy as nouveau riche . In the United Kingdom, for example, the upper classes are
9875-411: The group of white, middle-aged Americans between the ages of 45 and 54 and its relation to class. There has been a growing number of suicides and deaths by substance abuse in this particular group of middle-class Americans . This group also has been recorded to have an increase in reports of chronic pain and poor general health. Deaton and Case came to the conclusion from these observations that because of
10000-419: The homeless. Members of the working class are sometimes called blue-collar workers . A person's socioeconomic class has wide-ranging effects. It can determine the schools they are able to attend, their health, the jobs open to them, when they exit the labour market, whom they may marry and their treatment by police and the courts. Angus Deaton and Anne Case have analyzed the mortality rates related to
10125-601: The idea that a person can be employed in many different class locations that fall between the two classes of proletariat and bourgeoisie. Erik Olin Wright stated that class definitions are more diverse and elaborate through identifying with multiple classes, having familial ties with people in different a class, or having a temporary leadership role. Max Weber formulated a three-component theory of stratification that saw social class as emerging from an interplay between "class", "status" and "power". Weber believed that class position
10250-458: 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
10375-634: 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
10500-497: The lower classes systematically receive lower-quality education and care. There are more explicit effects where those within the higher class actively demonize parts of the lower-class population. Definitions of social classes reflect a number of sociological perspectives , informed by anthropology , economics , psychology and sociology . The major perspectives historically have been Marxism and structural functionalism . The common stratum model of class divides society into
10625-492: 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,
10750-481: The means of production, by their role in the social organization of labor, and, consequently, by the dimensions of the share of social wealth of which they dispose and the mode of acquiring it." — Vladimir Lenin , A Great Beginning in June 1919 For Marx, class is a combination of objective and subjective factors. Objectively, a class shares a common relationship to the means of production . The class society itself
10875-512: The merchant class and were ennobled between the 14th and 19th centuries while intermarrying with the old nobility and gentry. Since the Second World War , the term has come to encompass rich and powerful members of the managerial and professional classes as well. In the years since Irish independence in 1922 the upper class has all but vanished in the Republic of Ireland. Aristocratic titles within
11000-429: The non-elite class, owing to their large numbers, have the power to overthrow the elite and create an equal society. In The Communist Manifesto , Marx himself argued that it was the goal of the proletariat itself to displace the capitalist system with socialism , changing the social relationships underpinning the class system and then developing into a future communist society in which: "the free development of each
11125-435: 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
11250-435: 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
11375-476: The owners profit off of the deficit of the resource. This can create competition between the classes that was seen as necessary by these thinkers. This also creates stratification between the classes keeping a distinct difference between lower, poorer classes and the higher, wealthier classes. India ( ↑ ), Nepal, North Korea ( ↑ ), Sri Lanka ( ↑ ) and some Indigenous peoples maintain social classes today. In class societies, class conflict has tended to recur or
11500-593: 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
11625-494: 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
11750-494: 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
11875-427: The poor and less-well-educated inhabitants who live in proximity to the station Vårby gård , and the highly educated and more affluent inhabitants living near Danderyd differ by 18 years. Similar data about New York is also available for life expectancy, average income per capita, income distribution, median income mobility for people who grew up poor, share with a bachelor's degree or higher. In class societies,
12000-549: The prevalence of titles of nobility varied widely from country to country. Some upper classes were almost entirely untitled, for example, the Szlachta of the Polish–Lithuanian Commonwealth . In Great Britain and Ireland , the "upper class" traditionally comprised the landed gentry and the aristocracy of noble families with hereditary titles. The vast majority of post-medieval aristocratic families originated in
12125-471: The process of production has separate social relationships and issues. Along with this, every person is placed into different groups that have similar interests and values that can differ drastically from group to group. Class is special in that does not relate to specifically to a singular person, but to a specific role. Marxists explain the history of "civilized" societies in terms of a war of classes between those who control production and those who produce
12250-403: 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
12375-454: 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
12500-541: The rest of society. Alan Greenspan , former chair of the Federal Reserve , sees it as a problem for society, calling it a "very disturbing trend". According to the book Who Rules America? by William Domhoff , the distribution of wealth in America is the primary highlight of the influence of the upper class. The top 1% of Americans own around 34% of the wealth in the U.S. while the bottom 80% own only approximately 16% of
12625-583: The results of a survey conducted by BBC Lab UK developed in collaboration with academic experts and slated to be published in the journal Sociology were published online. The results released were based on a survey of 160,000 residents of the United Kingdom most of whom lived in England and described themselves as " white ". Class was defined and measured according to the amount and kind of economic, cultural and social resources reported. Economic capital
