Premium Essay

Entrepreneurship

In: Business and Management

Submitted By yngcas001
Words 1692
Pages 7
What is your personal theory of entrepreneurship?
My theory of entrepreneurship is the gift/objective of being able to see opportunity when others cannot so as to establish new ventures or the creation of new value in existing ones. According to Schumpeter’s (1934) view of entrepreneurship wealth is created when innovation results in new demand. In finding innovative ways of using inputs he theorises that the value of the product or service will exceed the cost of input factors thus generating superior returns that result in the creation of wealth. In line with this he says that destruction of old ways of doing things through innovation is key to entrepreneurial activities and GDP growth. This is supported by Kirzner’s (1973) theory of entrepreneurship of “alertness to hitherto undiscovered opportunities” and the action in the market economy of arbitrage and the value this can create.
Who becomes and entrepreneur and why?
According to Gartner (1985), “the entrepreneur is not a fixed state of existence; rather entrepreneurship is a role that individuals undertake to create organisations”. In this way one can understand how complex the matter of answering the question of who becomes and entrepreneur and why. Gartner believes that using a behavioural approach scholars are able to separate the act of entrepreneurship from the individual entrepreneur and so methodologies and techniques can be developed to discover correlations between the two factors.
When looking at the individual, studying the he individual domains which include personality, motivation, and prior experience are helpful. The psychological characteristics such as risk-taking propensity and entrepreneurial self-efficacy along with developed skills and abilities influence entrepreneurial intentions (Zhao, Seibert, and Hills 2005).
Contextual variables such as social context, markets, and economics...

Similar Documents

Premium Essay

Entrepreneurship

...Course: Entrepreneurship ECTS: 6 Teacher: Prof. Dr. Boštjan Antončič, Assist. Tina Bratkovič Course Description The course provides an overview of the entrepreneurial process and is designed to give students an in-depth understanding of different aspects of entrepreneurship. The issues addressed in class will focus on psychological and sociological views of entrepreneurship, the identification of opportunity, entrepreneurial networks, corporate entrepreneurship and international entrepreneurship. Through a combination of lectures, case analyses, in-class discussions and exercises, the students will develop the knowledge and skills necessary for writing and presenting a business plan. |Course timetable |Topics | |Class 1 |Brainstorming session – selection of business idea (1) | |Class 2 |Brainstorming session – selection of business idea (2) | |Class 3 |Psychological and sociological views of entrepreneurship | | |Market opportunity and market analysis | |Class 4 |Entrepreneurial networks ...

Words: 291 - Pages: 2

Premium Essay

Entrepreneurship

...Entrepreneurship is the process of starting a business or other organization. The entrepreneur cultivates a corporate model, obtains the human and other necessary means, and is completely accountable for its achievement or disappointment. Entrepreneurship functions within an entrepreneurship environment (Maier, V., & Zenovia, C. P. 2011). According to Maier, V., & Zenovia, C. P. (2011), entrepreneurship and intrapreneurship are similar because both involve an exclusive business theory that takes the form of a product, process, or service, both are ambitious by an specific supporter who works with a group to convey the perception to realization, both are based on worth formation and responsibility to a consumer, and both require possibility and necessitate risk management strategies. Entrepreneurship would be a better advantage to me in my current career. Being entrepreneur is a challenging task to take on but the outcome will be lasting and fulfilling for my family and career. The purpose for me striving to be an entrepreneur is to set a foundation for my children to make their lives better and to give people a second chance that made mistakes in life due to environmental situations and or being young and lacking knowledge. Also I dislike the interviewing process and I personally never want my children to go through it and feel rejected; therefore, I am encouraging them to attend college and obtain a degree for the purpose of adding on to the family business or opening......

