In a world where ideas drive economies, it is no wonder that innovation and entrepreneurship are often seen as inseparable bedfellows. The governments around world are starting to realise that in order to sustain progress and improve a country’s economy, people have to be encouraged and trained to think out-of-the-box and be constantly developing innovative products and services. The once feasible ways of doing business are no longer guarantees for future economic success!

In response to this inevitable change, some governments are rethinking way young are educated by infusing creative thinking and innovation in their nation’s educational curriculum. In same vein, they are putting much emphasis on need to train future entrepreneurs through infusing entrepreneurship components within educational system, especially at tertiary level. Some countries have taken this initiative to a higher level by introducing entrepreneurship education at elementary schools and encouraging them to be future entrepreneurs when they are of age. In a series of survey funded by Kauffman Center for Entrepreneurial Leadership, it was found that nearly seven out of 10 youths (aged 14-19) were interested in becoming entrepreneurs. Being an entrepreneur is now choice of new generation as compared to preferred career choices of yesteryears such as being a doctor, lawyer or a fighter pilot. In a recent visit to bustling city of Shanghai in China, an informal survey was carried out among Chinese youths by author. The results of survey showed that being an entrepreneur, especially in field of computer and e-commerce, is perceived as a ‘cool’ career and is an aspiration for many Chinese youths Prior to ‘opening up’ of modern China, being an entrepreneur was perceived as outcome of one’s inability to hold a good government job and those who dared to venture, were often scorned at by their peers. Times have indeed changed.

With this change in mindset and relative knowledge that entrepreneurs bring forth increased job creations, awareness and academic studies of entrepreneurship have also heightened. In many tertiary institutes, many courses of entrepreneurship and innovation are being developed and offered to cater to increasing demand. The term “entrepreneurship” has also evolved with numerous variations. The proliferation of jargons such as netpreneur, biotechpreneur, technopreneur and multipreneur are coined to keep up with ever-changing times and business conditions that surround us.

In view of these changes, it is important that definition of entrepreneurship be refined or redefined to enable its application in this 21st century. To put it succinctly, “Good science has to begin with good definitions (Bygrave & Hofer, 1991, p13).” Without proper definition, it will be laborious for policymakers to develop successful programs to inculcate entrepreneurial qualities in their people and organisations within their country.

The paper will provide a summary of definitions of entrepreneurship provided by scholars in this subject area. The author will also expand on one of definitions by Joseph Schumpeter to create a better understanding of definition of term “entrepreneurship” as applied in today’s business world.

Entrepreneurship through Years:

It was discovered that term ‘entrepreneurship’ could be found from French verb ‘entreprende’ in twelfth century though meaning may not be that applicable today. This meaning of word then was to do something without any link to economic profits, which is antithesis of what entrepreneurship is all about today. It was only in early 1700’s, when French economist, Richard Cantillon, described an entrepreneur as one who bears risks by buying at certain prices and selling at uncertain prices (Barreto, 1989, Casson 1982) which is probably closer to term as applied today.

In 1776 thought-provoking book ‘The Wealth of Nations’, Adam Smith explained clearly that it was not benevolence of baker but self-interest that motivated him to provide bread. From Smith’s standpoint, entrepreneurs were economic agents who transformed demand into supply for profits.

In 1848, famous economist John Stuart Mill described entrepreneurship as founding of a private enterprise. This encompassed risk takers, decision makers, and individuals who desire wealth by managing limited resources to create new business ventures.

One of definitions that author feels best exemplifies entrepreneurship was coined by Joseph Schumpeter (1934). He stated that entrepreneur is one who applies “innovation” within context of business to satisfy unfulfilled market demand (Liebenstein, 1995). In elaboration, he saw an entrepreneur as an innovator who implements change within markets through carrying out of new combinations. The carrying out of new combinations can take several forms:

The introduction of a new good or standard of quality;

-The introduction of a novel method of production;

-The opening of a new market;

-The acquisition of a new source of new materials supply; and

-The carrying out of new organisation in any industry.

Though term ‘innovation’ has different meanings to different people, several writers tended to see “innovation” in form of entrepreneurship as one not of incremental change but quantum change in new business start-ups and goods/services that they provide (egs, Bygrave, 1995; Bygrave & Hofer, 1991).

In view of Drucker (1985), he perceived entrepreneurship as creation of a new organisation, regardless of its ability to sustain itself, let alone make a profit. The notion of an individual who starts a new business venture would be sufficient for him/her to be labelled as an entrepreneur. It is this characteristic that distinguishes entrepreneurship from routine management tasks of allocating resources in an already established business organisation. Though definition tends to be somewhat simplistic in nature, it firmly attaches nature of entrepreneurial action with risk-taking and bearing of uncertainty by individual (Swoboda, 1983)

Seminars are simply a group of people coming together for discussion and learning of specific techniques and topics. Usually there are several keynote speakers within each seminar, and these speakers are usually experts in their own fields, or topics. Several topic reviews are scheduled each day throughout seminar, and attendees can usually make their choice of topics from among these scheduled events.

Many individuals attend seminars each year, some attending several times a year. The topics of seminars can be as varied as groups attending them, but in particular, there has been a rise of Internet Marketing Seminars over past five years, due to increased interest in this field.

What then are advantages and disadvantages of seminars if you choose to attend or if you're thinking of attending?

Advantages:

1. A wealth of knowledge usually, presented by many speakers at one time in one place. A lot of "learning" at one clip, with most material compressed into two or three days' worth of time.

2. A sense of camaraderie, where individuals can meet others with same interests/problems/concerns that they may have in their chosen field.

3. A sense of renewed hope and inspiration (this is especially true for Internet marketing seminars), as sometimes business concerns are lessened by sharing experiences with others. Being with others that "understand" individual's problems or concerns, is usually a great morale booster!

4. A great way for those that don't like to read, or attend classes, to improve their knowledge of a specific subject.

5. A nice vacation, in usually, a good hotel. Most seminars take place in quality hotels, as this is part of incentive to attracting attendees.