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Wikipedia

Entrepreneurship

Entrepreneurship is the creation or extraction of economic value.[1][2][3] With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones.

An entrepreneur is an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards.[4]The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.

More narrow definitions have described entrepreneurship as the process of designing, launching and running a new business, which is often similar to a small business, or as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit."[5] The people who create these businesses are often referred to as entrepreneurs.[6][7] While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant proportion of start-up businesses have to close due to "lack of funding, bad business decisions, government policies, an economic crisis, lack of market demand, or a combination of all of these."[8]

In the field of economics, the term entrepreneur is used for an entity which has the ability to translate inventions or technologies into products and services.[9] In this sense, entrepreneurship describes activities on the part of both established firms and new businesses.

Perspectives on entrepreneurship

As an academic field, entrepreneurship accommodates different schools of thought. It has been studied within disciplines such as management, economics, sociology and economic history.[10][11] Some view entrepreneurship as allocated to the entrepreneur. These scholars tend to focus on what the entrepreneur does and what traits that an entrepreneur has (see for example the text under the headings Elements below). This is sometimes referred to as the functionalistic approach to entrepreneurship.[12] Others deviate from the individualistic perspective to turn the spotlight on the entrepreneurial process and immerse in the interplay between agency and context. This approach is sometimes referred to as the processual approach,[12] or the contextual turn/approach to entrepreneurship.[13][2]

Elements

Entrepreneurship is an act of being an entrepreneur, or "the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits".[14] Entrepreneurs act as managers and oversee the launch and growth of an enterprise. Entrepreneurship is the process by which either an individual or a team identifies a business opportunity and acquires and deploys the necessary resources required for its exploitation. Early-19th-century French economist Jean-Baptiste Say provided a broad definition of entrepreneurship, saying that it "shifts economic resources out of an area of lower and into an area of higher productivity and greater yield". Entrepreneurs create something new and unique—they change or transmute value.[15] Regardless of the firm size, big or small, it can take part in entrepreneurship opportunities. There are four criteria to becoming an entrepreneur. First, there must be opportunities or situations to recombine resources to generate profit. Second, entrepreneurship requires differences between people, such as preferential access to certain individuals or the ability to recognize information about opportunities. Third, taking on a level of risk is a necessity. Fourth, the entrepreneurial process requires the organization of people and resources.[16]

An entrepreneur uses their time, energy, and resources to create value for others. They are rewarded for this effort monetarily and therefore both the consumer of the value created and the entrepreneur benefit.

The entrepreneur is a factor in and the study of entrepreneurship reaches back to the work of Richard Cantillon and Adam Smith in the late 17th and early 18th centuries. However, entrepreneurship was largely ignored theoretically until the late 19th and early 20th centuries and empirically until a profound resurgence in business and economics since the late 1970s. In the 20th century, the understanding of entrepreneurship owes much to the work of economist Joseph Schumpeter in the 1930s and other Austrian economists such as Carl Menger, Ludwig von Mises and Friedrich von Hayek. According to Schumpeter, an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation. Entrepreneurship employs what Schumpeter called "the gale of creative destruction" to replace in whole or in part inferior innovations across markets and industries, simultaneously creating new products, including new business models. In this way, creative destruction is largely responsible for the dynamism of industries and long-run economic growth. The supposition that entrepreneurship leads to economic growth is an interpretation of the residual in endogenous growth theory and as such is debated in academic economics. An alternative description posited by Israel Kirzner suggests that the majority of innovations may be much more incremental improvements such as the replacement of paper with plastic in the making of drinking straws.

The exploitation of entrepreneurial opportunities may include:[17]

Economist Joseph Schumpeter (1883–1950) saw the role of the entrepreneur in the economy as "creative destruction"—launching innovations that simultaneously destroy old industries while ushering in new industries and approaches. For Schumpeter, the changes and "dynamic disequilibrium brought on by the innovating entrepreneur [were] the norm of a healthy economy".[18] While entrepreneurship is often associated with new, small, for-profit start-ups, entrepreneurial behavior can be seen in small-, medium- and large-sized firms, new and established firms and in for-profit and not-for-profit organizations, including voluntary-sector groups, charitable organizations and government.[19]

Entrepreneurship may operate within an entrepreneurship ecosystem which often includes:

  • Government programs and services that promote entrepreneurship and support entrepreneurs and start-ups
  • Non-governmental organizations such as small-business associations and organizations that offer advice and mentoring to entrepreneurs (e.g. through entrepreneurship centers or websites)
  • Small-business advocacy organizations that lobby governments for increased support for entrepreneurship programs and more small business-friendly laws and regulations
  • Entrepreneurship resources and facilities (e.g. business incubators and seed accelerators)
  • Entrepreneurship education and training programs offered by schools, colleges and universities
  • Financing (e.g. bank loans, venture capital financing, angel investing and government and private foundation grants)[20][need quotation to verify]

In the 2000s, usage of the term "entrepreneurship" expanded to include how and why some individuals (or teams) identify opportunities, evaluate them as viable, and then decide to exploit them.[21] The term has also been used to discuss how people might use these opportunities to develop new products or services, launch new firms or industries, and create wealth.[22] The entrepreneurial process is uncertain because opportunities can only be identified after they have been exploited.[23]

Entrepreneurs exhibit positive biases towards finding new possibilities and seeing unmet market needs, and a tendency towards risk-taking that makes them more likely to exploit business opportunities.[24][25]

History

Historical usage

 
Emil Jellinek-Mercedes (1853–1918), here at the steering wheel of his Phoenix Double-Phaeton

"Entrepreneur" (/ˌɒ̃trəprəˈnɜːr, -ˈnjʊər/ ( listen), UK also /-prɛ-/) is a loanword from French. The word first appeared in the French dictionary entitled Dictionnaire Universel de Commerce compiled by Jacques des Bruslons and published in 1723.[26] Especially in Britain, the term "adventurerer" was often used to denote the same meaning.[27] The study of entrepreneurship reaches back to the work in the late 17th and early 18th centuries of Irish-French economist Richard Cantillon, which was foundational to classical economics. Cantillon defined the term first in his Essai sur la Nature du Commerce en Général, or Essay on the Nature of Trade in General, a book William Stanley Jevons considered the "cradle of political economy".[28][29] Cantillon defined the term as a person who pays a certain price for a product and resells it at an uncertain price, "making decisions about obtaining and using the resources while consequently admitting the risk of enterprise". Cantillon considered the entrepreneur to be a risk taker who deliberately allocates resources to exploit opportunities to maximize the financial return.[30][31] Cantillon emphasized the willingness of the entrepreneur to assume the risk and to deal with uncertainty, thus he drew attention to the function of the entrepreneur and distinguished between the function of the entrepreneur and the owner who provided the money.[30][32]

Jean-Baptiste Say also identified entrepreneurs as a driver for economic development, emphasizing their role as one of the collecting factors of production allocating resources from less to fields that are more productive. Both Say and Cantillon belonged to French school of thought and known as the physiocrats.[33]

Dating back to the time of the medieval guilds in Germany, a craftsperson required special permission to operate as an entrepreneur, the small proof of competence (Kleiner Befähigungsnachweis), which restricted training of apprentices to craftspeople who held a Meister certificate. This institution was introduced in 1908 after a period of so-called freedom of trade (Gewerbefreiheit, introduced in 1871) in the German Reich. However, proof of competence was not required to start a business. In 1935 and in 1953, greater proof of competence was reintroduced (Großer Befähigungsnachweis Kuhlenbeck), which required craftspeople to obtain a Meister apprentice-training certificate before being permitted to set up a new business.[34]

In the Ashanti Empire, successful entrepreneurs who accumulated large wealth and men as well as distinguished themselves through heroic deeds were awarded social and political recognition by being called "Abirempon" which means big men. By the eighteenth and nineteenth centuries AD, the appellation "Abirempon" had formalized and politicized to embrace those who conducted trade from which the whole state benefited. The state rewarded entrepreneurs who attained such accomplishments with Mena(elephant tail) which was the "heraldic badge" [35]

20th century

In the 20th century, entrepreneurship was studied by Joseph Schumpeter in the 1930s and by other Austrian economists such as Carl Menger (1840-1921), Ludwig von Mises (1881-1973) and Friedrich von Hayek (1899-1992). While the loan from French of the English-language word "entrepreneur" dates to 1762,[36] the word "entrepreneurism" dates from 1902[37] and the term "entrepreneurship" also first appeared in 1902.[38] According to Schumpeter, an entrepreneur is willing and able to convert a new idea or invention into a successful innovation.[39] Entrepreneurship employs what Schumpeter called the "gale of creative destruction"[40] to replace in whole or in part inferior offerings across markets and industries, simultaneously creating new products and new business models,[citation needed] thus creative destruction is largely[quantify] responsible for long-term economic growth. The idea that entrepreneurship leads to economic growth is an interpretation of the residual in endogenous growth theory[clarification needed] and as such continues to be debated in academic economics. An alternative description by Israel Kirzner (1930- ) suggests that the majority of innovations may be incremental improvements - such as the replacement of paper with plastic in the construction of a drinking straw - that require no special qualities.

For Schumpeter, entrepreneurship resulted in new industries and in new combinations of currently existing inputs. Schumpeter's initial example of this was the combination of a steam engine and then current wagon-making technologies to produce the horseless carriage. In this case, the innovation (i.e. the car) was transformational but did not require the development of dramatic new technology. It did not immediately replace the horse-drawn carriage, but in time incremental improvements reduced the cost and improved the technology, leading to the modern auto industry. Despite Schumpeter's early 20th-century contributions, traditional microeconomic theory did not formally consider the entrepreneur in its theoretical frameworks (instead of assuming that resources would find each other through a price system). In this treatment, the entrepreneur was an implied but unspecified actor, consistent with the concept of the entrepreneur being the agent of x-efficiency.

For Schumpeter, the entrepreneur did not bear risk: the capitalist did. Schumpeter believed that the equilibrium was imperfect. Schumpeter (1934) demonstrated that the changing environment continuously provides new information about the optimum allocation of resources to enhance profitability. Some individuals acquire the new information before others and recombine the resources to gain an entrepreneurial profit. Schumpeter was of the opinion that entrepreneurs shift the production-possibility curve to a higher level using innovations.[41]

Initially, economists made the first attempt[when?] to study the entrepreneurship concept in depth.[42] Alfred Marshall viewed the entrepreneur as a multi-tasking capitalist and observed that in the equilibrium of a completely competitive market there was no spot for "entrepreneurs" as economic-activity creators.[43]

Changes in politics and society in Russia and China the late-20th century saw a flowering of entrepreneurial activity, producing Russian oligarchs[44] and Chinese millionaires.[45]

21st century

 
In 2012, Ambassador-at-Large for Global Women's Issues Melanne Verveer greets participants in an African Women's Entrepreneurship Program at the State Department in Washington, D.C.

In the 2000s, entrepreneurship was extended from its origins in for-profit businesses to include social entrepreneurship, in which business goals are sought alongside social, environmental or humanitarian goals and even the concept of the political entrepreneur.[according to whom?] Entrepreneurship within an existing firm or large organization has been referred to as intrapreneurship and may include corporate ventures where large entities "spin-off" subsidiary organizations.[46]

Entrepreneurs are leaders willing to take risk and exercise initiative, taking advantage of market opportunities by planning, organizing and deploying resources,[47] often by innovating to create new or improving existing products or services.[48] In the 2000s, the term "entrepreneurship" has been extended to include a specific mindset resulting in entrepreneurial initiatives, e.g. in the form of social entrepreneurship, political entrepreneurship or knowledge entrepreneurship.[citation needed]

According to Paul Reynolds, founder of the Global Entrepreneurship Monitor, "by the time they reach their retirement years, half of all working men in the United States probably have a period of self-employment of one or more years; one in four may have engaged in self-employment for six or more years. Participating in a new business creation is a common activity among U.S. workers over the course of their careers".[49] In recent years, entrepreneurship has been claimed as a major driver of economic growth in both the United States and Western Europe.[citation needed]

Entrepreneurial activities differ substantially depending on the type of organization and creativity involved. Entrepreneurship ranges in scale from solo, part-time projects to large-scale undertakings that involve a team and which may create many jobs. Many "high value" entrepreneurial ventures seek venture capital or angel funding (seed money) to raise capital for building and expanding the business.[50] Many organizations exist to support would-be entrepreneurs, including specialized government agencies, business incubators (which may be for-profit, non-profit, or operated by a college or university), science parks and non-governmental organizations, which include a range of organizations including not-for-profits, charities, foundations and business advocacy groups (e.g. Chambers of commerce). Beginning in 2008, an annual "Global Entrepreneurship Week" event aimed at "exposing people to the benefits of entrepreneurship" and getting them to "participate in entrepreneurial-related activities" was launched.[who?]