Words: 286 - Pages: 2

Premium Essay

Entrepreneurship

...[pic] 1a. Entrepreneurship is the dynamic process of vision, change and creation to discover new way of combining resources to create new firms. It is being carried out when the entrepreneur found some undiscovered market, unsolved problems, new technology or new form for firms and they set up new business to serve the particular market or solve it. Entrepreneurship involves in business activities which gain social and financial benefits or profits by bearing uncertainty and risk. 1b. There are ten myths of entrepreneurship consists of entrepreneurs are doers, not thinkers, entrepreneurs are born, not made, entrepreneurs are always inventors, entrepreneurs are academic and social misfits, entrepreneurs must fit the profile, all entrepreneurs need is money, all entrepreneurs need is luck, entrepreneurship is unstructured and chaotic, most entrepreneurial initiatives fail and entrepreneurs are extreme risk takers….the gamblers. Myth 1: Entrepreneurs are doers, not thinkers Although people see entrepreneurs as someone who dare to do something without considering the risk, but actually entrepreneurs do think before they take action or make decision. Entrepreneurs usually spend time to think of the new invention, new market from the daily problems or experience. Once they discovered there is opportunity to start the business to serve the need, they actually produce clear and complete business plan before they involve in the business. They have carefully......

Words: 1861 - Pages: 8

Premium Essay

Entrepreneurship

...intrapreneurship as “behaving like an entrepreneur when you’re employed at a large corporation for the benefit of the corporation as a whole” and believed that being appointed as an intrapreneur before giving a shot at entrepreneurship is a great method developing management skills and techniques before stepping into the entrepreneurial world. Apart from just a set of skills and great techniques there are also personality and character qualities that make up a successful intrapreneur or entrepreneur. “The most successful are risk takers who are driven by a vision of something that is better in the world,” Pinchot says. “They are honest and use a balance of intuition and analysis to make their decisions.” Other scholars have defined intrapreneurship in many different of ways. Expressions such as corporate entrepreneurship (Burgelman, 1983, Vesper, 1984; Guth and Ginsberg, 1990; Hornsby et al., 1993, Stopford and Baden-Fuller, 1994), corporate venturing (MacMillan, 1986; Vesper, 1990), and internal corporate entrepreneurship (Schollhammer, 1981, 1982; Jones and Butler, 1992) have been used to describe the phenomenon of intrapreneurship (Antonic and Hisrich, 2001). Recently, Antoncic and Hisrich, (2001:497) have defined intrapreneurship more broadly as “entrepreneurship within an existing organization.” The Chief Executive of Common Purpose, Julia Middleton deems that managers must look out for new and better opportunities for young managers to...

Words: 3622 - Pages: 15

Premium Essay

Entrepreneurship

...By Mashell Chapeyama Entrepreneurship education How the World Economic Forum aims to approach education The world economic Forum is a global organization that has a target of improving the welfare of all citizens of the world. According to this organization, entrepreneurship is a very important vehicle for achieving a better well-being of all people of the world. There are several ways in which the World Economic Forum wishes to achieve such a noble goal. One way it strives to achieve that is through some educational programs on the importance of entrepreneurship to the future generations of the world. Entrepreneurship is important for the well being of us all. So, the World economic Forum is initiating education on the importance of entrepreneurship and how to become successful business people. It wishes to be part of an international effort of encouraging entrepreneurship at all levels, from local, national, regional and global ones. World Economic Forum believes that through entrepreneurship the Millennium development goals will be achieved. The World Economic Forum aims to come up with ways to consolidate the existing education on entrepreneurship around the world. It wishes to uplift the practices that lead to better enterprising as well as assisting in the development of tools and methods of achieving better entrepreneurial skills, expertise and practices. This forum also aims at making sound and practical recommendations to governments, educational institutes......

Words: 7955 - Pages: 32

Premium Essay

Entrepreneurship

...Entrepreneurship People say that life is not about money and that money cannot buy happiness. Have you ever seen some one on a jet ski that looks sad? While it may be true that money cannot directly buy happiness, money easily unlocks the doors for happiness. Whether it is a small business startup or it is a simple investment opportunity, seizing the moment can result in the option to retire early. Entrepreneurship is the ability to flip investments and businesses for a profit. Entrepreneurship is what allows me to work from home and be my own boss. Entrepreneurship is what lets me live life to its fullest without restrictions. Looking back at my short time in business, I have started a business before I was able to drive, I turned a hobby into a source of income and I have been able to help my parents with finances. My first business venture came when I was 14 years old. I was very interested with making YouTube videos and how to get more views. I created my first website detailing the different methods on how to gain exposure on YouTube videos. It took me over a month to read up on web development and networking. I took the plunge and bought my first server to host my website. I implemented Google Analytics so I could watch how many viewers I was getting and what pages they were most interested in. After a couple of weeks of letting the site run on auto-pilot, I started to receive a few emails about creating websites and managing their web servers so I decided to start...

