...Topic With reference to entrepreneurial theory, 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...
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...What is entrepreneurship? 1. Introduction An entrepreneur is one of the factors which very important to promote social and economic development and it are a best combine for the human capital, physical capital and social capital. Entrepreneurs are also engaged in the creative activity of innovators. Entrepreneurship is an entrepreneur, a quality, a way of thinking or an ideology. There are four major elements are significant with entrepreneurial spirit: enterprising spirit, adventure spirit, innovative spirit and social responsibility. Cultivating entrepreneurial spirit can shape the correct social values and create a good environment for the formation of the entrepreneurship. The essay has explained what is entrepreneurship and analysis of this topic. 2. Entrepreneurs Entrepreneurs are those who have innovative and enterprising spirit, and they can organize and utilize economic resources effectively. Usually entrepreneurs dare to take responsibility for business operation, and they have special qualities that create wealth for the enterprise and society. Entrepreneurs can be divided into three types: traditional entrepreneurs, entrepreneurs, and social entrepreneurs. Traditional entrepreneurs have including the creator of private business and outstanding leaders of state-owned business. The former is creating enterprise or make it stronger, and they must assume all operating risk of enterprise. They tend to be the supreme leader of enterprise or have the right of exercise...
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...------------------------------------------------- ENTR 207 – Entrepreneurs & Entrepreneurship ------------------------------------------------- Entrepreneurs typically learn from failure Florian Moron ID: 33265062 Lancaster University Management School Michaelmas Term 2012 Entrepreneurs typically learn from failure. “Develop success from failures. Discouragement and failure are two of the surest stepping stones to success”. In this respect, Dale Carnegie (2010) argues that one of the most important lessons from success is failure. It is interesting that Carnegie talks of failure being in everybody’s past, indicating that failure is not a process confined to the entrepreneur. The research undertaken for this paper has been concentrated on four different previous researches of Cope (2009), Ucbasaran et al. (2009, 2012) and Cardon et al. (2009). Attitudes toward failure are not homogeneous among entrepreneurs, however those who have experienced it are disputably more prepared for the battle of entrepreneurship. As a result it is beyond question to understand the deeply affective dimension of failure that include the loss of the venture and the personal loss. Cope’s paper (2009) stresses that learning from failure is not automatic or instantaneous but it represents an essential prerequisite for learning (Wilkinson and Mellahi, 2005, cited by Cope 2009). The learning entrepreneurial experience of failure is articulated trough a major “grief recovery”...
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...What is entrepreneurship? Introduction Entrepreneurship is also known as helping to create healthy and profitable competition in the market, but what is the entrepreneurship? There is no standard answer. The purpose of this article is to defining the entrepreneurship by integrating the existing theory. At first, reviewing the origin of entrepreneurship, nothing generated without reason, critically analyzing the origin will promote to understand the meaning of entrepreneurship. Secondly, defining entrepreneurship by combine the different theory and taking examples to support definition. The origin of entrepreneurship Entrepreneurship was developed from “entrepreneur”, with the development of economic, how to operate a firm and how to do better than a chief executive officer was consider in 16th century, economists made attempt to study in depth about chief executive officer and come up with “entrepreneur”. Although at that time, this word “entrepreneur” was not existent, economists still realized this phenomenon and tried to describe it. As a factor in microeconomics, entrepreneur, was study by several scholars and until the 1723, this word was represented by Cantillon (Muljadi Paul, 2000, p.5). The economic development promote to establish a company, therefore, the word “entrepreneur” was born. Cantillon (1755) indicated that entrepreneur is a risk taker and profit taker, they try their best to make profit by grabbing the opportunity. Cantillon was a pioneer of study entrepreneur...
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...TI 2011-061/3 Tinbergen Institute Discussion Paper Entrepreneurship and Role Models Niels BosmaA Jolanda HesselsB,C Veronique SchutjensA Mirjam van PraagD Ingrid VerheulE Utrecht University; B EIM Business and Policy Research, Zoetermeer; C Erasmus School of Economics, Rotterdam; D Faculty of Economics and Business, University of Amsterdam; E Rotterdam School of Economics; all in the Netherlands. A Tinbergen Institute is the graduate school and research institute in economics of Erasmus University Rotterdam, the University of Amsterdam and VU University Amsterdam. More TI discussion papers can be downloaded at http://www.tinbergen.nl Tinbergen Institute has two locations: Tinbergen Institute Amsterdam Gustav Mahlerplein 117 1082 MS Amsterdam The Netherlands Tel.: +31(0)20 525 1600 Tinbergen Institute Rotterdam Burg. Oudlaan 50 3062 PA Rotterdam The Netherlands Tel.: +31(0)10 408 8900 Fax: +31(0)10 408 9031 Duisenberg school of finance is a collaboration of the Dutch financial sector and universities, with the ambition to support innovative research and offer top quality academic education in core areas of finance. DSF research papers can be downloaded at: http://www.dsf.nl/ Duisenberg school of finance Gustav Mahlerplein 117 1082 MS Amsterdam The Netherlands Tel.: +31(0)20 525 8579 ENTREPRENEURSHIP AND ROLE MODELS Niels Bosma A, Jolanda Hessels B, C, Veronique Schutjens A, Mirjam van Praag D, Ingrid Verheul E A Faculty of Geosciences, Department...
