entrepreneur essay

Essay on Entrepreneurship

Introduction

Entrepreneurship is a term that is widely applicable in the world of business. There are different definitions of the term entrepreneurship. The first definition identifies entrepreneurship as the process of creating a new business, with a view of making profits while bearing in mind all the risks that are involved. Different scholars have had their opinions about the description of the term entrepreneurship, including Stevenson, a renown expert in the topic. He defined entrepreneurship as the pursuit of opportunity beyond resources controlled. His definition is still widely applied by many in the world of business (Venkataraman, 2019). The second definition is linked to one Frank Knight, who defined it as the bearing of uncertainty and responsibility for risks within the financial market. Joseph Schumpeter also contributed significantly by defining entrepreneurship as the creation of new things in search of profits. Schumpeter also asserts that the role of creating new things is not only left to companies and other businesses but also individuals who make efforts in the area. The researcher introduced the concept of creative destruction to mean creation and invention of a new idea in the market that calls for the demise of the existing competitor. For instance, the emergence of Smartphones killed use traditional means of communication, such as telephone boots and regular use of letters. As such, Joseph Schumpeter contributed significantly as the term creative destruction is universal in the marketing. Marketing is a lucrative field that requires creativity for one to make an impact in the market. Fourth is Israel Kirzner who defined entrepreneurship as the process that led to discovery. It is important to note that most of the definitions by various scholars share a familiar concept, risk-taking and opportunity exploration.

A venture is considered as a small business that is started by one individual or groups with a view of gaining financially. The profits from the investment benefit all the backers of that particular project or business. There are many different ventures that an individual can offer to invest in. An enterprise should aim to make a financial gain to the individual or group that invested. The risk-taking tendency by entrepreneurs and the idea of profit making coincides with the typology of entrepreneurship. Examples of entrepreneurship ventures that many can get into include gazelle, microenterprise, small/lifestyle and medium enterprises.

A gazelle enterprise is a business venture that experiences rapid growth annually for period of over four years. Revenues of such an enterprise increase yearly by over 20% and must have a base capital of at least $100,000. Such companies experience high sales growth rates regardless of their size. However, most of such business ventures operate on the lower end of the scale. Company growth can be measured by the turnover or the number of employees working for the enterprise.

The second entrepreneurial venture is a microenterprise that employs a small number of people, usually less than 10. Microenterprises are started by small amounts of capital and they specialize in providing goods and services within its locality. All microenterprises venture into simple product lines and operate on small scale. Microenterprises contribute largely to the economy as they create employment. Business owners in such ventures enjoy small profits, which they use to improve their standards of living. As such, microenterprises agree to the typology of entrepreneurship by making profits for those who invest.

Small or lifestyle enterprises are business ventures started with aim of sustaining or maintaining a certain level of income. Such enterprises aim at sustaining a certain level of lifestyle for the entrepreneur. They employ a small number of people and maintain certain level of assets for owners. Lifestyle enterprises play a key role in employing people at the same time maintains a particular lifestyle for the owner, thereby, complying with the typology of entrepreneurship.

Medium size enterprises employ between 50 and 500 employees depending on the legislation in that specific nation. Such enterprises have a specified value of assets and in the UK, they have less than 250 employees. In the year 2013, there were over 5.2 million medium sized businesses, which comprised of over 99% of enterprises in the country. The aim of medium business enterprises is to make profit like any other entrepreneurial venture. As such, medium sized business enterprises agree to the typology of entrepreneurship.

According to Wennekers and Thurik (1999), a Schumpeterian entrepreneur is one who aims at capitalizing on the existing entrepreneurial abilities to make profits. In other words, a Schumpeterian entrepreneur will assess the current businesses that are operating and think of better services to people. The Schumpeter concept is Austrian. Existing product and service lines in the market require improvements for better service delivery (Wennekers & Thurik, 1999). A Schumpeter entrepreneur is an individual who capitalizes on such opportunities with a view of providing better services while making profits. An intrepreneur is a person who works for a particular organization and identifies better ways to improve quality and service delivery to customers. Innovative product development and marketing is the role of a manager working for that specific organization. As such, the manager is referred to as an entrepreneur. Managerial business owner is an individual who invests in a venture and entirely owns the business. Administrative business owners are not responsible for innovation and creative destruction in the market as these remains the work of managerial entrepreneurs. The main difference between the three terms described is that an administrative business owner is responsible for financing the venture while the rest work for the owner to ensure innovation and product development. A similarity known among the three types of entrepreneurs is the fact that they all aim to make profits for the owner of the business.

Miles & Snow (2009) classified organizations into four types, including prospector, defender, analytical and follower businesses. A prospector implies an organization that has difficulties in locating and exploiting a new product in the market. Such ventures require constant examination of the continually changing business world to succeed. The element of unpredictability makes a continuous check-up of the market a necessity to establish strategic production. According to the two researchers, prospector organizations have comprehensive product and service lines. Production in such cases prefers to promote creativity to efficiency. Defender organizations are defined as those entities that cannot survive in unstable environments (Miles, Miles, Snow, Blomqvist & Rocha, 2009). Their worry is how to maintain their current market share hence the need for them to operate in a relatively stable business environment. Cost leadership and specialization in a specific product line can well help solve the problem. Analyzer organizations refer to those that have both prospector and defender organization characteristics. They face a challenge of establishing in new markets and at the same have a problem of maintaining their current market share. Follower organizations refer to organizations that do not make long-term plans for business but instead ensure that managers study the dynamic world fast enough to cope with the changes.

Steve Blank in 2010 asserts that there are four types of entrepreneurs, namely small business owners, scalable, large business owners and large entrepreneurs. Small business owners face known risks in the market as they venture into product lines and services that are already known. A scalable business idea digs into the existing opportunity and turns it into a larger business through the expansion of its business activities. The aim of setting up such business entities is to take over the existing market and turn it out to make huge profits. On the other hand, a large business is an entity that has over 5000 employees or has a high financial turnover of over 1.5 billion Euros in a year (Blank, 2010). Any venture that does not feature any of the two characteristics or both of them cannot be termed as a large business. Social entrepreneurship involves start-up companies raising funds to solve cultural, social and environmental problems.

The data presented is indicative of the importance of having small businesses and startups within the economy. The data is extracted from the office of national statistics in the United Kingdom. Moreover, the data presented include information regarding micro-businesses and small businesses contribution to the economy of the region that they operate. For instance, from the year 2010 to 2017, the country has been registering an increasing trend indicating that such businesses play a crucial role. On employment, micro-business ventures employed over 4,618,315 people in 2010, and by 2017 (“Employment – ONS”, 2019), the number of those depending on such businesses rose to 5,491,009. On the other hand, small businesses employed over 3,785, 801 people in the year 2010 to a whopping 4,450, 716 by 2017. As such, micro and small businesses within the economy play a key role in ensuring increased employment opportunities as indicated by statistics from the national office in the UK.

Another vital aspect presented in the data provided is the turnover involved annually in the event of operating such businesses. Like the data on employment, the turnover for both micro and small businesses has been fluctuating from the year 2010. It is also critical to note from the data that in some years, the turnover reduced instead of increasing. For instance, in 2010 the turnover for both micro and small businesses was 589,871,148 and 549,139,326 billions of Euros, respectively. In the following year 2011, the turnover reduced to 552,345,550 and 508,579,840, respectively. However, the figures have increased as of 2017 to 791,771,342 and 616,807,735 respectively. The growth in the turnover of micro and small businesses is a clear indication that they contribute positively to the growth of the economy in the United Kingdom.

In terms of inventory and general count, micro and other small businesses have significantly contributed and have seen an expansion. This is indicated by the data provided as the numbers have changed from 2010 to 2017. In the year 2010, micro-businesses had a count of 1,861,590, which increased to 2,386, 740 by 2017. Additionally, small businesses increased their count from 196, 520 in the year 2010 to a whopping 231, 715 in the year 2017. The graphs provided indicates the trend that has been experienced in the economy in regards to micro and other small businesses. Such ventures are contributing positively to the economy of the United Kingdom.

Small businesses and start-ups play a crucial role in the growth of the social economy. Social economy comprises a diversity of enterprises and organizations sharing common values and features. Such may include cooperatives, mutuals, associations, foundations, paritarian institutions and social enterprises who value social objectives over capital. The first and most important role that the businesses play is the creation of employment (Burns, 2016). For instance, in the United States in the year 2015, small businesses and startups created over 1.9 million jobs. There are over 30.2 million small businesses in the United States who employ approximately 58 million people. As such, small businesses contribute primarily to the growth of the economy by creating jobs.

Second, small scale businesses and start-ups contribute by ensuring that the GDP of the country grows. Social economy contributes to the overall GDP sum and its growth projects more taxes to be paid. A small business thriving locally will have more to give as taxes to the local government and hence a contribution to the GDP. Such money can be used locally to develop infrastructure within the community. As such, small businesses play a vital role in ensuring that the well-being of the community improves in the long run.

Small businesses quickly adjust to changes in the economic environment and act as a cushion to the local economy in cases where large businesses have failed. This is because in cases of unpredictability in the market, small business owners are customer-oriented and can flex quickly to suit the needs of the market. Large businesses have few options in case of a similar predicament and may not help the local economy as anticipated. As such, all small businesses around the world contribute positively to the growth of the social economy as their interest is not capital-driven.

Blank, S. (2010). What’s A Startup? First Principles.  Steve Blank .

Burns, P. (2016).  Entrepreneurship and small business . Palgrave Macmillan Limited.

Employment – ONS. (2019). Retrieved 23 July 2019, from https://webarchive.nationalarchives.gov.uk/20160105164129/http://www.ons.gov.uk/ons/taxonomy/index.html?nscl=Employment

Miles, R. E., Miles, G., Snow, C. C., Blomqvist, K., & Rocha, H. (2009). The I-form organization.  California Management Review ,  51 (4), 61-76.

Venkataraman, S. (2019). The distinctive domain of entrepreneurship research. In  Seminal Ideas for the Next Twenty-Five Years of Advances  (pp. 5-20). Emerald Publishing Limited.

Wennekers, S., & Thurik, R. (1999). Linking entrepreneurship and economic growth.  Small business economics ,  13 (1), 27-56.

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So You Want to Be an Entrepreneur?

• Emily Heyward

One founder’s advice on what you should know before you quit your day job.

Starting a business is not easy, and scaling it is even harder. You may think you’re sitting on a completely original idea, but chances are the same cultural forces that led you to your business plan are also influencing someone else. That doesn’t mean you should give up, or that you should rush to market before you’re ready. It’s not about who’s first, it’s about who does it best, and best these days is the business that delivers the most value to the consumer. Consumers have more power and choice than ever before, and they’re going to choose and stick with the companies who are clearly on their side. How will you make their lives easier, more pleasant, more meaningful? How will you go out of your way for them at every turn? When considering your competitive advantage, start with the needs of the people you’re ultimately there to serve. If you have a genuine connection to your idea, and you’re solving a real problem in a way that adds more value to people’s lives, you’re well on your way.

When I graduated from college in 2001, I didn’t have a single friend whose plan was to start his or her own business. Med school, law school, finance, consulting: these were the coveted jobs, the clear paths laid out before us. I took a job in advertising, which was seen as much more rebellious than the reality. I worked in advertising for a few years, and learned an incredible amount about how brands get built and communicated. But I grew restless and bored, tasked with coming up with new campaigns for old and broken products that lacked relevance, unable to influence the products themselves. During that time, I was lucky to have an amazing boss who explained a simple principle that fundamentally altered my path. What she told me was that stress is not about how much you have on your plate; it’s about how much control you have over the outcomes. Suddenly I realized why every Sunday night I was overcome with a feeling of dread. It wasn’t because I had too much going on at work. It was because I had too little power to effect change.

• EH Emily Heyward is the author of Obsessed: Building a Brand People Love from Day One (Portfolio; June 9, 2020). She is the co-founder and chief brand officer at Red Antler, a full-service brand company based in Brooklyn. Emily was named among the Most Important Entrepreneurs of the Decade by Inc.  magazine, and has also been recognized as a Top Female Founder by Inc. and one of Entrepreneur’s Most Powerful Women of 2019.

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Essay on entrepreneurship (100, 200, 300, & 500 Words)

Essay on entrepreneurship (100 words), essay on entrepreneurship (200 words), essay on entrepreneurship (300 words), the importance of entrepreneurship.

• Economic Growth : Entrepreneurship plays a crucial role in driving economic growth by creating new businesses, products, and services. It fosters competition and encourages innovation, leading to increased productivity and efficiency in the economy.
• Job Creation : Entrepreneurs are job creators. They not only create jobs for themselves but also generate employment opportunities for others. Startups and small businesses are known to be significant contributors to job creation, especially in developing economies.
• Innovation and Technology : Entrepreneurs are at the forefront of innovation and technological advancements. They constantly challenge the status quo and introduce new ideas, products, and processes, driving progress in various industries.
• Societal Development : Entrepreneurship has a positive impact on society by addressing social problems and meeting unmet needs. Social entrepreneurs focus on creating ventures that tackle issues like poverty, education, healthcare, and environmental sustainability.

Qualities of Successful Entrepreneurs

• Passion and Motivation : Successful entrepreneurs are driven by a strong passion for their ideas, products, or services. They are motivated to overcome challenges and persevere through setbacks, fueling their determination to succeed.
• Creativity and Innovation : Entrepreneurs possess a high degree of creativity and are constantly seeking new and innovative solutions. They think outside the box, challenge conventions, and find unique ways to add value to the market.
• Risk-taking and Resilience : Entrepreneurs are willing to take calculated risks and step out of their comfort zones. They understand that failure is a part of the journey and are resilient enough to bounce back from setbacks and learn from their mistakes.
• Adaptability and Flexibility : The business landscape is ever-evolving, and successful entrepreneurs are adaptable and flexible. They embrace change, pivot when necessary, and stay ahead of market trends and customer demands.
• Leadership and Vision : Entrepreneurs are visionaries who can inspire and lead their teams. They have a clear vision of what they want to achieve and possess the ability to communicate and align their goals with others, turning their vision into reality.

Key Steps in the Entrepreneurial Journey

• Identifying Opportunities : Successful entrepreneurs have a keen eye for identifying market gaps, unsolved problems, and emerging trends. They conduct thorough market research to understand customer needs and assess the viability of their ideas.
• Business Planning : Once an opportunity is identified, entrepreneurs develop a comprehensive business plan. This includes defining their target market, analyzing competitors, outlining their value proposition, and formulating a strategic roadmap.
• Securing Funding : Entrepreneurs often require financial resources to launch and grow their ventures. They explore different funding options such as bootstrapping, seeking loans, attracting investors, or crowdfunding to secure the necessary capital.
• Building a Team : Entrepreneurship is rarely a solo journey. Successful entrepreneurs build a team of skilled individuals who complement their strengths and contribute towards achieving the company’s goals. They understand the importance of delegation and collaboration.
• Execution and Iteration : Entrepreneurs turn their ideas into action by executing their plans and continuously iterating their products or services based on customer feedback. They are agile and adaptable, making changes and improvements as they learn from the market.
• Scaling and Growth : As the venture gains traction, entrepreneurs focus on scaling their operations. They explore opportunities for expansion, enter new markets, and invest in resources to support growth while maintaining a strong customer-centric approach.

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Essay Samples on Entrepreneurship

What is entrepreneurship in your own words.

What is entrepreneurship in your own words? To me, entrepreneurship is the art of turning imagination into reality, the courage to chart unexplored territories, and the commitment to leave a lasting mark on the world. It's a journey of boundless creativity, relentless innovation, and unwavering...

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What is Entrepreneurship: Unveiling the Essence

What is entrepreneurship? This seemingly straightforward question encapsulates a world of innovation, risk-taking, and enterprise. Entrepreneurship is not merely a business concept; it's a mindset, a journey, and a force that drives economic growth and societal progress. In this essay, we delve into the multifaceted...

Social Entrepreneurship: Harnessing Innovation

Social entrepreneurship is a transformative approach that merges business principles with social consciousness to address pressing societal challenges. This unique form of entrepreneurship goes beyond profit-seeking and focuses on generating innovative solutions that create positive change in communities. In this essay, we explore the concept...

Evolution of Entrepreneurship: Economic Progress

Evolution of entrepreneurship is a fascinating journey that mirrors the changes in society, economy, and technology throughout history. From humble beginnings as small-scale trade to the modern era of startups, innovation hubs, and global business networks, entrepreneurship has continuously adapted to the dynamic landscape. This...

Importance of Entrepreneurship: Economic Growth and Societal Transformation

Importance of entrepreneurship transcends its role as a mere business activity; it stands as a driving force behind innovation, economic growth, and societal transformation. Entrepreneurship fosters the creation of new products, services, and industries, while also generating employment opportunities and catalyzing economic development. This essay...

• Economic Growth

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Entrepreneurship as a Career: Navigating the Path of Innovation

Entrepreneurship as a career is a compelling journey that offers individuals the opportunity to create their own path, shape their destiny, and contribute to the economy through innovation. While the road to entrepreneurship is laden with challenges and uncertainties, it is also marked by the...