Relationship between small business and entrepreneurship

The term "entrepreneur" is often conflated with the term "small business" or used interchangeably with this term. While most entrepreneurial ventures start out as a small business, not all small businesses are entrepreneurial in the strict sense of the term. Many small businesses are sole proprietor operations consisting solely of the owner—or they have a small number of employees—and many of these small businesses offer an existing product, process or service and they do not aim at growth. In contrast, entrepreneurial ventures offer an innovative product, process or service and the entrepreneur typically aims to scale up the company by adding employees, seeking international sales and so on, a process which is financed by venture capital and angel investments. In this way, the term "entrepreneur" may be more closely associated with the term "startup". Successful entrepreneurs have the ability to lead a business in a positive direction by proper planning, to adapt to changing environments and understand their own strengths and weaknesses.[51]

Historians' ranking

A 2002 survey of 58 business history professors gave the top spots in American business history to Henry Ford, followed by Bill Gates; John D. Rockefeller; Andrew Carnegie, and Thomas Edison. They were followed by Sam Walton; J. P. Morgan; Alfred P. Sloan; Walt Disney; Ray Kroc; Thomas J. Watson; Alexander Graham Bell; Eli Whitney; James J. Hill; Jack Welch; Cyrus McCormick; David Packard; Bill Hewlett; Cornelius Vanderbilt; and George Westinghouse.[52] A 1977 survey of management scholars reported the top five pioneers in management ideas were: Frederick Winslow Taylor; Chester Barnard; Frank Bunker Gilbreth Sr.; Elton Mayo; and Lillian Moller Gilbreth.[53]

Types of entrepreneurship

Cultural

According to Christopher Rea and Nicolai Volland, cultural entrepreneurship is "practices of individual and collective agency characterized by mobility between cultural professions and modes of cultural production", which refers to creative industry activities and sectors. In their book The Business of Culture (2015), Rea and Volland identify three types of cultural entrepreneur: "cultural personalities", defined as "individuals who buil[d] their own personal brand of creativity as a cultural authority and leverage it to create and sustain various cultural enterprises"; "tycoons", defined as "entrepreneurs who buil[d] substantial clout in the cultural sphere by forging synergies between their industrial, cultural, political, and philanthropic interests"; and "collective enterprises", organizations which may engage in cultural production for profit or not-for-profit purposes.[54]

In the 2000s, story-telling has emerged as a field of study in cultural entrepreneurship. Some have argued that entrepreneurs should be considered “skilled cultural operators” [55] that use stories to build legitimacy, and seize market opportunities and new capital.[56][57][58] Others have concluded that we need to speak of a ‘narrative turn’ in cultural entrepreneurship research.[59]

Ethnic

The term "ethnic entrepreneurship" refers to self-employed business owners who belong to racial or ethnic minority groups in the United States and Europe[citation needed]. A long tradition of academic research explores the experiences and strategies of ethnic entrepreneurs as they strive to integrate economically into mainstream U.S. or European society. Classic cases include Jewish merchants and tradespeople in large U.S. cities in the 19th and early 20th centuries as well as Chinese and Japanese small business owners (restaurants, farmers, shop owners) on the West Coast.[60] In the 2010s, ethnic entrepreneurship has been studied in the case of Cuban business owners in Miami, Indian motel owners of the U.S. and Chinese business owners in Chinatowns across the United States. While entrepreneurship offers these groups many opportunities for economic advancement, self-employment and business ownership in the United States remain unevenly distributed along racial/ethnic lines.[61] Despite numerous success stories of Asian entrepreneurs, a recent statistical analysis of U.S. census data shows that whites are more likely than Asians, African-Americans and Latinos to be self-employed in high prestige, lucrative industries.[61]

Religious

Religious entrepreneurship refers to both the use of entrepreneurship to pursue religious ends as well as how religion impacts entrepreneurial pursuits. While religion is a central topic in society, it is largely overlooked in entrepreneurship research.[62] The inclusion of religion may transform entrepreneurship including a focus on opportunities other than profit as well as practices, processes and purpose of entrepreneurship.[63][64] Gümüsay suggests a three pillars model to explain religious entrepreneurship: The pillars are the entrepreneurial, socio-economic/ethical, and religio-spiritual in the pursuit of value, values, and the metaphysical.[65]

Feminist

A feminist entrepreneur is an individual who applies feminist values and approaches through entrepreneurship, with the goal of improving the quality of life and well-being of girls and women.[66] Many are doing so by creating "for women, by women" enterprises. Feminist entrepreneurs are motivated to enter commercial markets by desire to create wealth and social change, based on the ethics of cooperation, equality and mutual respect.[67][68] These endeavours can have the effect of both empowerment and emancipation.[69]

Institutional

The American-born British economist Edith Penrose has highlighted the collective nature of entrepreneurship. She mentions that in modern organizations, human resources need to be combined to better capture and create business opportunities.[70] The sociologist Paul DiMaggio (1988:14) has expanded this view to say that "new institutions arise when organized actors with sufficient resources [institutional entrepreneurs] see in them an opportunity to realize interests that they value highly".[71] The notion has been widely applied.[72][73][74][75]

Millennial

The term "millennial entrepreneur" refers to a business owner who is affiliated with millennials (also known as Generation Y), those people born from approximately 1981 to 1996.[76] The offspring of baby boomers and early Gen Xers,[77] this generation was brought up using digital technology and mass media. Millennial business owners are well-equipped with knowledge of new technology and new business models and have a strong grasp of its business applications. There have been many breakthrough businesses that have come from millennial entrepreneurs such as Mark Zuckerberg, who created Facebook.[78] Despite the expectation of millennial success, there have been recent studies that have proven this to not be the case. The comparison between millennials who are self-employed and those who are not self-employed shows that the latter is higher. The reason for this is because they have grown up in a different generation and attitude than their elders. Some of the barriers to entry for entrepreneurs are the economy, debt from schooling, and the challenges of regulatory compliance.[79]

Nascent

A nascent entrepreneur is someone in the process of establishing a business venture.[80] In this observation, the nascent entrepreneur can be seen as pursuing an opportunity, i.e. a possibility to introduce new services or products, serve new markets, or develop more efficient production methods in a profitable manner.[81][82] But before such a venture is actually established, the opportunity is just a venture idea.[83] In other words, the pursued opportunity is perceptual in nature, propped by the nascent entrepreneur's personal beliefs about the feasibility of the venturing outcomes the nascent entrepreneur seeks to achieve.[84][85][86] Its prescience and value cannot be confirmed ex ante but only gradually, in the context of the actions that the nascent entrepreneur undertakes towards establishing the venture,[87] Ultimately, these actions can lead to a path that the nascent entrepreneur deems no longer attractive or feasible, or result in the emergence of a (viable) business. In this sense, over time, the nascent venture can move towards being discontinued or towards emerging successfully as an operating entity.

The distinction between the novice, serial and portfolio entrepreneurs is an example of behavior-based categorization.[88] Other examples are the (related) studies by,[89][90] on start-up event sequences. Nascent entrepreneurship that emphasizes the series of activities involved in new venture emergence,[91][92][93] rather than the solitary act of exploiting an opportunity. Such research will help separate entrepreneurial action into its basic sub-activities and elucidate the inter-relationships between activities, between an activity (or sequence of activities) and an individual's motivation to form an opportunity belief, and between an activity (or sequence of activities) and the knowledge needed to form an opportunity belief. With this research, scholars will be able to begin constructing a theory of the micro-foundations of entrepreneurial action.

Scholars interested in nascent entrepreneurship tend to focus less on the single act of opportunity exploitation and more on the series of actions in new venture emergence,[91][94][93] Indeed, nascent entrepreneurs undertake numerous entrepreneurial activities, including actions that make their businesses more concrete to themselves and others. For instance, nascent entrepreneurs often look for and purchase facilities and equipment; seek and obtain financial backing, form legal entities, organize teams; and dedicate all their time and energy to their business[95]

Project-based

Project entrepreneurs are individuals who are engaged in the repeated assembly or creation of temporary organizations.[96] These are organizations that have limited lifespans which are devoted to producing a singular objective or goal and get disbanded rapidly when the project ends. Industries where project-based enterprises are widespread include: sound recording, film production, software development, television production, new media and construction.[97] What makes project-entrepreneurs distinctive from a theoretical standpoint is that they have to "rewire" these temporary ventures and modify them to suit the needs of new project opportunities that emerge. A project entrepreneur who used a certain approach and team for one project may have to modify the business model or team for a subsequent project.

Project entrepreneurs are exposed repeatedly to problems and tasks typical of the entrepreneurial process.[98] Indeed, project-based entrepreneurs face two critical challenges that invariably characterize the creation of a new venture: locating the right opportunity to launch the project venture and assembling the most appropriate team to exploit that opportunity. Resolving the first challenge requires project-entrepreneurs to access an extensive range of information needed to seize new investment opportunities. Resolving the second challenge requires assembling a collaborative team that has to fit well with the particular challenges of the project and has to function almost immediately to reduce the risk that performance might be adversely affected. Another type of project entrepreneurship involves entrepreneurs working with business students to get analytical work done on their ideas.

Social

 
Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010.

Social entrepreneurship is the use of the by start up companies and other entrepreneurs to develop, fund and implement solutions to social, cultural, or environmental issues.[99] This concept may be applied to a variety of organizations with different sizes, aims, and beliefs.[100] For-profit entrepreneurs typically measure performance using business metrics like profit, revenues and increases in stock prices, but social entrepreneurs are either non-profits or blend for-profit goals with generating a positive "return to society" and therefore must use different metrics. Social entrepreneurship typically attempts to further broad social, cultural, and environmental goals often associated with the voluntary sector[101] in areas such as poverty alleviation, health care[102] and community development. At times, profit-making social enterprises may be established to support the social or cultural goals of the organization but not as an end in itself. For example, an organization that aims to provide housing and employment to the homeless may operate a restaurant, both to raise money and to provide employment for the homeless people.

Biosphere

Biosphere entrepreneurship is "entrepreneurial activity that generates value for the biosphere and ecosystem services."[103] It is part of a larger trend of business schools seeking to incorporate environmental topics more actively into their curricula.[104]

Entrepreneurial behaviours

The entrepreneur is commonly seen as an innovator—a designer of new ideas and business processes.[105] Management skills and strong team building abilities are often perceived as essential leadership attributes for successful entrepreneurs.[106][unreliable source] Political economist Robert Reich considers leadership, management ability and team-building to be essential qualities of an entrepreneur.[107][108]

Uncertainty perception and risk-taking

Theorists Frank Knight[109] 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. However, entrepreneurs often do not believe that they have taken an enormous amount of risks because they do not perceive the level of uncertainty to be as high as other people do. Knight classified three types of uncertainty:

  • Risk, which is measurable statistically (such as the probability of drawing a red color ball from a jar containing five red balls and five white balls)
  • Ambiguity, which is hard to measure statistically (such as the probability of drawing a red ball from a jar containing five red balls but an unknown number of white balls)
  • True uncertainty or Knightian uncertainty, which is impossible to estimate or predict statistically (such as the probability of drawing a red ball from a jar whose contents, in terms of numbers of coloured balls, are entirely unknown)
 
Malala Yousafzai, a Pakistani activist, social entrepreneur and youngest-ever Nobel Peace Prize winner

Entrepreneurship is often associated with true uncertainty, particularly when it involves the creation of a novel good or service, for a market that did not previously exist, rather than when a venture creates an incremental improvement to an existing product or service. A 2014 study at ETH Zürich found that compared with typical managers, entrepreneurs showed higher decision-making efficiency and a stronger activation in regions of frontopolar cortex (FPC) previously associated with explorative choice.[110]

"Coachability" and advice taking

The ability of entrepreneurs to work closely with and take advice from early investors and other partners (i.e. their coachability) has long been considered a critical factor in entrepreneurial success.[111] At the same time, economists have argued that entrepreneurs should not simply act on all advice given to them, even when that advice comes from well-informed sources, because entrepreneurs possess far deeper and richer local knowledge about their own firm than any outsider. Indeed, measures of coachability are not actually predictive of entrepreneurial success (e.g. measured as success in subsequent funding rounds, acquisitions, pivots and firm survival). This research also shows that older and larger founding teams, presumably those with more subject expertise, are less coachable than younger and smaller founding teams.[citation needed]

Strategies

Strategies that entrepreneurs may use include:

  • Innovation of new products, services or processes[112]
  • Listen to customer feedback and adapt[113]
  • Continuous process improvement (CPI)[112]
  • Exploration of new business models
  • Finding solutions for problems[113]
  • Use of technology[112]
  • Use of business intelligence
  • Use of economical strategies
  • Development of future products and services[112]
  • Optimized talent management[112]
  • Entrepreneurial marketing strategies for interactive and innovative networking[114]

Designing individual/opportunity nexus

According to Shane and Venkataraman, entrepreneurship comprises both "enterprising individuals" and "entrepreneurial opportunities", so researchers should study the nature of the individuals who identify opportunities when others do not, the opportunities themselves and the nexus between individuals and opportunities.[115] On the other hand, Reynolds et al.[116] argue that individuals are motivated to engage in entrepreneurial endeavours driven mainly by necessity or opportunity, that is individuals pursue entrepreneurship primarily owing to survival needs, or because they identify business opportunities that satisfy their need for achievement. For example, higher economic inequality tends to increase necessity-based entrepreneurship rates at the individual level.[117]

