Escolar Documentos
Profissional Documentos
Cultura Documentos
Aim - introduce
Concept complexity Different Schools of Economic thought Social Science approaches Subject breadth - not confined to
business smes
Basic definitions
Entrepreneurship Definitions
No agreed definition Often equated with
new venture creation small business management
Much broader
pattern of behaviour set of behavioural characteristics
Economic Definitions
Classical Economics
American School Austrian School British School French School German School
Neo-Classical
sees the economy as a system
American School
Based on the work of Walker (father & son)
4 types of Entrepreneur
rare, gifted person person with high-ordered talent reasonably good business people the neer do wells
Austrian School
Menger suggested that entrepreneurship is about
bringing about economic change by
obtaining information making decisions
British School
According to the work of Smith,Ricardo & Bentham
Entrepreneur is a capitalist
invests in own business
Profit is reward for risking capital Entrepreneurs create wealth through their
inclination technical knowledge capital power
French School
Cantillon saw entrepreneur as
risk-taker - estimates demand
Baudeau - entrepreneur as
innovator - reduces costs
German School
Von Thunen distinguished between
manager & entrepreneur insurable & uninsurable (entrepreneurial) risk
He saw
entrepreneur as
risk-taker and innovator
Entepreneur is a superintendent
Schumpeter - entrepreneurs
implement new combinations of means of production disturb the status quo - equilibrium state make profits through innovation
Anthropology
Barth
sees entrepreneurship as
connecting 2 spheres in society transferring value between them
emphasises opportunity recognition stresses that it may involve challenging basic community values
Economic History
Based largely on the work of the Center for Entrepreneurial History at Harvard Focuses on
the enterprise relationships within the enterprise
Corporations seen as the drivers of economic growth Entrepreneurs seen as change agents
Psychology
2 Major contributions
Traits approach - emphasis on
entrepreneurial personality entrepreneurial behaviour
Cognitive approach
studies the situations that lead to entrepreneurial behaviour
Sociology
Based on Webers work on
charisma Protestant work ethic
Saw
Charismatic leaders as innovators whom others follow The Protestant work ethic having led to the emergence of the modern capitalist economy
Non-Business Entrepreneurship
Entrepreneurship
increasingly seen as important in noneconomic/business contexts
Social entrepreneurship does not have profit as main aim concentrates on social outputs long-term objectives
Civic entrepreneurship - deals with the way public services are resourced, organised and managed