Corporate Entrepreneurship: Fostering Innovation

Corporate entrepreneurship represents a strategic approach that empowers established organizations to embrace innovation, take calculated risks, and explore new opportunities. In an ever-evolving business landscape, the concept of corporate entrepreneurship has gained prominence as companies seek to maintain their competitive edge and adapt to changing...

Challenges Faced by Entrepreneurs: Innovation and Success

Challenges faced by entrepreneurs are a testament to the intricate journey of turning visionary ideas into tangible realities. While entrepreneurship is often associated with innovation and opportunity, it's also characterized by a multitude of hurdles and obstacles that test an entrepreneur's resilience and determination. In...

300 Words About Entrepreneurship: Navigating Innovation and Opportunity

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Best topics on Entrepreneurship

1. What is Entrepreneurship in Your Own Words

2. What is Entrepreneurship: Unveiling the Essence

3. Social Entrepreneurship: Harnessing Innovation

4. Evolution of Entrepreneurship: Economic Progress

5. Importance of Entrepreneurship: Economic Growth and Societal Transformation

6. Entrepreneurship as a Career: Navigating the Path of Innovation

7. Corporate Entrepreneurship: Fostering Innovation

8. Challenges Faced by Entrepreneurs: Innovation and Success

9. 300 Words About Entrepreneurship: Navigating Innovation and Opportunity

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Entrepreneurship Essays (Examples)

1000+ documents containing “entrepreneurship” .

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Entrepreneurship in usa and germany.

S. That said, the country's long history of immigrant entrepreneurialism, however tenuous the notion might be today, has left a cultural legacy as evidenced by the relatively high entrepreneurship index score given to the U.S. There are other structural factors as well. In Europe in general, there are a myriad of impediments to entrepreneurialism, including legal barriers, a consumer sector that is unventuresome about new products, stronger unions and higher levels of state intervention in the marketplace (Phelps, 2007). Phelps also outlines several cultural factors as well, such as the desire amongst workers for responsibility, interesting work or the chance to take initiative. The United States scores much higher in these metrics than does Germany. He frames these as differences in economic dynamism. There is a correlation between the level of entrepreneurship and the level of economic growth (Aernoudt, 2007). Aernoudt's findings imply that European SMEs do not have an adequate support….

Works Cited

No author. 2006. Entrepreneurship in Germany. [Online] Available at  http://www.internationalentrepreneurship.com/european%2Bentrepreneurship/germany_entrepreneur.asp?countryid=21&contid=4 

Grieco, Elizabeth. 2006. Defining Foreign-Born and Foreigner in International Migration Statistics. Migration Policy Institute. [Online] Available at  http://www.migrationinformation.org/Feature/display.cfm?ID=34 

Camarota, Steven a. 2000. Reconsidering Immigrant Entrepreneurship. Center for Immigrant Studies. [Online] Available at  http://www.cis.org/articles/1999/self-employment/index.html 

Phelps, Edmund S. 2007. Entrepreneurial Culture: Why European Economies Lag Behind the U.S. Wall Street Journal. [Online] Available at  http://www.opinionjournal.com/editorial/feature.html?id=110009657

Entrepreneurship and Business Growth Entrepreneurship

Entrepreneurship: Business Growth Business Growth: Entrepreneurship Growth is crucial for any business venture. An organization that does not prepare effectively for growth risks falling behind its competitors. In order to execute growth effectively, an organization needs to put in place a growth plan. This text examines the importance of a growth plan, its core components, and the specific strategies that an organization could use to realize growth. Entrepreneurship: Business Growth hat is a growth plan? Every entrepreneur with a successful venture will often take time to sit down and speculate about the future of their business. A growth plan is a roadmap detailing the specific strategies that an entrepreneur plans to use to take their business to the next level in a smart and disciplined way. It is meant to guide entrepreneurs and reduce their risk as they grow their business. A growth plan basically includes three core components: i) a clear picture of the….

Biederman, Rob. "7 Key Steps to a Growth Strategy that Works Immediately." The Entrepreneur Magazine, 2015. Web. Accessed at  http://www.entrepreneur.com/article/240853 

Gwin, Catherine. Sharing Knowledge: Innovations and Remaining Challenges. Washington, D.C: World Bank Publications, 2003. Print.

Schill, Nancy. Coach-in-Box Goal-setting Workbook: Target and Achieve your Goal at Work. Austin, TX: ExecIntel Solutions, 2014. Print.

Smith, Janet, Smith Lester, Smith Richard, and Bliss Richard. Entrepreneurial Finance: Strategy, Valuation and Deal Structure. Stanford, CA: Stanford University Press, 2011. Print.

Entrepreneurship in Publishing Magazine Over

This is critical, because a magazine is like any venture, it requires sufficient amounts of due diligence prior to opening. You must then, be sure that you have the right audience identified. Otherwise, you could be facing a situation, where you could be taking to general or to narrow of a focus (causing you not see a profitable return). Regardless of the type of magazine that is being published, this is the standard that is necessary to ensure long-term survival of the publication. This is significant because, understanding this weakness about any possible risks will ensure that nothing is overlooked. As a result, once the magazine is published it will be focused and capable of generating a unique following. Clearly, the publishing of an AIDS/HIV magazine can be effective at promoting those issues that are most important to this group of the population. However, like all business ventures, magazine publishing….

Bibliography

Magazine Publishing. (2010). Retrieved March 11, 2010 from NAICS website:

 http://www.naics.com/cgi-bin/n02keys2.pl

Entrepreneurship and Innovation Assessing the

What can also be seen from this analysis is that the value chain of the heavy equipment industry in general and construction, farm machinery and heavy truck manufacturing specifically rely on distribution channels to sell to contractors (Byrne, Lubowe, Blitz, 2007). Distribution Channel ecommendations The sales cycles in our region are particularly long and often require several different sources of financing for any contractor or agency to acquire heavy equipment for projects. As a result the role of distribution channels has become especially significant given the need for shared risk in the financing of the equipment and shared ownership as well in the form of lease-back arrangements. To create a more differentiated distribution strategy it is crticvally important to give empowerment in the form of advanced credit terms of heavy equipment to distributors and dealers. This approach of the manufacturer in effect becoming the financing partner with the reseller to more….

Brown, James R, Lusch, Robert F, Nicholson, Carolyn Y. (1995). Power and relationship commitment: Their impact on marketing channel member performance. Journal of Retailing, 71(4), 363

Data Monitor (2009) Construction & Farm Machinery & Heavy Trucks Industry Profile: Global. (2009, March). Construction & Farm Machinery & Heavy Trucks Industry Profile: Global DataMonitor, London, UK.

Shah, R.K.D. (1989). Strategic Planning for Power Equipment Manufacture. Long-Range Planning, 22(5), 98

David Walters, Mark Rainbird. (2007). Cooperative innovation: a value chain approach. Journal of Enterprise Information Management, 20(5), 595-607.

Entrepreneurship Within the Modern Era

In general, it has seen significant changes to the infrastructure of entrepreneurship because there is now no longer a need for strong physical organizational structures or spaces. Albert Lin, of the American Technology Research Institute explains that in 2007, over 300,000 entrepreneurs will use Skype as the primary means of business communication. The freedom of mobility therefore, is one of the biggest advantages for entrepreneurial competency within the past decade. The second area of communication change has been the increased speed, efficiency and cost effectiveness of data transfer. The telecommunication industry has spent as much as 580 billion dollars within the past decade in connecting the world via fiber optic technology. As a result, the entire world is now digitized and can send and receive information at a much faster pace than in past generations. The implication for entrepreneurs is the greater freedom provided through data transfers, this new medium….

Drucker, P. Innovation and Entrepreneurship. Butterworth Heinemann, 1994.

Reinhardt, Forest. Down to Earth. Harvard Business School Press, 2000.

Timmons, Jeffrey a. New Venture Creation. 6th edition. McGraw Hill, 2003.

Entrepreneurship the Opportunity That I

Not only is it a niche product but as there is a stigma associated with the disease, asking people to buy the magazine at a grocery store or newsstand may result in people who want the magazine not wishing to do so in such a public setting. With a mail order business model, marketing would need to be aggressive. Publishing costs would be around $5 per issue (at least $2 for writing/editing alone); mailing costs $1 and the allocated fixed costs to each issue around $0.50. This requires the company to earn a minimum of $6.50 per issue at 15,000 just to break even. A cost of over $7 would be difficult to manage, as that is a point where price sensitivity increases for magazines. Revenue from sales under this scenario would be $105,000. Ad rates for 15,000 targeted consumers could be potentially decent -- around $25,000 per issue….

Entrepreneurship How Badly Owner Business Why

entrepreneurship ? How badly owner business? Why? Why ? Why time? Is entrepreneurship for me? How badly do you want to be an owner of your own business? Why? Why not? Why not at this time? An entrepreneur gets to create his or her own enterprise from the ground up. He or she gets to set the rules and policies of the company, rather than has to follow them like a company employee. If the business succeeds or fails, it is largely on the founder's shoulders. The entrepreneur gets to select a business model he or she feels passionately about, rather than simply 'punch a clock' to get a paycheck. While there is the unfortunate potential for great losses if the business fails (and many do) there is also the potential for great rewards, if the business is a success. An entrepreneur must be creative -- first to frame the business concept, and….

Entrepreneurship Traits

trait theories of entrepreneurship, we can gain a better understanding of the differences between entrepreneurship and other economic forms. Key to this understanding is examining the traits of serial entrepreneurs to see how they approach the issue of risk. When human civilization first development, most goods were produced at a subsistence level, and this was the sum total economic activity -- there was no money and no profit. Over time, advances in production techniques, especially in agriculture gave rise to surpluses, which could then be traded. The barter of agricultural surplus in ancient communities can be said to be the first entrepreneurism (Allis, 2014). More formal entrepreneurism of the type that we would recognize today, featuring the investment of capital in a small enterprise designed specifically to earn profit, would have emerged as people collected into village and towns, allowing for specialization into trades. These trades would have produced above….

Allis, R. (2014). The history of entrepreneurship. The Startup Guide. Retrieved April 26, 2014 from  http://startupguide.com/world/the-history-of-entrepreneurship/ 

Fairlie, R. & Holleran, W. (2012). Entrepreneurship training, risk aversion and other personality traits: Evidence from a random experiment. Journal of Economic Psychology. Vol. 33 (2) 366-378.

Wright, M., Robbie, K. & Ennew, C. (1997). Serial entrepreneurs. British Journal of Management. Vol. 8 (1997) 251-268.

Wright, M., Robbie, K. & Ennew, C. (1997, 2) Venture capitalists and serial entrepreneurs. Journal of Business Venturing. Vol. 12 (3) 227-249.

Entrepreneurship-Hop Makes Amusing Use of

Gartner, on the other hand, appears to focus on his own personal and wide-spread generalizations about the personalities of people from different countries. Worst of all, some of Gartner's beliefs are easily proved wrong. For instance, consider his rhyme: And isn't it an irony, That entrepreneur is "French" in its entirety? To talk about entrepreneurship will always be, An inherently French idea as the field's reality." One would think that the French embody entrepreneurship after reading Gartner. The reality is just the opposite. From an international perspective the 8.5% rate of entrepreneurship in France is very low: the business ownership rates in Italy, the United Kingdom, the Netherlands and the United States are substantially higher: 10.9, 10.3, 10.4 and 18.2%, respectively (EIM, 2000). For whatever reasons, Gartner aims his criticism at Americans when the United States is one of the world's leaders in entrepreneurship. To say that Americans lack soul and passion in their efforts is an….

Gartner, W.B. (2008, March) Entrepreneurship-Hop. Baylor University.

EIM, 2000, COMParative entrepreneurship data for international analysis (COMPENDIA 2000.1), Zoetermeer: EIM Business and Policy Research.

Zahra, S.A. (2002, June 22). Entrepreneurship: Theory and practice. Retrieved at  http://www.allbusiness.com/management/278966-1.html

Entrepreneurship Concepts the Publication of

The harvest / exit strategy would be to: increase the overall profits as much as possible. Then, once the various products / services have increased in value you would sell these assets. The lifetime of such a venture would normally last for 10 to 20 years. Magazine Publishing Exploiting HIV / AIDS As far as a magazine is concerned, the opportunity costs would be a chance to reach and educate the public about the issue. The concept is: to effectively target these ideas towards anyone who is suffering from the virus and their family members. These groups would more than likely be interested in hearing the various ideas presented in the magazine. As far as the different resources are concerned, it is imperative that you identify: key advertisers, how distribution will take place, a publication schedule and various writers / editors that could be utilized. Implementation / growth will depend upon….

Thomas, K. (2008, January 25). Start Up Magazine Publishing Costs. Retrieved March 12, 2010 from: Suit 101

http://magazinepublishing.suite101.com/article.cfm/magazine

_start_ups_on_a_shoestring#ixzz0hjyGE5rS

Entrepreneurship

Introduction to the Entrepreneurial Opportunity My entrepreneurial idea combines two major trends in business today – inbound marketing and artificial intelligence. This section will highlight literature to support these themes as providing opportunity for entrepreneurial activity. First, inbound marketing in its current form evolved roughly with Google's Panda update, as this changed how the search giant's bots evaluated website. Prior to this update, search rewarded sites for activities like keyword stuffing, excessive internal links, and the change placed emphasis on information architecture, and creating quality content. This change heralded a new era of inbound marketing (Wainwright, 2011). Companies could no longer fake their way to the top of Google's listings; now they were rewarded for the richness of their content. This unleashed a wave of trends in marketing, including now every company needs to have blogs that contain not only material about the company and its products, but company sites are….

How Entrepreneur Training Programs can help Nations Grow Their Economies

The Effectiveness of the Current Entrepreneurship Training Programs in the Gulf Cooperation Council Educational Institutions ABSTRACT Today, the six member-states of the Gulf Cooperation Council (GCC), Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman, are all faced with the need to improve the effectiveness of their respective entrepreneurship training programs (ETPs) in order to help young practitioners create new businesses, diversify and grow their economies. This need is especially pronounced at present given the alarming estimates concerning the looming peak oil milestone and the harsh reality that even enormous fossil fuel reserves will eventually be exhausted. Furthermore, the international marketplace is changing in fundamental ways, and countries that are able to field a generational cohort of talented and trained entrepreneurs will invariable gain and sustain a competitive advantage over those that do not. Therefore, against this backdrop, studies such as this one can help identify opportunities for improving the….

Entrepreneur Turkey Has Long Been

Finding ways to delegate authority is an important thing for entrepreneurs when they grow. hen a company is in the beginning or high growth stage of the business cycle, there comes a point when the founder must let go some control so that the business can be more professionally run. The current business model is somewhat aimless, but oriented towards high end positioning. An alternate direction is that the business can focus on becoming a volume supplier. The designer is capable of having a mainstream touch, and Turkey is a great place to follow a high-volume, low-margin business model for export. This would leverage the low cost of production and the effort that the government puts into creating export opportunities. At this point, as an unknown brand, he still has the capability to go in that direction. orks Cited: CIA orld Factbook. (2013). Turkey. Central Intelligence Agency. Retrieved April 29, 2013 from….

Works Cited:

CIA World Factbook. (2013). Turkey. Central Intelligence Agency. Retrieved April 29, 2013 from  https://www.cia.gov/library/publications/the-world-factbook/geos/tu.html 

ITKIB. (2010). Turkish textile industry. stanbul Tekstil ve Konfeksiyon "hracatc" Birlikleri Retrieved April 29, 2013 from http://www.itkib.org.tr/english/about/sectors/textile/textile_info.pdf

Saba, G. (2013). Global marketing -- Turkish textile industry and its competition power. Ege University. Retrieved April 29, 2013 from  http://www.slideshare.net/GamzeSaba/global-marketing-turkish-textile-industry-and-its-competition-power

Entrepreneur the Project Is a Website That

Entrepreneur The project is a website that compiles videos, tips, articles and other content. The site is aimed at an audience interested in a healthier lifestyle. The way of monetizing the site will be to sell advertising to health clubs, fitness professionals and others that cater to the same target market. This report will analyze this idea to test for feasibility and identify key challenges that could be present. There will be recommendations as well with respect to the future of this website. Challenges There are several challenges that this website can be expected to face. The first is with respect to the idea of being a content aggregator. This is not 1997. Content is not free. Thus, the first hurdle that we will face with this idea is acquiring content. Most high-traffic content sites have established brands and they also have identified means of acquiring content. If we are going to produce….

