...recent studies indicate that newly hired college graduates do not excel in these higher-level knowledge and information based skills at the level that employers desire. Entrepreneurs have also indicated that the shortage of highly skilled workers inhibits the growth and development of new entrepreneurial firms. In response to this there have been multiple calls for educators at all levels to recognize the challenges and opportunities in today’s economy and to ensure that students develop the “21st century” knowledge, skills, and abilities (KSAs) they need. A closer look at these 21st century KSAs alongside research and data on entrepreneurial competencies reveals a meaningful overlap between the two. This overlap can be developed into a useful heuristic to determine appropriate outcomes for assessment of undergraduate entrepreneurship programs. Sample outcomes and program assessment processes are illustrated and discussed. INTRODUCTION As the “new” economy of the 21st century continues to develop around knowledge, service, and information based activities, a company’s ability to create and commercialize knowledge has become tantamount to its ability to generate sustainable returns (Apte, Karmarkar, & Nath, 2008; Audretsch & Thurik, 2000; Black & Lynch, 2003; Ewing Marion Kauffman Foundation, 2007). This emphasis on knowledge, service, and information creates space for more new firms to emerge, but also pressures existing companies to hire employees with higher level...
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...1. Introduction The main objective of this essay is to answer the following question: In the Schumpeterian approach to entrepreneurship, entrepreneurs are the creative economic actors who fashion new ventures by combining the factors of production in new and innovative ways. To what extent does this approach hold true for entrepreneurs in the early 21st century? The basic analysis method consists in finding similarities and differences between Schumpeter’s and modern day theories of entrepreneurship and establishing general patterns coming out of the comparative analysis. We shall try and decompose the main question in several constituent parts. The above given Schumpeter’s definition of entrepreneurship can be broken down as follows: * Entrepreneurs are economic actors, i.e. individuals engaged in commercial activity * Entrepreneurs create new ventures through innovation * Innovation consists in combining existing factors of production in new ways We will analyse both Schumpeter’s and modern day entrepreneurs along these and other dimensions in an attempt to place Schumpeter’s concepts in the realities of the 21st century. 2. Schumpeter’s theory of entrepreneurship Economic development One of Schumpeter’s major life works is his book Theory of Economic Development published first in 1911 in German and then republished in an updated version in 1934 in English (Schumpeter 1934), in which he describes a model of economy where entrepreneurs are the main drivers for change...
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...which others do not fully recognize, to meet an unsatisfied demand or to radically improve the performance of an existing business. They have unquenchable self-belief that this opportunity can be made real through hard work, commitment and the adaptability to learn the lessons of the market along the way”.(Martin , 2010). Entrepreneurship is an act of being an entrepreneur which involves initiating in a business venture, gathering the necessary resources and assuming the associated risks and rewards. There are common traits associated with an entrepreneur, most entrepreneurs tend to: * Tolerant of ambiguous situations * Resist conformity * Enjoy risk-taking * Self-reliant, dominant and independent * Be interpersonally aloof yet socially adroit * Adapt readily to change The importance of entrepreneurship for economic development has been widely acknowledged in recent times. Entrepreneurship is assumed to be a major source of innovation, job creation and growth (Kunene, 2008). According to the SBA factsheet 2010/11, SME’s account for over 99% of the firms in the U.K and over 50% for total employment and value added. In the 21st century, entrepreneurs need certain skills and competencies. Due to the rapid and constant change in the business...
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...first scientist that made contributions trying to examine the entrepreneurial character. He argued, “It is in most cases only one man or a few men who see the new possibility and are able to cope with the resistance and difficulties which action always meets with outside of the ruts of established practice” (Joseph A. Schumpeter, 1947). Table 1: Definitions of Entrepreneur (Journal of Entrepreneurship, 2000) 1. Strengths 1.1 Risk Taker Scientists have given a lot of emphasis on the characteristic of risk bearing with respect to the entrepreneurs. Noah Webster in Webster’s Third New International Dictionary (1961) refers to the entrepreneur as “the organizer of an economic venture, especially one who organizes, owns, manages and assumes the risk of a business”. On the other hand, Schumpeter (1934) argued that risk bearing is a characteristic more common in the concept of ownership and since entrepreneurs are not necessarily owners of a venture it cannot be considered as an absolute entrepreneurial trait. To conclude, although Schumpeter’s differentiation of ownership and entrepreneurship is well defined, examining an entrepreneur’s activities we could assume that the risk-bearing propensity...
