The Promise of Entrepreneurship as a Field of Research

Topics: Factors of production, Joseph Schumpeter, Entrepreneur Pages: 3 (632 words) Published: March 4, 2012
Literature Summary


1.0 Introduction

To date, the phenomenon of entrepreneurship has lacked a conceptual framework. A research has been conducted in the difference social science disciplines and applied fields of business to create a conceptual framework for entrepreneurship.

2.0 Definition of Entrepreneurship

Entrepreneurship is defined solely by the researchers in terms of who the entrepreneur is and what he or she does. The study of entrepreneurship must involve two phenomena, the presence of lucrative opportunities and the presence of enterprising individuals. In other words we can say that an entrepreneur is a person who establishes a new organization in the presence of lucrative opportunities. They are different from other members in society as they are willing to bear risks in creating new business and they prefer uncertainty. Therefore, the field involves the study of sources of opportunities, the processes of discovery, evaluation and exploitation of opportunities and the set of individuals, who discover, evaluate and exploit them. The number of people who engage in entrepreneurial behavior ranges from 20% of the population to over 50% of the population. Entrepreneurship is not only including the creation of new organizations, but can also occur within an existing organization.

3.0 Reasons to Study Entrepreneurship

There are three reasons for studying entrepreneurship. Firstly, entrepreneurship is a mechanism by which society converts technical information into products and services. Secondly, entrepreneurship is a mechanism through which temporal and spatial inefficiencies in an economy are discovered and mitigated. Finally, of the different sources of change in a capitalist society, innovation is driven in products and processes. Therefore, the absence of entrepreneurship in economy makes the business landscape incomplete.

4.0 The Existence, Discovery, and Exploitation of...
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