Perner, L. (2008). Internet marketing. Consumer Psychologist. Retrieved May 24, 2013 from  http://www.consumerpsychologist.com/intro_Internet_Marketing.html 

O'Reilly, T. (2005). What is web 2.0. Oreilly.com. Retrieved May 24, 2013 from  http://oreilly.com/web2/archive/what-is-web-20.html

Entrepreneur Why Can Investor Would Give Me Capital to Start a Decorating Den

Entrepreneur-Why investor would give me capital to start a decorating den? With the spiraling demand for housing, the demand for interior decoration market is also rising in tandem. Concern regarding making the home interiors beautiful and plush is high on the wish list of many home-buyers. Modern and aware customers who view popular channels on TV dedicated to interiors and subscribe to the magazines flooding the market are valuing the quality of interior decorating in an increasing manner than ever before. ising on this demand for interiors among the people is a great opportunity to take up the Franchise offer of Decorating Den. It is an investment in the future compared to other franchise offered in the market and a completely new way of life. (Opportunities in a New Economy - Message from the President) Convincing the Venture Capitalist for guaranteed profitability: By taking up the franchise, owners of Interiors by Decorating Den….

"A Beautiful Business" Retrieved from  http://www.decoratingden.com/Bbusiness.shtml  Accessed on 17 February, 2005

"Interior Views: Sample Plan" Retrieved from  http://www.paloalto.com/sampleplans/MPP6/enu/Live/InteriorViews-mpp_Live.pdf 

Accessed on 17 February, 2005

"Is the Business for you" Retrieved from  http://www.decoratingden.com/foryou.shtml  Accessed on 17 February 2005

Need suggestions for a subject for essay topics: strategic decision making, strategy, leadership, management control systems, entrepreneurship or organization change.

A paper that focuses on topics like strategic decision making, strategy, leadership, management control systems, entrepreneurship, or organization changes can take two approaches.  You can thoroughly explain one of the concepts, for example describing that strategic decision making is a method of business planning that looks at long-term goals.  The other approach is to do some sort of case study looking specifically at events to determine how one of those topics either impacted or was impacted by a company’s decision-making process.  So, the first thing you need to do is decide what type of paper....

why the us is the best country in the world

Title: Reasons Why the US is the Best Country in the World Introduction: The United States of America is widely regarded as one of the most powerful and influential countries globally. As an epitome of democracy, economic strength, innovation, and cultural diversity, several reasons make the US the best country in the world today. 1. Political Stability: The US boasts a stable political system that upholds the principles of democracy and individual liberties. Its robust system of checks and balances ensures accountability and prevents the concentration of power, making it an attractive destination for both citizens and immigrants. 2. Economic Powerhouse: The United States possesses the....

Can you provide guidance on how to outline an essay focusing on When will advancing technology make most of us unemployable? What should we do about this?

I. Introduction - Begin by presenting a thought-provoking statement or question that captures the reader's attention. - Briefly introduce the idea that advancing technology might make most of us unemployable in the future and highlight the significance of addressing this potential issue. II. Body Paragraph 1: Technological Advancements and Job Displacement - Discuss how technological advancements have historically impacted the job market. - Provide specific examples of jobs or industries that have been affected by automation and artificial intelligence. - Explain the concept of "technological unemployment" and its potential consequences for society. III. Body Paragraph 2: The Skills Gap and Education - Discuss the widening skills gap between....

Seeking guidance on crafting a debatable city life and country life thesis statement. Tips?

## Crafting a Debatable City Life vs. Country Life Thesis Statement A well-crafted thesis statement is crucial for a successful debate on the topic of city life versus country life. It should clearly express your position on the issue and provide a roadmap for your argument. Here are some tips for crafting an effective thesis statement: 1. Understand the Issue: Familiarize yourself with the topic and the different perspectives surrounding it. Consider the advantages and disadvantages of both city life and country life. 2. Define Your Position: Clearly state your stance on the debate. Are you arguing in favor of city life or....

S. That said, the country's long history of immigrant entrepreneurialism, however tenuous the notion might be today, has left a cultural legacy as evidenced by the relatively high entrepreneurship…

Sports - College

Entrepreneurship: Business Growth Business Growth: Entrepreneurship Growth is crucial for any business venture. An organization that does not prepare effectively for growth risks falling behind its competitors. In order to execute…

Research Paper

Communication - Journalism

This is critical, because a magazine is like any venture, it requires sufficient amounts of due diligence prior to opening. You must then, be sure that you have…

Business - Advertising

What can also be seen from this analysis is that the value chain of the heavy equipment industry in general and construction, farm machinery and heavy truck manufacturing…

In general, it has seen significant changes to the infrastructure of entrepreneurship because there is now no longer a need for strong physical organizational structures or spaces. Albert…

Not only is it a niche product but as there is a stigma associated with the disease, asking people to buy the magazine at a grocery store or…

entrepreneurship ? How badly owner business? Why? Why ? Why time? Is entrepreneurship for me? How badly do you want to be an owner of your own business? Why? Why…

trait theories of entrepreneurship, we can gain a better understanding of the differences between entrepreneurship and other economic forms. Key to this understanding is examining the traits of…

Research Proposal

Gartner, on the other hand, appears to focus on his own personal and wide-spread generalizations about the personalities of people from different countries. Worst of all, some of Gartner's…

The harvest / exit strategy would be to: increase the overall profits as much as possible. Then, once the various products / services have increased in value you…

Business - Small

Introduction to the Entrepreneurial Opportunity My entrepreneurial idea combines two major trends in business today – inbound marketing and artificial intelligence. This section will highlight literature to support these themes…

Business - International

The Effectiveness of the Current Entrepreneurship Training Programs in the Gulf Cooperation Council Educational Institutions ABSTRACT Today, the six member-states of the Gulf Cooperation Council (GCC), Saudi Arabia, Kuwait, the United…

Business - Miscellaneous

Finding ways to delegate authority is an important thing for entrepreneurs when they grow. hen a company is in the beginning or high growth stage of the business…

Entrepreneur The project is a website that compiles videos, tips, articles and other content. The site is aimed at an audience interested in a healthier lifestyle. The way of monetizing…

Entrepreneur-Why investor would give me capital to start a decorating den? With the spiraling demand for housing, the demand for interior decoration market is also rising in tandem. Concern regarding…

179 Entrepreneurship Essay Topics

🏆 best essay topics on entrepreneurship, ✍️ entrepreneurship essay topics for college, 👍 good entrepreneurship research topics & essay examples, 🌶️ hot entrepreneurship ideas to write about, 🎓 most interesting entrepreneurship research titles, ❓ entrepreneurship essay questions.

• Entrepreneurial Ventures and Exploration of Entrepreneurial Mindset
• Becoming an Entrepreneur
• Education Is Not the Most Important Thing in Business Success
• Relationship Between Entrepreneurship and Innovation
• Starting a Small Business
• How to Starting a New Business
• Entrepreneurship: Activities and Typology
• Corporate Entrepreneurship: Theories and Models Corporate entrepreneurship is a process that allows existing companies to expand and reorient their business profile, entering new markets and creating new businesses and products.
• Entrepreneurship. Running a Small Business Running a business calls for hard work, a great deal of discipline, and an attitude of persistence in your work; this helps a person to move on when the going seems tough.
• Entrepreneurship in the Hotel Industry With proper strategies put in place especially bearing in mind the pace at which the hotel industry is gaining speed, then there definitely is a room for setting up a successful hotel.
• Entrepreneurship in the Travel and Tourism Industry The entrepreneurship process entails the ideation and implementation of a novel or unique version or way of performing an existing process or system.
• Amusement Park Concept and Opportunity Analysis The report presents an opportunity analysis for an entrepreneurial concept of an amusement theme park based on the historical, mythical city of Cibola.
• Sole Proprietorship: Benefits of This Business Structure The sole proprietorship is the best business structure for a start. Its advantages are ease of organization and low organizational costs.
• How to Start a Catering Business The catering business is a good way to make money for those who love to cook since catering is not always about making lunch for hundreds of guests.
• Elon Musk’s Entrepreneurial Performance This report focuses on Elon Musk as an entrepreneur of choice to explore how luck accounts for entrepreneurial performance.
• Moderna Company’s Entrepreneurial Climate Moderna entered the pharmaceutical industry at a competitive and fluctuating time due to socioeconomic factors, evolving industry standards and practices, and policy alterations.
• Alan Sugar’s Entrepreneur Characteristics The paper discusses Alan Sugar’s entrepreneurship characteristics: innovation, ability to network, and successes or failures within the lenses of entrepreneurship.
• Creativity and Innovation Analysis The study explores the innovation as a key driving force of entrepreneurship and the creativity as a key for an individual to innovate.
• Milton Hershey as the Most Admirable Entrepreneur Although Milton Hershey had a low level of education and skills, he used the failures as a learning experience and as a foundation for the next entrepreneurial venture.
• Social Entrepreneurship Analysis The paper will discuss the area of work of several experts that promote and support social enterprises, their experience in the field, and reflective thoughts on their journey.
• Personal Success Factors in the Business World The modern business world is characterized by the increased level of rivalry and sophistication of relations between its representatives.
• Financial Projections for Entrepreneurship in Food Industry Running a restaurant, especially in the area known for its high competition rates among the local food production companies, particularly, the fast food industries, is not an easy task.
• Entrepreneurship: Elon Musk as a Role Model The field of entrepreneurship is an individual sphere with unique approaches and a wide range of concepts and practices that define and explain related trends.
• Gender and Entrepreneurship Relations This paper analyzes how different factors affect both men and women in deciding to become entrepreneurs. Marital status is a significant factor for entrepreneurial women.
• The Slime Business In this essay, the focus will be on the motivations for setting up the slime business with further discussion of the possible issues arising in a start-up phase.
• Fashion Industry Analysis: Interview With J. Jamshed In future Junaid Jamshed plans to expand its business internationally, and opening more opportunities for young entrepreneurs, providing training through workshops.
• Entrepreneurial Mindset and Its Characteristics The key components of the entrepreneurial mindset are often representative of traits and characteristics that are helpful in team building and conflict resolution.
• Entrepreneurship Skills: Inborn or Gained? Although entrepreneurial skills can be developed through diverse training, education, courses, and seminars, some people are more predisposed to being businessmen.
• Entrepreneurship: Business Start-Ups Starting a business is a risk an entrepreneur must be willing to take. The growth of any enterprise often follows a predictable pattern.
• Entrepreneurship and New Venture Creation The paper reviews the module on new venture creation. Almost every aspect that is required of an entrepreneur is covered in this module and also mentioned in the paper.
• Business Idea vs. Opportunity Comparison An opportunity is differentiated from an idea in terms of its marketing possibilities. All opportunities are exploitable for business growth.
• Application of Schumpeter’s Innovative Entrepreneurship Theory The aim of the project lies in assessing the application of J. Schumpeter’s innovative entrepreneurship theory in the activities of Ooredoo, the leading telecom company in Qatar.
• Entrepreneurship: From Startups to SMEs The success of startups depends on entrepreneurs’ ability to consider all aspects of business performance without ignoring the benefits of corporate social responsibility.
• Impact of Smartphones on Work-Life Balance The use of smartphones has a negative impact on the work-life balance as employees are forced to respond to messages or calls after the end of the working day.
• Social Entrepreneurship Initiatives Change the World From housing access and food inequality to climate change, social entrepreneurship initiatives embark on a journey to facilitate the struggle of the people.
• Entrepreneurship: Case of Oprah Winfrey In this essay, the concept of entrepreneurship is discussed and the case of Tim Fung is used to use the theoretical terms and understand why he succeeded.
• Principles of Innovation and Entrepreneurship A business incubator connotes a group that is informally or formally organized to provide entrepreneurial ventures with the resources regarded as critical in their journey.
• Five Model of Entrepreneurship: Hurdless and Recommendations The five models of entrepreneurship outline a multidisciplinary explanation of factors that enable the establishment of new ventures.
• How to Start a Startup The most important prerequisite that a person seeking success in the business world should gain way before even considering to open his or her own business is the entrepreneurial mindset.
• Social Entrepreneurship and Leadership Styles Social entrepreneurship is a unique phenomenon aimed at addressing social issues that influence the lives of individuals.
• Heidi Roizen’s Career, Work Principles and Habits Heidi Roizen managed to make use of her experience and networks at each of the following stages of her professional path.
• “Entrepreneur” Magazine: The Latest Issue The main number of topics in the latest issue of “Entrepreneur” touches on the pandemic as one of the determining factors affecting the conventions of business in 2021.
• Elon Musk: Factors Impacting Successful Entrepreneurship The paper argues that vertical integration, building and exploiting innovation capital, and hiring top talent contribute to Musk’s successful entrepreneurship.
• China’s International Entrepreneurship & Business China represents a unique country geographically isolated from the rest of the world. Historically, it follows its own economic and political traditions and way of life.
• The Process of Becoming an Entrepreneur The entrepreneurship process is when a person identifies an opportunity and develops it to help him generate some profit. It is important to follow four steps in the process.
• Women Entrepreneurs in Saudi Arabia In Saudi Arabia, the number of business women is approximated at around 23,000 women. This is a small figure compared with the number of men who operate businesses in this country.
• Business Start-Up Challenges and Niche Marketing Business challenges refer to factors that make it hard for entrepreneurs to launch their new businesses successfully.
• Brazilian Business From Personal Experience In this paper, the author recognizes and analyzes one of the most important problems of doing business in Brazil, which is the lack of success stories.
• Significance of Entrepreneurial Personality There is a large number of personality traits, such as proactivity, emotional resilience, and innovativeness, that could be beneficial for entrepreneurship.
• Entrepreneurship on Mark Zuckerberg’s Example Zuckerberg’s abilities, personality traits, and passions helped him achieve success. Entrepreneurship can be stimulated by family background via supporting an idea.
• A Grocery Delivery Business The main aim of running a business is to make a profit. Proper management of a business is essential in ensuring that a profit is realized in the long run.
• Internet Selling of Items of Crafts Business Currently, there is an emergence of the concept of entrepreneurship within the business environment. This requires that the potential investors have to scan the environment.
• The Nature and Importance of Entrepreneurs Some of the common denominators on entrepreneurship include the need to achieve, planning, and moderate risk-taking.
• Perpectives of the Catering Business in Bulgaria Bulgaria presents a good opportunity to operate a catering business that will provide custom-made services for them in their kitchens
• Social Enterprises as a New Form of Business The paper analyzes the concept of social enterprises, investigates their novelty, observes their options for making business inclusive, and examines possible drawbacks.
• Entrepreneur Notebook: The Entrepreneurial Process, Strategy, and Problem Solving Discovering your creative problem solving is one of the most essential skills that an entrepreneur should possess.
• British Social Enterprises’ Success and Challenges This paper identifies some of the challenges that hinder the success of social enterprises on examples of three UK-based and develops possible solutions to these challenges.
• Entrepreneurship: Innovation, Failure, Culture Entrepreneurial failure refers to the discontinuation or exit from a business which includes a closure for any reason or change in ownership, bankruptcy, and persistent losses.
• Building an Innovation Ecosystem Most of the new entrepreneurs overlook the importance of culture of innovation and entrepreneurial spirit. The surrounding environment should have enough self-confidence.
• Social Entrepreneurship and Democracy The article explores the integral role of social entrepreneurship in democratic societies, particularly in pre-democratic or emerging democracy contexts.
• Importance of Intellectual Property for Entrepreneurship Intellectual property is a crucial aspect of the enterprise activity, protecting its processes, ideas, and inventions to maintain competitiveness.
• Multifunctional Mug for Travelers as an Entrepreneurial Idea This entrepreneurial idea consists in creating a multifunctional mug for travelers that combines the functions of the organizer for cosmetics and the several-layer cup functions.
• Entrepreneurship: Relationship Marketing One of the most difficult and expensive tasks that any business owner faces is finding new customers or retaining old ones.
• Present-Day Entrepreneurs and Their Environment Entrepreneurs drive the economy and foster further technological progress, thus increasing people’s quality of life.
• Small and Medium Enterprises in the UK Business Environment The small and medium-sized enterprises in the UK have been of great benefit to the citizens and the country as a whole.
• Entrepreneurship Culture and Entrepreneurship Climate Analysis Entrepreneurship climate largely determines how an organization is revitalized from time to time. New ideas need to be incorporated into the management of organizations.
• Entrepreneur’s Harvest Goals and Their Achievement This paper discusses the concept or option of harvest goals, their benefits and the options available in pursuing the goal.
• St. George Bank: Human Resources and Entrepreneurship St. George Bank should also come up with new methods to access their customers and also new channels on which the customers can get their services.
• Business Planning Process for Entrepreneurs A business plan is a written description of the future of a business. It is a tool for entrepreneurs to implement their business goals.
• Entrepreneurship and Small Business Management Designers are seen as using an iterative process that moves from generating insights about end users, to idea generation and testing, to implementation”.
• Publicly vs. Privately-Owned Enterprises The purpose of this paper is to compare the pros and cons of public and private companies and analyze why certain large organizations chose one form of property over the other.
• Family Business: Entrepreneurial Challenges and Financing This paper gives a detailed discussion of the entrepreneurial challenges that emerging or new family businesses face. It also identifies the major sources of funds for such ventures.
• Human Capital Management in Entrepreneurship This report provides an overview of the management of human capital and entrepreneurship in contemporary business institutions.
• Wu Yajun’s and Steve Jobs’s Entrepreneurial Acumen Entrepreneurship is the process of establishing a business for effective service delivery and for profit making.
• Encouraging Entrepreneurship in Corporate Settings The key strategies to encourage entrepreneurship in corporate settings are commercial factors. Such factors are economic aspects associated with the desire to increase incomes.
• Entrepreneurship Abilities and Predisposition The paper proves that entrepreneurship skills can be fostered in virtually anyone, which means that anyone can be an entrepreneur.
• Aspects of Non-Traditional Entrepreneurship The paper reveals the conceptual material concerning non-traditional entrepreneurship. It incorporates non-traditional forms into the standard theoretical framework.
• Eco-Entrepreneurship and Theoretical Framework Successful eco-entrepreneurship is characterized by the ability to address the conditions of the Volatility, Uncertainty, Complexity, and Ambiguity framework.
• Social Entrepreneurship: Key Aspects Social entrepreneurship has as its goal the development of organizations for the achievement of social good and not for personal gain.
• Eco-Entrepreneurship Characteristics and Psychology The paper states that considering eco-entrepreneurship in the solar industry, it is necessary to understand the current global situation.
• Immigration Entrepreneurship and Economic Development Despite strong opposition from various nations, research indicates that immigration regulations should be less enforced due to the overall positive effect on the economy.
• A Path to Creating Steve Jobs Business Steve Jobs has become a symbol of everything advanced in the field of IT and an example of a person who built a sizeable profitable business from scratch.
• Decision-Making and Performance in Business Decision-making goes hand in hand with performance in the business, as the performance of the business is determined by the decision-making of the entrepreneur.
• Aligning Entrepreneurial Orientation and Behavior The dimensions of entrepreneurial orientation align with the nature of the industry since there is a relationship between the decision-making styles and the behavior of managers.
• Corporate Entrepreneurship and Small Business Corporate entrepreneurship refers to the adoption of a strategy that encourages employees to be innovative by proposing and introducing new methods of operations.
• Sole Proprietorship in the United States Since a sole proprietor in the United States is not legally considered a legal entity, the tax liability is limited only to a standard personal declaration.
• Experiential Learning of Entrepreneurship and Innovation Studying entrepreneurship in higher education shows that one must employ experiential knowledge and go through the process called “learning by doing”.
• Entrepreneurial Networking and Relationship Capital In modern business, entrepreneurial networking and relationship capital have already attracted particular attention. This work aims to examine the importance of these concepts.
• Entrepreneurship in Third-World Countries Countries with low incomes, such as those that belong to the third world, do not benefit from globalization. This negatively influences the country’s potential for innovation.
• Researching of Strategic Innovation It is possible to advise technical process automation in a circumstance where incremental innovation or change is a preferable approach.
• Incubating Technology-Based Firms: Innovation Ambidexterity The formation of innovation policy is the most important condition for developing the foundations of sustainable development of incubating technology-based firms.
• Entrepreneurship: A Fixed State of Existence or a Role Concerning entrepreneurship as a role, one may remember how Mark Zuckerberg has turned from a former student to a person of the year, a successful Internet entrepreneur.
• An Innovative Entity’s Key Components J. Tidd & J. R. Bessant suggested seven key components of an innovative entity, three of which are addressed in this essay.
• An Entrepreneur’s Leadership Role Management style is a unique way through which organization leaders go about accomplishing the set objectives of the business firm.
• The Rejection of the Personality Approach to Entrepreneurship This essay will examine the three reasons for the rejection of the personality approach to entrepreneurship, supporting the analysis with the trait theory of entrepreneurship.
• How Identity Can Influence One’s Business Performance Personal identity can be a defining factor for business goals and objectives and tie it back to a broader society.
• Entrepreneurship and Sustainability: Building Innovation in construction is an important aspect that helps not only optimize individual approaches to planning but also carry out bold and creative projects.
• Regulations of Small and Medium Enterprises SMEs have a strong need for formal regulation, but a healthy balance must be maintained in order for the regulative process not to interfere with the SMEs’ working processes.
• Learning Entrepreneurship in Examples There are numerous examples of successful people who learned entrepreneurship and significantly benefited from it.
• The Possibility of Bankruptcy in Entrepreneurship The possibility of bankruptcy evokes significant concerns in entrepreneurs regardless of their experience in the field and position in the market.
• Financial Literacy and Self-Awareness in Entrepreneurship The paper states that financial literacy and self-awareness should become an integral component of a person’s skill set in business.
• Samantha Gerson: CEO of UnBroken Samantha Gerson is CEO of UnBroken, a non-profit organization offering legal and therapeutic services to individuals who survived institutional abuse and conversion therapy.
• Entrepreneurship and Macroeconomics To explore the topic of increased entrepreneurship as a result of the pandemic, the article by Berkan Altun will be analyzed and embedded into the context of macroeconomics study.
• The Vacant Municipal Lands and Properties: Entrepreneurial Activities This paper focuses on the types of entrepreneurial initiatives available to small towns as they seek to fill empty commercial spaces and sell or develop vacant municipal lands.
• The Best Growth Strategy for an Entrepreneurial Venture or a Small Business Opening a business and starting the work is not easy, but it is even more difficult to stay competitive in the marketplace and not become cash negative.
• An Analysis of the Company Entrepreneurs Alliance This report shall serve as an evaluation of the company Entrepreneurs Alliance (EA), which is a consortium where different types of entrepreneurial organizations come together.
• Transition from Military Service to Entrepreneurship Identifying the positive and negative traits acquired during military service is an essential aspect of studying the success of veterans in entrepreneurship.
• Intrapreneurship: Control on the Company’s Goals Intrapreneurs are self-motivated with an entrepreneurship mentality, although they are not directly affected by their losses and profits.
• Successful Entrepreneurship: Main Components In order to create a successful enterprise, it is imperative to develop the skills of strategic thinking, organizational skills and creativity.
• Innovation in International Business International business is the highest form of entrepreneurial activity, and innovation plays a vital role in the conceptual idea of gaining a competitive advantage.
• Market Designs and Entrepreneurship Innovations This essay discusses the comparison between companies that upheld the triadic approach to entrepreneurship and companies that did not use the method.
• Potential Entrepreneurial Business Venture Starting a retail and distribution consultancy business venture in the future is one of the most lucrative business ideas.
• Innovativeness Catalysts of Indian Firms First of all, innovations are promoted by knowledge and information, which have become a resource of vital importance.
• Restaurant Business Environment and Management The document highlights the business environment with an indication of the challenges faced by the restaurant owner throughout the operation.
• Market Expansion Investigation The choice of Poland for the launching the product of Company, dog food, is reasonable, as the food industry is one of the country’s leading sectors.
• The Importance of Vision and Failures for an Entrepreneur This paper aims at discussing the importance of vision and failures for an entrepreneur and describing Elon Musk’s entrepreneurial characteristics.
• “Lifesizing Entrepreneurship“ by Robert A. Miller The article aimed to show why lifesizing in business is essential and how it can be used to counteract the decline in ethics and lead to more people benefiting from the industry.
• Power Your Business Into 2011: Paddy Power The main keynote of a seminar titled “Power your Business into 2011” was Paddy Power, the communication director of Paddy Power Bookmaker organisation.
• HE Sara Al Madani: One of the Brightest Examples of Women’s Success The current paper provides an overview of HE Sara Al Madani’s current activities and offers an in-depth insight into her views on the business domain.
• Entrepreneurship. The Fish Lady Company in Soquel The owners of The Fish Lady operate a vibrant food market in Soquel. They sell a variety of foodstuffs which include; fish, meat, poultry, cheese, and wine.
• Business Plan and All Aspects That Includes Successful Fashion Industry According to recorded research, the fashion industry keeps on evolving every decade, and it is unlikely that a particular trend will spread past one decade.
• Entrepreneurship and Innovation: Entrepreneurial Opportunities for Graduates The classic expression of entrepreneurship is the raw start-up company, an innovative idea that develops into a high-growth company.
• Recycling of Materials: Entrepreneurship Assignment Recycling of materials has been a very crucial part of our economic activities. It forms a part of the national income and also secures jobs for some individuals within the economy.
• Mayo Clinic: Entrepreneurship Reflection Patient experiences within this organization are quite memorable. Upon entering Mayo Clinic, one receives a warm welcome and directions on how best to utilize their services.
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• Entrepreneurs: Business Life and Success in Entrepreneurship Entrepreneurs create businesses that offer products, processes, and services for hire and/or sale in a free market.
• Six Sigma for the Quality Program Improvement Being an addition to the structure of the quality management process, the philosophy of Six Sigma has established itself rather successfully in the specified environment.
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• What Are Psychological Factors That Influence Entrepreneurship Development?

