214 years ago, the French economist J.B. Say around 1800; came up with the term of ‘the entrepreneur’,….who shifts economic resources out of an area of lower and into an area of higher productivity and greater yield.
According to Prof. Peter Drucker; An American Couple who opened another Mexican Restaurant in a Suburb, aren’t considered entrepreneurs. Even though they operate a new venture, they created neither a new satisfaction nor a new consumer demand. However, McDonald’s is an entrepreneurship!! It didn’t invent anything, to be sure. But by applying management concepts and management techniques (asking what’s ‘value’ to the customer), standardizing the product, designing process and tools, and by basing training on the analysis of the work to be done and then setting the standards it required, McDonald’s both drastically upgraded the yield from resources, and created a new market and a new customer. This is entrepreneurship!!