...Century, Cantillion and Say from the French school of thought were amongst the first to recognise the role of the entrepreneur. Cantillion first defined entrepreneurs as a 'risk taker', buying at a certain price and selling at an uncertain price. (Cited in Blaug 1986:220) Jean-Baptiste Say backed this up by stating entrepreneurs are 'the pivot of the economy, a vehicle for economic change. Deakins and Freel (2009). In the years to come, further concepts of entrepreneurs were developed and argued amongst academics. By examining the differing opinions from a broad spectrum of authors since the role was first distinguished, through the years where the meaning has become diverse and arguments have surfaced over the true meaning of entrepreneurship, I hope to make clear whether the term is so unclear to render it worthless or find some way of giving it some true common definition in today's society. To investigate the varying opinions and definitions of the entrepreneur successfully, it is important to compare views on all aspects of being an entrepreneur. By Looking into how entrepreneurs have ideas for new ventures, the effects on the economy, the number of entrepreneurs and the types of ideas they have and ways they become entrepreneurial. As a starting point it seems all academics and speakers on the subject regard entrepreneurs as...
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...Lorentzen February 2008 Department of Planning and Development Aalborg University Aalborg, Denmark 1.0 INTRODUCTION No extensive empirical study on the sources of entrepreneurial opportunities included the individual, the environment and the individual’s start-up activities in a post-socialist periphery. However, such layered approaches have been encouraged in theoretical studies of entrepreneurship. Bouchikhi (1993) claims that each approach taken separately has crucial weaknesses and neither the personality of the entrepreneur nor the structural characteristics of the environment illuminate the process. Thus, multi-leveled studies have been encouraged in research programs (Low & MacMillan, 1988). In my previous paper, I attempted to examine the different forms of entrepreneurship by using the interplay between individual personality traits and capabilities and the institutional environment. The goal of this paper is to examine the sources of entrepreneurial opportunities from the perspective of individual and environmental factors. Since opportunities define how the entrepreneur behaves and what kinds of entrepreneurship are manifested, entrepreneurial opportunity discovery and exploitation are two integral parts of the entrepreneurial process.[1] The field of entrepreneurship has two general perspectives on entrepreneurial types and the sources of entrepreneurial opportunities: the Schumpeterian and the Kirznerian perspectives. Schumpeter saw the entrepreneurial...
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...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 sufficiently developed (1)High-achievement motivation For my personal view that the "desire" driven entrepreneurs to face all challenging, and supporting me decide the ways of do things. Sometimes, people often evade some problems and tasks which are they may think difficult to solution. But I always prefer to solve those difficult problems. Although sometimes the outcome cannot achieve expect of...
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...I did not write this essay: The Sources of Entrepreneurial Opportunities: Individuals & the Environment Doctoral Research Paper 2 of 5 Nikolina Fuduric Doctoral Supervisor: Professor Anne Lorentzen February 2008 Department of Planning and Development Aalborg University Aalborg, Denmark 1.0 INTRODUCTION No extensive empirical study on the sources of entrepreneurial opportunities included the individual, the environment and the individual’s start-up activities in a post-socialist periphery. However, such layered approaches have been encouraged in theoretical studies of entrepreneurship. Bouchikhi (1993) claims that each approach taken separately has crucial weaknesses and neither the personality of the entrepreneur nor the structural characteristics of the environment illuminate the process. Thus, multi-leveled studies have been encouraged in research programs (Low & MacMillan, 1988). In my previous paper, I attempted to examine the different forms of entrepreneurship by using the interplay between individual personality traits and capabilities and the institutional environment. The goal of this paper is to examine the sources of entrepreneurial opportunities from the perspective of individual and environmental factors. Since opportunities define how the entrepreneur behaves and what kinds of entrepreneurship are manifested, entrepreneurial opportunity discovery and exploitation...