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10 Characteristics of Successful Entrepreneurs

• 07 Jul 2020

Multiple factors go into starting a successful business venture, including a strong concept and initial funding. But, perhaps the most important ingredient is the entrepreneur. These are individuals who must transform their ideas into a fully operational business.

If you’re thinking about launching your own venture, you might be wondering if you have what it takes to be an entrepreneur . But first, what’s an entrepreneur, and what do they do?

Access your free e-book today.

What Is Entrepreneurship?

While entrepreneurship is commonly thought of as the process of starting a business, there are several nuances to consider.

In the HBS Online course Entrepreneurship Essentials , entrepreneurship is defined as “the pursuit of opportunity beyond the resources currently controlled.” An opportunity can be a myriad of things, but the course describes it as "a proposed venture to sell a product or service for which customers are willing to pay more than the required investments and operating costs.”

Entrepreneurs —either as individuals or in teams—discover opportunities throughout their personal and professional lives. They form hypotheses on ways to deliver value to customers and perform structured tests to validate their ideas. This often involves recruiting teammates through networking and investing funds to determine how they’ll deliver a product or service at an acceptable cost.

Great entrepreneurs come from all walks of life. In Entrepreneurship Essentials, it’s noted that “there’s no single personality profile, and it’s important to pay attention to the entrepreneurial team, rather than focus on the individual.” And while that's true, there are certain characteristics and skills that are particularly important for entrepreneurs to have when starting and leading a venture.

Here are 10 characteristics shared by successful entrepreneurs.

1. Curiosity

Successful entrepreneurs have a distinct personality trait that sets them apart from other organizational leaders: a sense of curiosity. An entrepreneur's ability to remain curious allows them to continuously seek new opportunities. Rather than settling for what they think they know, entrepreneurs ask challenging questions and explore different avenues.

This is validated in the online course Entrepreneurship Essentials , where entrepreneurship is described as a “process of discovery." Without curiosity, entrepreneurs can’t achieve their main objective: discovering new opportunities.

The drive they have to continuously ask questions and challenge the status quo can lead them to valuable discoveries easily overlooked by other business professionals.

2. Willingness to Experiment

Along with curiosity, entrepreneurs require an understanding of structured experimentation, such as design thinking . With each new opportunity, an entrepreneur must run tests to determine if it’s worthwhile to pursue.

For example, if you have an idea for a new product or service that fulfills an underserved demand, you’ll have to ensure customers are willing to pay for it and it meets their needs . To do so, you’ll need to conduct thorough market research and run meaningful tests to validate your idea and determine its potential.

3. Adaptability

Entrepreneurship is an iterative process, and new challenges and opportunities present themselves at every turn. It’s nearly impossible to be prepared for every scenario, but successful business leaders must be adaptable.

This is especially true for entrepreneurs who need to evaluate situations and remain flexible to ensure their business keeps moving forward, no matter what unexpected changes occur.

4. Decisiveness

To be successful, an entrepreneur has to make difficult decisions and stand by them. As a leader, they’re responsible for guiding the trajectory of their business, including every aspect from funding and strategy to resource allocation.

Being decisive doesn’t always mean being correct. Entrepreneurs need the confidence to make challenging decisions and see them through to the end. If the outcome turns out to be less than favorable, the decision to take corrective action is just as important.

Check out our video on the characteristics of successful entrepreneurs below, and subscribe to our YouTube channel for more explainer content!

5. Self-Awareness

A great entrepreneur is aware of their strengths and weaknesses. Rather than letting shortcomings hold them back, they build well-rounded teams that complement their abilities.

In many cases, it’s the entrepreneurial team, rather than an individual, that drives a business venture toward success. When starting your own business, it’s critical to surround yourself with teammates who have complementary talents and contribute to a common goal.

Related: 10 Tips to Help You Boost Team Performance

6. Risk Tolerance

Entrepreneurship is often associated with risk. While it’s true that launching a venture requires an entrepreneur to take risks, they also need to take steps to minimize it.

While many things can go wrong when launching a new venture, many things can go right. According to Entrepreneurship Essentials , entrepreneurs who actively manage the relationship between risk and reward position their companies to “benefit from the upside.”

Successful entrepreneurs are comfortable with encountering some level of risk to reap the rewards of their efforts; however, their risk tolerance is tightly related to their efforts to mitigate it.

7. Comfort with Failure

In addition to risk-management and calculated decision-making , entrepreneurship requires a certain level of comfort with failure.

“Of startups that have more than one employee, 70 percent survive at least two years, half last at least five years, and a quarter last 15 years,” says Harvard Business School Professor William Sahlman in Entrepreneurship Essentials . “Even then, only a small fraction of the survivors get to be significant employers.”

The reasons for failure are vast and encompass everything from a lack of business scalability to low product-market fit . While many of these risks can be avoided, some are inevitable.

Despite this, entrepreneurs must prepare themselves for, and be comfortable with, failure. Rather than let fear hold them back, they maintain a positive attitude to allow the possibility of success to propel them forward.

8. Persistence

While many successful entrepreneurs are comfortable with the possibility of failing, it doesn’t mean they give up easily. Rather, they see failure as an opportunity to learn and grow.

Throughout the entrepreneurial process, many hypotheses turn out to be wrong, and some ventures fail altogether. Part of what makes an entrepreneur successful is their willingness to learn from mistakes, ask questions, and persist until they reach their goal.

Related: How to Become a More Resilient Leader

9. Innovative Thinking

Innovation often goes hand-in-hand with entrepreneurship. While innovation in business can be defined as an idea that’s both novel and useful, it doesn’t always involve creating an entirely new product or service. Some of the most successful startups have taken existing products or services and drastically improved them to meet the changing needs of the market.

Although innovation doesn’t come naturally to every entrepreneur, it’s a type of strategic mindset that can be cultivated. By developing your problem-solving skills , you’ll be well-equipped to spot innovative opportunities and position your venture for success.

10. Long-Term Focus

Most people associate entrepreneurship with starting a business. While the early stages of launching a venture, such as securing funding , are critical to its success, the process doesn’t end once the business is operational.

According to Entrepreneurship Essentials , “it’s easy to start a business, but hard to grow a sustainable and substantial one. Some of the greatest opportunities in history were discovered well after a venture launched.”

Entrepreneurship is a long-term endeavor, and entrepreneurs must focus on the process from beginning to end to ensure long-term success.

How to Develop the Qualities of an Entrepreneur

There’s no right or wrong way to be an entrepreneur. Characteristics and behaviors like experimentation, persistence, and innovation can be developed with time, experience, and training. As long as you possess the entrepreneurial spirit, you'll be able to seize opportunities and overcome challenges throughout your journey.

Are you interested in learning the ins and outs of entrepreneurship? Explore our four-week online course Entrepreneurship Essentials and our other entrepreneurship and innovation courses to learn to speak the language of the startup world. If you aren't sure which course is the right fit, download our free course flowchart to determine which best aligns with your goals.

This post was updated on August 14, 2023. It was originally published on July 7, 2020.

About the Author

1.1 Entrepreneurship Today

Learning objectives.

By the end of this section, you will be able to:

• Define entrepreneur and entrepreneurship
• Describe types of entrepreneurial careers and lifestyles
• Understand entrepreneurs as problem solvers
• Explain current factors driving the growth of entrepreneurship
• Compare differences in entrepreneurial opportunities around the globe

As we delve into the study of entrepreneurship, let’s define what we mean by the word entrepreneur . An entrepreneur is someone who identifies and acts on an idea or problem that no one else has identified or acted on. This combination of recognizing an opportunity to bring something new to the world and acting on that opportunity is what distinguishes an entrepreneur from a small business owner. A small business owner is someone who owns or starts a business that already has an existing model, such as a restaurant, whereas an entrepreneur is someone who creates something new. This new creation can be a new process or product, a business that identifies a new or unique target market, or a combination of ideas that creates a new approach or method, for example.

In a broader sense, what people consider an entrepreneur can vary. Some scholars strictly differentiate between entrepreneurs and small business owners. 5 Others acknowledge that a small business owner may also be an entrepreneur—they are not mutually exclusive. Someone may start a venture that is not a completely new idea, but that introduces a product or service to a new region or market. Where does a franchise fall in this discussion? Again, there is not complete agreement, with some claiming that a franchisee and entrepreneur cannot be the same, and others arguing that a franchise is, indeed, an entrepreneurial venture. According to an article in Forbes , “In the for-profit world, an entrepreneur is someone who creates and runs a new business where one did not exist before. And, no, the McDonald’s franchisee didn’t create McDonald’s. But he certainly created a McDonald’s where there never was one before. Franchisees are entrepreneurs.” 6 The point is that small business owners and franchisees can be considered entrepreneurs. For the purposes of this course, you will learn the key principles of entrepreneurship alongside the concepts, strategies, and tools needed to succeed as a small business owner or franchisee.