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...Achieving and Maintaining Strategic Competitiveness in the 21st Century: The Role of Strategic Leadership Author(s): R. Duane Ireland and Michael A. Hitt Source: The Academy of Management Executive (1993-2005), Vol. 19, No. 4, Classic Articles from AME (Nov., 2005), pp. 63-77 Published by: Academy of Management Stable URL: http://www.jstor.org/stable/4166206 Accessed: 10-05-2015 07:37 UTC REFERENCES Linked references are available on JSTOR for this article: http://www.jstor.org/stable/4166206?seq=1&cid=pdf-reference#references_tab_contents You may need to log in to JSTOR to access the linked references. Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at http://www.jstor.org/page/ info/about/policies/terms.jsp JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. Academy of Management is collaborating with JSTOR to digitize, preserve and extend access to The Academy of Management Executive (1993-2005). http://www.jstor.org This content downloaded from 203.101.161.82 on Sun, 10 May 2015 07:37:52 UTC All use subject to JSTOR Terms and Conditions I Academy of Management Reprinted from 1999, Vol. 13, No. 1 Executive...
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...Entrepreneurial Leadership in the 21st Century A Hybrid Theory/Philosophy of Entrepreneurial Leadership With changes in society’s, economies, and the widespread growth of technology, entrepreneurship and leadership have both grown to take on many different definitions over the past century. Economists and behaviorists have conducted numerous studies and researches over the past fifteen years, and new definitions of entrepreneurial leadership have been formed. They include characteristics such as; innovators, risk takers, transformational, visionaries, problem solvers; and having the ability to operate in dynamic markets. While the aforementioned characteristics of entrepreneurial leaders have been agreed upon by many, I believe that it’s the people that have had the biggest effect within the discipline. Case (2010) and Kouzes (2008) both stated how important people are in an entrepreneurship. Their theories spoke of how important it is to align people around the company’s priorities, empowering employees, setting the example at the top, and showing care and concern for the business and its’ people. Because more people are obtaining higher education than ever before and the use of information technology provides for instant research and quicker patents, I believe that the people will continue to drive the changes in entrepreneurial leadership. We are the most important resource in any organization. Defining Leaders An organization’s development can depend on what...
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...Bibliography of Entrepreneurship Where can you find out what research has been done in a specific field of entrepreneurship? This bibliography lists major books and articles on various aspects of entrepreneurship grouped by subject. It does not claim comprehensiveness. Checking these sources, however, will give you a good coverage and encourage further investigation. A list of journals can be found in the Entrepreneurship Journals section. * Adamson, D. Walking the High-Tech High Wire: The Technical Entrepreneur's Guide to Running a Successful Enterprise. McGraw-Hill, 1994. * Baird. M.L. Engineering your Start-up: A Guide for the High-Tech Entrepreneur. Professional Publications, 2003. * Bhide, A. The Origin and Evolution of New Businesses. Oxford University Press, 2003. * Birley, S., and D. Muzyka, eds. Mastering Entrepreneurship. Pitman, 2000. * Boston, Thomas, and Catherine Ross. The Inner City. Transaction Publishers, 1997. * Brown, S.L., and K.M. Eisenhardt. Competing on the Edge: Strategy as Structured Chaos. Harvard Business School Press, 1998. * Bygrave, W.D., and A.L. Zacharakis, eds. The Portable MBA in Entrepreneurship. 4th edition. Wiley, 2010. * Cristol, Steven, and Peter Sealey. Simplicity Marketing. Simon and Schuster, 2007. * Drucker, P. Innovation and Entrepreneurship. 2Rev Ed edition. Butterworth-Heinemann, 2010. * Hopkins, Bruce. A Legal Guide to Starting and Managing a Nonprofit Organization. 3rd edition. Wiley, 2000...
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...Integrating entrepreneurship and strategic management activities to gain wealth: CEOs' perspectives. Authors: Hagen, Abdalla Tootoonchi, Ahmad Hassan, Morsheda Pub Date: 01/01/2005 Publication: Name: Advances in Competitiveness Research Publisher: American Society for Competitiveness Audience: Academic; TradeFormat: Magazine/Journal Subject: Business; Business, general; Business, internationalCopyright: COPYRIGHT 2005 American Society for Competitiveness ISSN: 1077-0097 Issue: Date: Annual, 2005 Source Volume: 13 Source Issue: 1 Topic: Event Code: 200 Management dynamics Computer Subject: Company business management Geographic: Geographic Scope: United States Geographic Code: 1USA United States Accession Number: 138408287 Full Text: ABSTRACT This study explored means and ways that can help CEOs achieve wealth for their firms in the era of globalization. Using a sample of CEOs of MNCs, the findings of this study indicated that the majority of the CEOs agreed that many of the activities undertaken by organizations in an attempt to achieve wealth occur within six domains: Innovations, networks, internationalization, organizational learning, top management team and governance, and growth orientation. Critical challenges facing top management and the suggested recommendations were acknowledged by the participating CEOs. INTRODUCTION There is a general agreement regarding positive effects entrepreneurship has on firms' efforts for creating wealth (Lyon,...