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... February 2008 Department of Planning and Development Aalborg University Aalborg, Denmark 1.0 INTRODUCTION No extensive empirical study on the sources of entrepreneurial opportunities included the individual, the environment and the individual’s start-up activities in a post-socialist periphery. However, such layered approaches have been encouraged in theoretical studies of entrepreneurship. Bouchikhi (1993) claims that each approach taken separately has crucial weaknesses and neither the personality of the entrepreneur nor the structural characteristics of the environment illuminate the process. Thus, multi-leveled studies have been encouraged in research programs (Low & MacMillan, 1988). In my previous paper, I attempted to examine the different forms of entrepreneurship by using the interplay between individual personality traits and capabilities and the institutional environment. The goal of this paper is to examine the sources of entrepreneurial opportunities from the perspective of individual and environmental factors. Since opportunities define how the entrepreneur behaves and what kinds of entrepreneurship are manifested, entrepreneurial opportunity discovery and exploitation are two integral parts of the entrepreneurial process.[1] The field of entrepreneurship has two general perspectives on entrepreneurial types and the sources of entrepreneurial opportunities: the Schumpeterian and the Kirznerian perspectives. Schumpeter saw the entrepreneurial...
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...The Promise of Entrepreneurship as a Field of Research Author(s): Scott Shane and S. Venkataraman Source: The Academy of Management Review, Vol. 25, No. 1 (Jan., 2000), pp. 217-226 Published by: Academy of Management Stable URL: http://www.jstor.org/stable/259271 . Accessed: 15/07/2014 10:10 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 Review. http://www.jstor.org This content downloaded from 130.37.164.140 on Tue, 15 Jul 2014 10:10:19 AM All use subject to JSTOR Terms and Conditions t Academy of Management Review 2000, Vol. 25, No. 1, 217-226. NOTE AS THE PROMISE OF ENTREPRENEURSHIP A FIELD OF RESEARCH SCOTT SHANE Universityof Maryland S. VENKATARAMAN Universityof Virginia To date, the phenomenon of entrepreneurshiphas lacked a conceptual framework.In social science this note we draw upon previous research conducted in the different disciplines and applied fields...
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...^ Academy oi Management Review 2000, Vol. 25, No. 1, 217-22G. NOTE THE PROMISE OF ENTREPRENEURSHIP AS A . FIELD OF RESEARCH SCOTT SHANE University of Maryland S. VENKATARAMAN tiniversity of Virginia To date, the phenomenon of entrepreneurship has lacked a conceptual framework. In this note we draw upon previous research conducted in the different social science disciplines and applied fields of business to create a conceptual framework for the field. With this framework we explain a set of empirical phenomena and predict a set of outcomes not explained or predicted by conceptual frameworks already in existence in other fields. For a field of social science to have usefulness, it must have a conceptual framework that explains and predicts a set of empirical phenomena not explained or predicted by conceptual frameworks already in existence in other fields. To date, the phenomenon of entrepreneurship has lacked such a conceptual framework. Rather than explaining and predicting a unique set of empirical phenomena, enfrepreneurship has become a broad label under which a hodgepodge of research is housed. What appears to constitute entrepreneurship research today is some aspect of the setting (e.g., small businesses or new firms), rather than a unique conceptual domain. As a result, many people have had trouble identifying the distinctive contribution of the field to the broader domain of business studies, undermining the field's legitimacy. Researchers in other fields ask...
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...[Name of the author] [Name of the institution] [Date of submission] Introduction Entrepreneurship is an activity done purposefully by an individual or groups of associated individuals to initiate maintain or organize profit oriented business unit. This is for the production and distribution of economic goods and services and exploiting newfound opportunities. Productive entrepreneurship and creativity combine these inputs into profitable ways. An institution that encourages free entrepreneurship becomes the ultimate determinants of economic growth of a nation. Economic development involves a sustained and concerted action by the community and policy makers to promote the standards of living and economic health of a nation. Some of the actions undertaken involve the development of critical infrastructure, environmental sustainability, social inclusion, and even regional competitiveness to achieve the economic development. Literature review of entrepreneurship and economic development: The industrial economy in the post-world war two periods led to competition among geographical areas to provide tax to attract industrial companies. In the 1990s, the old managerial and industrial economy was replaced by the knowledge and entrepreneurial economy. The rise of companies such as apple, Microsoft and Google exemplified entrepreneurial creation of wealth at the end of twentieth century(Phillips, 2011).The second decade of twenty first century begins virtually with all countries in...