Entrepreneurs have many different talents and focus on a variety of different areas, taking advantage of many opportunities for entrepreneurial ventures. An entrepreneurial venture is the creation of any business, organization, project, or operation of interest that includes a level of risk in acting on an opportunity that has not previously been established. For some entrepreneurs, this could be a for-profit venture; for other entrepreneurs, this could be a venture focused on social needs and take the form of a nonprofit endeavor. Entrepreneurs might take a variety of approaches to their entrepreneurial venture, such as those shown in Table 1.1 .

In this course, you will explore these myriad avenues toward entrepreneurship.

Are You Ready?

How do you define success.

What is your personal definition of success? How would you define success for your venture idea? Take time to consider these questions carefully.

• Write your answers to both questions as formal descriptions of your definition of success.
• After completing your definitions, meet with your family members or your personal support group (the important people whose support you need to achieve the defined success statement) to discuss your personal definition of success.
• After hearing their input, you might want to revise your personal success statements.

Follow through with this activity by talking to your startup team or other supporting people about your venture’s success definition. This activity may help guide you in decision-making throughout your life journey and the journey of starting your venture. It will also be helpful when you and your startup team create a vision statement for your venture.

The Entrepreneurial Lifestyle and Career

People often have thought of entrepreneurs as corporate rebels, nonconformists, or activists. Being an entrepreneur has become synonymous with being an innovator, a change agent, or a risk taker. Regardless of job titles or descriptive characteristics, entrepreneurship has a universal appeal for how people think and engage with the world.

Choosing the path of entrepreneurship requires a willingness to take on calculated risks. The difference between risk and calculated risk is due diligence , or conducting the necessary research and investigation to make informed decisions that minimize risk. Not everyone is comfortable letting go of a steady paycheck, especially when we know that there is no long-term guarantee that the paycheck will continue into the future. In one approach to minimizing personal financial risk, some startup entrepreneurs continue with their current employment while working on the side to develop their idea into a venture that eventually will generate an income. Until the venture requires near full-time work and generates income, maintaining an outside income works well for many entrepreneurial teams.

Consider the eyeglass startup Warby Parker ( Figure 1.2 ). Dave Gilboa and Neil Blumenthal , lead entrepreneurs for Warby Parker, were still working their normal jobs when they approached an angel investor with their idea. The angel investor asked a few questions and wasn’t impressed. This investor believed that Gilboa and Blumenthal should demonstrate their solid commitment to the venture by quitting their day jobs to dedicate more time and energy to Warby Parker. Instead of following that advice, Gilboa and Blumenthal kept their day jobs while they continued to work toward building their venture, and Warby Parker eventually became highly successful. There are many paths to becoming an entrepreneur, and many paths to creating a successful venture (see Entrepreneurial Journey and Pathways ). It is important to identify the path that works best in your life—and for the venture—and that supports your goals and your unique situation and visions.

Within the entrepreneurial world, the idea of a lifestyle venture has evolved to mean a business in which the founders’ primary focus is the lifestyle they will attain through becoming entrepreneurs, rather than a primary interest in financial rewards through the selling of the business. Within the entrepreneurial world, harvesting is the typical exit strategy. The harvest is the point at which the investors and entrepreneurial team receive their return on creating and building the venture.

For a lifestyle venture, the entrepreneur is more likely to be a solo entrepreneur, someone who moves forward in starting a new venture without the support of a team or group of likeminded individuals who recognize the value or potential of an entrepreneurial idea that could potentially result in significant returns. A lifestyle venture is also more likely to be funded through family and friends, and more traditional methods such as a bank loan or a small business loan. This lifestyle includes greater freedom to decide areas of responsibilities, hours of contribution to the venture, and other decisions that support the desired lifestyle. An example of a startup lifestyle venture is The Wander Girls , a company that identified the unique concerns of women traveling alone. 7 The Wander Girls organizes trips and events for groups of women traveling in India. A team member organizes the trip, travels with the female tourists, and handles daily interactions and transactions.

Another example of a lifestyle venture is based on how an entrepreneur aligns values, interests, and passions to create a balance between enjoying life and earning enough money to support those passions. Roxanne Quimby had a passion for living off the grid, creating her own life in the woods of Maine, and not being restricted by the rules and regulations required when working as an employee. After becoming a parent, Quimby faced the challenges presented by her lifestyle choices and started making candles to earn enough money to support her family. Eventually, Quimby’s lifestyle candle-making business expanded into the highly successful Burt’s Bees Corporation , moving her lifestyle business into a career as the CEO of Burt’s Bees ( Figure 1.3 ). After selling Burt’s Bees to Clorox Co. , Quimby continued her passion for the north woods of Maine by donating land and money to create a wildlife sanctuary and preserve that land from development.

Quimby’s latest endeavors include creating a pasta company, My Pasta Art , focused on increasing employment opportunities for people in northern Maine, 8 and building the tourist industry to encourage people to enjoy the region’s beautiful habitat and scenery. Although she is highly successful from a financial perspective, money was never the motivation for her ventures. As you can see, there are many paths to finding your career in entrepreneurship, and multiple trigger points at which you might make the decision to become an entrepreneur.

What Can You Do?

How can you put your strengths to work.

Create a list of ten strengths that you currently possess. If you need help creating your list, ask your friends or family what they believe you are good at doing. Think about what achievements you have accomplished, what compliments you have received, and what people say about you. The answers to these questions will help you identify your strengths.

• Create a list of ideas that build off your strengths or are related to your strengths.
• Then analyze this list to create another list of possible businesses that you could start that relate to your strengths.

The Entrepreneur as a Problem Solver

What are some challenges you face in your life? Have you ever actively thought about how you could solve those problems? Or have you actively identified exactly what the problem is from an analytical perspective? We often have a tendency to jump quickly from noticing a problem to selecting a solution, with little understanding of whether we have even correctly identified the problem. Identifying the problem—and testing the potential, novelty, and feasibility of your solution—is an important part of resolving the problem. Often, when we start to explore the problem, we find that it has multiple causes. Among them are:

• The need for something to be better, faster, or easier
• The effects of changes in world on your industry, product, or service
• Market trends based on geography, demographics, or the psychology of the customers

You will learn more about identifying opportunities in Identifying Entrepreneurial Opportunity and Problem Solving and Need Recognition Techniques .

One characteristic of a savvy entrepreneur is recognizing the ability to identify a problem from an opportunity-identification perspective. We might identify feeling hungry as a problem, but an entrepreneur would identify the problem using an opportunity-identifying perspective by determining how the problem could be translated into an opportunity to create a new venture—perhaps combining the problem of feeling hungry between meals into a street kiosk or a vending machine with food choices or creating a new snack that is nutritious, satisfying, and portable. People need to eat, and they get hungry, but during a busy day with no open time or convenient food, people end up hungry. Rephrasing the problem, or need, from an opportunity viewpoint opens the search for a sustainable solution beyond the simple awareness of feeling hungry. We might solve this problem by opening a snack bar with offerings that contain essential vitamins and proteins, and is easy to transport with a long shelf life. Understanding the problem from the perspective of how to solve it for one person into how to solve it for multiple people rephrases the problem into an opportunity-identification perspective.

You might also have an interest in solving food-related problems on a larger scale. People trapped in a war-torn region may not be able to leave the safety of their shelters to find food, grow food, or barter for food, or they may not have the money to buy food. How could you reach your target market within a war-torn area? Red Cross emergency response vehicles traveled 2.5 million miles to deliver food, relief supplies, and support to communities affected by disasters during 2017. 9 That’s the equivalent of driving around the globe 103 times. Could your idea of creating a snack bar fit into a partnership with the Red Cross?

Although this might seem like a simple problem with a simple solution, persevering from the recognition of a problem to finding a realistic solution, then moving that solution forward into a successful venture, requires an entrepreneurial mindset. Every day, people become entrepreneurs as they identify and solve problems, or face new challenges or frustrations, and resolve them in creating products or services to address these issues.

Recognizing Problems

In your daily life, what problems do you encounter? What would make your life easier? How would you finish this sentence: “If only ________ existed, my life would be better or easier”? To spur your creativity, you might research global problems to find an area that interests you, that sparks your passion for living a fulfilling life. When identifying a problem, consider process-related problems as well as service-related problems.

For more ideas like Chloe Huang ’s, visit the UNESCO Global Action Programme on Education for Sustainable Development (https://en.unesco.org/gap) and review other submissions that may activate your own creativity in thinking about how you want to contribute your skills and knowledge to improve our world.

• What problem have you identified?
• What can you do to resolve that problem?

Factors Driving the Growth of Entrepreneurship

Do you know anyone who has lost their job? Or who has been rejected or mistreated at work? Or had their income reduced, or benefits removed? Research shows that 47 percent of all US employment is at risk through artificial intelligence and other technologies, although there will also be new opportunities for jobs that currently don’t exist. 10 These types of experiences and outlooks have provided the impetus for many people to start their own businesses. When we work for someone else, we are at the mercy of their decisions and actions, but we get paid and don’t carry the full risk of their decisions. When we work for ourselves, we get to make the decisions (not that making decisions is easy). But when we have our own business, we have greater control—in exchange, we also carry the risk for all decisions we make. This control over decision-making is one reason that some people find the world of entrepreneurship attractive.

Another contributing factor to the desire to become an entrepreneur is the excitement and fun of creating something new. Many entrepreneurs are excited at the idea of moving the concept through to the materialization of the idea.

A third factor that supports the growth in entrepreneurship is the combination of retirement and longer life expectancies. Many people enjoy working. For them, retirement consists of too much open time and not enough activities or the type of engagement with the outside world that fulfilled their needs during their working lives. Retirement also presents unique financial considerations, depending on an individual’s lifetime savings and planning. The combination of having available time and a desire for continued earnings encourages some older adults to explore their own entrepreneurial opportunities.

A fourth factor driving the growth of entrepreneurship is the expanding awareness and support of entrepreneurship as a viable career choice. In much of the twentieth century, families encouraged their children to find a stable career with a large corporation. During this era, there was a certain expectation of reciprocal loyalty between the employer and the employee based on some traditional employee-employer roles in that century. The general, informal agreement was that if employees came to work every day and fulfilled their responsibilities, they would have long-term employment with that corporation. But as competition increased and new business practices evolved, this unspoken guarantee no longer held true. The model of certainty of employment gradually disappeared. As people acquired a new perspective on their careers and income, they increasingly realized that we are all responsible for our own paths. Most studies suggest that people change their careers between three and seven times. 11 Note that this is not how often people change jobs, but how often they change their careers, moving from one industry to another, or moving from one type of work to a different type of work. The older model of stability through working hard for someone else has vanished. This awareness and acceptance have encouraged recent generations to consider creating their own futures through entrepreneurial ventures.

Just as individuals have become aware of the benefits of entrepreneurship, communities and organizations have also become aware of how entrepreneurial ventures add economic development and enhancements worth supporting, bolstering opportunities for those who decide on this path.

Entrepreneurship around the Globe

In the United States, entrepreneurial opportunities abound, relatively speaking. Between 1990 and 2014, the number of campus-based entrepreneurship education programs increased from 180 to over 2,000. 12 Comparing globally, the United States has the greatest number of entrepreneurial ventures, with Switzerland, Canada, Sweden, Denmark, and Australia following in order, according to Global Entrepreneurship Index , a global consulting firm ( Figure 1.4 ).

Why is the United States leading with the greatest number of entrepreneurial ventures? What does it take to become an entrepreneur? In addition to having an entrepreneurial mindset (see The Entrepreneurial Mindset ), entrepreneurs also need education and funding to support their new ventures.

You will learn more about funding in Entrepreneurial Finance and Accounting , but as an introduction, you should know there are three primary sources of outside funding: family and friends, angel investors, and venture capitalists. Some family members and friends are willing and able to invest money in helping the entrepreneurial team. An angel investor is someone who has available funds and an interest in supporting a new venture. They are often entrepreneurs who have successfully launched and harvested their own ventures, and who have an interest in helping other entrepreneurs in their startups, staying active in the entrepreneurial world, and a desire to receive a return on their investment in the venture. Angel investors often provide funding early in the life of a venture. As the venture grows, it typically requires more funding, at which time venture capitalists may invest in the venture. A venture capitalist (VC) is a group of people (or organizations) who pool resources to invest in entrepreneurial ventures, contributing larger sums of funds than are available through angel investors. In each funding round, investors receive an equity stake in the venture with expectations that at some point in the future, the venture will be sold, or harvested, at which time the investors will receive a return on their investment. Because they tend to be in larger groups, VCs typically have access to larger amounts of money and resources than individual angel investors. (You will also learn about other types of financing, such as bank loans and bootstrapping, in Entrepreneurial Finance and Accounting .)

In the United States, VCs contributed $72.3 billion in 2015 for 3,916 deals, or funding rounds. In China that same year, $49.2 billion were invested in 1,611 ventures. 13 European VC investment totaled $14.4 billion and 1,598 deals. Tracking these numbers over time shows steady increases in VC funding as entrepreneurial ventures have become more common ( Figure 1.5 ).

Other factors that can affect entrepreneurial opportunity include employment rates, government policies, and trade issues. For example, in the Middle Eastern kingdom of Saudi Arabia, a newer driver of entrepreneurship includes a high unemployment rate with a large percentage of the population in its prime earning years. In the past, employment was less of a concern because of dependency on state support from oil revenue. The population received monthly allotments to cover expenses from state-owned oil production. More recently, the population has become restless, with a desire to become productive and have greater control over their own resources. And the rulers recognize that oil production income is volatile and unsustainable. Today, with more future-oriented leaders, countries in the Middle East desire to encourage their citizens to consider starting their own businesses. 14 The example of entrepreneurship in the United States has spread around the globe, with other countries taking an interest in developing support systems to encourage their populations to become entrepreneurs.

As noted, the United States is a world leader in entrepreneurial innovation. Perhaps because the United States is, in large part, a nation of immigrants, with people arriving from all over the world, Americans have few prescribed traditions that encourage conformity. America’s longstanding traditions and reputation for individualism, ingenuity, and self-reliance have reinforced this mindset. However, the governments of other nations have discouraged their citizens from independent or innovative thinking. Some cultures emphasize political, cultural, and economic unity, and place a strong value on not being noticed, blending in, and following prescribed habits and traditions. Countries like Japan, France, Russia, China, and others continue to reflect these norms. Other countries have complex bureaucracies that prevent quick responses and place barriers to entrepreneurial activities. Parts of worldwide economic structures (banking, investments, and technology) are not accessible or even explicitly exclude some nations and the poor. Systems like this discourage people from coming forward with entrepreneurial ideas because the culture and bureaucracy prevent people from finding access to information necessary for the successful advancement of an idea. In contrast, other countries are noticing the benefits of encouraging their populations to become more open-minded and creative through new ventures.

Link to Learning

Transparency International is an organization that tracks corruption, which can be an inhibitor to entrepreneurship. The Transparency International website provides information to rank 180 countries in identifying the abuse of entrusted power for private gain. 15

Key characteristics that encourage entrepreneurship include support for freedom to create and innovate. What conditions encourage creativity and innovation? Acceptance of failure is a key characteristic for success as an entrepreneur. Many of the great inventions in the United States resulted after dozens of failures, as when Thomas Edison eventually developed a working light bulb. Edison identified a problem: Once the sun set, working hours were restricted, as were daily activities such as reading a book or washing dishes. Edison, along with many other inventors, recognized the need for an artificial light source. Consider how complex this idea was and how many failures must have occurred before creating a product that emitted light.

Another condition that encourages entrepreneurial behavior is the ability and opportunity to connect with other people to discuss ideas, problems, challenges, and solutions. This connection with other people, in an open environment that supports the exchange of ideas, is essential for encouraging creativity and innovation.

With the advent of the Internet, people around the planet are becoming increasingly aware of geopolitical and environmental situations across the globe. As more people observe these changes and situations, more people exchange ideas. These discussions can generate new opportunities for people to discover methods for solving problems. Any one of us could be living in one country but identifying a problem in another country. Given our interests and backgrounds, we could actively choose to develop a solution for that problem. What we need, as a general approach, is an efficient and transparent way to form companies and enable constructive competition, along with continued free and fair trade.

These are just some of the areas that many nations and organizations consider as they seek to encourage a transition away from group-prescribed thinking toward uniquely individual entrepreneurial ideas. Each of us encounters life from a different perspective. Although we all might recognize the restrictions presented by the sun setting every night, only a few people might question why we couldn’t change that situation by creating our own light. Similarly, someone in another country may observe our country (or vice versa) and ask why that country has a particular problem. Meanwhile, people living with that problem may have become so accustomed to it that they might not recognize the opportunity to seek solutions.