Words: 897 - Pages: 4

Premium Essay

Entrepreneurship

...Introduction to Entrepreneurship Session 1 Olivier Witmeur September 2011 2 Desired outcomes of the session • • • • Introduce the course Tour de table What is entrepreneurship, what are the key constructs Who is the entrepreneur • AGENDA 1. Introduction 2. Course design and organisation 3. About entrepreneurs 4. What entrepreneurship is GEST-S547 - 2011-2012 © Olivier Witmeur 3 1. INTRODUCTION 4 What have these companies in common? • • • • • • • Delhaize , Colruyt, Leclerc, Sears & Roebuck Solvay, Pfizer, Yves Rocher Citroen, Renault, Ferrari McKinsey, Deloitte & Touche, JP Morgan McDonald, Neuhaus Dell, Hewlett-Packard Siemens, Dyson GEST-S547 - 2011-2012 © Olivier Witmeur 5 Examples of successfull entrepreneurs GEST-S547 - 2011-2012 © Olivier Witmeur 6 Entrepreneurship is … (3 minutes) GEST-S547 - 2011-2012 © Olivier Witmeur 7 La laiterie du Berger – Danone Latitudes GEST-S547 - 2011-2012 © Olivier Witmeur 8 2. COURSE DESIGN 9 Desired outcomes of the course • Understand why entrepreneurship matters • Introduce key-concepts and best practices in various settings • Develop your entrepreneurial mindset • At the end of the course each student must be able to: – Assess entrepreneurial opportunities in various contexts – Identify and master the main challenges associated with their exploitation – Understand when and where entrepreneurial management style is relevant ...

Words: 1616 - Pages: 7

Premium Essay

Entrepreneurship

...What is entrepreneurship? Entrepreneurship is the process of starting a business. An entrepreneur develops a business plan and is fully responsible for the company’s survival. He or she is in charge of resources or manpower, if any. What are the qualities of an entrepreneur? They are leadership, innovation in business and willing to take risks. They are willing to take on additional risks despite dealing with uncertainty. A risk taker, I would say. A good example of a successful entrepreneur would be Robert Kiyosaki, the author of Rich Dad Poor Dad. In his book, he taught about advocates financial independence and building wealth through various means such as investing and owning businesses. By reading his book, you are able to increase your financial intelligence. You can read his book to get a head start on entrepreneurship. As quoted from Rich Dad Poor Dad, “Winners are not afraid of losing. But losers are. Failure is part of the process of success. People who avoid failure also avoid success.” We must not be afraid to try. If we do not try, we do not know if we will be successful. There is a chance we might fail. But think of the positive side, there is a chance we will succeed. Positive mindset is very important being an entrepreneurship. By going into entrepreneurship, you let money work for money instead of you working for money. It takes a lot of courage to start but once you are willing to work hard, your efforts would be paid off. Thank...

Words: 257 - Pages: 2

Premium Essay

Entrepreneurship

...critically comment on the following blog written by fourth grade high school students in Ohio discussing entrepreneurship: “ - Entrepreneurship is one of the most important parts of economics in a freeenterprise system. - An entrepreneur is a person that creates, organises and manages a business while trying to make a profit.  The first thing an entrepreneur needs to do is to think of an idea. They have to be inquirers so they can gather as much information as possible.   They need to constantly reflect on their decisions. They must be risk-takers because there is always a chance that their business will not succeed.  They must be open-minded when presenting their ideas and receiving feedback.  Entrepreneurs must be good communicators when sharing their ideas with investors and when advertising and promoting their company.  They must also be principled and caring towards their employees and customers. - By being hardworking entrepreneurs, we all have the opportunity to be very successful.” 2 The essay examines the importance of entrepreneurship within the economy, core elements of entrepreneurship, and how entrepreneurial behaviour and certain character traits impact success. The investigation is based on statements about entrepreneurship given by fourth grade high school students in Ohio. The essay will argue that entrepreneurship is an essential part of economics in a free-enterprise system. Furthermore, it will point out that......

