Contributions of Francis Walter To Entrepreneurial Development

Contributions of Francis Walter To Entrepreneurial Development

In my previous article, I have talked about the contributions of Richard Cantillon to Entrepreneurial Development. Now I want to look at some of the major contributions of Francis Walter to Entrepreneurial Development. Follow me as we are going to consider that together in this article.

His Contributions 

In the late 19th century, Francis Walter also differentiated between those who supplied funds and received interest and those that provided management and receive profit.

This distinction was as a result of the increasing industrialization of the 19th century. 

At the beginning of the 20th century, entrepreneurs were viewed mainly from an economic perspective.

The entrepreneur was regarded as an organiser who starts and operates an enterprise in expectation of reward of profit and equally bears the risk of making a loss. 

The work of undertaking risk in expectation of profit is referred to as an ‘enterprise’ and the provision of capital is referred to as ‘financing’.

The famous economist John Stuart Mill in his 1948 Classic, ‘ The Principle Of Political Economy’ also popularised the ideas of the entrepreneur as an organiser who assumes the risk of a business in return for profit. 

Before the industrial revolution in England, production was carried out on a small scale and usually in cottage industries.

There was no distinction between enterprise and management. With the invention of heavy machinery and the emergence of large industrial undertakings, joint-stock company ownership from control, that is, the separation of shareholders and directors.

Hence, a separation was made between enterprise and management.

The shareholders bear the risk and get the reward of ownership.

Enterprise relates to shareholders. In most organisations,  the actual work of management is done by paid managers or appointed directors. The entrepreneur is not a paid manager: he or she performs the task of risk-taking and provides general leadership. 

The directors perform the work of corporate management.

However, in small scale businesses, it is difficult to separate the functions of the entrepreneur and that of the organiser or manager. These functions are performed by the same person, the small business owner. 

Do you enjoy this article, add Our Posts to your Reading List.

 

Fact Check Policy

CRMNuggetsis committed to fact-checking in a fair, transparent, and non-partisan manner. Therefore, if you’ve found an error in any of our reports, be it factual, editorial, or an outdated post, please contact us to tell us about it.

Become Part of our fan base on Facebook. Click Here.
Follow Us on Twitter. Click Here.
Many Crypto. One place. UseRoqqu

Hi, I now use RavenBank to send, receive, and save money. I also pay my bills with ease, you should try it out too

OUR MISSION

To create well-reached content that will increase the intellectual prowess of our readers.

OUR VISION

To become a reference point in the blogging space by the year 2030. We want to be among the first 30 blogs in Nigeria.

Official Social Media Pages for crmnuggets.com

To Get Email Updates when we post new content,Click Here.

Loading

Related Posts

Amazing 6 Tips To Market Your Business Online In 2021Amazing 6 Tips To Market Your Business Online In 2021
Amazing 6 Tips To Market Your Business...
  Numerous businesses have found it quite tricky to strategically carry...
Read more
10 Types Of Network Security Threats10 Types Of Network Security Threats
10 Types Of Network Security Threats
When it comes to the process of connecting two or...
Read more
robeert greene 48 laws of powerrobeert greene 48 laws of power
Law 1: Robert Greene 48 Laws Of...
Law 1: Robert Greene 48 Laws Of Power Law 1: Never...
Read more
Credit Card Frauds To KnowCredit Card Frauds To Know
8 Types Of Credit Card Frauds To...
In my previous article, I talked about why we need...
Read more
Ways Of Analysing Affiliate Links PerformanceWays Of Analysing Affiliate Links Performance
Analysing Affiliate Links Performance: Ways Of Boosting...
  The performance of affiliate link promotion depends on the type...
Read more
E-Commerce WebsiteE-Commerce Website
Steps To Create an E-Commerce Website: A...
    There are many websites and blogs that are created daily across...
Read more
Smartsheet Project Management: Streamline Your Workflow with EaseSmartsheet Project Management: Streamline Your Workflow with Ease
Smartsheet Project Management: Streamline Your Workflow with...
  Smartsheet is a cloud-based project management tool that helps teams...
Read more
shollizyshollizy
Shollizy: Try
Shollizy-Try Available on Youtube   https://youtu.be/tM5-Uwh-AHM   Action Point PS: If you would like to...
Read more
CRMNuggets Whatsapp Channel
truehost
About Adeniyi Salau 1730 Articles
Adeniyi Salau is a highly dedicated and committed Blogger of repute. He likes sharing his IT knowledge with others. My desire is to impact as many lives as possible with my IT skills. You can download my mobile APP. Download the ICTLOAD APP on Google Playstore. Thanks.

Be the first to comment

Leave a Reply

Your email address will not be published.


*