Increasing opportunities in entrepreneurial education are also driving growth. More colleges and universities are teaching entrepreneurial studies and opening entrepreneurial centers that encourage students from every discipline to become entrepreneurs. 16 , 17 As the employment and entrepreneurial landscape continue to evolve, some institutions have started offering courses to prepare students for work in the gig economy. 18 In fact, some of the best new entrepreneurial ideas come from groups of students in different majors who collaborate to create new, innovative business ideas that meet specific needs and challenges in today’s world. In some cases, students from different universities around the globe are connecting to come up with business ideas to solve global problems, such as the lack of clean drinking water and the need for medical vaccination programs. Technology and global travel have made such partnerships more common and very productive.

The world of entrepreneurship opens doors for each of us to look beyond our own self-created barriers and explore opportunities around the world. Consider the creation of Starbucks , borne from the realization of how pleasant it can be to sit at a European café and drink excellent coffee. Awareness of an idea that is commonplace in one country, but new to a different country, presents the possibility of introducing that idea to another nation. In the Starbucks example, was there a problem that needed to be solved? Not necessarily, but the founder, Howard Schultz , had a desire to bring a specific quality-of-life element from one country to another, a business idea with an entrepreneurial aspect. One of the entrepreneurial aspects of creating Starbucks was the idea of mass expansion of coffee shops. Prior to Starbucks, the idea of creating a high-quality coffee drink hadn’t been developed. Even more significant was the idea of expanding the business across the United States and then around the world.

Given the growth of coffee shops throughout the United States, we might not think that this idea is innovative, but before Starbucks, coffee typically was served at a diner, and it was served out of habit, rather than as the main attraction. With Starbucks, people changed their ideas about coffee and their coffee-drinking habits. Although businesses like Dunkin’ Donuts served coffee, their focus was on selling donuts, not coffee. As Starbucks grew through repositioning coffee as their main product, other companies like Dunkin’ Donuts and McDonalds realized the missed opportunity in not reinventing the coffee market with multiple choices of high-quality coffee. In fact, Dunkin’ Donuts has changed its name to just “ Dunkin ,” removing the emphasis on doughnuts. 19

Social and Environmental Issues and Opportunities

A social entrepreneur has an interest in solving a social, environmental, or economic problem. A social entrepreneur identifies a problem with a social or community focus, a concern for quality of life, or concern for our entire planet’s health (you will learn more about social entrepreneurship in The Ethical and Social Responsibilities of Entrepreneurs ). One such person is Angad Daryani , a young serial inventor. Daryani left school in the ninth grade to join the Media Lab at the Massachusetts Institute of Technology (MIT), where he worked on an industrial-scale air filter to clean pollutants and carcinogens out of our planet’s air. Daryani’s home country of India is the world’s third largest emitter of carbon dioxide, according to Global Carbon Atlas, behind China and the United States ( Figure 1.6 ). 20

Social Entrepreneurship

Consider a social issue that you might feel compelled to take on as a passion project. Some social issues include childhood hunger, access to clean water, access to education, or opioid abuse. Watch Johann Hari’s Ted Talk on addiction to learn more.

• Do you have any ideas for creating an entrepreneurial venture around the idea of building quality relationships and communities?
• How would you balance a passion project with an entrepreneurial purpose?

Not only is Daryani interested in solutions for air pollution, but his product will also provide financial gains and add to his personal credibility as a serial entrepreneur , or someone who starts and harvests multiple entrepreneurial ventures. Darvani describes himself as an inventor and social entrepreneur, combining his interest in improving lives through a variety of entrepreneurial ventures including products like Sharkits (a do-it-yourself-kit company that teaches children how to build technology), the SharkBot 3D Printer (an attractive, low-cost, and reliable 3D printer), and several other projects that combine technology and human needs. As each of these products advances to commercialization, the products and technology are becoming more applicable for other uses as well. For more examples of projects that Darvani is working on, take a look at his website (http://www.angadmakes.com), which includes videos and articles, and highlights the international recognition he has received for his innovative work.

Entrepreneur In Action

Angad daryani.

Research Angad Daryani and his technology to remove air pollution (https://www.cnn.com/2018/03/28/health/angad-daryani-tomorrows-hero/index.html).

• What other products could this technology or methodology be used for, besides the originally intended application of improving air quality?
• What critical decisions would you anticipate that Angad will face in creating and commercializing his product?
• How would you define success for Angad or this air-cleaning company?
• 5 Hamid Bouchikhi. “A Constructivist Framework for Understanding Entrepreneurship Performance.” Organization Studies . July 1, 1993. doi.org/10.1177/017084069301400405; William D. Bygrave and Charles W. Hofer. “Theorizing about Entrepreneurship.” Entrepreneurship Theory and Practice 16, no. 2 (1991): 13–22.; Michael A. Hitt, R. Duane Ireland, S. Michael Camp, and Donald L. Sexton. Strategic Entrepreneurship: Creating a New Mindset . (Hoboken, NJ: Wiley-Blackwell, 2002).; Jeffry A. Timmons. New Venture Creation: Entrepreneurship for the 21st Century . (Irwin Press, Burr Ridge, IL: Irwin Press, 1994).
• 6 Paul B. Brown. “Franchisees Are Entrepreneurs (Let the Debate Begin).” Forbes . September 19, 2012. https://www.forbes.com/sites/actiontrumpseverything/2012/09/19/franchisees-are-entrepreneurs-let-the-debate-begin/#55c9fb8f2bf3
• 7 The Wander Girls. n.d. http://thewandergirls.com/
• 8 Mary Pols. “Making Pasta’s the New Focus for Roxanne Quimby.” Portland Press Herald . August 13, 2017.
• 9 American Red Cross. “2017 in Review: Red Cross Delivers More Food, Relief Items, and Shelter Stays Than Last 4 Years Combined.” December 18, 2017. https://www.redcross.org/local/georgia/about-us/news-and-events/news/2017-in-Review-Red-Cross-Delivers-More-Food-Relief-Items-and-Shelter-Stays-than-Last-4-Years-Combined.html
• 10 Carl Benedikt Frey and Michael A. Osborne. “The Future of Employment: How Susceptible Are Jobs to Computerization?” Technological Forecasting and Social Change 114 (2013): 254–280. https://www.oxfordmartin.ox.ac.uk/downloads/academic/The_Future_of_Employment.pdf
• 11 Dawn Rosenberg McKay. “How Often Do People Change Careers?” The Balance . September 20, 2019. https://www.thebalancecareers.com/how-often-do-people-change-careers-3969407
• 12 Infographic.ly Team. “Infograpic: The Growth of Entrepreneurship around the Globe.” Entrepreneur Middle East . January 26, 2017. https://www.entrepreneur.com/article/288286
• 13 Infographic.ly Team. “Infographic: The Growth of Entrepreneurship around the Globe.” Entrepreneur Middle East . January 26, 2017. https://www.entrepreneur.com/article/288286
• 14 Infographic.ly Team. “Infographic: The Growth of Entrepreneurship around the Globe.” Entrepreneur Middle East . January 26, 2017. https://www.entrepreneur.com/article/288286
• 15 Transparency International. n.d. www.transparency.org
• 16 National Survey of Entrepreneurship Education. n.d. www.nationalsurvey.org
• 17 “The Princeton Review & Entrepreneur Name the Top Undergraduate & Graduate Schools for Entrepreneurship Studies for 2020.” Cision PR Network. November 12, 2019. https://www.prnewswire.com/news-releases/the-princeton-review--entrepreneur-name-the-top-undergraduate--graduate-schools-for-entrepreneurship-studies-for-2020-300955876.html
• 18 Diane Mulcahy. “Universities Should Be Preparing Students for the Gig Economy.” Harvard Business Review . October 3, 2019. https://hbr.org/2019/10/universities-should-be-preparing-students-for-the-gig-economy
• 19 Kate Taylor. “Dunkin’ Donuts Is Officially Dropping the ‘Donuts’ from Its Name Despite Earlier Backlash.” Business Insider . September 25, 2018. https://www.businessinsider.com/dunkin-donuts-changes-name-no-donuts-2018-9
• 20 “Fossil Fuel Emissions.” Global Carbon Atlas. 2017. http://www.globalcarbonatlas.org/en/CO2-emissions

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1.1: Chapter 1 – Introduction to Entrepreneurship

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• Lee A. Swanson
• University of Saskatchewan

Whilst there is no universally accepted definition of entrepreneurship, it is fair to say that it is multi-dimensional. It involves analyzing people and their actions together with the ways in which they interact with their environments, be these social, economic, or political, and the institutional, policy, and legal frameworks that help define and legitimize human activities. – Blackburn (2011, p. xiii)

Entrepreneurship involves such a range of activities and levels of analysis that no single definition is definitive. – Lichtenstein (2011, p. 472)

It is complex, chaotic, and lacks any notion of linearity. As educators, we have the responsibility to develop our students’ discovery, reasoning, and implementation skills so they may excel in highly uncertain environments. – Neck and Greene (2011, p. 55)

Learning Objectives

• Examine the challenges associated with defining the concepts of entrepreneur and entrepreneurship
• Discuss how the evolution of entrepreneurship thought has influenced how we view the concept of entrepreneurship today
• Discuss how the list of basic questions in entrepreneurship research can be expanded to include research inquiries that are important in today’s world
• Discuss how the concepts of entrepreneurial uniqueness, entrepreneurial personality traits, and entrepreneurial cognitions can help society improve its support for entrepreneurship
• Apply the general venturing script to the study of entrepreneurship

This chapter provides you with an overview of entrepreneurship and of the language of entrepreneurship. The challenges associated with defining entrepreneur and entrepreneurship are explored, as is an overview of how entrepreneurship can be studied.

The objective is to enable you to apply current concepts in entrepreneurship to the evaluation of entrepreneurs, their ventures, and the venturing environment. You will develop skills, including the capability to add value in the new venture sector of the economy. You will acquire and practice evaluation skills useful in consulting, advising, and making new venture decisions.

Entrepreneurs and Entrepreneurship

Considerations influencing definitions of entrepreneur and entrepreneurship.

It is necessary to be able to determine exactly who entrepreneurs are before we can, among other things, study them, count them, provide special loans for them, and calculate how and how much they contribute to our economy.

• Does someone need to start a business from scratch to be called an entrepreneur?
• Can we call someone an entrepreneur if they bought an ongoing business from someone else or took over the operations of a family business from their parents?
• If someone starts a small business and never needs to hire employees, can they be called an entrepreneur?
• If someone buys a business but hires professional managers to run it so they don’t have to be involved in the operations, are they an entrepreneur?
• Is someone an entrepreneur if they buy into a franchise so they can follow a well-established formula for running the operation?
• Is someone an entrepreneur because of what they do or because of how they think?
• Can someone be an entrepreneur without owning their own business?
• Can a person be an entrepreneur because of the nature of the work that they do within a large corporation?

It is also necessary to fully understand what we mean by entrepreneurship before we can study the concept.

Gartner (1990) identified 90 attributes that showed up in definitions of entrepreneurs and entrepreneurship provided by entrepreneurs and other experts in the field. The following are a few of these attributes:

• Innovation – Does a person need to be innovative to be considered an entrepreneur? Can an activity be considered to be entrepreneurial if it is not innovative?
• Activities – What activities does a person need to do to be considered an entrepreneur?
• Creation of a new business – Does someone need to start a new business to be considered to be an entrepreneur, or can someone who buys a business, buys into a franchise, or takes over an existing family business be considered an entrepreneur?
• Starts an innovative venture within an established organization – Can someone who works within an existing organization that they don’t own be considered an entrepreneur if they start an innovative venture for their organization?
• Creation of a not-for-profit business – Can a venture be considered to be entrepreneurial if it is a not-for-profit, or should only for-profit businesses be considered entrepreneurial?

After identifying the 90 attributes, Gartner (1990) went back to the entrepreneurs and other experts for help in clustering the attributes into themes that would help summarize what people concerned with entrepreneurship thought about the concept. He ended up with the following eight entrepreneurship themes:

1. The Entrepreneur – The entrepreneur theme is the idea that entrepreneurship involves individuals with unique personality characteristics and abilities (e.g., risk-taking, locus of control, autonomy, perseverance, commitment, vision, creativity). Almost 50% of the respondents rated these characteristics as not important to a definition of entrepreneurship (Gartner, 1990, p. 21, 24).

• “The question that needs to be addressed is: Does entrepreneurship involve entrepreneurs (individuals with unique characteristics)?” (Gartner, 1990, p. 25).

2. Innovation – The innovation theme is characterized as doing something new as an idea, product, service, market, or technology in a new or established organization. The innovation theme suggests that innovation is not limited to new ventures, but recognized as something which older and/or larger organizations may undertake as well (Gartner, 1990, p. 25). Some of the experts Gartner questioned believed that it was important to include innovation in definitions of entrepreneurship and others did not think it was as important.

• “Does entrepreneurship involve innovation?” (Gartner, 1990, p. 25).

3. Organization Creation – The organization creation theme describes the behaviors involved in creating organizations. This theme described acquiring and integrating resource attributes (e.g., Brings resources to bear, integrates opportunities with resources, mobilizes resources, gathers resources) and attributes that described creating organizations (new venture development and the creation of a business that adds value). (Gartner, 1990, p. 25)

• “Does entrepreneurship involve resource acquisition and integration (new venture creation activities)?” (Gartner, 1990, p. 25)

4. Creating Value – This theme articulated the idea that entrepreneurship creates value. The attributes in this factor indicated that value creation might be represented by transforming a business, creating a new business growing a business, creating wealth, or destroying the status quo.

• “Does entrepreneurship involve creating value?” (Gartner, 1990, p. 25).

5. Profit or Nonprofit

• “Does entrepreneurship involve profit-making organizations only” (Gartner, 1990, p. 25)?
• Should a focus on growth be a characteristic of entrepreneurship?

7. Uniqueness – This theme suggested that entrepreneurship must involve uniqueness. Uniqueness was characterized by attributes such as a special way of thinking, a vision of accomplishment, ability to see situations in terms of unmet needs, and creates a unique combination.

• “Does entrepreneurship involve uniqueness?” (Gartner, 1990, p. 26).

8. The Owner-Manager – Some of the respondents questioned by Gartner (1990) did not believe that small mom-and-pop types of businesses should be considered to be entrepreneurial. Some respondents felt that an important element of a definition of entrepreneurship was that a venture be owner-managed.

• To be entrepreneurial, does a venture need to be owner-managed?

Examples of Definitions of Entrepreneur

An entrepreneur can be described as “one who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them” (Zimmerer & Scarborough, 2008, p. 5).

An entrepreneur is “one who organizes, manages, and assumes the risks of a business or enterprise” (Entrepreneur, n.d.).

Examples of Definitions of Entrepreneurship

Entrepreneurship can be defined as a field of business that

seeks to understand how opportunities to create something new (e.g., new products or services, new markets, new production processes or raw materials, new ways of organizing existing technologies) arise and are discovered or created by specific persons, who then use various means to exploit or develop them, thus producing a wide range of effects (Baron, Shane, & Reuber, 2008, p. 4)

A concise definition of entrepreneurship “is that it is the process of pursuing opportunities without limitation by resources currently in hand” (Brooks, 2009, p. 3) and “the process of doing something new and something different for the purpose of creating wealth for the individual and adding value to society” (Kao, 1993, p. 70)

The Evolution of Entrepreneurship Thought

This section includes an overview of how entrepreneurship has evolved to the present day.

The following timeline shows some of the most influential entrepreneurship scholars and the schools of thought (French, English, American, German, and Austrian) their perspectives helped influence and from which their ideas evolved. Schools of thought are essentially groups of people who might or might not have personally known each other, but who shared common beliefs or philosophies.

Figure 1 – Historical and Evolutionary Entrepreneurship Thought (Illustration by Lee A. Swanson)

The Earliest Entrepreneurship

The function, if not the name, of the entrepreneur is probably as old as the institutions of barter and exchange. But only after economic markets became an intrusive element of society did the concept take on pivotal importance. Many economists have recognized the pivotal role of the entrepreneur in a market economy. Yet despite his central importance in economic activity, the entrepreneur has been a shadowy and elusive figure in the history of economic theory (Hebert & Link, 2009, p. 1).

Historically those who acted similarly to the ways we associate with modern day entrepreneurs – namely those who strategically assume risks to seek economic (or other) gains – were military leaders, royalty, or merchants. Military leaders planned their campaigns and battles while assuming significant risks, but by doing so they also stood to gain economic benefits if their strategies were successful. Merchants, like Marco Polo who sailed out of Venice in the late 1200s to search for a trade route to the Orient, also assumed substantial risks in the hope of becoming wealthy (Hebert & Link, 2009).

The entrepreneur, who was also called adventurer , projector , and undertaker during the eighteenth century, was not always viewed in a positive light (Hebert & Link, 2009).