Words: 3566 - Pages: 15

Premium Essay

Entrepreneurship

...Entrepreneurship is viewed as a major contributor to economic growth and employment creation while understanding how creativity impacts on the process is also crucial (Baumol 2002). Lee et al. (2004) note that entrepreneurial activity not only requires both a supportive and productive business climate but that it also needs an environment where creativity and innovation can flourish. A successful integration of creativity and technology can then lead to commercialisation of the idea, product or service. The knowledge base can also be utilised in contributing to useful juxtapositionings or bisociations between previously unrelated ideas or domains (Sternberg 2004; Ko and Butler 2006). Creativity involves bringing into existence something new by combining or reapplying existing ideas to form new ones. Entrepreneurs with a creative attitude have a higher ability to accept changes and have a habit turning problems into opportunities. Entrepreneurs use creativity and innovation to deliver unique value to customers. Creative entrepreneur actively search for opportunities to do existing things in extraordinary ways. Successful entrepreneurs have the ability to use their creativity to create an edge over their competitors. Creativity can also be seen as an important condition for innovation, however innovation also includes implementation of creative inspiration (Babu, Krishna & Swathi). file:///C:/Users/User/Downloads/9-36-1-PB.pdf Lateral thinking involves solving problems......

Words: 553 - Pages: 3

Premium Essay

Entrepreneurship

...A brief discussion of the relationship between entrepreneurship, innovation and economic development as well as the role of sustainability in the relationship Introduction: The origin and development on theory As early as the 17th century, the French term "entreprendre "appeared in economics, which evolved into "entrepreneur" as commonly used (Dees,1998). The concept of entrepreneur keeps on developing and varies with the development of socio-economics. Richard Cantillon published his in 1775 “Essay on the Nature of Trade in General" (Murphy,1986). Since then, entrepreneurship was given a definition in the perspective of behavior, including decision-making, sound judgment, supervision of production, innovation, and resource reallocation (Herron, 1993). The new definition of the "entrepreneur" credited by French economists was put by Jean Baptiste in the 19th century "the entrepreneur shifts economic resources out of an area of lower and into an area of higher productivity and greater yield". In this time, entrepreneurship was given the meaning of "creating values"(Dees, 1998). In 1911, “entrepreneur as innovator” was put forward by Schumpeter. In his theory, entrepreneurship nearly the same as innovation is thought to be a critical factor in the promotion of economic development. This theory was unceasingly completed by Schumpeter. Through the process of “disruptive innovation” (Schumpeter, 1942), entrepreneurs create economic opportunities and obtain economic benefits by......

Words: 2375 - Pages: 10

Premium Essay

Entrepreneurship

...The University of Nottingham Faculty of Social Sciences Nottingham University Business School Student Name : Yousef Alawi Yaaqob Al-kaf Student ID : 008290 Module Name : Entrepreneurship and Business Module Code : N11440 Lecturer : Dr Kenny Wong Meng Seng Due Date : December 6, 2012 The word entrepreneur originates from the French word, entreprendre, which means "to undertake.” The entrepreneur is the one who organizes, manages, and assumes the risks of a business or enterprise. Furthermore, an entrepreneur can also be defined as the innovator or developer who recognizes and utilizes opportunities; converts those opportunities into marketable ideas; adds value through time, effort, and money; and realizes the rewards from these efforts [1]. Entrepreneurs are creative in the form that they think and reason genuinely, are highly motivated and are equipped with the acute amount of knowledge to bring about innovative changes or ideas that can directly impact the economic development. They should possess the willingness to learn take risks as introducing new industries, products, and sectors will not be successfully implemented without having the self-confidence and self-reliance to do so. Ultimately, passion is one of the most vital quality of an entrepreneur because without it, these concepts will most likely be destined to fail eventually. Moreover, a famous motivational speaker and author said “A great leader’s courage to fulfill his vision comes...