Opportunity perception and biases

One study has found that certain genes affecting personality may influence the income of self-employed people.[118] Some people may be able to use[weasel words] "an innate ability" or quasi-statistical sense to gauge public opinion[119] and market demand for new products or services. Entrepreneurs tend to have the ability to see unmet market needs and underserved markets. While some entrepreneurs assume they can sense and figure out what others are thinking, the mass media plays a crucial role in shaping views and demand.[120] Ramoglou argues that entrepreneurs are not that distinctive and that it is essentially poor conceptualizations of "non-entrepreneurs" that maintain laudatory portraits of "entrepreneurs" as exceptional innovators or leaders [121][122] Entrepreneurs are often overconfident, exhibit illusion of control, when they are opening/expanding business or new products/services.[24]

Styles

Differences in entrepreneurial organizations often partially reflect their founders' heterogenous identities. Fauchart and Gruber have classified entrepreneurs into three main types: Darwinians, communitarians and missionaries. These types of entrepreneurs diverge in fundamental ways in their self-views, social motivations and patterns of new firm creation.[123]

Communication

Entrepreneurs must practice effective communication both within their firm and with external partners and investors to launch and grow a venture and enable it to survive. An entrepreneur needs a communication system that links the staff of her firm and connects the firm to outside firms and clients. Entrepreneurs should be charismatic leaders, so they can communicate a vision effectively to their team and help to create a strong team. Communicating a vision to followers may be the most important act of the transformational leader.[124] Compelling visions provide employees with a sense of purpose and encourage commitment. According to Baum et al.[125] and Kouzes and Posner,[126] the vision must be communicated through written statements and through in-person communication. Entrepreneurial leaders must speak and listen to articulate their vision to others.[127]

Communication is pivotal in the role of entrepreneurship because it enables leaders to convince potential investors, partners and employees about the feasibility of a venture.[128] Entrepreneurs need to communicate effectively to shareholders.[129] Nonverbal elements in speech such as the tone of voice, the look in the sender's eyes, body language, hand gestures and state of emotions are also important communication tools. The Communication Accommodation Theory posits that throughout communication people will attempt to accommodate or adjust their method of speaking to others.[130] Face Negotiation Theory describes how people from different cultures manage conflict negotiation to maintain "face".[131] Hugh Rank's "intensify and downplay" communications model can be used by entrepreneurs who are developing a new product or service. Rank argues that entrepreneurs need to be able to intensify the advantages of their new product or service and downplay the disadvantages to persuade others to support their venture.[132]

Links to sea piracy

Research from 2014 found links between entrepreneurship and historical sea piracy. In this context, the claim is made for a non-moral approach to looking at the history of piracy as a source of inspiration for entrepreneurship education[133] as well as for research in entrepreneurship[134] and business model generation.[135]

Psychological makeup

Ross Levine, an economist at the University of California, Berkeley, and Yona Rubinstein, a professor at the London School of Economics released a study which suggests entrepreneurs are disproportionately white, male, from wealthy and highly educated backgrounds, and prone to "aggressive, illicit, risk-taking activities" as teenagers and young adults. Entrepreneurs also performed above average on aptitude tests.[136] This masculine image is also found when studying how male entrepreneurs are represented in media. A supporting but invisible family are one of the success factors when being portrayed as a male entrepreneur in media.[137] A study conducted by the Census Bureau and two MIT professors, after compiling a list of 2.7 million company founders who hired at least one employee between 2007 and 2014, found the average age of a successful start-up founder when he or she founded it is 45. They consistently found chances of entrepreneurial success rises with age.[138][139]

 
Apple co-founder and longtime leader Steve Jobs (pictured in 2010) led the introduction of many innovations in the computer, smartphone and digital music industries.

Stanford University economist Edward Lazear found in a 2005 study that variety in education and in work experience was the most important trait that distinguished entrepreneurs from non-entrepreneurs[140] A 2013 study by Uschi Backes-Gellner of the University of Zurich and Petra Moog of the University of Siegen in Germany found that a diverse social network was also an important characteristic of students that would go on to become entrepreneurs.[141][142]

Studies show that the psychological propensities for male and female entrepreneurs are more similar than different. Empirical studies suggest that female entrepreneurs possess strong negotiating skills and consensus-forming abilities.[143] Åsa Hansson, who looked at empirical evidence from Sweden, found that the probability of becoming self-employed decreases with age for women, but increases with age for men.[144] She also found that marriage increased the probability of a person's becoming an entrepreneur.[144]

Jesper Sørensen wrote in 2010 that significant influences on the decision to become an entrepreneur include workplace peers and social composition. Sørensen discovered a correlation between working with former entrepreneurs and how often these individuals become entrepreneurs themselves, compared to those who did not work with entrepreneurs.[145] Social composition can influence entrepreneurialism in peers by demonstrating the possibility for success, stimulating a "He can do it, why can't I?" attitude. As Sørensen stated: "When you meet others who have gone out on their own, it doesn't seem that crazy."[146]

Entrepreneurs may also be driven to entrepreneurship by past experiences. If someone has faced multiple work stoppages or has been unemployed in the past, the probability of becoming an entrepreneur increases[144] Per Cattell's personality framework, both personality traits and attitudes are thoroughly investigated by psychologists. However, in case of entrepreneurship research these notions are employed by academics[which?] too, but vaguely. Cattell states that personality is a system that is related to the environment and further adds that the system seeks explanation to the complex transactions conducted by both—traits and attitudes. This is because both of them bring about change and growth in a person. Personality is that which informs what an individual will do when faced with a given situation. A person's response is triggered by his/her personality and the situation that is faced.[147]

Innovative entrepreneurs may be more likely to experience what psychologist Mihaly Csikszentmihalyi calls "flow". "Flow" occurs when an individual forgets about the outside world due to being thoroughly engaged in a process or activity. Csikszentmihalyi suggested that breakthrough innovations tend to occur at the hands of individuals in that state.[148] Other research has concluded that a strong internal motivation is a vital ingredient for breakthrough innovation.[149] Flow can be compared to Maria Montessori's concept of normalization, a state that includes a child's capacity for joyful and lengthy periods of intense concentration.[150] Csikszentmihalyi acknowledged that Montessori's prepared environment offers children opportunities to achieve flow.[151] Thus quality and type of early education may influence entrepreneurial capability.[citation needed]

Research on high-risk settings such as oil platforms, investment banking, medical surgery, aircraft piloting and nuclear-power plants has related distrust to failure avoidance.[152] When non-routine strategies are needed, distrusting persons perform better, while when routine strategies are needed trusting persons perform better. Gudmundsson and Lechner extended this research to entrepreneurial firms.[153] They argued that in entrepreneurial firms the threat of failure is ever-present, resembling non-routine situations in high-risk settings. They found that the firms of distrusting entrepreneurs were more likely to survive than the firms of optimistic or overconfident entrepreneurs. The reasons were that distrusting entrepreneurs would emphasize failure-avoidance through sensible task selection and more analysis. Kets de Vries has pointed out that distrusting entrepreneurs are more alert about their external environment.[154] He concluded that distrusting entrepreneurs are less likely to discount negative events and are more likely to engage control mechanisms. Similarly, Gudmundsson and Lechner found that distrust leads to higher precaution and therefore increases chances of entrepreneurial-firm survival.

Researchers Schoon and Duckworth completed a study in 2012 that could potentially help identify who may become an entrepreneur at an early age. They determined that the best measures to identify a young entrepreneur are family and social status, parental role-modelling, entrepreneurial competencies at age 10, academic attainment at age 10, generalized self-efficacy, social skills, entrepreneurial intention and experience of unemployment.[155]

Strategic entrepreneurship

Some scholars have constructed an operational definition of a more specific subcategory called "Strategic Entrepreneurship". Closely tied with principles of strategic management, this form of entrepreneurship is "concerned about growth, creating value for customers and subsequently creating wealth for owners".[156] A 2011 article for the Academy of Management provided a three-step, "Input-Process-Output" model of strategic entrepreneurship. The model's three steps entail the collection of different resources, the process of orchestrating them in the necessary manner and the subsequent creation of competitive advantage, value for customers, wealth and other benefits. Through the proper use of strategic management/leadership techniques and the implementation of risk-bearing entrepreneurial thinking, the strategic entrepreneur is, therefore, able to align resources to create value and wealth.[156]

Leadership

Leadership in entrepreneurship can be defined as "process of social influence in which one person can enlist the aid and support of others in the accomplishment of a common task"[157] in "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods".[158][page needed] This refers to not only the act of entrepreneurship as managing or starting a business, but how one manages to do so by these social processes, or leadership skills. (Entrepreneurship in itself can be defined somewhat circularly as "the process by which individuals, teams, or organizations identify and pursue entrepreneurial opportunities without being immediately constrained by the resources they currently control".[159]) An entrepreneur typically has a mindset that seeks out potential opportunities during uncertain times.[159] An entrepreneur must have leadership skills or qualities to see potential opportunities and act upon them.[citation needed] At the core, an entrepreneur is a decision-maker.[citation needed] Such decisions often affect an organization as a whole, which is representative of entrepreneurial leadership within the organization.[citation needed]

With the growing global market and increasing technology use throughout all industries, the core of entrepreneurship and the decision-making has become an ongoing process rather than isolated incidents.[citation needed] This becomes knowledge management,[citation needed] which is "identifying and harnessing intellectual assets" for organizations to "build on past experiences and create new mechanisms for exchanging and creating knowledge".[160] This belief[which?] draws upon a leader's past experiences that may prove useful. It is a common mantra for one to learn from their past mistakes, so leaders should take advantage of their failures for their benefit.[citation needed] This is how one may take their experiences as a leader for the use in the core of entrepreneurship decision-making.[citation needed]

Global leadership

The majority of scholarly research done on these topics has taken place in North America.[161] Words like "leadership" and "entrepreneurship" do not always translate well into other cultures and languages. For example, in North America a leader is often thought of as charismatic, but German culture frowns on such charisma due to the charisma of Nazi leader Adolf Hitler (1889-1945). Other cultures, as in some European countries, view the term "leader" negatively, like the French.[162][need quotation to verify] The participative leadership style that is prevalent in the United States is considered disrespectful in many other parts of the world due to the differences in power distance.[163] Many Asian and Middle Eastern countries do not have "open door" policies for subordinates, who would never informally approach their managers/bosses. For countries like that, an authoritarian approach to management and leadership is more customary.[citation needed]

Despite cultural differences, the successes and failures of entrepreneurs can be traced to how leaders adapt to local conditions.[164] Within the increasingly global business environment a successful leader must be able to adapt and have insight into other cultures. To respond to the environment, corporate visions are becoming transnational in nature, to enable the organization to operate in or provide services/goods for other cultures.[165]

Entrepreneurship training and education

Michelacci and Schivardi are a pair of researchers who believe that identifying and comparing the relationships between an entrepreneur's earnings and education level would determine the rate and level of success. Their study focused on two education levels, college degree and post-graduate degree. While Michelacci and Schivardi do not specifically determine characteristics or traits for successful entrepreneurs, they do believe that there is a direct relationship between education and success, noting that having a college knowledge does contribute to advancement in the workforce.[166]

Michelacci and Schivardi state there has been a rise in the number of self-employed people with a baccalaureate degree. However, their findings also show that those who are self-employed and possess a graduate degree has remained consistent throughout time at about 33 percent. They briefly mention those famous entrepreneurs like Steve Jobs and Mark Zuckerberg who were college dropouts, but they call these cases all but exceptional as it is a pattern that many entrepreneurs view formal education as costly, mainly because of the time that needs to be spent on it.In the 21st Century, a young Danish entrepreneur, Maniyar, had become famous while perusing his Bachelors of Pharmacy. There are few entrepreneurs that are also college dropouts, like Mark Zuckerberg however, Maniyar's ability and volition while studying would allow him to create a functioning business.[12] Michelacci and Schivardi believe that in order for an individual to reach the full success they need to have education beyond high school. Their research shows that the higher the education level the greater the success. The reason is that college gives people additional skills that can be used within their business and to operate on a higher level than someone who only "runs" it.[166]

Resources and financing

Entrepreneurial resources

An entrepreneurial resource is any company-owned asset that has economic value creating capabilities. Economic value creating both tangible and intangible sources are considered as entrepreneurial resources. Their economic value is generating activities or services through mobilization by entrepreneurs.[167] Entrepreneurial resources can be divided into two fundamental categories: tangible and intangible resources.[168]

Tangible resources are material sources such as equipment, building, furniture, land, vehicle, machinery, stock, cash, bond and inventory that has a physical form and can be quantified. On the contrary, intangible resources are nonphysical or more challenging to identify and evaluate, and they possess more value creating capacity such as human resources including skills and experience in a particular field, organizational structure of the company, brand name, reputation, entrepreneurial networks that contribute to promotion and financial support, know-how, intellectual property including both copyrights, trademarks and patents.[169][170]