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...Becoming a successful dynamic leader and entrepreneur in today’s world of business requires certain distinguishing characteristics, characteristics that most do not possess. Although most leaders seem to have been born with inherent leadership characteristics, the art of being a successful leader and entrepreneur can be learned. In addition, leadership styles and organizational goals have to be aligned in order to be successful. Structure, policies & mission within an organization can also lead an entrepreneur’s venture to failure. An alarming 62% of small businesses fail within the first six years of existence (Kurtz & Boone, 2011). Such statistics can discourage an entrepreneurial idea from even “leaving the ground.” Hence, prior to an entrepreneurial business commencing, reliable resources and tools need to be consulted. The purpose of this paper is to examine the characteristics of entrepreneurs and leaders, leadership styles, resources, and the tools available for establishing a good foundation for small businesses and good leadership practices in order to be successful. The practices, thoughts, and resources of entrepreneurs and leaders have been examined for years. With the financial economy dynamically changing, it takes a unique individual to head an organization. Entrepreneurs need to examine the past leaders and resources to better equip themselves to be successful. Create a hybrid theory/philosophy which combines the common elements found in the thinking...
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...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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...Introduction Up to now the role of entrepreneurship and entrepreneurial culture in economic and social development has been diluted. Nevertheless, over the years it has become obvious that entrepreneurship has grown in importance and that it indeed contributes to economic well being. Converting ideas into successful economic opportunities is the main essence of entrepreneurship. If we cast an eye over the past, the economic momentum has been substantially advanced by pragmatic individuals who are creative and innovative, able to utilize opportunities and willing to take risks. Whatever the definition of entrepreneurship, it is associated with creativity, literacy, innovation and change that are in turn vital for competitiveness in the wake of increasing globalization. Therefore preparing successful entrepreneurship means advancing the competitiveness of a business. SME and entrepreneurship development are two very important factors in reducing the poverty of any country. For many countries SME is the backbone of their economy. In the wake of rising importance of entrepreneurship, various disputes over it, have increased. One such dispute is weather the entrepreneurs are born or made. The primary objective of this work is to compare and contrast the two schools of thought and based on the research make a reasonable conclusion. Entrepreneurs: born or made? Firstly it is worth to identify what actually entrepreneurship is. Generally talking, there are many definitions...
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...A study of factors related to successful and failure of entrepreneurs of small industrial business with emphasis on their level of education and training Yadollah Mehralizadeh (PhD)1 & Hossain Sajady (PhD)2 (With Ahmad Zandavanian and Yaser Timoury) Abstract This paper examines the determinants of business start-up, long and short-term success, and failure of small businesses. Entrepreneurs and small firm success and failure have been the subject of extensive research. It is important to understand the external, internal, and motivational factors responsible for business start-up, the barriers faced during the initial and continuous stages of trading and the advice and assistance available to entrepreneurs. This paper is aiming in explaining the main factors are related to successful, and failure of entrepreneurs in small industrial business in Ahvaz city3. Based on a random sampling 51 enterprisers marked as successful and failures are selected. The data collected based on a triangulation method (interview, questionnaire, and observation). The results show that: a- from the failure entrepreneurs point of view the following issues were important effects on their weak performance and failure their business: weak managing technical skills, financial issues, planning and organizing of their business, economic issues, informal issues, weak managing conceptual skills, personnel skills, education and low training, and weak human relation. b- from the successful entrepreneurs point...
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...Joseph Alois Schumpeter (Triesch, Moravia, February 8, 1883 - Salisbury, Connecticut, January 8, 1950 (age 66)) is an Austrian economist mid twentieth century, known for his theories of economic fluctuations, creative destruction and innovation . He is the author of a History of Economic Analysis, published in 1954 and still refers. Neither Keynesian nor neoclassical, is often close to the Austrian School of Economics. It is considered economist excitement and it is called heterodox economist for his theories on the evolution of capitalism in democracy, he believes doomed to disappear for social and political reasons. Schumpeter leaves hardly classify an economic school. Whether it was Austrian , he has never been part of the Austrian School with which he was familiar with the teachings of Eugen von Böhm- Bawerk at the University of Vienna. The economist he admired most was undoubtedly Leon Walras , but his analysis goes beyond the neoclassical framework . He was also heavily influenced by the writings of the German sociologist Max Weber. And if he shared some conclusions with Karl Marx, his analysis was very far from Marxist economic designs. Is actually the founder of general economic evolutionism . It is therefore listed in the circle called "heterodox" economists. He believes that the foundation and spring dynamics of the economy are innovation and technical progress. The history of capitalism is a permanent moult. Technology evolves, turns pushing swathes of...
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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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...^ 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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...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 are two integral parts of the...
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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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...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 sufficiently...
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