Development of Entrepreneurship as a Concept

Risk and uncertainty.

Richard Cantillon (1680-1734) was born in France and belonged to the French School of thought although he was an Irish economist. He appears to be the person who introduced the term entrepreneur to the world. “According to Cantillon, the entrepreneur is a specialist in taking on risk, ‘insuring’ workers by buying their output for resale before consumers have indicated how much they are willing to pay for it” (Casson & Godley, 2005p. 26). The workers’ incomes are mostly stable, but the entrepreneur risks a loss if market prices fluctuate.

Cantillon distinguished entrepreneurs from two other classes of economic agents; landowners, who were financially independent, and hirelings (employees) who did not partake in the decision-making in exchange for relatively stable incomes through employment contracts. He was the first writer to provide a relatively refined meaning for the term entrepreneurship . Cantillon described entrepreneurs as individuals who generated profits through exchanges. In the face of uncertainty, particularly over future prices, they exercise business judgment. They purchase resources at one price and sell their product at a price that is uncertain, with the difference representing their profit (Chell, 2008; Hebert & Link, 2009).

Farmers were the most prominent entrepreneurs during Cantillon’s lifetime, and they interacted with “arbitrageurs” – or middlemen between farmers and the end consumers – who also faced uncertain incomes, and who were also, therefore, entrepreneurs. These intermediaries facilitated the movement of products from the farms to the cities where more than half of the farm output was consumed. Cantillon observed that consumers were willing to pay a higher price per unit to be able to purchase products in the smaller quantities they wanted, which created the opportunities for the intermediaries to make profits. Profits were the rewards for assuming the risks arising from uncertain conditions. The markets in which profits were earned were characterized by incomplete information (Chell, 2008; Hebert & Link, 2009).

Adolph Reidel (1809-1872), form the German School of thought, picked up on Cantillon’s notion of uncertainty and extended it to theorize that entrepreneurs take on uncertainty so others, namely income earners, do not have to be subject to the same uncertainty. Entrepreneurs provide a service to risk-averse income earners by assuming risk on their behalf. In exchange, entrepreneurs are rewarded when they can foresee the impacts of the uncertainty and sell their products at a price that exceeds their input costs (including the fixed costs of the wages they commit to paying) (Hebert & Link, 2009).

Frank Knight (1885-1972) founded the Chicago School of Economics and belonged to the American School of thought. He refined Cantillon’s perspective on entrepreneurs and risk by distinguishing insurable risk as something that is separate from uncertainty, which is not insurable. Some risks can be insurable because they have occurred enough times in the past that the expected loss from such risks can be calculated. Uncertainty, on the other hand, is not subject to probability calculations. According to Knight, entrepreneurs can’t share the risk of loss by insuring themselves against uncertain events, so they bear these kinds of risks themselves, and profit is the reward that entrepreneurs get from assuming uninsurable risks (Casson & Godley, 2005).

Distinction Between Entrepreneur and Manager

Jean-Baptiste Say (1767-1832), also from the French School, advanced Cantillon’s work, but added that entrepreneurship was essentially a form of management. Say “put the entrepreneur at the core of the entire process of production and distribution” (Hebert & Link, 2009, p. 17). Say’s work resulted in something similar to a general theory of entrepreneurship with three distinct functions; “scientific knowledge of the product; entrepreneurial industry – the application of knowledge to useful purpose; and productive industry – the manufacture of the item by manual labour” (Chell, 2008, p. 20).

Frank Knight made several contributions to entrepreneurship theory, but another of note is how he distinguished an entrepreneur from a manager. He suggested that a manager crosses the line to become an entrepreneur “when the exercise of his/her judgment is liable to error and s/he assumes the responsibility for its correctness” (Chell, 2008, p. 33). Knight said that entrepreneurs calculate the risks associated with uncertain business situations and make informed judgments and decisions with the expectation that – if they assessed the situation and made the correct decisions – they would be rewarded by earning a profit. Those who elect to avoid taking these risks choose the relative security of being employees (Chell, 2008).

Alfred Marshall (1842-1924), from the English School of thought, was one of the founders of neoclassical economics. His research involved distinguishing between the terms capitalist, entrepreneur, and manager. Marshall saw capitalists as individuals who “committed themselves to the capacity and honesty of others, when he by himself had incurred the risks for having contributed with the capital” (Zaratiegui & Rabade, 2005, p. 775). An entrepreneur took control of money provided by capitalists in an effort to leverage it to create more money; but would lose less if something went wrong then would the capitalists. An entrepreneur, however, risked his own reputation and the other gains he could have made by pursuing a different opportunity.

Let us suppose that two men are carrying on smaller businesses, the one working with his own, the other chiefly with borrowed capital. There is one set of risks which is common to both; which may be described as the trade risks of the particular business … But there is another set of risks, the burden of which has to be borne by the man working with borrowed capital, and not by the other; and we may call them personal risks (Marshall, 1961, p. 590; Zaratiegui & Rabade, 2005, p. 776).

Marshall recognized that the reward capitalists received for contributing capital was interest income and the reward entrepreneurs earned was profits. Managers received a salary and, according to Marshall, fulfilled a different function than either capitalists or entrepreneurs – although in some cases, particularly in smaller firms, one person might be both an entrepreneur and a manager. Managers “were more inclined to avoid challenges, innovations and what Schumpeter called the ‘perennial torment of creative destruction’ in favour of a more tranquil life” (Zaratiegui & Rabade, 2005, p. 781). The main risks they faced from firm failure were to their reputations or to their employment status. Managers had little incentive to strive to maximize profits (Zaratiegui & Rabade, 2005).

Amasa Walker (1799-1875) and his son Francis Walker (1840-1897) were from the American School of thought, and they helped shape an American perspective of entrepreneurship following the Civil War of 1861-1865. These scholars claimed that entrepreneurs created wealth, and thus played a different role than capitalists. They believed that entrepreneurs had the power of foresight and leadership qualities that enabled them to organize resources and inject energy into activities that create wealth (Chell, 2008).

Entrepreneurship versus Entrepreneur

Adam Smith (1723-1790), from the English School of thought, published An Inquiry into the Nature and Causes of the Wealth of Nations in 1776. In a departure from the previous thought into entrepreneurship and economics, Smith did not dwell on a particular class of individual. He was concerned with studying how all people fit into the economic system. Smith contended that the economy was driven by self-interest in the marketplace (Chell, 2008).

Also from the English School, David Ricardo (1772-1823) was influenced by Smith, Say, and others. His work focused on how the capitalist system worked. He explained how manufacturers must invest their capital in response to the demand for the products they produce. If demand decreases, manufacturers should borrow less and reduce their workforces. When demand is high, they should do the reverse (Chell, 2008).

Carl Menger (1840-1921), from the Austrian School of thought, ranked goods according to their causal connections to human satisfaction. Lower order goods include items like bread that directly satisfy a human want or need like hunger. Higher order goods are those more removed from satisfying a human need. A second order good is the flour that was used to make the bread. The grain used to make the flour is an even higher order good. Entrepreneurs coordinate these factors of production to turn higher order goods into lower order goods that more directly satisfy human wants and needs (Hebert & Link, 2009).

Menger (1950 [1871], p. 160) established that entrepreneurial activity includes: (a) obtaining information about the economic situation, (b) economic calculation – all the various computations that must be made if a production process is to be efficient, (c) the act of will by which goods of higher order are assigned to a particular production process, and (d) supervising the execution of the production plan so that it may be carried through as economically as possible (Hebert & Link, 2009, p. 43).

Entrepreneurship and Innovation

Jeremy Bentham (1748-1832), from the English School of thought, considered entrepreneurs to be innovators. They “depart from routine, discover new markets, find new sources of supply, improve existing products and lower the costs of production” (Chell, 2008).

Joseph Schumpeter’s (1883-1950) parents were Austrian, he studied at the University of Vienna, conducted research at the University of Graz, served as Austria’s Minister of Finance, and was the president of a bank in the country. Because of the rise of Hitler in Europe, he went to the United States and conducted research at Harvard until he retired in 1949. Because of this, he is sometimes associated with the American School of thought on entrepreneurship (Chell, 2008).

Whereas Menger saw entrepreneurship as occurring because of economic progress, Schumpeter took the opposite stance. Schumpeter saw economic activity as leading to economic development (Hebert & Link, 2009). Entrepreneurs play a central role in Schumpeter’s theory of economic development, and economic development can occur when the factors of production are assembled in new combinations .

Schumpeter (1934) viewed innovation as arising from new combinations of materials and forces. He provided the following five cases of new combinations.

• The introduction of a new good – that is one with which consumers are not yet familiar – or of a new quality of good.
• The introduction of a new method of production, that is one not yet tested by experience in the branch of manufacture concerned, which need by no means be founded upon a discovery scientifically new, and can also exist in a new way of handling a commodity commercially.
• The opening of a new market, that is a market into which the particular branch of manufacture of the country in question has not previously entered, whether or not this market has existed before.
• The conquest of a new source of supply of raw materials or half-manufactured goods, again irrespective of whether this source already exists or whether it has first to be created.
• The carrying out of the new organisation of any industry, like the creation of a monopoly position … or the breaking up of a monopoly position (Schumpeter, 1934, p. 66).

Another concept popularized by Schumpeter – in addition to the notion of new combinations – was creative destruction . This was meant to indicate that the existing ways of doing things need to be dismantled – to be destroyed – to enable a transformation through innovation to a new way of doing things. Entrepreneurs use innovation to disrupt how things are done and to establish a better way of doing those things.

Basic Questions in Entrepreneurship Research

According to Baron (2004a), there are three basic questions of interest in the field of entrepreneurship:

• Why do some persons but not others choose to become entrepreneurs?
• Why do some persons but not others recognize opportunities for new products or services that can be profitably exploited?
• Why are some entrepreneurs so much more successful than others (Baron, 2004a, p. 221)?

To understand where these foundational research questions came from and what their relevance is today, it is useful to study what entrepreneurship research has uncovered so far.

Entrepreneurial Uniqueness

Efforts to teach entrepreneurship have included descriptions of entrepreneurial uniqueness based on personality, behavioural, and cognitive traits (Chell, 2008; Duening, 2010).

• Need for achievement
• Internal locus of control (a belief by an individual that they are in control of their own destiny)
• Risk-taking propensity
• Behavioural traits
• Cognitive skills of successful entrepreneurs

Past studies of personality characteristics and behavioural traits have not been overly successful at identifying entrepreneurial uniqueness.

As it turned out, years of painstaking research along this line has not borne significant fruit. It appears that there are simply not any personality characteristics that are either essential to, or defining of, entrepreneurs that differ systematically from non-entrepreneurs…. Again, investigators proposed a number of behavioural candidates as emblematic of entrepreneurs. Unfortunately, this line of research also resulted in a series of dead ends as examples of successful entrepreneurial behaviours had equal counterparts among samples of non-entrepreneurs. As with the personality characteristic school of thought before it, the behavioural trait school of thought became increasingly difficult to support (Duening, 2010, p. 4-5).

This shed doubt on the value of trying to change personality characteristics or implant new entrepreneurial behaviours through educational programs in an effort to promote entrepreneurship.

New research, however, has resurrected the idea that there might be some value in revisiting personality traits as a topic of study. Additionally, Duening (2010) and has suggested that an important approach to teaching and learning about entrepreneurship is to focus on the “cognitive skills that successful entrepreneurs seem uniquely to possess and deploy” (p. 2). In the next sections we consider the new research on entrepreneurial personality traits and on entrepreneurial cognitions.

Entrepreneurial Personality Traits

While acknowledging that research had yet to validate the value of considering personality and behaviour traits as ways to distinguish entrepreneurs from non-entrepreneurs or unsuccessful ones, Chell (2008) suggested that researchers turn their attention to new sets of traits including: “the proactive personality, entrepreneurial self-efficacy, perseverance and intuitive decision-making style. Other traits that require further work include social competence and the need for independence” (p. 140).

In more recent years scholars have considered how the Big Five personality traits – extraversion, agreeableness, conscientiousness, neuroticism (sometimes presented as emotional stability ), and openness to experience (sometimes referred to as intellect) – might be used to better understand entrepreneurs. It appears that the Big Five traits might be of some use in predicting entrepreneurial success. Research is ongoing in this area, but in one example, Caliendo, Fossen, and Kritikos (2014) studied whether personality constructs might “influence entrepreneurial decisions at different points in time” (p. 807), and found that “high values in three factors of the Big Five approach—openness to experience, extraversion, and emotional stability (the latter only when we do not control for further personality characteristics)—increase the probability of entry into self-employment” (p. 807). They also found “that some specific personality characteristics, namely risk tolerance, locus of control, and trust, have strong partial effects on the entry decision” (p. 807). They also found that people who scored higher on agreeableness were more likely to exit their businesses, possibly meaning that people with lower agreeableness scores might prevail longer as entrepreneurs. When it came to specific personality traits, their conclusions indicated that those with an external locus of control were more likely to stop being self-employed after they had run their businesses for a while. There are several implications for research like this, including the potential to better understand why some entrepreneurs behave as they do based upon their personality types and the chance to improve entrepreneurship education and support services.

Entrepreneurial Cognitions

It is only fairly recently that entrepreneurship scholars have focused on cognitive skills as a primary factor that differentiates successful entrepreneurs from non-entrepreneurs and less successful entrepreneurs. This approach deals with how entrepreneurs think differently than non-entrepreneurs (Duening, 2010; Mitchell et al., 2007).

Entrepreneurial cognitions are the knowledge structures that people use to make assessments, judgments or decisions involving opportunity evaluation and venture creation and growth. In other words, research in entrepreneurial cognition is about understanding how entrepreneurs use simplifying mental models to piece together previously unconnected information that helps them to identify and invent new products or services, and to assemble the necessary resources to start and grow businesses (Mitchell, Busenitz, et al., 2002, p. 97).

Mitchell, Smith, et al. (2002) provided the example of how the decision to create a new venture (dependent variable) was influenced by three sets of cognitions (independent variables). They described these cognitions as follows:

Arrangements cognitions are the mental maps about the contacts, relationships, resources, and assets necessary to engage in entrepreneurial activity; willingness cognitions are the mental maps that support commitment to venturing and receptivity to the idea of starting a venture; ability cognitions consist of the knowledge structures or scripts (Glaser, 1984) that individuals have to support the capabilities, skills, norms, and attitudes required to create a venture (Mitchell et al., 2000). These variables draw on the idea that cognitions are structured in the minds of individuals (Read, 1987), and that these knowledge structures act as “scripts” that are the antecedents of decision making (Leddo & Abelson, 1986, p. 121; Mitchell, Smith, et al., 2002, p. 10)

Cognitive Perspective to Understanding Entrepreneurship

According to Baron (2004a), by taking a cognitive perspective, we might better understand entrepreneurs and the role they play in the entrepreneurial process.

The cognitive perspective emphasizes the fact that everything we think, say, or do is influenced by mental processes—the cognitive mechanisms through which we acquire store, transform, and use information. It is suggested here that this perspective can be highly useful to the field of entrepreneurship. Specifically, it can assist the field in answering three basic questions it has long addressed: (1) Why do some persons but not others choose to become entrepreneurs? (2) Why do some persons but not others recognize opportunities for new products or services that can be profitably exploited? And (3) Why are some entrepreneurs so much more successful than others (Baron, 2004a, p. 221-222)?

Baron (2004a), illustrated how cognitive differences between people might explain why some people end up pursuing entrepreneurial pursuits and others do not. For example, prospect theory (Kahneman & Tversky, 1977) and other decision-making or behavioural theories might be useful in this regard. Research into cognitive biases might also help explain why some people become entrepreneurs.

Baron (2004a) also revealed ways in which cognitive concepts like signal detection theory, regulation theory, and entrepreneurial might help explain why some people are better at entrepreneurial opportunity recognition. He also illustrated how some cognitive models and theories – like risk perception, counterfactual thinking, processing style, and susceptibility to cognitive errors – might help explain why some entrepreneurs are more successful than others.

Cognitive Perspective and the Three Questions

• Prospect Theory
• Cognitive Biases
• Signal Detection Theory
• Regulation Theory
• Entrepreneurial Alertness
• Risk Perception
• Counterfactual Thinking
• Processing Style
• Susceptibility to Cognitive Errors

Entrepreneurial Scripts

• “Cognition has emerged as an important theoretical perspective for understanding and explaining human behavior and action” (Dutta & Thornhill, 2008, p. 309).
• Cognitions are all processes by which sensory input is transformed, reduced, elaborated, stored, recovered, and used (Neisser, 1976).
• Cognitions lead to the acquisition of knowledge, and involve human information processing.
• Is a mental model, or information processing short-cut that can give information form and meaning, and enable subsequent interpretation and action.
• The subsequent interpretation and actions can result in expert performance … they can also result in thinking errors.
• the processes that transfer expertise, and
• the actual expertise itself.
• Scripts are generally framed as a linear sequence of steps, usually with feedback loops, that can explain how to achieve a particular task – perhaps like developing a business plan.
• Sometimes scripts can be embedded within other scripts. For example, within a general venturing script that outlines the sequences of activities that can lead to a successful business launch, there will probably be sub-scripts describing how entrepreneurs can search for ideas, screen those ideas until one is selected, plan how to launch a sustainable business based upon that idea and including securing the needed financial resources, setting up the business, starting it, effectively managing its ongoing operations, and managing the venture such that that entrepreneur can extract the value that they desire from the enterprise at the times and in the ways they want it.
• The most effective scripts include an indication of the norms that outline performance standards and indicate how to determine when any step in the sequence has been properly completed.