Bootstrapping

Contextual background

At least early on, entrepreneurs often "bootstrap-finance" their start-up rather than seeking external investors from the start. One of the reasons that some entrepreneurs prefer to "bootstrap" is that obtaining equity financing requires the entrepreneur to provide ownership shares to the investors. If the start-up becomes successful later on, these early equity financing deals could provide a windfall for the investors and a huge loss for the entrepreneur. If investors have a significant stake in the company, they may as well be able to exert influence on company strategy, chief executive officer (CEO) choice and other important decisions. This is often problematic since the investor and the founder might have different incentives regarding the long-term goal of the company. An investor will generally aim for a profitable exit and therefore promotes a high-valuation sale of the company or IPO to sell their shares. Whereas the entrepreneur might have philanthropic intentions as their main driving force. Soft values like this might not go well with the short-term pressure on yearly and quarterly profits that publicly traded companies often experience from their owners.[171]

Common definition

One consensus definition of bootstrapping sees it as "a collection of methods used to minimize the amount of outside debt and equity financing needed from banks and investors".[172] The majority of businesses require less than $10,000 to launch,[citation needed] which means that personal savings are most often used to start. In addition, bootstrapping entrepreneurs often incur personal credit-card debt, but they also can utilize a wide variety of methods. While bootstrapping involves increased personal financial risk for entrepreneurs, the absence of any other stakeholder gives the entrepreneur more freedom to develop the company.[citation needed]

Related methodologies

Bootstrapping methods include:[173]

Additional financing

Many businesses need more capital than can be provided by the owners themselves. In this case, a range of options is available including a wide variety of private and public equity, debt and grants. Private equity options include:

Debt options open to entrepreneurs include:

Grant options open to entrepreneurs include:

  • Equity-free accelerators
  • Business plan/business pitch competitions for college entrepreneurs and others
  • Small Business Innovation Research grants from the U.S. government

Effect of taxes

Entrepreneurs are faced with liquidity constraints and often lack the necessary credit needed to borrow large amounts of money to finance their venture.[174] Because of this, many studies have been done on the effects of taxes on entrepreneurs. The studies fall into two camps: the first camp finds that taxes help and the second argues that taxes hurt entrepreneurship.[citation needed]

Cesaire Assah Meh found that corporate taxes create an incentive to become an entrepreneur to avoid double taxation.[174] Donald Bruce and John Deskins found literature suggesting that a higher corporate tax rate may reduce a state's share of entrepreneurs.[175] They also found that states with an inheritance or estate tax tend to have lower entrepreneurship rates when using a tax-based measure.[175] However, another study found that states with a more progressive personal income tax have a higher percentage of sole proprietors in their workforce.[176] Ultimately, many studies find that the effect of taxes on the probability of becoming an entrepreneur is small. Donald Bruce and Mohammed Mohsin found that it would take a 50 percentage point drop in the top tax rate to produce a one percent change in entrepreneurial activity.[177]

Predictors of success

 
Dell Women's Entrepreneur Network event in New York City

Factors that may predict entrepreneurial success include the following:[178]

Methods
  • Establishing strategies for the firm, including growth and survival strategies
  • Maintaining the human resources (recruiting and retaining talented employees and executives)
  • Ensuring the availability of required materials (e.g. raw resources used in manufacturing, computer chips, etc.)
  • Ensuring that the firm has one or more unique competitive advantages
  • Ensuring good organizational design, sound governance and organizational coordination
  • Congruency with the culture of the society[179]
Market
  • Business-to-business (B2B) or business-to-consumer (B2C) models can be used
  • High growth market
  • Target customers or markets that are untapped or missed by others
Industry
  • Growing industry
  • High technology impact on the industry
  • High capital intensity
  • Small average incumbent firm size
Team
  • Large, gender-diverse and racially diverse team with a range of talents, rather than an individual entrepreneur
  • Graduate degrees
  • Management experience prior to start-up
  • Work experience in the start-up industry
  • Employed full-time prior to new venture as opposed to unemployed
  • Prior entrepreneurial experience
  • Full-time involvement in the new venture
  • Motivated by a range of goals, not just profit
  • Number and diversity of team members' social ties and breadth of their business networks
Company
  • Written business plan
  • Focus on a unified, connected product line or service line
  • Competition based on a dimension other than price (e.g. quality or service)
  • Early, frequent intense and well-targeted marketing
  • Tight financial controls
  • Sufficient start-up and growth capital
  • Corporation model, not sole proprietorship
Status
  • Wealth can enable an entrepreneur to cover start-up costs and deal with cash flow challenges
  • Dominant race, ethnicity or gender in a socially stratified culture[180]

See also

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Bibliography

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Further reading

  • Blackburn, Robert (2008). Small Business and Entrepreneurship. doi:10.4135/9781446263433. ISBN 978-1412934374. S2CID 166474936.
  • Baassiri, Raméz (2018). Interrupted Entrepreneurship: Embracing Change In The Family Business. Forbes. ISBN 978-1946633361.
  • Bowman, Erik (2011). Entrepreneur Training Manual, Third Edition: Certified Entrepreneur Workbook. Guanzi Institute Press. ISBN 978-0983786290.
  • Bruder, Jessica (September 2013). "The Psychological Price of Entrepreneurship." Inc. (Winner 2014 Annual Awards Contest of the Deadline Club)
  • Dana, Leo Paul (2010). "Nunavik, Arctic Quebec: Where Co-operatives Supplement Entrepreneurship". Global Business and Economics Review. 12 (1/2): 42–71. doi:10.1504/gber.2010.032317.
  • Duening, Thomas N.; Hisrich, Robert A.; Lechter, Michael A. (2009). Technology Entrepreneurship: Creating, Capturing, and Protecting Value. Academic Press. ISBN 978-0080922881.
  • Foo, M.D. (2011). "Emotions and entrepreneurial opportunity evaluation". Entrepreneurship Theory and Practice. 35 (2): 375–393. doi:10.1111/j.1540-6520.2009.00357.x. S2CID 144091559.
  • Folsom Jr., Burton W. The Myth of the Robber Barons (4th ed. 2003)
  • James W. Halloran. (2014). Your Small Business Adventure: Finding Your Niche and Growing a Successful Business. ALA/Huron Street Press. ISBN 978-1937589448.
  • Harper, David (2008). "Entrepreneurship". In Hamowy, Ronald (ed.). The Encyclopedia of Libertarianism. Thousand Oaks, CA: Sage; Cato Institute. pp. 148–150. doi:10.4135/9781412965811.n93. ISBN 978-1412965804. OCLC 750831024.
  • Leitão, João; Baptista, Rui (2009). Public Policies for Fostering Entrepreneurship: A European Perspective. Springer Science Business Media. ISBN 978-1441902498.
  • Lowe, Robin; Sue Marriott (2006). Enterprise: Entrepreneurship and Innovation: Concepts, Contexts and Commercialization. Butterworth-Heinemann. ISBN 978-0750669207.
  • Lundstrom, Anders; Stevenson, Lois A. (2005). Entrepreneurship Policy: Theory and Practice. Springer. ISBN 978-0387241401.
  • McCormick, Blaine; Folsom, Burton W. (2003). "A survey of business historians on America's greatest entrepreneurs". Business History Review. 77 (4): 703–716. doi:10.2307/30041235. JSTOR 30041235. S2CID 145489840.
  • Minniti, M.; Moren, L. (2010). "Entrepreneurial types and economic growth". Journal of Business Venturing. 25 (3): 305–314. doi:10.1016/j.jbusvent.2008.10.002.
  • Rea, Christopher; Volland, Nicolai (2015). The Business of Culture: Cultural Entrepreneurs in China and Southeast Asia, 1900-65. UBC Press. ISBN 978-0774827829.
  • Shane, S.; Venkataraman, S. (2000). "The Promise of Entrepreneurship as A Field of Research". Academy of Management Review. 25 (1): 217–226. doi:10.5465/amr.2000.2791611. JSTOR 259271.
  • Shane, S. (2013). "The genetics of entrepreneurial performance". International Small Business Journal. 31 (5): 473–495. doi:10.1177/0266242613485767. S2CID 145370748.
  • Thompson Heames, Joyce; Breland, Jacob W. (2010). "Management pioneer contributors: 30-year review" (PDF). Journal of Management History. 16 (4): 427–436. doi:10.1108/17511341011073915.
  • Whaples, Robert. "Economic history and entrepreneurship." in The Routledge Handbook of Modern Economic History (Routledge, 2013). 84–94.
  • Zahra, Shaker A. (2009). "A typology of social entrepreneurs: Motives, search processes and ethical challenges". Journal of Business Venturing. 24 (5): 519–532. doi:10.1016/j.jbusvent.2008.04.007.
  • Zhang, S.X.; Cueto, J. (2015). "The Study of Bias in Entrepreneurship". Entrepreneurship Theory and Practice. 41 (3): 419–454. doi:10.1111/etap.12212. S2CID 146617323.

External links

  •   Media related to Entrepreneurship at Wikimedia Commons
  •   Quotations related to Entrepreneurs at Wikiquote
  •   Learning materials related to Entrepreneurship at Wikiversity