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...are playing the essential role. The essay is aimed to define the economics and discuss how we can use economics in our future career or daily life. What is economics Professor Israel Kirzner in The Economic Point of View points out that even among professional economists, there are ‘a series of formulations of the economic point of view that are astounding in their variety’. Many people feel that they are generally familiar with economics. However, if what the economics is asked, people will find that it is difficult to define the subject. After all, economics is more than money. As Mankiw mentioned in his book, economics is a study of mankind in the ordinary business of life, it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being. More generally, economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses, and scarcity refers to the limited nature of society’s resources. That is to say, economists not only study the consumption determination and investment portfolio, but also pay attention to the results that led by the consumption and investment, especially they may focus more on the influence in demand and supply in the market. Furthermore, economists concern the workings of the economy as a whole, which is linked with the policies of a country and the global economic condition like inflation and...
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...Are Entrepreneurs Born or Bred? Academics currently debate whether entrepreneurs are born or do they develop with the help of their environment. It is a big debate today and the reason is simple. Governments and think tanks today are struggling with this question because entrepreneurial creativity and innovation leads to a phenomenon at the centre of any economic theory - job creation. Governments want to know whether entrepreneurs can be trained and if they can, what can the government do to advance those skill sets in the systems. If entrepreneurs are born, then what are the factors which influence it? Is good milk and honey the answer? To date there has been no solid, widely applicable correlations between successful entrepreneur and personality traits, which are fixed. However, much is written and known about the behaviour of hundreds of successful entrepreneurs, no theory proves to highlight a particular personality trait of these successful people which can be described as key to their success. Where we read that Virgins Branson’s mother raised them to be “self reliant and responsible…taking control of their destiny”, the same Branson had to learn to use his network. As his magazine business grew, he came to rely on his childhood friend Powell. This turned out to be one of the most fruitful and calculated commercial marriages for Branson. Branson learnt that building a reliable team is as good as being self reliant. Similarly to date there also hasn’t been a theory...
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...E-ISSN 2281-4612 ISSN 2281-3993 Academic Journal of Interdisciplinary Studies Published by MCSER-CEMAS-Sapienza University of Rome Vol 2 No 5 July 2013 Challenges and Prospects of Entrepreneurship in Nigeria Okezie A. Ihugba Alex Odii Asoluka C. Njoku Department of Economics, Alvan Ikoku Federal College of Education, Owerri-Imo State, Nigeria Doi:10.5901/ajis.2012.v2n5p25 Abtsract The success of generating income for majority of rural and urban dwellers with no formal paid employment highly depends on Entrepreneurship. They are the backbone of economic development all over the world and play important role for employment, income and societal changes, particularly in transition economies like Nigeria. This paper is concerned with the nature and the extent to which entrepreneurship in Nigeria has been developed so far, and outlines the initiative by government and also the main current and future challenges and perspectives for the development of entrepreneurship. The study revealed that such initiatives by government failed abysmally due to over bearing bureaucracies, corruption, inadequate and inefficient infrastructural facilities and maladministration. The paper concludes that entrepreneurship miracle in other country is an engine for job creation; innovation and diversity and Nigeria’s entrepreneurs have a long way to go before they can effectively drive changes in the economy and recommends that Government (policy makers) should genuine recognize the essence of entrepreneurship...
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...Journal of Business Ethics (2007) 74:303–314 DOI 10.1007/s10551-007-9517-y Ó Springer 2007 Stakeholder Capitalism R. Edward Freeman Kirsten Martin Bidhan Parmar ABSTRACT. In this article, we will outline the principles of stakeholder capitalism and describe how this view rejects problematic assumptions in the current narratives of capitalism. Traditional narratives of capitalism rely upon the assumptions of competition, limited resources, and a winner-take-all mentality as fundamental to business and economic activity. These approaches leave little room for ethical analysis, have a simplistic view of human beings, and focus on value-capture rather than valuecreation. We argue these assumptions about capitalism are inadequate and leave four problems in their wake. We wish to reframe the narrative of capitalism around the reinforcing concepts of stakeholders coupled with value creation and trade. If we think about how a society can sustain a system of voluntary value creation and trade, then capitalism can once more become a useful concept. KEY WORDS: capitalism, stakeholder, ethics, economics, free market Introduction1 We live in the age of markets. While markets have been around for thousands of years, we are just beginning to understand their power for organizing society and creating value. In the last 200 years markets have unleashed a tremendous amount of innovation and progress in the West. The industrial revolution, the rise of consumerism, and the dawn...