12750-488: 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
12875-449: The significance of wealth and income as indicators of position in the social hierarchy . The existence of social classes is considered normal in many societies, both historic and modern, to varying degrees. The existence of a class system dates back to times of Ancient Egypt , where the position of elite was also characterized by literacy. The wealthier people were at the top in the social order and common people and slaves being at
13000-550: 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
13125-404: The state, temple, or noble family that owned the land. Farmers were also subject to a labor tax and were required to work on irrigation or construction projects in a corvée system. Artists and craftsmen were of higher status than farmers, but they were also under state control, working in the shops attached to the temples and paid directly from the state treasury. Scribes and officials formed
13250-447: The struggle between new money and old money . The upper class is generally contained within the richest one or two percent of the population. Members of the upper class are often born into it and are distinguished by immense wealth which is passed from generation to generation in the form of estates. Based on some new social and political theories upper class consists of the most wealthy decile group in society which holds nearly 87% of
13375-496: The tendency toward an enlarged middle class in modern Western societies, particularly in relation to the necessity of an educated work force in technological economies. Perspectives concerning globalization and neocolonialism , such as dependency theory , suggest this is due to the shift of low-level labour to developing nations and the Third World . Middle class is the group of people with jobs that pay significantly more than
13500-535: 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
13625-498: The title holder with moneys generated by the land, rents or other sources of wealth. However, in the United States where there is no aristocracy or royalty, the upper class status exclusive of Americans of ancestral wealth or patricians of European ancestry is referred to in the media as the extremely wealthy, the so-called "super-rich", though there is some tendency even in the United States for those with old family wealth to look down on those who have accrued their money through business,
13750-662: 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
13875-698: 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
14000-531: 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
14125-418: The upper class in ancient Egypt, known as the "white kilt class" in reference to the bleached linen garments that served as a mark of their rank. The upper class prominently displayed their social status in art and literature. Below the nobility were the priests, physicians, and engineers with specialized training in their field. It is unclear whether slavery as understood today existed in ancient Egypt ; there
14250-495: The upper class. At the pinnacle of U.S. wealth, 2004 saw a dramatic increase in the numbers of billionaires. According to Forbes Magazine , there are now 374 U.S. billionaires. The growth in billionaires took a dramatic leap since the early 1980s, when the average net worth of the individuals on the Forbes 400 list was $ 400 million. Today, the average net worth is $ 2.8 billion. Upper-class families... dominate corporate America and have
14375-400: The upper classes of a society may no longer rule the society in which they are living, they are often referred to as the old upper classes, and they are often culturally distinct from the newly rich middle classes that tend to dominate public life in modern social democracies. According to the latter view held by the traditional upper classes, no amount of individual wealth or fame would make
14500-509: The wealth. This large disparity displays the unequal distribution of wealth in America in absolute terms. In 1998, Bob Herbert of The New York Times referred to modern American plutocrats as " The Donor Class " (list of top donors) and defined the class, for the first time, as "a tiny group – just one-quarter of 1 percent of the population – and it is not representative of the rest of the nation. But its money buys plenty of access." Social class A social class or social stratum
14625-542: The whole society's wealth. See also: Middle-class squeeze The middle class is the most contested of the three categories, the broad group of people in contemporary society who fall socio-economically between the lower and upper classes. One example of the contest of this term is that in the United States "middle class" is applied very broadly and includes people who would elsewhere be considered working class . Middle-class workers are sometimes called " white-collar workers ". Theorists such as Ralf Dahrendorf have noted
14750-540: 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
14875-407: 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
15000-410: 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
15125-444: Was defined as income and assets ; cultural capital as amount and type of cultural interests and activities; and social capital as the quantity and social status of their friends , family and personal and business contacts. This theoretical framework was developed by Pierre Bourdieu who first published his theory of social distinction in 1979. Today, concepts of social class often assume three general economic categories:
15250-410: Was determined by a person's relationship to the means of production, while status or "Stand" emerged from estimations of honor or prestige. Weber views class as a group of people who have common goals and opportunities that are available to them. This means that what separates each class from each other is their value in the marketplace through their own goods and services. This creates a divide between
15375-683: 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
15500-604: 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
15625-429: Was not much movement across class boundaries. In many countries, the term "upper class" was intimately associated with hereditary land ownership. Political power was often in the hands of the landowners in many pre-industrial societies despite there being no legal barriers to land ownership for other social classes. Upper-class landowners in Europe were often also members of the titled nobility , though not necessarily:
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