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Among Drucker's early influences was the Austrian economist Joseph Schumpeter, a friend of his father's, who impressed upon Drucker the idea of the importance of innovation and entrepreneurship. [25] Drucker was also influenced, in a much different way, by John Maynard Keynes , whom he heard lecture in 1934 in Cambridge . [ 26 ] "
Theorists Frank Knight [113] and Peter Drucker defined entrepreneurship in terms of risk-taking. The entrepreneur is willing to put his or her career and financial security on the line and take risks in the name of an idea, spending time as well as capital on an uncertain venture.
The Peter F. Drucker and Masatoshi Ito Graduate School of Management, or more commonly, the Drucker School of Management, is the business school of Claremont Graduate University, which is a member of the Claremont Colleges. The school is named in honor of Peter Drucker, who taught management at the school for over 30 years.
An entrepreneur is a person who sets up a business or multiple businesses (serial entrepreneur). Entrepreneurship may be defined as the creation or extraction of economic value. It is generally thought to embrace risks beyond what is normally encountered in starting a business. Its motivation can include other values than simply economic ones.
Management by objectives (MBO), also known as management by planning (MBP), was first popularized by Peter Drucker in his 1954 book The Practice of Management. [1] Management by objectives is the process of defining specific objectives within an organization that management can convey to organization members, then deciding how to achieve each objective in sequence.
Innovation is the specific function of entrepreneurship, whether in an existing business, a public service institution, or a new venture started by a lone individual in the family kitchen. It is the means by which the entrepreneur either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth.
Drucker's biographer Jack Beatty referred to it as "a book about business, the way Moby Dick is a book about whaling". [ 1 ] In writing and researching the book, Drucker was given access to General Motors resources, paid a full salary, accompanied CEO Alfred P. Sloan to meetings, and was given free run of the company.
Baumol has argued that entrepreneurship can be either productive or unproductive. [15] Unproductive entrepreneurs may pursue economic rents or crime. Societies differ significantly in how they allocate entrepreneurial activities between the two forms of entrepreneurship, depending on the 'rules of the game' such as the laws in each society.