BEGINNER

Entrepreneurship

The process by which individuals seek to organize production and distribution to meet the demands of the market. If successful, the entrepreneur earns a profit and can continue his or her search for profits. Israel Kirzner refers to entrepreneurship as a discovery process. Entrepreneurs, who are alert to profit opportunities in specific industries attempt to realize these profits.

 

 

Israel Kirzner - Competition and the Market ProcessChris Coyne - The Future of Research on Entrepreneurship

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September 2014

For centuries, hierarchical models dominated human organizations. Kings, warlords, and emperors could rally groups--but also oppress them. Non-hierarchical forms of organization, though, are increasingly defining our lives. It's no secret how this shift has benefited out social lives, including dating, and it's becoming more commonplace even in the corporate world. But it has also now come even to organizations bent on domination rather than human flourishing, as the Islamic State shows. If even destructive groups rely on this form of entrepreneurial organization, then hierarchy's time could truly be coming to an end.
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