entrepreneurship, entrepreneur, redirects, here, other, uses, entrepreneur, disambiguation, creation, extraction, economic, value, with, this, definition, entrepreneurship, viewed, change, generally, entailing, risk, beyond, what, normally, encountered, starti. Entrepreneur redirects here For other uses see Entrepreneur disambiguation Entrepreneurship is the creation or extraction of economic value 1 2 3 With this definition entrepreneurship is viewed as change generally entailing risk beyond what is normally encountered in starting a business which may include other values than simply economic ones An entrepreneur is an individual who creates and or invests in one or more businesses bearing most of the risks and enjoying most of the rewards 4 The process of setting up a business is known as entrepreneurship The entrepreneur is commonly seen as an innovator a source of new ideas goods services and business or procedures More narrow definitions have described entrepreneurship as the process of designing launching and running a new business which is often similar to a small business or as the capacity and willingness to develop organize and manage a business venture along with any of its risks to make a profit 5 The people who create these businesses are often referred to as entrepreneurs 6 7 While definitions of entrepreneurship typically focus on the launching and running of businesses due to the high risks involved in launching a start up a significant proportion of start up businesses have to close due to lack of funding bad business decisions government policies an economic crisis lack of market demand or a combination of all of these 8 In the field of economics the term entrepreneur is used for an entity which has the ability to translate inventions or technologies into products and services 9 In this sense entrepreneurship describes activities on the part of both established firms and new businesses Contents 1 Perspectives on entrepreneurship 2 Elements 3 History 3 1 Historical usage 3 2 20th century 3 3 21st century 3 4 Relationship between small business and entrepreneurship 3 5 Historians ranking 4 Types of entrepreneurship 4 1 Cultural 4 2 Ethnic 4 3 Religious 4 4 Feminist 4 5 Institutional 4 6 Millennial 4 7 Nascent 4 8 Project based 4 9 Social 4 10 Biosphere 5 Entrepreneurial behaviours 5 1 Uncertainty perception and risk taking 5 2 Coachability and advice taking 5 3 Strategies 5 4 Designing individual opportunity nexus 5 5 Opportunity perception and biases 5 6 Styles 5 7 Communication 5 7 1 Links to sea piracy 6 Psychological makeup 6 1 Strategic entrepreneurship 6 2 Leadership 6 3 Global leadership 7 Entrepreneurship training and education 8 Resources and financing 8 1 Entrepreneurial resources 8 2 Bootstrapping 8 2 1 Contextual background 8 2 2 Common definition 8 2 3 Related methodologies 8 3 Additional financing 8 4 Effect of taxes 9 Predictors of success 10 See also 11 References 12 Bibliography 13 Further reading 14 External linksPerspectives on entrepreneurship EditAs an academic field entrepreneurship accommodates different schools of thought It has been studied within disciplines such as management economics sociology and economic history 10 11 Some view entrepreneurship as allocated to the entrepreneur These scholars tend to focus on what the entrepreneur does and what traits that an entrepreneur has see for example the text under the headings Elements below This is sometimes referred to as the functionalistic approach to entrepreneurship 12 Others deviate from the individualistic perspective to turn the spotlight on the entrepreneurial process and immerse in the interplay between agency and context This approach is sometimes referred to as the processual approach 12 or the contextual turn approach to entrepreneurship 13 2 Elements EditThis section needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources Entrepreneurship news newspapers books scholar JSTOR August 2021 Learn how and when to remove this template message Entrepreneurship is an act of being an entrepreneur or the owner or manager of a business enterprise who by risk and initiative attempts to make profits 14 Entrepreneurs act as managers and oversee the launch and growth of an enterprise Entrepreneurship is the process by which either an individual or a team identifies a business opportunity and acquires and deploys the necessary resources required for its exploitation Early 19th century French economist Jean Baptiste Say provided a broad definition of entrepreneurship saying that it shifts economic resources out of an area of lower and into an area of higher productivity and greater yield Entrepreneurs create something new and unique they change or transmute value 15 Regardless of the firm size big or small it can take part in entrepreneurship opportunities There are four criteria to becoming an entrepreneur First there must be opportunities or situations to recombine resources to generate profit Second entrepreneurship requires differences between people such as preferential access to certain individuals or the ability to recognize information about opportunities Third taking on a level of risk is a necessity Fourth the entrepreneurial process requires the organization of people and resources 16 An entrepreneur uses their time energy and resources to create value for others They are rewarded for this effort monetarily and therefore both the consumer of the value created and the entrepreneur benefit The entrepreneur is a factor in and the study of entrepreneurship reaches back to the work of Richard Cantillon and Adam Smith in the late 17th and early 18th centuries However entrepreneurship was largely ignored theoretically until the late 19th and early 20th centuries and empirically until a profound resurgence in business and economics since the late 1970s In the 20th century the understanding of entrepreneurship owes much to the work of economist Joseph Schumpeter in the 1930s and other Austrian economists such as Carl Menger Ludwig von Mises and Friedrich von Hayek According to Schumpeter an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation Entrepreneurship employs what Schumpeter called the gale of creative destruction to replace in whole or in part inferior innovations across markets and industries simultaneously creating new products including new business models In this way creative destruction is largely responsible for the dynamism of industries and long run economic growth The supposition that entrepreneurship leads to economic growth is an interpretation of the residual in endogenous growth theory and as such is debated in academic economics An alternative description posited by Israel Kirzner suggests that the majority of innovations may be much more incremental improvements such as the replacement of paper with plastic in the making of drinking straws The exploitation of entrepreneurial opportunities may include 17 Developing a business plan Hiring human resources Acquiring financial and material resources Providing leadership Being responsible for both the venture s success or failure Risk aversionEconomist Joseph Schumpeter 1883 1950 saw the role of the entrepreneur in the economy as creative destruction launching innovations that simultaneously destroy old industries while ushering in new industries and approaches For Schumpeter the changes and dynamic disequilibrium brought on by the innovating entrepreneur were the norm of a healthy economy 18 While entrepreneurship is often associated with new small for profit start ups entrepreneurial behavior can be seen in small medium and large sized firms new and established firms and in for profit and not for profit organizations including voluntary sector groups charitable organizations and government 19 Entrepreneurship may operate within an entrepreneurship ecosystem which often includes Government programs and services that promote entrepreneurship and support entrepreneurs and start ups Non governmental organizations such as small business associations and organizations that offer advice and mentoring to entrepreneurs e g through entrepreneurship centers or websites Small business advocacy organizations that lobby governments for increased support for entrepreneurship programs and more small business friendly laws and regulations Entrepreneurship resources and facilities e g business incubators and seed accelerators Entrepreneurship education and training programs offered by schools colleges and universities Financing e g bank loans venture capital financing angel investing and government and private foundation grants 20 need quotation to verify In the 2000s usage of the term entrepreneurship expanded to include how and why some individuals or teams identify opportunities evaluate them as viable and then decide to exploit them 21 The term has also been used to discuss how people might use these opportunities to develop new products or services launch new firms or industries and create wealth 22 The entrepreneurial process is uncertain because opportunities can only be identified after they have been exploited 23 Entrepreneurs exhibit positive biases towards finding new possibilities and seeing unmet market needs and a tendency towards risk taking that makes them more likely to exploit business opportunities 24 25 History EditHistorical usage Edit Emil Jellinek Mercedes 1853 1918 here at the steering wheel of his Phoenix Double Phaeton Entrepreneur ˌ ɒ t r e p r e ˈ n ɜːr ˈ nj ʊer listen UK also p r ɛ is a loanword from French The word first appeared in the French dictionary entitled Dictionnaire Universel de Commerce compiled by Jacques des Bruslons and published in 1723 26 Especially in Britain the term adventurerer was often used to denote the same meaning 27 The study of entrepreneurship reaches back to the work in the late 17th and early 18th centuries of Irish French economist Richard Cantillon which was foundational to classical economics Cantillon defined the term first in his Essai sur la Nature du Commerce en General or Essay on the Nature of Trade in General a book William Stanley Jevons considered the cradle of political economy 28 29 Cantillon defined the term as a person who pays a certain price for a product and resells it at an uncertain price making decisions about obtaining and using the resources while consequently admitting the risk of enterprise Cantillon considered the entrepreneur to be a risk taker who deliberately allocates resources to exploit opportunities to maximize the financial return 30 31 Cantillon emphasized the willingness of the entrepreneur to assume the risk and to deal with uncertainty thus he drew attention to the function of the entrepreneur and distinguished between the function of the entrepreneur and the owner who provided the money 30 32 Jean Baptiste Say also identified entrepreneurs as a driver for economic development emphasizing their role as one of the collecting factors of production allocating resources from less to fields that are more productive Both Say and Cantillon belonged to French school of thought and known as the physiocrats 33 Dating back to the time of the medieval guilds in Germany a craftsperson required special permission to operate as an entrepreneur the small proof of competence Kleiner Befahigungsnachweis which restricted training of apprentices to craftspeople who held a Meister certificate This institution was introduced in 1908 after a period of so called freedom of trade Gewerbefreiheit introduced in 1871 in the German Reich However proof of competence was not required to start a business In 1935 and in 1953 greater proof of competence was reintroduced Grosser Befahigungsnachweis Kuhlenbeck which required craftspeople to obtain a Meister apprentice training certificate before being permitted to set up a new business 34 In the Ashanti Empire successful entrepreneurs who accumulated large wealth and men as well as distinguished themselves through heroic deeds were awarded social and political recognition by being called Abirempon which means big men By the eighteenth and nineteenth centuries AD the appellation Abirempon had formalized and politicized to embrace those who conducted trade from which the whole state benefited The state rewarded entrepreneurs who attained such accomplishments with Mena elephant tail which was the heraldic badge 35 20th century Edit In the 20th century entrepreneurship was studied by Joseph Schumpeter in the 1930s and by other Austrian economists such as Carl Menger 1840 1921 Ludwig von Mises 1881 1973 and Friedrich von Hayek 1899 1992 While the loan from French of the English language word entrepreneur dates to 1762 36 the word entrepreneurism dates from 1902 37 and the term entrepreneurship also first appeared in 1902 38 According to Schumpeter an entrepreneur is willing and able to convert a new idea or invention into a successful innovation 39 Entrepreneurship employs what Schumpeter called the gale of creative destruction 40 to replace in whole or in part inferior offerings across markets and industries simultaneously creating new products and new business models citation needed thus creative destruction is largely quantify responsible for long term economic growth The idea that entrepreneurship leads to economic growth is an interpretation of the residual in endogenous growth theory clarification needed and as such continues to be debated in academic economics An alternative description by Israel Kirzner 1930 suggests that the majority of innovations may be incremental improvements such as the replacement of paper with plastic in the construction of a drinking straw that require no special qualities For Schumpeter entrepreneurship resulted in new industries and in new combinations of currently existing inputs Schumpeter s initial example of this was the combination of a steam engine and then current wagon making technologies to produce the horseless carriage In this case the innovation i e the car was transformational but did not require the development of dramatic new technology It did not immediately replace the horse drawn carriage but in time incremental improvements reduced the cost and improved the technology leading to the modern auto industry Despite Schumpeter s early 20th century contributions traditional microeconomic theory did not formally consider the entrepreneur in its theoretical frameworks instead of assuming that resources would find each other through a price system In this treatment the entrepreneur was an implied but unspecified actor consistent with the concept of the entrepreneur being the agent of x efficiency For Schumpeter the entrepreneur did not bear risk the capitalist did Schumpeter believed that the equilibrium was imperfect Schumpeter 1934 demonstrated that the changing environment continuously provides new information about the optimum allocation of resources to enhance profitability Some individuals acquire the new information before others and recombine the resources to gain an entrepreneurial profit Schumpeter was of the opinion that entrepreneurs shift the production possibility curve to a higher level using innovations 41 Initially economists made the first attempt when to study the entrepreneurship concept in depth 42 Alfred Marshall viewed the entrepreneur as a multi tasking capitalist and observed that in the equilibrium of a completely competitive market there was no spot for entrepreneurs as economic activity creators 43 Changes in politics and society in Russia and China the late 20th century saw a flowering of entrepreneurial activity producing Russian oligarchs 44 and Chinese millionaires 45 21st century Edit In 2012 Ambassador at Large for Global Women s Issues Melanne Verveer greets participants in an African Women s Entrepreneurship Program at the State Department in Washington D C In the 2000s entrepreneurship was extended from its origins in for profit businesses to include social entrepreneurship in which business goals are sought alongside social environmental or humanitarian goals and even the concept of the political entrepreneur according to whom Entrepreneurship within an existing firm or large organization has been referred to as intrapreneurship and may include corporate ventures where large entities spin off subsidiary organizations 46 Entrepreneurs are leaders willing to take risk and exercise initiative taking advantage of market opportunities by planning organizing and deploying resources 47 often by innovating to create new or improving existing products or services 48 In the 2000s the term entrepreneurship has been extended to include a specific mindset resulting in entrepreneurial initiatives e g in the form of social entrepreneurship political entrepreneurship or knowledge entrepreneurship citation needed According to Paul Reynolds founder of the Global Entrepreneurship Monitor by the time they reach their retirement years half of all working men in the United States probably have a period of self employment of one or more years one in four may have engaged in self employment for six or more years Participating in a new business creation is a common activity among U S workers over the course of their careers 49 In recent years entrepreneurship has been claimed as a major driver of economic growth in both the United States and Western Europe citation needed Entrepreneurial activities differ substantially depending on the type of organization and creativity involved Entrepreneurship ranges in scale