The entrepreneurial process is a “set of stages and events that follow one another” (Nassif, Ghobril, & da Silva, 2010). The entrepreneur is the practitioner which owns or manages their a business at their own risk (Brixy, Sternberg, & Stuber, 2012) and possesses traits such as creativity, risk taking and change agents. The entrepreneur must also be familiar with the four steps of the entrepreneur process and has the ability to utilize this process effectively and efficiently. The entrepreneurial process consists of four steps which are interdependent with each other and yet each remains independent, this paper will examine those steps as well as their importance to the individual as well as at the…
The role of entrepreneurialism and an entrepreneurial culture in economic and social development has often been under estimated. Over the years, however, it has become increasingly apparent that entrepreneurship does indeed contribute to economic development. Transforming ideas into economic opportunities is the crux of entrepreneurship. History shows that economic progress has been significantly advanced by pragmatic people who are entrepreneurial and innovative, able to exploit opportunities and willing to take risks.…
One of the historic difficulties in the study of entrepreneurship is that the multiple constituencies who must work together to create change do not necessarily share the definition of opportunity. Often change affects power relationships, economic interests, personal networks, and even…
In colonial America, there was enough economic opportunity for a poor European to want to take the long boat journey across the Atlantic Ocean to start a new life. Europeans began immigrating to America creating colonies in the mid-eighteenth century. There were thirteen original colonies. A variety of religions and classes of people such as rich merchants, poor famers, and slaves moved to colonial America. Most, but not all were able to benefit from the economic opportunity in the new land. This essay will prove how much economic opportunity there was in Colonial America and will also state the factors the affected the colonists’ opportunities to succeed.…
Starting with 10 participating countries, the project, now in its 14th year of operations, has expanded to include 69+ countries. GEM is the largest and most developed research program on entrepreneurship in the world. GEM is unique because, unlike most entrepreneurship data sets that measure newer and smaller firms, GEM studies the behavior of individuals with respect to starting and managing a business. GEM nations are members of an exclusive research project which provides access to the collective knowledge of some of the world’s most renowned researchers and institutions involved in entrepreneurship research. At a time in history when individual entrepreneurial activity may hold the key to transforming the global economy and discouraging ingrained economic disparity in countries with minimal economic opportunity, GEM data has influenced national economic policies and continues to expand its collaborative role…
Ma, H, Tan, J 2005 Key components and implications of entrepreneurship: A 4-P framework April 2005. Viewed 10 August. .jjbusvent.2005.04.009…
Schumpter (1934) saw the definition of an entrepreneur as not only individuals who bears the risk of buying and selling at uncertain prices , but more of process by which an economy moves forward through the act of creative disruption or innovation. There are many different avenues on what defines a person as an entrepreneur, the definition itself is evolving based on the society we are in today. The entrepreneur in this report when asked what he thinks is an entrepreneur in a small business, his opinion was “a person who takes control of his or her own destiny to become self employed either by setting up a business or taking over from someone else.”…
Entrepreneurs are defined as innovative people who conceptualize new ideas and take risks to transform ideas into entrepreneurial opportunities so to accomplish extraordinary achievements (Hatten, 1997; HoHolt, 1992). Conspicuously, this startling ability of exploiting and innovating ideas into feasible opportunities (Piperopoulos, 2011) differentiates entrepreneurs from ordinary people. But in concrete, what fundamental factors account for these entrepreneurial traits?…
The reading focuses on the definition of entrepreneurship in different contexts and on measuring the level of entrepreneurial activity. Entrepreneurship has been defined differently through neo-classical and economic literatures. Theoretical definitions of entrepreneurship reflect a diverse set of ideas about the role of entrepreneurship in the economy, involving aspects such as innovation, uncertainty-bearing, opportunity-seeking, and management. Entrepreneurship is often used without a precise definition and it may not always be completely clear what the different measures actually measure for entrepreneurship. In the economic literature, Cantillon defines the entrepreneur as responsible for all exchange and circulation in the economy. He explains that the entrepreneur earns an uncertain profit from the difference between a known buying price and an uncertain selling price, and that the entrepreneur equilibrates supply and demand in the economy, bearing risk and uncertainty. Jean-Baptiste Say defines the entrepreneur as the main agent of production in the economy and should have a principal quality of having good judgment assessing the most favorable economic opportunities. Say further differentiates an entrepreneur from a capitalist, explaining that the pay-off to the entrepreneur is not profits arising from risk-bearing but instead a wage accruing to a scarce type of labor. Alfred Marshall introduced an innovating function of the entrepreneur which is to seek opportunities to minimize costs. Joseph Schumpeter opposed the risk bearer and manager definition of an entrepreneur. He argues that an entrepreneur is an innovator with five main tasks: creates new goods, creates a new method of production, opens a new market, captures a new source of supply, and creates a new organization or…