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...Case Study 1 – “Once Upon A Time At Disney Summary: Since 1923, Walt Disney Co. has been an icon of animated and live-action films. It is because of Michael Eisner that Disney has become an entertainment conglomerate. Eisner is a very hands on manager, and under his leadership, the company adapted to the fast changing entertainment environment and played to it’s strengths. Since it’s founding in 1923, Walt and his brother Roy split their talents. Roy handed the financials, Walt the creativity. Mickey Mouse was their first major hit. In 1984, Eisner was named chairman where he immediately started transforming Disney into a learning organisation dedicated to creativity. 2. Why is it critical for Disney to be a learning organizing? Disney achieved their standing momentous status of being a leader of pure entertainment through fostering a learning attitude prevalent throughout their workforce. Their patented learning organization was derived from none other than their founder who realized that even the most beautifully crafted place in the world amounts to nothing without the people to make dreams a reality. Straying away from the orthodox image of a divided workforce, Disney revolutionized the workplace by closing the gap between corporate executives and clerical workers; all members of the workforce were mandated to participate in hands-on activities. Having all the employees involved in the most basic...
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...‘Building a durable corporation requires long-term goals as well as rules to channel investments and - initiatives toward the achievement of these goals. These rules- which I will call “strategy”- have several dimensions. A strategy defines in broad terms where and how the firm will seek to add value, the opportunities it will pursue, the breadth and attributes of the firm’s product lines, its pricing policies, distribution channels, technologies, R & D efforts, and so on.’ (Amar V., 2000 pg 265). ‘Broadly, strategies encompass the set of approaches that the company will use to achieve its objectives’ (Jobber and Lancaster, 2006 pg 49) A well defined strategy should therefore integrate decisions about; scope of the business, objectives, resource allocation, developing sustainable differential advantage and synergy. The importance of strategy in the achievement of business goals cannot therefore be over emphasized judging from the above features. Split into corporate and competitive strategies, the former determines the scale and scope of the business while the later determines the sustainability of the company in the ever dynamic and competitive business environment. Whether inward out (resource based) or outward in (market based), competitive strategy is cardinal to the continued existence if the firm. Since successful strategies are those which adapt firms to the opportunities and threats in their markets/environments and which develop their internal capabilities...
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...AN ESSAY ON THE NATURE OF LEADERSHIP; AUGUSTUS CAESAR INTRODUCTION LEADERS UNLIKE MANAGERS, REQUIRE FOLLOWERS, AS FOLLOWERS ARE PIVOTAL TO THE SUCCESS AND IMPACT THAT A LEADER REQUIRES.[i] THE ABOVE OPENING QUOTE SPOKEN BY AUGUSTUS CAESAR IDENTIFIES HIS LEADERSHIP STYLE IN A NUTSHELL. UNLIKE HIS PREDECESSOR, AUGUSTUS WAS NEVER FOCUSED ON PRIDE AND DISPLAYS OR POWER. RATHER, HE WAS CONTENT WITH ACTING AS A GUIDE AND ADVISOR IN FRONT OF THE CROWDS WHILST IN REALITY HE HAD A FIRM GRIP ON THE REINS OF SOCIETY, CONTROLLING EVERYTHING BEHIND THE SCENES. AUGUSTUS WAS A CUNNING AND ADMIRABLE LEADER, WITH NUMEROUS POSITIVE LEADERSHIP ATTRIBUTES THAT JUNIOR OFFICERS COULD STUDY OR ADOPT. Augustus Caesar was shown by the leadership trait theory to possess a personality that would likely succeed in leadership. He also displayed a solid mission, excellent goal setting skills and overall strong values.[ii] Augustus Caesar also portrayed leadership attributes that a junior officer would find to be undesirable to adopt. These undesirable attributes can include Augustus Caesars’ unwillingness to attain long-term alliances and friends. Nevertheless, Augustus Caesar has proven himself to be an important and rich learning source when looking at leadership skills and techniques. Know Yourself and seek self-improvement AUGUSTUS CAESAR WAS HONOURED WITH THE NAME AUGUSTUS, WHICH MEANS “THE EXALTED”, BY THE ROMAN SENATE IN 27 B.C. THIS HONOUR WAS NOT ONLY A SHOW FOR THE NUMEROUS...