from solo part time projects to large scale undertakings that involve a team and which may create many jobs Many high value entrepreneurial ventures seek venture capital or angel funding seed money to raise capital for building and expanding the business 50 Many organizations exist to support would be entrepreneurs including specialized government agencies business incubators which may be for profit non profit or operated by a college or university science parks and non governmental organizations which include a range of organizations including not for profits charities foundations and business advocacy groups e g Chambers of commerce Beginning in 2008 an annual Global Entrepreneurship Week event aimed at exposing people to the benefits of entrepreneurship and getting them to participate in entrepreneurial related activities was launched who Relationship between small business and entrepreneurship Edit The term entrepreneur is often conflated with the term small business or used interchangeably with this term While most entrepreneurial ventures start out as a small business not all small businesses are entrepreneurial in the strict sense of the term Many small businesses are sole proprietor operations consisting solely of the owner or they have a small number of employees and many of these small businesses offer an existing product process or service and they do not aim at growth In contrast entrepreneurial ventures offer an innovative product process or service and the entrepreneur typically aims to scale up the company by adding employees seeking international sales and so on a process which is financed by venture capital and angel investments In this way the term entrepreneur may be more closely associated with the term startup Successful entrepreneurs have the ability to lead a business in a positive direction by proper planning to adapt to changing environments and understand their own strengths and weaknesses 51 Historians ranking Edit A 2002 survey of 58 business history professors gave the top spots in American business history to Henry Ford followed by Bill Gates John D Rockefeller Andrew Carnegie and Thomas Edison They were followed by Sam Walton J P Morgan Alfred P Sloan Walt Disney Ray Kroc Thomas J Watson Alexander Graham Bell Eli Whitney James J Hill Jack Welch Cyrus McCormick David Packard Bill Hewlett Cornelius Vanderbilt and George Westinghouse 52 A 1977 survey of management scholars reported the top five pioneers in management ideas were Frederick Winslow Taylor Chester Barnard Frank Bunker Gilbreth Sr Elton Mayo and Lillian Moller Gilbreth 53 Types of entrepreneurship EditCultural Edit According to Christopher Rea and Nicolai Volland cultural entrepreneurship is practices of individual and collective agency characterized by mobility between cultural professions and modes of cultural production which refers to creative industry activities and sectors In their book The Business of Culture 2015 Rea and Volland identify three types of cultural entrepreneur cultural personalities defined as individuals who buil d their own personal brand of creativity as a cultural authority and leverage it to create and sustain various cultural enterprises tycoons defined as entrepreneurs who buil d substantial clout in the cultural sphere by forging synergies between their industrial cultural political and philanthropic interests and collective enterprises organizations which may engage in cultural production for profit or not for profit purposes 54 In the 2000s story telling has emerged as a field of study in cultural entrepreneurship Some have argued that entrepreneurs should be considered skilled cultural operators 55 that use stories to build legitimacy and seize market opportunities and new capital 56 57 58 Others have concluded that we need to speak of a narrative turn in cultural entrepreneurship research 59 Ethnic Edit The term ethnic entrepreneurship refers to self employed business owners who belong to racial or ethnic minority groups in the United States and Europe citation needed A long tradition of academic research explores the experiences and strategies of ethnic entrepreneurs as they strive to integrate economically into mainstream U S or European society Classic cases include Jewish merchants and tradespeople in large U S cities in the 19th and early 20th centuries as well as Chinese and Japanese small business owners restaurants farmers shop owners on the West Coast 60 In the 2010s ethnic entrepreneurship has been studied in the case of Cuban business owners in Miami Indian motel owners of the U S and Chinese business owners in Chinatowns across the United States While entrepreneurship offers these groups many opportunities for economic advancement self employment and business ownership in the United States remain unevenly distributed along racial ethnic lines 61 Despite numerous success stories of Asian entrepreneurs a recent statistical analysis of U S census data shows that whites are more likely than Asians African Americans and Latinos to be self employed in high prestige lucrative industries 61 Religious Edit Religious entrepreneurship refers to both the use of entrepreneurship to pursue religious ends as well as how religion impacts entrepreneurial pursuits While religion is a central topic in society it is largely overlooked in entrepreneurship research 62 The inclusion of religion may transform entrepreneurship including a focus on opportunities other than profit as well as practices processes and purpose of entrepreneurship 63 64 Gumusay suggests a three pillars model to explain religious entrepreneurship The pillars are the entrepreneurial socio economic ethical and religio spiritual in the pursuit of value values and the metaphysical 65 Feminist Edit A feminist entrepreneur is an individual who applies feminist values and approaches through entrepreneurship with the goal of improving the quality of life and well being of girls and women 66 Many are doing so by creating for women by women enterprises Feminist entrepreneurs are motivated to enter commercial markets by desire to create wealth and social change based on the ethics of cooperation equality and mutual respect 67 68 These endeavours can have the effect of both empowerment and emancipation 69 Institutional Edit The American born British economist Edith Penrose has highlighted the collective nature of entrepreneurship She mentions that in modern organizations human resources need to be combined to better capture and create business opportunities 70 The sociologist Paul DiMaggio 1988 14 has expanded this view to say that new institutions arise when organized actors with sufficient resources institutional entrepreneurs see in them an opportunity to realize interests that they value highly 71 The notion has been widely applied 72 73 74 75 Millennial Edit The term millennial entrepreneur refers to a business owner who is affiliated with millennials also known as Generation Y those people born from approximately 1981 to 1996 76 The offspring of baby boomers and early Gen Xers 77 this generation was brought up using digital technology and mass media Millennial business owners are well equipped with knowledge of new technology and new business models and have a strong grasp of its business applications There have been many breakthrough businesses that have come from millennial entrepreneurs such as Mark Zuckerberg who created Facebook 78 Despite the expectation of millennial success there have been recent studies that have proven this to not be the case The comparison between millennials who are self employed and those who are not self employed shows that the latter is higher The reason for this is because they have grown up in a different generation and attitude than their elders Some of the barriers to entry for entrepreneurs are the economy debt from schooling and the challenges of regulatory compliance 79 Nascent Edit A nascent entrepreneur is someone in the process of establishing a business venture 80 In this observation the nascent entrepreneur can be seen as pursuing an opportunity i e a possibility to introduce new services or products serve new markets or develop more efficient production methods in a profitable manner 81 82 But before such a venture is actually established the opportunity is just a venture idea 83 In other words the pursued opportunity is perceptual in nature propped by the nascent entrepreneur s personal beliefs about the feasibility of the venturing outcomes the nascent entrepreneur seeks to achieve 84 85 86 Its prescience and value cannot be confirmed ex ante but only gradually in the context of the actions that the nascent entrepreneur undertakes towards establishing the venture 87 Ultimately these actions can lead to a path that the nascent entrepreneur deems no longer attractive or feasible or result in the emergence of a viable business In this sense over time the nascent venture can move towards being discontinued or towards emerging successfully as an operating entity The distinction between the novice serial and portfolio entrepreneurs is an example of behavior based categorization 88 Other examples are the related studies by 89 90 on start up event sequences Nascent entrepreneurship that emphasizes the series of activities involved in new venture emergence 91 92 93 rather than the solitary act of exploiting an opportunity Such research will help separate entrepreneurial action into its basic sub activities and elucidate the inter relationships between activities between an activity or sequence of activities and an individual s motivation to form an opportunity belief and between an activity or sequence of activities and the knowledge needed to form an opportunity belief With this research scholars will be able to begin constructing a theory of the micro foundations of entrepreneurial action Scholars interested in nascent entrepreneurship tend to focus less on the single act of opportunity exploitation and more on the series of actions in new venture emergence 91 94 93 Indeed nascent entrepreneurs undertake numerous entrepreneurial activities including actions that make their businesses more concrete to themselves and others For instance nascent entrepreneurs often look for and purchase facilities and equipment seek and obtain financial backing form legal entities organize teams and dedicate all their time and energy to their business 95 Project based Edit Project entrepreneurs are individuals who are engaged in the repeated assembly or creation of temporary organizations 96 These are organizations that have limited lifespans which are devoted to producing a singular objective or goal and get disbanded rapidly when the project ends Industries where project based enterprises are widespread include sound recording film production software development television production new media and construction 97 What makes project entrepreneurs distinctive from a theoretical standpoint is that they have to rewire these temporary ventures and modify them to suit the needs of new project opportunities that emerge A project entrepreneur who used a certain approach and team for one project may have to modify the business model or team for a subsequent project Project entrepreneurs are exposed repeatedly to problems and tasks typical of the entrepreneurial process 98 Indeed project based entrepreneurs face two critical challenges that invariably characterize the creation of a new venture locating the right opportunity to launch the project venture and assembling the most appropriate team to exploit that opportunity Resolving the first challenge requires project entrepreneurs to access an extensive range of information needed to seize new investment opportunities Resolving the second challenge requires assembling a collaborative team that has to fit well with the particular challenges of the project and has to function almost immediately to reduce the risk that performance might be adversely affected Another type of project entrepreneurship involves entrepreneurs working with business students to get analytical work done on their ideas Social Edit Student organizers from the Green Club at Newcomb College Institute formed a social entrepreneurship organization in 2010 Main article Social entrepreneurshipSocial entrepreneurship is the use of the by start up companies and other entrepreneurs to develop fund and implement solutions to social cultural or environmental issues 99 This concept may be applied to a variety of organizations with different sizes aims and beliefs 100 For profit entrepreneurs typically measure performance using business metrics like profit revenues and increases in stock prices but social entrepreneurs are either non profits or blend for profit goals with generating a positive return to society and therefore must use different metrics Social entrepreneurship typically attempts to further broad social cultural and environmental goals often associated with the voluntary sector 101 in areas such as poverty alleviation health care 102 and community development At times profit making social enterprises may be established to support the social or cultural goals of the organization but not as an end in itself For example an organization that aims to provide housing and employment to the homeless may operate a restaurant both to raise money and to provide employment for the homeless people Biosphere Edit Biosphere entrepreneurship is entrepreneurial activity that generates value for the biosphere and ecosystem services 103 It is part of a larger trend of business schools seeking to incorporate environmental topics more actively into their curricula 104 Entrepreneurial behaviours EditThe entrepreneur is commonly seen as an innovator a designer of new ideas and business processes 105 Management skills and strong team building abilities are often perceived as essential leadership attributes for successful entrepreneurs 106 unreliable source Political economist Robert Reich considers leadership management ability and team building to be essential qualities of an entrepreneur 107 108 Uncertainty perception and risk taking Edit Theorists Frank Knight 109 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 However entrepreneurs often do not believe that they have taken an enormous amount of risks because they do not perceive the level of uncertainty to be as high as other people do Knight classified three types of uncertainty Risk which is measurable statistically such as the probability of drawing a red color ball from a jar containing five red balls and five white balls Ambiguity which is hard to measure statistically such as the probability of drawing a red ball from a jar containing five red balls but an unknown number of white balls True uncertainty or Knightian uncertainty which is impossible to estimate or predict statistically such as the probability of drawing a red ball from a jar whose contents in terms of numbers of coloured balls are entirely unknown Malala Yousafzai a Pakistani activist social entrepreneur and youngest ever Nobel Peace Prize winner Entrepreneurship is often associated with true uncertainty particularly when it involves the creation of a novel good or service for a market that did not previously exist rather than when a venture creates an incremental improvement to an existing product or service A 2014 study at ETH Zurich found that compared with typical managers entrepreneurs showed higher decision making efficiency and a stronger activation in regions of frontopolar cortex FPC previously associated with explorative choice 110 Coachability and advice taking Edit The ability of entrepreneurs to work closely with and take advice from early investors and other partners i e their coachability has long been considered a critical factor in entrepreneurial success 111 At the same time economists have argued that entrepreneurs should not simply act on all advice given to them even when that advice comes from well informed sources because entrepreneurs possess far deeper and richer local knowledge about their own firm than any outsider Indeed measures of coachability are not actually predictive of entrepreneurial success e g measured as success in subsequent funding rounds acquisitions pivots and firm survival This research also shows that older and larger founding teams presumably those with more subject expertise are less coachable than younger and smaller founding teams citation needed Strategies Edit Strategies that entrepreneurs may use include Innovation of new products services or processes 112 Listen to customer feedback and adapt 113 Continuous process improvement CPI 112 Exploration of new business models Finding solutions for problems 113 Use of technology 112 Use of business intelligence Use of economical strategies Development of future products and services 112 Optimized talent management 112 Entrepreneurial marketing strategies for interactive and innovative networking 114 Designing individual opportunity nexus Edit According to Shane and Venkataraman entrepreneurship comprises both enterprising individuals and entrepreneurial opportunities so researchers should study the nature of the individuals who identify opportunities when others do not the opportunities themselves and the nexus between individuals and opportunities 115 On the other hand Reynolds et al 116 argue that individuals are motivated to engage in entrepreneurial endeavours driven mainly by necessity or opportunity that is