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I) Defining entrepreneurship
Entrepreneur: a person who undertakes a commercial venture
Oxford English Dictionary
The word entrepreneur has roots in the French word entreprendre
meaning to undertake, hence the literal definition above, however it
wasnt until the mid-19th Century that the term entrepreneur was linked
to creating a business enterprise. Throughout history it has been used as
a label for a diverse range of individuals from champions in battles to
managers of musical entertainments and gambling establishments.
Since the term came under academic scrutiny there has been much
debate on what lies at the heart of definitions of entrepreneurship and the
entrepreneur, with many conflicting opinions on the exact nature of
entrepreneurship and entrepreneurs. For example, there is no clear
agreement on the necessity of creating a commercial venture (see
definition above) as a defining aspect of entrepreneurship; or the role of
risk-taking and investment. The definitions below illustrate just some of
the diversity of opinion on what constitutes entrepreneurship.
Entrepreneurs carry out new combinations by such things as introducing
new products or processes, identifying new export markets or sources of
supply, or creating new types of organisation. Schumpeter, 1934
Entrepreneurship is the creation of new organisations. Gartner, 1988
Entrepreneurship is the process by which individuals either on their
own or inside organisations pursue opportunities without regard to the
resources they currently control. Stevenson and Jarillo, 1990
Entrepreneurship is a way of thinking, reasoning and acting that is
opportunity obsessed, holistic in approach, and leadership balanced.
Entrepreneurship results in the creation, enhancement, realisation, and
renewal of value, not just for owners, but for all participants and
stakeholders. At the heart of the process is the creation and/or
recognition of opportunities, followed by the will and initiative to seize
these opportunities. It requires a willingness to take risks both personal
and financial but in a very calculated fashion in order to constantly shift
the odds of success, balancing the risk with the potential reward.
Timmons and Spinelli, 2007
Entrepreneurship is the creation and extraction of value from an
environment Anderson, 1998
Traits tend to operate on a spectrum from strong to weak so could include opposites such
as extroversion and introversion, proactivity versus passivity. Traits combine to form
particular personality types.
References
ANDERSON A.R., 1998, Cultivating the Garden of Eden: Environmental
Entrepreneuring, Journal of Organisational Change Management, vol. 11
no. 2. p 135-144
BURNS, P. 2007. Entrepreneurship and Small Business. Second Edition.
Basingstoke: Palgrave Macmillan.
GARTNER, W. B. 1988. Who is an entrepreneur? is the wrong question.
American Journal of Small Business, Spring 1988, 11-32.
KETS DE VRIES, M. F. R. 1985. The dark side of entrepreneurship.
Harvard Business Review. November-December, 160-167.
KLOFSTEN, M. 1994. Technology-based firms: critical aspects of their
early development. Journal of Enterprising Culture, 2, 1, 535-557.
SCHUMPETER, J. 1934. Capitalism, socialism, and democracy. New York:
Harper and Row.
STEVENSON, H. H. and JARILLO, J. C. 1990. A paradigm of
entrepreneurship: entrepreneurial management. Strategic Management
Journal, Summer Special Issue 11: 1727.
TIMMONS, J. A. and SPINELLI, S. 2007. 7th Edition. New Venture Creation:
Entrepreneurship for the 21 Century. New York: McGraw-Hill.
WICKHAM, P. A. 2006. Strategic Entrepreneurship. Essex: Pearson
Education Limited.