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...Entrepreneurial Leadership is a very important concept in today’s society. The determination of a person or business with the struggling of the economic and the many challenging that the economic having to face in order to get economic back on track, enabling the economic to be able to grow with the new technologies for the 21st century. An entrepreneurial leader a person has to “innovative, creative, and will to be open for change” (O’Connor & Fiol, 2002; Stevenson & Gumpert, 1983). The word entrepreneurial leadership is a very important element for an individual to have the knowledge of the many different changes that occurs with the economic and the continuously evolved of the current changes with the growth of the new technology. The most common elements that the three authors focus on where: entrepreneurial leadership and the strategies in how they are related within today’s society. The three different authors also had some similar focus on the entrepreneurial leadership’s vision and their creative. The first important element that Steve Case’s believes is: “The Three P”. “People, Passion, and Perseverance” (Case, 2010). Case’s believes that when a person’s innovation, are risk takers have an entrepreneurship will improve our economic. He also believes that entrepreneurship is the underline of our future for the economic. Steve Case’s believes that entrepreneurship is a growth of success to businesses and the way people live their lives in the future economic (Case...
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...Strategic leadership capabilities Hitt et al. (1998) and Ireland and Hitt (1999) described the capabilities needed for effective strategic leadership in the new competitive landscape expected for the 21st century. They argued that effective strategic leaders had to: (1) develop and communicate a vision, (2) build dynamic core competencies, (3) emphasize and effectively use human capital, (4) invest in the development of new technologies, (5) engage in valuable strategies, (6) build and maintain an effective organizational culture, (7) develop and implement balanced controls, and (8) engage in ethical pratices. 4.1. Develop and communicate a vision First, strategic leaders–—hopefully in concert with others in the organization–—must develop a vision and communicate that vision broadly, to help guide the formation and implementation of strategies to achieve that vision. This form of guidance is important to establish the direction of the organization for its growth, types of products, and market focus, and to achieve the desired targets. Without the guidance provided by a vision, organizations can become chaotic and are unlikely to be as successful. 4.2. Build dynamic core competencies A core competence is a major capability to perform important tasks (e.g., a function) quite well, and makes a valuable contribution to a firm’s competitive advantage. A dynamic core competence implies that the firm continues to develop and update the competence to be the leader...
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...The Employment Outlook for Youth: Building Entrepreneurial Ecosystems as a Way Forward ---- An Essay --- Peter Vogel College of Management of Technology, École Polytechnique Fédérale de Lausanne, Odyssea 4.15 Station 5, CH-1015 Lausanne, Switzerland, peter.vogel@epfl.ch Since the outbreak of the recent financial crisis we have experienced some of the highest rates of youth unemployment in history. If we want to avoid branding the young people as a “Lost Generation”, we need to act quickly. One important active labor market strategy to solve the youth unemployment crisis is entrepreneurship, helping them turn into job creators rather than job seekers. Entrepreneurship has received significant attention over the past decade with a rapid and often uncoordinated increase in entrepreneurship support programs. These constitute a major part of entrepreneurial ecosystems. In order to build effective entrepreneurial ecosystems, we need to understand the components and assessment indices of such ecosystems. This essay proposes a new conceptual framework describing entrepreneurial ecosystems. The proposed framework is expected to support policymakers and practitioners in setting up new entrepreneurial ecosystems and serve as a basis for future research. Keywords: Entrepreneurial Ecosystems, Youth Unemployment, Next Generation Introduction An economic and labor market crisis has plagued the world since 2008. The labor market slowdown is dramatic with a current deficit of...
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...Kashmir is missing out on a ‘demographic dividend’ and unable to cash in on its youthful population for lack of initiatives from a state government bogged down by a two-decade-old separatist insurgency. Mercy Corps, a United States-based development agency, found 48 percent of youth in Kashmir unemployed, in a comprehensive survey, the results of which were published in August 2011. According to the survey, Kashmir is experiencing a ‘youth bulge’ with about 70 percent of its 10 million-strong population under the age of 31. The World Bank’s chief economist, Justin Yifu Lin, submits in his blog ‘Let’s Talk Development’ on Jan. 5 that the increase in the number of working age individuals can, if fully employed in productive activities, other things being equal, result in a youth bulge becoming a demographic dividend. 'However, if a large cohort of young people cannot find employment and earn satisfactory income, the youth bulge will become a demographic bomb, because a large mass of frustrated youth is likely to become a potential source of social and political instability,' Lin warns in the posting. Signs of youth unrest are already visible in the Kashmir valley in several stone-throwing sprees lasting days and occasioning the imposition of curfews since 2008. Several hundred youth, including juveniles, are currently lodged in jails on charges of rioting that are not entirely unrelated to separatist militancy. 'These stone-throwing episodes are largely the result...
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