individuals pursue entrepreneurship primarily owing to survival needs or because they identify business opportunities that satisfy their need for achievement For example higher economic inequality tends to increase necessity based entrepreneurship rates at the individual level 117 Opportunity perception and biases Edit One study has found that certain genes affecting personality may influence the income of self employed people 118 Some people may be able to use weasel words an innate ability or quasi statistical sense to gauge public opinion 119 and market demand for new products or services Entrepreneurs tend to have the ability to see unmet market needs and underserved markets While some entrepreneurs assume they can sense and figure out what others are thinking the mass media plays a crucial role in shaping views and demand 120 Ramoglou argues that entrepreneurs are not that distinctive and that it is essentially poor conceptualizations of non entrepreneurs that maintain laudatory portraits of entrepreneurs as exceptional innovators or leaders 121 122 Entrepreneurs are often overconfident exhibit illusion of control when they are opening expanding business or new products services 24 Styles Edit Differences in entrepreneurial organizations often partially reflect their founders heterogenous identities Fauchart and Gruber have classified entrepreneurs into three main types Darwinians communitarians and missionaries These types of entrepreneurs diverge in fundamental ways in their self views social motivations and patterns of new firm creation 123 Communication Edit Entrepreneurs must practice effective communication both within their firm and with external partners and investors to launch and grow a venture and enable it to survive An entrepreneur needs a communication system that links the staff of her firm and connects the firm to outside firms and clients Entrepreneurs should be charismatic leaders so they can communicate a vision effectively to their team and help to create a strong team Communicating a vision to followers may be the most important act of the transformational leader 124 Compelling visions provide employees with a sense of purpose and encourage commitment According to Baum et al 125 and Kouzes and Posner 126 the vision must be communicated through written statements and through in person communication Entrepreneurial leaders must speak and listen to articulate their vision to others 127 Communication is pivotal in the role of entrepreneurship because it enables leaders to convince potential investors partners and employees about the feasibility of a venture 128 Entrepreneurs need to communicate effectively to shareholders 129 Nonverbal elements in speech such as the tone of voice the look in the sender s eyes body language hand gestures and state of emotions are also important communication tools The Communication Accommodation Theory posits that throughout communication people will attempt to accommodate or adjust their method of speaking to others 130 Face Negotiation Theory describes how people from different cultures manage conflict negotiation to maintain face 131 Hugh Rank s intensify and downplay communications model can be used by entrepreneurs who are developing a new product or service Rank argues that entrepreneurs need to be able to intensify the advantages of their new product or service and downplay the disadvantages to persuade others to support their venture 132 Links to sea piracy Edit Research from 2014 found links between entrepreneurship and historical sea piracy In this context the claim is made for a non moral approach to looking at the history of piracy as a source of inspiration for entrepreneurship education 133 as well as for research in entrepreneurship 134 and business model generation 135 Psychological makeup EditRoss Levine an economist at the University of California Berkeley and Yona Rubinstein a professor at the London School of Economics released a study which suggests entrepreneurs are disproportionately white male from wealthy and highly educated backgrounds and prone to aggressive illicit risk taking activities as teenagers and young adults Entrepreneurs also performed above average on aptitude tests 136 This masculine image is also found when studying how male entrepreneurs are represented in media A supporting but invisible family are one of the success factors when being portrayed as a male entrepreneur in media 137 A study conducted by the Census Bureau and two MIT professors after compiling a list of 2 7 million company founders who hired at least one employee between 2007 and 2014 found the average age of a successful start up founder when he or she founded it is 45 They consistently found chances of entrepreneurial success rises with age 138 139 Apple co founder and longtime leader Steve Jobs pictured in 2010 led the introduction of many innovations in the computer smartphone and digital music industries Stanford University economist Edward Lazear found in a 2005 study that variety in education and in work experience was the most important trait that distinguished entrepreneurs from non entrepreneurs 140 A 2013 study by Uschi Backes Gellner of the University of Zurich and Petra Moog of the University of Siegen in Germany found that a diverse social network was also an important characteristic of students that would go on to become entrepreneurs 141 142 Studies show that the psychological propensities for male and female entrepreneurs are more similar than different Empirical studies suggest that female entrepreneurs possess strong negotiating skills and consensus forming abilities 143 Asa Hansson who looked at empirical evidence from Sweden found that the probability of becoming self employed decreases with age for women but increases with age for men 144 She also found that marriage increased the probability of a person s becoming an entrepreneur 144 Jesper Sorensen wrote in 2010 that significant influences on the decision to become an entrepreneur include workplace peers and social composition Sorensen discovered a correlation between working with former entrepreneurs and how often these individuals become entrepreneurs themselves compared to those who did not work with entrepreneurs 145 Social composition can influence entrepreneurialism in peers by demonstrating the possibility for success stimulating a He can do it why can t I attitude As Sorensen stated When you meet others who have gone out on their own it doesn t seem that crazy 146 Entrepreneurs may also be driven to entrepreneurship by past experiences If someone has faced multiple work stoppages or has been unemployed in the past the probability of becoming an entrepreneur increases 144 Per Cattell s personality framework both personality traits and attitudes are thoroughly investigated by psychologists However in case of entrepreneurship research these notions are employed by academics which too but vaguely Cattell states that personality is a system that is related to the environment and further adds that the system seeks explanation to the complex transactions conducted by both traits and attitudes This is because both of them bring about change and growth in a person Personality is that which informs what an individual will do when faced with a given situation A person s response is triggered by his her personality and the situation that is faced 147 Innovative entrepreneurs may be more likely to experience what psychologist Mihaly Csikszentmihalyi calls flow Flow occurs when an individual forgets about the outside world due to being thoroughly engaged in a process or activity Csikszentmihalyi suggested that breakthrough innovations tend to occur at the hands of individuals in that state 148 Other research has concluded that a strong internal motivation is a vital ingredient for breakthrough innovation 149 Flow can be compared to Maria Montessori s concept of normalization a state that includes a child s capacity for joyful and lengthy periods of intense concentration 150 Csikszentmihalyi acknowledged that Montessori s prepared environment offers children opportunities to achieve flow 151 Thus quality and type of early education may influence entrepreneurial capability citation needed Research on high risk settings such as oil platforms investment banking medical surgery aircraft piloting and nuclear power plants has related distrust to failure avoidance 152 When non routine strategies are needed distrusting persons perform better while when routine strategies are needed trusting persons perform better Gudmundsson and Lechner extended this research to entrepreneurial firms 153 They argued that in entrepreneurial firms the threat of failure is ever present resembling non routine situations in high risk settings They found that the firms of distrusting entrepreneurs were more likely to survive than the firms of optimistic or overconfident entrepreneurs The reasons were that distrusting entrepreneurs would emphasize failure avoidance through sensible task selection and more analysis Kets de Vries has pointed out that distrusting entrepreneurs are more alert about their external environment 154 He concluded that distrusting entrepreneurs are less likely to discount negative events and are more likely to engage control mechanisms Similarly Gudmundsson and Lechner found that distrust leads to higher precaution and therefore increases chances of entrepreneurial firm survival Researchers Schoon and Duckworth completed a study in 2012 that could potentially help identify who may become an entrepreneur at an early age They determined that the best measures to identify a young entrepreneur are family and social status parental role modelling entrepreneurial competencies at age 10 academic attainment at age 10 generalized self efficacy social skills entrepreneurial intention and experience of unemployment 155 Strategic entrepreneurship Edit Some scholars have constructed an operational definition of a more specific subcategory called Strategic Entrepreneurship Closely tied with principles of strategic management this form of entrepreneurship is concerned about growth creating value for customers and subsequently creating wealth for owners 156 A 2011 article for the Academy of Management provided a three step Input Process Output model of strategic entrepreneurship The model s three steps entail the collection of different resources the process of orchestrating them in the necessary manner and the subsequent creation of competitive advantage value for customers wealth and other benefits Through the proper use of strategic management leadership techniques and the implementation of risk bearing entrepreneurial thinking the strategic entrepreneur is therefore able to align resources to create value and wealth 156 Leadership Edit Leadership in entrepreneurship can be defined as process of social influence in which one person can enlist the aid and support of others in the accomplishment of a common task 157 in one who undertakes innovations finance and business acumen in an effort to transform innovations into economic goods 158 page needed This refers to not only the act of entrepreneurship as managing or starting a business but how one manages to do so by these social processes or leadership skills Entrepreneurship in itself can be defined somewhat circularly as the process by which individuals teams or organizations identify and pursue entrepreneurial opportunities without being immediately constrained by the resources they currently control 159 An entrepreneur typically has a mindset that seeks out potential opportunities during uncertain times 159 An entrepreneur must have leadership skills or qualities to see potential opportunities and act upon them citation needed At the core an entrepreneur is a decision maker citation needed Such decisions often affect an organization as a whole which is representative of entrepreneurial leadership within the organization citation needed With the growing global market and increasing technology use throughout all industries the core of entrepreneurship and the decision making has become an ongoing process rather than isolated incidents citation needed This becomes knowledge management citation needed which is identifying and harnessing intellectual assets for organizations to build on past experiences and create new mechanisms for exchanging and creating knowledge 160 This belief which draws upon a leader s past experiences that may prove useful It is a common mantra for one to learn from their past mistakes so leaders should take advantage of their failures for their benefit citation needed This is how one may take their experiences as a leader for the use in the core of entrepreneurship decision making citation needed Global leadership Edit The majority of scholarly research done on these topics has taken place in North America 161 Words like leadership and entrepreneurship do not always translate well into other cultures and languages For example in North America a leader is often thought of as charismatic but German culture frowns on such charisma due to the charisma of Nazi leader Adolf Hitler 1889 1945 Other cultures as in some European countries view the term leader negatively like the French 162 need quotation to verify The participative leadership style that is prevalent in the United States is considered disrespectful in many other parts of the world due to the differences in power distance 163 Many Asian and Middle Eastern countries do not have open door policies for subordinates who would never informally approach their managers bosses For countries like that an authoritarian approach to management and leadership is more customary citation needed Despite cultural differences the successes and failures of entrepreneurs can be traced to how leaders adapt to local conditions 164 Within the increasingly global business environment a successful leader must be able to adapt and have insight into other cultures To respond to the environment corporate visions are becoming transnational in nature to enable the organization to operate in or provide services goods for other cultures 165 Entrepreneurship training and education EditMichelacci and Schivardi are a pair of researchers who believe that identifying and comparing the relationships between an entrepreneur s earnings and education level would determine the rate and level of success Their study focused on two education levels college degree and post graduate degree While Michelacci and Schivardi do not specifically determine characteristics or traits for successful entrepreneurs they do believe that there is a direct relationship between education and success noting that having a college knowledge does contribute to advancement in the workforce 166 Michelacci and Schivardi state there has been a rise in the number of self employed people with a baccalaureate degree However their findings also show that those who are self employed and possess a graduate degree has remained consistent throughout time at about 33 percent They briefly mention those famous entrepreneurs like Steve Jobs and Mark Zuckerberg who were college dropouts but they call these cases all but exceptional as it is a pattern that many entrepreneurs view formal education as costly mainly because of the time that needs to be spent on it In the 21st Century a young Danish entrepreneur Maniyar had become famous while perusing his Bachelors of Pharmacy There are few entrepreneurs that are also college dropouts like Mark Zuckerberg however Maniyar s ability and volition while studying would allow him to create a functioning business 12 Michelacci and Schivardi believe that in order for an individual to reach the full success they need to have education beyond high school Their research shows that the higher the education level the greater the success The reason is that college gives people additional skills that can be used within their business and to operate on a higher level than someone who only runs it 166 Resources and financing EditEntrepreneurial resources Edit An entrepreneurial resource is any company owned asset that has economic value creating capabilities Economic value creating both tangible and intangible sources are considered as entrepreneurial resources Their economic value is generating activities or services through mobilization by entrepreneurs 167 Entrepreneurial resources can be divided into two fundamental categories tangible and intangible resources 168 Tangible resources are material sources such as equipment building furniture land vehicle machinery stock cash bond and inventory that has a physical form and can be quantified On the contrary intangible resources are nonphysical or more challenging to identify and evaluate and they possess more value creating capacity such as human resources including skills and experience in a particular field organizational structure of the company brand name reputation entrepreneurial networks that contribute to promotion and financial support know how intellectual property including both copyrights trademarks and patents 169 170 Bootstrapping Edit Contextual background Edit At least early on entrepreneurs often bootstrap finance their start up rather than seeking external investors from the start One of the reasons that some entrepreneurs prefer to bootstrap is that obtaining equity financing requires the entrepreneur to provide ownership shares to the investors If the start up becomes successful