THEORETICAL APPROACHES TO THE DEFINITION OF THE ROLE, ESSENCE AND FUNCTIONS OF AN ENTREPRENEURSHIP IN THE MODERN TURBULENT ECONOMY

Анотація

The current paper considers the major theoretical approaches to the formation of the modern concept of entrepreneurship. Taking into account the growing importance of entrepreneurship for the Ukrainian economy which even increased during the full-scale war, both Ukrainian sources and sources from other countries were analyzed to identify the difference between the meanings of the terms “entrepreneurship” and “business”. The historical background and major features of both meanings were identified, which enabled the author to conclude that it is appropriate to use the term"entrepreneurship" when it comes to small and medium-sized economicentities. Instead, the term "business" should be used to refer to theinfrastructure, organization, and management of business activities at all levels. Also, the approaches to the concepts of "entrepreneur" and "entrepreneurship" in the works of various economic schools representatives were considered, thereof physiocrats, marginalists, the Austrian school, the neo-Austrian school of economic liberalism, and neoclassicists. The paper also represents the generalized criteria for the classification of enterprises. Keeping in mind the significant impact of entrepreneurship in various spheres of society the author summarized the functions of enterprises according to the triple bottom line concept.

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