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...TASK: TERM PAPER. COURSE: BUS: 1010: INTORDUCTION OF BUSINESS ORGANIZATIONS. SEMESTER: SPRING 2015 INSTRUCTOR: NAMADA JULIANA ADM NO: 644067 NAME: BRIAN KIPRUTO CHELIMO Table of Contents Abstract 3 2.0 Forms of Entrepreneurship 4 1.0 Introduction 4 1CREATION OF EMPLOYMENT 4 2Poverty reduction 5 3Socio-economic and political solutions 6 4Economic growth and Development 7 2.1 Entrepreneurial Effects in the Growth of Economy 8 Conclusion 9 REFERENCES 10 Abstract According to Chell & Ozkan, (2010), an entrepreneur is someone who is willing to bear the riskofa businessventure where there is a significant chance for making profit. Entrepreneurship is basically the practice of starting a business in order to earn profit on new found opportunities. Entrepreneurship is a challenging task as many businesses which start fail to take off. Entrepreneurship has many uncertainties especially when new products are created for which there is no existing market.Entrepreneurship affects economic growth in various ways. It is through entrepreneurship thatimportant innovations enter the market leading to new products or production process whicheventually increases efficiency through bringing competition in the market. This paper discourses the impact of entrepreneurship on economies. Ideas and concepts that...
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...Introduction to Business (2) – Sept. 7th 2015 – Jan van der Ende Innovative Management * Innovation = The generation, development and commercialization of products, new services or new business models by a firm. * Business model = The way a company creates, delivers and captures value. Innovation – Mostly fails (40%) * Radical innovation * Non-radical innovation No innovation = die (Kodak) Innovation: * Teamwork (Multiple perspectives) * No communication No product * Concept development Prod./Serv. Development Commercialization (process) * Innovation process in the book on page 347 Design-driven innovation * Propose the customer, without recognizing a problem. * Social process Innovation funnel (product screening) * Think 5 years ahead Product life cycle Disruptive innovation – Business model * New product with a different set of performance attributes * Underperforming on the attributes that mainstreams customers value * High improvement potential on these attributes Newspaper Website Model Christensen – The Innovator’s dilemma Problem for traditional brands. Customers think the service of the budget service is good enough. Problem for traditional brands. Customers think the service of the budget service is good enough. Solution: Brands like Air France-KLM makes a budget brand (EasyJet). Sustaining innovation * Bigger airplanes * Add service to a product (3) – Sept. 9th 2015...
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...Challenges and Prospects of Entrepreneurship in Nigeria Abtsract The success of generating income for majority of rural and urban dwellers with no formal paid employment highly depends on Entrepreneurship. They are the backbone of economic development all over the world and play important role for employment, Income and societal changes, particularly in transition economies like Nigeria. This paper is concerned with the nature and the extent to which entrepreneurship in Nigeria has been developed so far, and outlines the initiative by government and also the main current and future challenges and perspectives for the development of entrepreneurship. The study revealed that such initiatives by government failed abysmally due to over bearing bureaucracies, corruption, inadequate and inefficient infrastructural facilities and maladministration. The paper concludes that entrepreneurship miracle in other country is an engine for job creation; innovation and diversity and Nigeria’s entrepreneurs have a long way to go before they can effectively drive changes in the economy and recommends that Government (policy makers) should genuine recognize the essence of entrepreneurship to economic development by providing the enabling environment for private sector led investment for economic development and also provide adequate infra-structural facilities (water, electricity, road network, communications etc.) Introduction A nation's ability to generate a steady stream of business opportunities...
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