later on these early equity financing deals could provide a windfall for the investors and a huge loss for the entrepreneur If investors have a significant stake in the company they may as well be able to exert influence on company strategy chief executive officer CEO choice and other important decisions This is often problematic since the investor and the founder might have different incentives regarding the long term goal of the company An investor will generally aim for a profitable exit and therefore promotes a high valuation sale of the company or IPO to sell their shares Whereas the entrepreneur might have philanthropic intentions as their main driving force Soft values like this might not go well with the short term pressure on yearly and quarterly profits that publicly traded companies often experience from their owners 171 Common definition Edit One consensus definition of bootstrapping sees it as a collection of methods used to minimize the amount of outside debt and equity financing needed from banks and investors 172 The majority of businesses require less than 10 000 to launch citation needed which means that personal savings are most often used to start In addition bootstrapping entrepreneurs often incur personal credit card debt but they also can utilize a wide variety of methods While bootstrapping involves increased personal financial risk for entrepreneurs the absence of any other stakeholder gives the entrepreneur more freedom to develop the company citation needed Related methodologies Edit Bootstrapping methods include 173 Owner financing including savings personal loans and credit card debt Working capital management that minimizes accounts receivable Joint utilization such as reducing overhead by coworking or using independent contractors Increasing accounts payable by delaying payment or leasing rather than buying equipment Lean manufacturing strategies such as minimizing inventory and lean startup to reduce product development costs Subsidy financeAdditional financing Edit This section does not cite any sources Please help improve this section by adding citations to reliable sources Unsourced material may be challenged and removed August 2021 Learn how and when to remove this template message Many businesses need more capital than can be provided by the owners themselves In this case a range of options is available including a wide variety of private and public equity debt and grants Private equity options include Start up accelerators Angel investors Venture capital investors Equity crowdfunding Hedge fundsDebt options open to entrepreneurs include Loans from banks financial technology companies and economic development organizations Line of credit also from banks and financial technology companies Microcredit also known as microloans Merchant cash advance Revenue based financingGrant options open to entrepreneurs include Equity free accelerators Business plan business pitch competitions for college entrepreneurs and others Small Business Innovation Research grants from the U S governmentEffect of taxes Edit Entrepreneurs are faced with liquidity constraints and often lack the necessary credit needed to borrow large amounts of money to finance their venture 174 Because of this many studies have been done on the effects of taxes on entrepreneurs The studies fall into two camps the first camp finds that taxes help and the second argues that taxes hurt entrepreneurship citation needed Cesaire Assah Meh found that corporate taxes create an incentive to become an entrepreneur to avoid double taxation 174 Donald Bruce and John Deskins found literature suggesting that a higher corporate tax rate may reduce a state s share of entrepreneurs 175 They also found that states with an inheritance or estate tax tend to have lower entrepreneurship rates when using a tax based measure 175 However another study found that states with a more progressive personal income tax have a higher percentage of sole proprietors in their workforce 176 Ultimately many studies find that the effect of taxes on the probability of becoming an entrepreneur is small Donald Bruce and Mohammed Mohsin found that it would take a 50 percentage point drop in the top tax rate to produce a one percent change in entrepreneurial activity 177 Predictors of success Edit Dell Women s Entrepreneur Network event in New York City Factors that may predict entrepreneurial success include the following 178 MethodsEstablishing strategies for the firm including growth and survival strategies Maintaining the human resources recruiting and retaining talented employees and executives Ensuring the availability of required materials e g raw resources used in manufacturing computer chips etc Ensuring that the firm has one or more unique competitive advantages Ensuring good organizational design sound governance and organizational coordination Congruency with the culture of the society 179 MarketBusiness to business B2B or business to consumer B2C models can be used High growth market Target customers or markets that are untapped or missed by othersIndustryGrowing industry High technology impact on the industry High capital intensity Small average incumbent firm sizeTeamLarge gender diverse and racially diverse team with a range of talents rather than an individual entrepreneur Graduate degrees Management experience prior to start up Work experience in the start up industry Employed full time prior to new venture as opposed to unemployed Prior entrepreneurial experience Full time involvement in the new venture Motivated by a range of goals not just profit Number and diversity of team members social ties and breadth of their business networksCompanyWritten business plan Focus on a unified connected product line or service line Competition based on a dimension other than price e g quality or service Early frequent intense and well targeted marketing Tight financial controls Sufficient start up and growth capital Corporation model not sole proprietorshipStatusWealth can enable an entrepreneur to cover start up costs and deal with cash flow challenges Dominant race ethnicity or gender in a socially stratified culture 180 See also Edit Economics portalList of entrepreneurs Business administration Business opportunity Businessperson Corporate social entrepreneurship Entrepreneurship ecosystem Innovation Small Business Administration Stewardship University spin offReferences Edit Diochon Monica Anderson Alistair R 1 March 2011 Ambivalence and ambiguity in social enterprise narratives about values in reconciling purpose and practices International Entrepreneurship and Management Journal 7 1 93 109 doi 10 1007 s11365 010 0161 0 hdl 10059 613 ISSN 1555 1938 S2CID 144081539 a b Gaddefors Johan Anderson Alistair R 1 January 2017 Entrepreneursheep and context when entrepreneurship is greater than entrepreneurs International Journal of Entrepreneurial Behavior amp Research 23 2 267 278 doi 10 1108 IJEBR 01 2016 0040 hdl 10059 2299 ISSN 1355 2554 Alvarez Sharon A 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Media representation of male entrepreneurs before and after metoo Gender in Management 35 2 211 224 doi 10 1108 GM 01 2019 0004 ISSN 1754 2413 S2CID 216384140 The Average Age of Successful Entrepreneurs Is Actually 45 Knowledge Wharton Knowledge Wharton Retrieved 14 June 2021 Haden Jeff 16 July 2018 A Study of 2 7 Million Startups Found the Ideal Age to Start a Business and It s Much Older Than You Think Inc Retrieved 14 June 2021 Lazear Edward 2005 Entrepreneurship Journal of Labor Economics 23 4 649 680 doi 10 1086 491605 Backes Ge1llner Uschi Moog Petra December 2013 The disposition to become an entrepreneur and the jacks of all trades in social and human capital The Journal of Socio Economics 47 55 72 doi 10 1016 j socec 2013 08 008 Baer Drake 19 February 2015 Scientists have discovered a personality difference between entrepreneurs and employees Business Insider Retrieved 25 February 2015 Muljadi Paul ed Entrepreneurship Paul Muljadi Archived from the original on 31 December 2013 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Experience A Comparison of Montessori and Traditional School Environments American Journal of Education 111 3 341 371 doi 10 1086 428885 S2CID 146766889 Conchie S M Donald I J 2007 The functions and development of safety specific trust and distrust Safety Science 46 1 92 103 doi 10 1016 j ssci 2007 03 004 Gudmundsson S V Lechner C 2013 Cognitive Biases Organization and Entrepreneurial Firm Survival European Management Journal 31 3 278 294 doi 10 1016 j emj 2013 01 001 Kets de Vries M 2003 The entrepreneur on the couch INSEAD Quarterly 5 17 19 Schoon Ingrid Duckworth Kathryn 2012 Who becomes an entrepreneur Early life experiences as predictors of entrepreneurship Developmental Psychology 48 6 1719 1726 doi 10 1037 a0029168 PMID 22746220 a b Hitt M A Ireland R Sirmon D G Trahms C A 2011 Strategic Entrepreneurship Creating Value for Individuals Organizations and Society Academy of Management Perspectives 25 2 57 75 doi 10 5465 AMP 2011 61020802 Martin Chemers tentatively suggests a generic definition of leadership Chemers Martin 2014 1997 The Functions of Leadership in Organization An integrative theory of leadership reprint ed Lawrence Erlbaum Associates Publishers p 1 ISBN 978 1317778400 A definition of leadership that would be widely accepted by the majority of theorists and researchers might say that leadership is a process of social influence in which one person can enlist the aid and support of others in the accomplishment of a common task Shane Scott Andrew 2003 A General Theory of Entrepreneurship The Individual opportunity Nexus New horizons in entrepreneurship Cheltenham Edward Elgar Publishing ISBN 978 1781007990 Retrieved 2 March 2020 a b Hitt M A Ireland R D Hoskisson R E 2011 Strategic Management 9th ed Mason Ohio South Western Cengage Learning Heaton L H 2008 Knowledge Management International Encyclopedia of Communication Boston Blackledge Boyacigiller N Adler N J 1991 The Parochial Dinosaur The Organizational Sciences in Global Context Academy of Management Review doi 10 5465 amr 1991 4278936 Graumann Carl F Moscovici Serge eds 2012 Changing Conceptions of Leadership Springer Series in Social Psychology New York Springer Science amp Business Media ISBN 978 1461248767 Retrieved 2 March 2020 Hofestede G 1991 Cultures and Organizations Software of the Mind Hofstede G 1980 Motivation Leadership and Organization Do American Theories Apply Abroad Organizational Dynamics Adler N J Gundersen A 2008 International Dimensions of Organizational Behavior a b Michelacci Claudio 24 June 2015 Are They All Like Bill Mark and Steve The Education Premium for Entrepreneurs PDF EIEF Archived from the original PDF on 8 December 2015 Retrieved 27 November 2015 Anna Grandori Laura Gaillard Giordani 2011 Organizing Entrepreneurship Routledge ISBN 978 0 415 57037 4 Charles W L Hill Gareth R Jones 2009 Strategic Management Theory An Integrated Approach South Western College Pub ISBN 978 0 538 75107 0 R Duane Ireland Robert E Hoskisson Michael A Hitt 8 October 2008 Understanding Business Strategy Concepts and Cases Strategic Management South Western College Pub ISBN 978 0 324 57899 7 Charles W L Hill Gareth R Jones 2008 Essentials of Strategic Management South Western College Pub ISBN 978 0 547 19432 5 Bhide Amar 1999 The Origin and Evolution of New Businesses PDF Oxford University Press p 40 ISBN 978 0195170313 Ebbena Jay Johnson Alec 2006 Bootstrapping in small firms An empirical analysis of change over time Journal of Business Venturing published November 2006 21 6 851 865 doi 10 1016 j jbusvent 2005 06 007 Bootstrapping has taken on many definitions in the literature but there has been some recent consensus that it is a collection of methods used to minimize the amount of outside debt and equity financing needed from banks and investors Winborg and Landstrom 2001 and Harrison and Mason 1997 Narayanan V K Colarelli O Connor Gina 2010 Encyclopedia of Technology and Innovation Management John Wiley amp Sons p 60 ISBN 978 1 4051 6049 0 a b Meh Cesaire Assah 2002 Entrepreneurial Risk Credit Constraints and the Corporate Income Tax A Quantitative Exploration Bank of Canada Working Papers 2002 21 a b Bruce Donald and John Deskins 2012 Can state tax policies be used to promote entrepreneurial activity Small Business Economics 38 4 375 397 doi 10 1007 s11187 010 9262 y S2CID 14117173 Asoni Andrea Sanandaji Tino 2014 Taxation and the quality of entrepreneurship Journal of Economics 113 2 101 123 doi 10 1007 s00712 013 0375 z JSTOR 43574687 S2CID 154956413 Bruce Donald and Mohammed Mohsin 2006 Tax Policy and Entrepreneurship New Time Series Evidence Small Business Economics 26 5 409 425 doi 10 1007 s11187 005 5602 8 S2CID 154429897 D S Adegbenro I C T Poytechnic Lecture on EED 126 2015 gt Entrepreneurship Lecture EED 126 in D S adegbenro Polytechnic on 1 July 2015 Nigeria Scott A Shane 2008 7 The Illusions of Entrepreneurship The Costly Myths That Entrepreneurs Investors and Policy Makers Live By Yale University Press ISBN 978 0 300 15006 3 Perry Rivers P October 2014 Stratification Economic Adversity and Entrepreneurial Launch The Converse Effect of Resource Position on Entrepreneurial Strategy Entrepreneurship Theory amp Practice 40 3 685 712 doi 10 1111 etap 12137 S2CID 153562537 Bibliography EditDeakins D Freel M S 2009 Entrepreneurial activity the economy and the importance of small firms Entrepreneurship and small firms McGraw Hill Education ISBN 978 0 07 712162 4 Miller K 2005 Communication theories perspectives processes and contexts 2nd ed New York NY McGraw Hill Scheufele D Moy P 2000 Twenty five years of the spiral of silence A conceptual review and empirical outlook International Journal of Public Opinion Research 12 1 3 28 doi 10 1093 ijpor 12 1 3 ISSN 0954 2892 Further reading EditBlackburn Robert 2008 Small Business and Entrepreneurship doi 10 4135 9781446263433 ISBN 978 1412934374 S2CID 166474936 Baassiri Ramez 2018 Interrupted Entrepreneurship Embracing Change In The Family Business Forbes ISBN 978 1946633361 Bowman Erik 2011 Entrepreneur Training Manual Third Edition Certified Entrepreneur Workbook Guanzi Institute Press ISBN 978 0983786290 Bruder Jessica September 2013 The Psychological Price of Entrepreneurship Inc Winner 2014 Annual Awards Contest of the Deadline Club Dana Leo Paul 2010 Nunavik Arctic Quebec Where Co operatives Supplement Entrepreneurship Global Business and Economics Review 12 1 2 42 71 doi 10 1504 gber 2010 032317 Duening Thomas N Hisrich Robert A Lechter Michael A 2009 Technology Entrepreneurship Creating Capturing and Protecting Value Academic Press ISBN 978 0080922881 Foo M D 2011 Emotions and entrepreneurial opportunity evaluation Entrepreneurship Theory and Practice 35 2 375 393 doi 10 1111 j 1540 6520 2009 00357 x S2CID 144091559 Folsom Jr Burton W The Myth of the Robber Barons 4th ed 2003 James W Halloran 2014 Your Small Business Adventure Finding Your Niche and Growing a Successful Business ALA Huron Street Press ISBN 978 1937589448 Harper David 2008 Entrepreneurship In Hamowy Ronald ed The Encyclopedia of Libertarianism Thousand Oaks CA Sage Cato Institute pp 148 150 doi 10 4135 9781412965811 n93 ISBN 978 1412965804 OCLC 750831024 Leitao Joao Baptista Rui 2009 Public Policies for Fostering Entrepreneurship A European Perspective Springer Science Business Media ISBN 978 1441902498 Lowe Robin Sue Marriott 2006 Enterprise Entrepreneurship and Innovation Concepts Contexts and Commercialization Butterworth Heinemann ISBN 978 0750669207 Lundstrom Anders Stevenson Lois A 2005 Entrepreneurship Policy Theory and Practice Springer ISBN 978 0387241401 McCormick Blaine Folsom Burton W 2003 A survey of business historians on America s greatest entrepreneurs Business History Review 77 4 703 716 doi 10 2307 30041235 JSTOR 30041235 S2CID 145489840 Minniti M Moren L 2010 Entrepreneurial types and economic growth Journal of Business Venturing 25 3 305 314 doi 10 1016 j jbusvent 2008 10 002 Rea Christopher Volland Nicolai 2015 The Business of Culture Cultural Entrepreneurs in China and Southeast Asia 1900 65 UBC Press ISBN 978 0774827829 Shane S Venkataraman S 2000 The Promise of Entrepreneurship as A Field of Research Academy of Management Review 25 1 217 226 doi 10 5465 amr 2000 2791611 JSTOR 259271 Shane S 2013 The genetics of entrepreneurial performance International Small Business Journal 31 5 473 495 doi 10 1177 0266242613485767 S2CID 145370748 Thompson Heames Joyce Breland Jacob W 2010 Management pioneer contributors 30 year review PDF Journal of Management History 16 4 427 436 doi 10 1108 17511341011073915 Whaples Robert Economic history and entrepreneurship in The Routledge Handbook of Modern Economic History Routledge 2013 84 94 Zahra Shaker A 2009 A typology of social entrepreneurs Motives search processes and ethical challenges Journal of Business Venturing 24 5 519 532 doi 10 1016 j jbusvent 2008 04 007 Zhang S X Cueto J 2015 The Study of Bias in Entrepreneurship Entrepreneurship Theory and Practice 41 3 419 454 doi 10 1111 etap 12212 S2CID 146617323 External links Edit Media related to Entrepreneurship at Wikimedia Commons Quotations related to Entrepreneurs at Wikiquote Learning materials related to Entrepreneurship at Wikiversity Retrieved from https en wikipedia org w index php title Entrepreneurship amp oldid 1133385439, wikipedia, wiki, book, books, library,

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