Is Entrepreneurship Genetic or Can It Be Learned?
Entrepreneur Essay: Is entrepreneurship genetic or can it be learned?
Introduction
This essay is about whether entrepreneurship can be learned or whether it is in built in someone’s character. I will explore this by using economic, entrepreneurial, as well as a recent Wall Street Journal article entitle, ‘Can Entrepreneurship be taught?’
“It is well established that, while only a small proportion of all entrepreneurial firms grow rapidly, this small minority delivers a disproportional economic impact relative to their numbers. Often-cited studies suggest that anything from between 3% and 10% of any new cohort of firms will end up delivering from 50% to up to 80% of the aggregate economic impact of the cohort over its lifetime.” (Autio et al, 2008)
If entrepreneurship can be learned then nations all around the world could instill entrepreneurship into its citizens boosting GDP, job creation, national wealth and economic prosperity, thus being an innovative and successful way to revitalize struggling nations around the globe. Yet, if entrepreneurship is found to be genetic this signals an alarming reality that governments, academic must take note of in order to save time, money, and effort before millions is spent around the globe of various funding and Gazelle schemes. The answer to this crucial question cannot simply be answered in a mere 2000 words; yet, I will try to use theoretical evidence to give balance and weighted argument to answer this question. There are four key theories that I will draw on throughout this essay Frank Knight’s risk, uncertainty and profit, Schumpeter’s innovation theory, Mark Casson’s economic theory and King’s psychological theory of mental capacity.
Main Body
Frank Knight’s theory of risk, uncertainty and profit portrays the way in which entrepreneurs and firm owners judge, decide and classify economic risk and uncertainty ultimately leads to the profitability outcome seen by the business as a result. Lying at
Introduction
This essay is about whether entrepreneurship can be learned or whether it is in built in someone’s character. I will explore this by using economic, entrepreneurial, as well as a recent Wall Street Journal article entitle, ‘Can Entrepreneurship be taught?’
“It is well established that, while only a small proportion of all entrepreneurial firms grow rapidly, this small minority delivers a disproportional economic impact relative to their numbers. Often-cited studies suggest that anything from between 3% and 10% of any new cohort of firms will end up delivering from 50% to up to 80% of the aggregate economic impact of the cohort over its lifetime.” (Autio et al, 2008)
If entrepreneurship can be learned then nations all around the world could instill entrepreneurship into its citizens boosting GDP, job creation, national wealth and economic prosperity, thus being an innovative and successful way to revitalize struggling nations around the globe. Yet, if entrepreneurship is found to be genetic this signals an alarming reality that governments, academic must take note of in order to save time, money, and effort before millions is spent around the globe of various funding and Gazelle schemes. The answer to this crucial question cannot simply be answered in a mere 2000 words; yet, I will try to use theoretical evidence to give balance and weighted argument to answer this question. There are four key theories that I will draw on throughout this essay Frank Knight’s risk, uncertainty and profit, Schumpeter’s innovation theory, Mark Casson’s economic theory and King’s psychological theory of mental capacity.
Main Body
Frank Knight’s theory of risk, uncertainty and profit portrays the way in which entrepreneurs and firm owners judge, decide and classify economic risk and uncertainty ultimately leads to the profitability outcome seen by the business as a result. Lying at
References: Alvarez et al, (2001) The entrepreneurship of resource-based theory, Busenitz, Journal of Management, pp755–775 Autio, E. & Holzl, W. (2008) Addressing Challenges for high-growth Companies, Summary and Conclusions of the Europe Innova Gazelles Innovation Panel, European Communities, No 6. Casson, M. (1998) The Entrepreneurial Theory of the Firm Knight, F. (1921) Risk, Uncertainty and Profit, Boston: Houghton Mifflin Publishing Langlois, R. & Cosgel, M. (1993) Frank Knight on Risk, Uncertainty, and the Firm: A New Interpretation Schumpeter, J. (1934). The theory of economic development. Cambridge,: Harvard University Press. Swedberg, R. (2007) Rebuilding Schumpeter’s Theory of Entrepreneurship, Paper presented at Conference on Marshall and Schumpeter, Hitotsubashi University, March, pp 1-28 Jürgen G. Backhaus (2003) Joseph Alois Schumpeter: Entrepreneurship, Style, and Vision, Boston: Kluwer Academic Publishers Wasserman, D. & Hwang, D. (2012) Can Entrepreneurship be taught? Wall Street Journal, March 18th 2012, ppR4