Words: 1648 - Pages: 7

Premium Essay

Entrepreneurship

...'Entrepreneurship' Meaning An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise. An entrepreneur is an agent of change. Concept Entrepreneurship can be defined as the process of using private initiative to transform a business concept into a new venture or to grow and diversify an existing venture or enterprise with high growth potential. Entrepreneurs identify an innovation to seize an opportunity, mobilize money and management skills, and take calculated risks to open markets for new products, processes and services. Characteristics of Entrepreneurship • Interest and Vision The first factor for entrepreneurial success is interest. Since entrepreneurship pays off according to performance rather than time spent on a particular effort, an entrepreneur must work in an area that interests her. Otherwise, she will not be able to maintain a high level of work ethic, and she will most likely fail. This interest must also translate into a vision for the company's growth. Even if the day-to-day activities of a business are interesting to an entrepreneur, this is not enough for success unless she can turn this interest into a vision of growth and expansion. This vision must be strong enough that she can communicate it to investors and employees. • Skill All of the interest and vision cannot make up for a total lack of applicable skill. As the head of a company, whether he has employees or not, an entrepreneur must be able to......

Words: 543 - Pages: 3

Premium Essay

Entrepreneurship

...Chapter-2 Discussion points and “Entrepreneur in Action” Discussion point: How many of you (in the classroom) intend to be entrepreneurs at some point in their life. How confident you are that they will succeed – use a scale of 1 to 10. Why? For those with lower scores, ask what they might do to be able to increase their confidence. Entrepreneur in Action: Beth Cross took on the established cowboy boot market and in just more than 10 years has sales of $80 million and owes nearly 17% of the western wear market. How did she do it? Here’s her four rules for success: 1. Find the market’s blind spot. The boot market hadn’t really changed in years and wasn’t taking advantage of the latest technologies. 2. Make friends in high places. Cross was able to get a high level Reebok executive on her board. 3. Pay less, charge more. Cross was able to outsource most of her labor and was able to charge more for her patented technologies. 4. Create your own demand. As a start up she had no marketing budget and took the boots to horse shows and rodeos in her car. (Copeland, Michael V. “These Boots Really Were Made for Walking” Business 2.0, October 2004 pg. 72 http://money.cnn.com/magazines/business2/business2_archive/2004/10/01/8186646/index.htm Discussion point: Poll the class to see how many have parents or other relatives that are role models. Are there other role models they use as well? Discussion point: Ask students to rank themselves on the......

Words: 358 - Pages: 2

Premium Essay

Entrepreneurship

...Characteristics of Entrepreneurs Introduction The entrepreneurs’ are a key element for enterprises developing, and also play the decisive factors role to decide the company’s success or failure. According to the view of Say(1834) whom French economist, that “entrepreneurs can be seen as adventurers, they are fourth factors of production to organize, manage and operate other three elements which are land, workforce and capital, but they has duty to bear the possible risk of bankruptcy.”(Kuratko&Hodgetts,2007). With the times developing, the concepts of entrepreneur are more focus on modern concepts. The view of Akhouri point that “entrepreneur as a character who combines innovativeness, readiness to take risk, sensing opportunities, identifying and mobilizing potential resources, concern for excellence, and who is persistent in achieving the goal.”(Mohanty, 2005) Hence, successful entrepreneurs should have the following characteristics: leadership, originality ability and self-confidence, the traits are independents, individuality and optimism, innovate, creative, flexible and leadership behaviour, they always task-oriented and future-oriented, and play role of risk bearer. From these characteristics, I can find some of the characteristics which I have or not, so in order to impact my ability, I will critic and analysis those characteristics by two parts which are three areas sufficiently developed and three areas require further development. 1. Three areas......

Words: 2657 - Pages: 11