Enterpreneurship
Entrepreneurship has many definitions: “one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods”, “one who organizes, manages, and assumes the risks of a business or enterprise” but the godfather of entrepreneurship studies at HBS Professor Howard H. Stevenson coined: “Entrepreneurship is the pursuit of opportunity beyond resources controlled”.
This definition brings the true experiences of any entrepreneur. It’s a pursuit of opportunity which needs to be perceived in the short window of existence of opportunity. In this period, considerable amount of time and energy needs to be devoted such that there is quantitative result in order to attract necessary resources. Delayed results from the actions performed may seize the opportunity and also the consumption of cash balances available for the opportunity allocated.
The opportunity that may be available can be either of the following:
1. Creating a new product or business model
2. Creating a better or cheaper version of the existing product or business model
Though, many profit improvement opportunities are not novel--and thus are not entrepreneurial--for example, raising a product's price or, once a firm has a scalable sales strategy, hiring more reps, etc. But given an opportunity is available, it can be classified as two types:
1. Entry Opportunity
2. Entrepreneurial Opportunity
Entry Opportunity implies the existence of a market. But some entrepreneurial opportunity and thus initiatives create fundamentally new markets. For these, there's no market to enter until the entrepreneur acts. Also, the Entry Opportunity is more applicable for large organizations with ample resources rather as compared to Entrepreneurship Opportunities. Thus, the more that the firm/individual entering a new market lacks relevant resources, the more entrepreneurial the entry would be.
Thus a real entrepreneur may encash mostly the entrepreneur opportunity
This definition brings the true experiences of any entrepreneur. It’s a pursuit of opportunity which needs to be perceived in the short window of existence of opportunity. In this period, considerable amount of time and energy needs to be devoted such that there is quantitative result in order to attract necessary resources. Delayed results from the actions performed may seize the opportunity and also the consumption of cash balances available for the opportunity allocated.
The opportunity that may be available can be either of the following:
1. Creating a new product or business model
2. Creating a better or cheaper version of the existing product or business model
Though, many profit improvement opportunities are not novel--and thus are not entrepreneurial--for example, raising a product's price or, once a firm has a scalable sales strategy, hiring more reps, etc. But given an opportunity is available, it can be classified as two types:
1. Entry Opportunity
2. Entrepreneurial Opportunity
Entry Opportunity implies the existence of a market. But some entrepreneurial opportunity and thus initiatives create fundamentally new markets. For these, there's no market to enter until the entrepreneur acts. Also, the Entry Opportunity is more applicable for large organizations with ample resources rather as compared to Entrepreneurship Opportunities. Thus, the more that the firm/individual entering a new market lacks relevant resources, the more entrepreneurial the entry would be.
Thus a real entrepreneur may encash mostly the entrepreneur opportunity