There are many theories regarding on what entrepreneur means. Entrepreneur was derived from the French word ‘entreprendre’ during the eighteenth century which means to undertake. It was during this time that it started evolving to the English word entrepreneur. Along the years, there were many theories on explaining what entrepreneur means. Different authors came up with different theories on what entrepreneur is defined as. This report shall look into the theoretical developments of entrepreneurship through different authors throughout the years and as to how they differentiate from each other. Entrepreneur in today’s terms can be simplified as one who undertakes the task of organizing, managing and risks of a business or enterprises. To illustrate better an example of an enterprise shall be explained in details to have a further understanding of what entrepreneurship means.…
According to this meaning, integrating capital with marketing opportunities is to develop new goods and services. This contribution establishes the link between entrepreneurship, and opportunities. The other scholars also recognized that entrepreneurship is a as process of tracking opportunities by disappointing resources, sources of opportunities, study on source of opportunities, identifying new-fangled opportunities, and consuming advantages and benefits (Stevension & Jarillo ,1990; Lee & Peterson,2001; Shane &Venkataraman,2000; Schaper&Volery,2004; Oviatt & McDougall,2005). Distinctiveness of entrepreneurship, which was explained in literatures, and experiences, demonstrated multiple meanings of entrepreneurship however the question is ‘so what?’ When I revisited literatures, and stories, I observed that entrepreneurs were exceedingly conscious for moneymaking and they were innovating new goods and services, taking risk and searching new opportunities on the markets with moneymaking…
The definition of an entrepreneur and entrepreneurship has been argued since introduced by Richard Cantillon in 1755 in his work ‘Essai Sur La Nature de Commerce en General’. He originally suggested that an entrepreneur was an “individual who pursue(d) the profits from buying at a lower price than they expect to sell under conditions of uncertainty” (Entrepreneurship from Creativity to Innovation, 2007, p.12). However, under Joseph Schumpeter, the term has since developed into recognising “the element of difference, uniqueness and innovation” and he believed that “to generate a new product or process, then we can be called entrepreneurial” (Entrepreneurship from Creativity to Innovation, 2007, p.12). Here it has been shown that an entrepreneur is required to have the ability to be creative to ‘generate a new product or process’ and that innovation is often a necessary skill to succeed as an entrepreneur.…
In the last 250 years, economist defined entrepreneurs in different ways. Richard Cantillon (1755) defined entrepreneur as an adventure with uncertainty. In Cantillon’s view, entrepreneur refers to individuals who obtain profit from uncertain transaction with an expectation of buying in a lower price. Following definition on entrepreneurship carried out by Jean Baptiste Say (1963) puts emphasis on the diversity of roles that entrepreneurs must accept successfully if they are to make profit beyond simple transaction of merely processing and paying for all inputs and selling with a higher price of outputs. However, in 1934 the understanding of entrepreneurship delivered by Schumpeter is fully considering the previous missing elements of difference, uniqueness, innovation and change, (Lumsdaine, E. and Binks, M., 2007), which was proved with a practical evidence by the…
Entrepreneurship is commonly recognized as a critical factor in economic development. It is viewed as…
One of the most difficult tasks in life is choosing a career path. Individuals often question which skills, values, traits, and other qualities they possess that may or may not match up with a possible job that would spark a life-long interest. Even for myself, I am still questioning which direction I am meant to take. I started my original journey at higher education at Slippery Rock University of Pennsylvania in an Exercise Science program destined to eventually end up with some sort of Occupational Therapy Degree because I failed at being accepted in to the Music Department. My journey quickly led me from one major to the next, to the next, and on, and on. Even as I am quite confident that Nursing is my niche, exploring other options is a highly recommended tool to ease the decisions I make in my adult life.…