General Venturing Script

Generally, entrepreneurship is considered to consist of the following elements, or subscripts (Brooks, 2009; Mitchell, 2000).

• Idea Screening
• Planning and Financing
• Ongoing Operations

Searching (also called idea formulation or opportunity recognition)

• This script begins when a person decides they might be a potential entrepreneur (or when an existing entrepreneur decides they need more ideas in their idea pool ).
• This script ends when there are a sufficient number of ideas in the idea pool.
• overcome mental blockages to creativity which might hinder this person’s ability to identify viable ideas;
• implement steps to identify a sufficient number of ideas (most likely 5 or more) which the person is interested in investigating to determine whether they might be viable given general criteria such as this person’s personal interests and capabilities;

Idea Screening (also called concept development)

• This script begins when the person with the idea pool is no longer focusing on adding new ideas to it; but is instead taking steps to choose the best idea for them given a full range of specific criteria .
• This script ends when one idea is chosen from among those in the idea pool.
• Evaluate the political, economic, social, technological, environmental, and legal climates
• Evaluate the degree of competitiveness in the industry, the threat of substitutes emerging, the threat of new entrants to the industry, the degree of bargaining power of buyers, and the degree of bargaining power of suppliers.
• Do a market profile analysis to assess the attractiveness of the position within the industry that the potential venture will occupy.
• Formulate and evaluate potential strategies to leverage organizational strengths, overcome/minimize weaknesses, take advantage of opportunities, and overcome/minimize threats;
• Complete financial projections and analyze them to evaluate financial attractiveness;
• Assess the founder fit with the ideas;
• Evaluate the core competencies of the organization relative to the idea;
• Assess advice solicited from trusted advisers

Planning and Financing (also called resource determination and acquisition)

• This script begins when the idea screening script ends and when the person begins making the plans to implement the single idea chosen from the idea pool, which is done in concert with securing financing to implement the venture idea.
• This script ends when sufficient business planning has been done and when adequate financing has been arranged.
• The scripting process involves a logical flow of steps to develop a business plan and secure adequate financing to start the business.

Set-Up (also called launch)

• This script begins when the planning and financing script ends and when the person begins implementing the plans needed to start the business.
• This script ends when the business is ready to start-up.
• The scripting process involves a logical flow of steps, including purchasing and installing equipment, securing the venture location and finishing all the needed renovations, recruiting and hiring any staff needed for start-up, and the many other steps needed to prepare for start-up.
• Start-Up (also called launch)
• This script begins when the set-up script ends and when the business opens and begins making sales.
• This script ends when the business has moved beyond the point where the entrepreneur must continually fight for the business’s survival and persistence. It ends when the entrepreneur can instead shift emphasis toward business growth or maintaining the venture’s stability.
• The scripting process involves a logical flow of steps needed to establish a new venture.

Ongoing Operations (also called venture growth)

• This script begins when the start-up script ends and when the business has established persistence and is implementing growth (or maintenance) strategies.
• This script ends when the entrepreneur chooses to harvest the value they generated with the venture.
• The scripting process involves a logical flow of steps needed to grow (or maintain) a venture.

Studying Entrepreneurship

The following quotations from two preeminent entrepreneurship and entrepreneurship education researchers indicate the growing interest in studies in this field.

Entrepreneurship has emerged over the last two decades as arguably the most potent economic force the world has ever experienced. With that expansion has come a similar increase in the field of entrepreneurship education. The recent growth and development in the curricula and programs devoted to entrepreneurship and new-venture creation have been remarkable. The number of colleges and universities that offer courses related to entrepreneurship has grown from a handful in the 1970s to over 1,600 in 2005 (Kuratko, 2005, p. 577).

Interest in entrepreneurship has heightened in recent years, especially in business schools. Much of this interest is driven by student demand for courses in entrepreneurship, either because of genuine interest in the subject, or because students see entrepreneurship education as a useful hedge given uncertain corporate careers (Venkataraman, 1997, p. 119).

Approaches to Studying Entrepreneurship

Entrepreneurship is a discipline, which means an individual can learn about it, and about how to be an effective entrepreneur. It is a myth that people are born entrepreneurs and that others cannot learn to become entrepreneurs (Drucker, 1985). Kuratko (2005) asserted that the belief previously held by some that entrepreneurship cannot be taught has been debunked, and the focus has shifted to what topics should be taught and how they should be covered.

Solomon (2007) summarized some of the research on what should be covered in entrepreneurship courses, and how it should be taught. While the initial focus was on actions like developing business plans and being exposed to real entrepreneurs, more recently this approach has been supplemented by an emphasis on technical, industry, and personal experience. “It requires critical thinking and ethical assessment and is based on the premise that successful entrepreneurial activities are a function of human, venture and environmental conditions” (p. 172). Another approach “calls for courses to be structured around a series of strategic development challenges including opportunity identification and feasibility analysis; new venture planning, financing and operating; new market development and expansion strategies; and institutionalizing innovation” (p. 172). This involves having students interact with entrepreneurs by interviewing them, having them act as mentors, and learning about their experiences and approaches through class discussions.

Sources of Information for Studying Entrepreneurship

According to Kuratko (2005), “three major sources of information supply the data related to the entrepreneurial process or perspective” (p. 579).

• Academic journals like Entrepreneurship Theory and Practice , Journal of Business Venturing , and Journal of Small Business Management
• Proceedings of conferences like Proceedings of the Academy of Management and Proceedings of the Administrative Sciences Association of Canada
• Textbooks on entrepreneurship
• Books about entrepreneurship
• Biographies or autobiographies of entrepreneurs
• News periodicals like Canadian Business and Profit
• Trade periodicals like Entrepreneur and Family Business
• Government publications available through sources like the Enterprise Saskatchewan and Canada-Saskatchewan Business Service Centre (CSBSC) websites and through various government resource centers
• Data might be collected from entrepreneurs and about entrepreneurs through surveys, interviews, or other methods applied by researchers.
• Speeches and presentations by practicing entrepreneurs

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Entrepreneurship Essay

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Disclaimer: This paper has been submitted by a student. This is not a sample of the work written by professional academic writers.

Any opinions, findings, conclusions or recommendations expressed in this work are those of the authors and do not necessarily reflect the views of StudySaurus.

While entrepreneurship is exciting and rewarding, it has some difficulties early on in the process. This means that becoming an entrepreneur doesn’t just come easy as one has to go through dozens of hardships and challenges along the way. If somebody asked me what the hardest thing about being an entrepreneur is, I would not hesitate to say it is the part of making decisions. Entrepreneurs every day in their businesses are forced to make some hard decisions on market conditions, accepting or declining business deals, prices, and costs.

There are a million reasons to love being an entrepreneur. However, if someone asked me what I do think would be most fun about being an entrepreneur, I would consider the part of being my own boss where I can set my own schedule with no one to dictate what I should do (FEDERICO, 2015). I love this freedom where I can only answer to myself.

While a good entrepreneur has to be a good manager, a good manager may not necessarily be a good entrepreneur. Most managers have a strong dislike in taking risks. On the other hand, a good entrepreneur has a high propensity for taking risks. Entrepreneurs are also higher in achievement motivation and preference for innovation compared to managers.

For a business to succeed, there has to be good management. There are common attributes that make good managers and, it is these attributes that determine the success or the failure of the business. Some of the characteristics that make a good manager include; good leadership, exemplary communication skills, willingness to innovate, willingness to focus on diversity, accountability, effective decision making, honesty, problem-solving, assertive, goal-oriented, open-minded among others (Leddy, 2017).

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Peter Drucker Challenge Essay Contest 2024 for students & young entrepreneurs (€ 4,000+ cash prize).

Application Deadline: May 31st, 2024

Applications are now open for the 2024 Peter Drucker Challenge Essay Contest. The Global Peter Drucker Challenge Essay Contest is an international essay competition held annually by the Drucker Society Europe, in conjunction with the  Drucker Forum . The Challenge explores a current topic in management – typically related to the theme of the Forum – in the context of Peter Drucker’s human-oriented management philosophy.

Requirements

• The Challenge is open to students (Bachelors, Masters, MBA, and PhD) and young professionals, 18 to 35 years old (inclusive of both ages)

General requirements

• You must be 18-35 years old (inclusive of both ages)  
• You are not a Drucker Challenge Laureate, nor have you participated in the Drucker Forum in this capacity before). I.e. You are not a former winner/runner up/finalist of the Drucker Challenge. > if you were previously a student (as per your application form) and are now embarking on a career at a university; > if you were previously a student (according to your application form) and meanwhile moved on to become a manager or entrepreneur

Essay category requirements You can submit one essay to participate as either a student or manager or entrepreneur. (Please mention your main occupation in the  submission form )

Student category

• You are a part-time or full-time student (Bachelors, Masters, MBA, or PhD) or you are seeking your first opportunity after the completion of your last degree

Professional category

• manager of people, projects, budgets, and/or processes
• an entrepreneur or business owner
• licensed professional
• social volunteer or community leader

The prizes are as follows:

• First Place (Gold): € 2.000
• Second Place (Silver) € 1.200
• Third Place (Bronze) € 1.000

Essay Format

• Words: 1500 to 3000 (excluding footnotes and any graphics) as PDF or word document
• Font size: 12 points
• Language: English
• Anonymity: Your name must not be included anywhere in the essay

Exclusivity

Entries must be produced exclusively by you (no group work) for the specific purpose of this competition, and must not have been published elsewhereOriginality

The essay must be written entirely and exclusively by the participant. The essay must not be written with assistance from tools like Chat-GPT, or any other Generative AI tools or similar software. Entries submitted thus will be disqualified and their authors will not be allowed to participate in the contest again.

• MARCH 10 : SUBMISSION OPEN
• APRIL 15 : FREE VIRTUAL INFO SESSION
• MAY 31 : SUBMISSION DEADLINE
• NOV. 14–15 : GLOBAL PETER DRUCKER FORUM
• NOV. 14 : AWARD CEREMONY

For More Information:

Visit the Official Webpage of the Peter Drucker Challenge Essay Contest

Connecting Africans to the latest life changing Opportunities around the Globe. [email protected] | [email protected]

The Africa Fact-checking Fellowship – Ethiopia (AFF-ETH) 2024 for Ethiopian Content Creators.

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Entrepreneurship: Who Is Entrepreneur? Essay

Introduction, professor wangari maathai: a social entrepreneur, opportunity filled by professor maathai, conception of her ideas, works cited.

An entrepreneur is an individual who uses ideas to identify opportunities and undertake the process of acquisition and allocation of resources for the creation of value. This paper seeks to give an overview of an entrepreneur. The paper will identify an entrepreneur and illustrate a specific entrepreneurial process undertaken by the individual.

Professor Wangari Maathai is a widely recognized leader for her involvement in social investments and her environmental concerns. Her recognition was acclimatized by her Nobel Prize award which she won in the year 2004. This particular award made her an outstanding figure owing to the fact that Nobel peace prize is a globally coveted award that is associated with globally celebrated leaders such as president Barrack Obama of the United States.

Her award however came as a result of her entrepreneurial initiatives in environmental conservation. Maathai started her tree planting initiative as a local move that later spread to be a national movement in her country Kenya before spreading to other African countries in the name of Green Belt movement (Nobelprize 1).

Entrepreneurial opportunities are defined as circumstances through which “new goods, services, raw materials, markets and organizing methods can be introduced through formation of” (Eckhardt and Shane 336) new initiatives. The opportunities can thus be identified as situations that drive the move to undertake entrepreneurship.

Professor Wangari Maathai was an established leader in a nationwide organization in her country of which she was a member in the period ranging from the year 1976 to the year 1987. In this time frame, Wangari became the chairperson of the organization, national council of women of Kenya, in the year in the year 1981 and served for about six years. It was during her service as the organizations chair that she established her initiative into tree planting.

Her leadership in the organization is particularly identified as her opportunity in her move since members of the organization, women, were the initial tools that were used to spearhead the initiative. The other opportunity that the entrepreneur identified was the depletion of the natural vegetation that was calling for voluntary investment into its restoration.

Her country, having suffered from the impacts of colonial inversion that cleared the natural vegetation for agricultural land had led to vast deforestation of the region. Her academic background that was based on biological and environmental studies must have also prioritized her interest in the move to ensure environmental restoration and conservation (Greenbelt 1).

The idea to the initiative of planting trees as was established by Wangari was based on the social issues that people especially women were faced with in her immediate society. Factors such as availing firewood for fuel consumption, controlling soil erosion and establishment and preservation of water catchment area were her key issues besides fighting poverty and moves for women’s rights.

The conception of her ideas into investing on tree planting was thus based on her environmental and social concerns. The key to her success was her leadership ability that saw her influence women at grass root levels and even outside her country for the success of her project and the international adoption of the greenbelt movement (Clinton 1).

The development of the successful tree planting initiative that was later globally recognized illustrates Wangari as an influential leader, an attribute that I personally choose to emulate.

Clinton, Bill. Stories from Africa . Clinton Foundation, n.d. Web.

Eckhardt, Jonathan and Shane, Scott. Opportunities and entrepreneurship . Waetherhead, 2003. Web.

Greenbelt. About Wangari Maathai . Green Belt Movement, 2011. Web.

Nobelprize. The Nobel peace prize 2004: Wangari Maathai . Nobel Prize, 2004. Web.

• Chicago (A-D)
• Chicago (N-B)

IvyPanda. (2022, March 23). Entrepreneurship: Who Is Entrepreneur? https://ivypanda.com/essays/inside-the-entrepreneur/

"Entrepreneurship: Who Is Entrepreneur?" IvyPanda , 23 Mar. 2022, ivypanda.com/essays/inside-the-entrepreneur/.

IvyPanda . (2022) 'Entrepreneurship: Who Is Entrepreneur'. 23 March.

IvyPanda . 2022. "Entrepreneurship: Who Is Entrepreneur?" March 23, 2022. https://ivypanda.com/essays/inside-the-entrepreneur/.

1. IvyPanda . "Entrepreneurship: Who Is Entrepreneur?" March 23, 2022. https://ivypanda.com/essays/inside-the-entrepreneur/.

Bibliography

IvyPanda . "Entrepreneurship: Who Is Entrepreneur?" March 23, 2022. https://ivypanda.com/essays/inside-the-entrepreneur/.

• Professor Wangari Maathai: Life and Success
• Wangari Maathai's First Person Experience in "Unbowed: A Memoir"
• Impacts on Kenya Since Its Independence
• The Role of Famous Figures in History
• Modern-Day Heroes in Society
• Humanity Development: Where Do We Go From Here?
• Alfred Nobel as an Explosives Inventor
• Alfred Nobel's Role in Developing and Improving Explosives
• A Tree Planting Project Management Report
• Project Management of tree planting
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Jewish Life Stories: A tech couple killed in a private plane crash, a Holocaust survivor who arrested a top Nazi

This article is also available as a weekly newsletter, “Life Stories,” where we remember those who made an outsize impact in the Jewish world — or just left their community a better or more interesting place. Subscribe here to get “Life Stories” in your inbox every Tuesday .

Liron, 57, and Naomi Petrushka, 58, husband-and-wife tech entrepreneurs killed in a private plane crash

Tech entrepreneurs  Liron and Naomi Petrushka , husband-and-wife co-founders of CommerceOne, an e-commerce site, died March 30 in a private plane crash near their home in Incline Village, Nevada. Liron was flying the couple’s single-engine plane on a trip home after visiting one of their sons in Denver.

Before becoming a tech investor and founder, Liron, 57, from Ramat Gan, Israel, was a professional soccer player for Hapoel Ramat Gan Givatayim. Naomi, 58, of Illinois, was an adjunct professor at the University of Nevada, Reno, and also headed Petrushka Investments. They were both well-known to the Israeli community in Silicon Valley, where they lived for more than 20 years, J., the Jewish weekly of Northern California, reported .

“They were so approachable. Some people — they say money changes them. They stayed humble,” Ron Petel, a Silicon Valley Israeli tech investor, told J. “Anytime I needed advice on a company, we would meet for coffee. If I had issues with my kids that I needed help with, he would advise.”

They are survived by their three sons, including Jordan, who has played on Israel’s national baseball team .

Norman A. Miller, 99, survivor who arrested a high-ranking Nazi

Norman Miller enlisted in the British Army and identified a Nazi minister who played a role in deporting Dutch Jews to labor camps. (Screenshot courtesy US Holocaust Memorial Museum)

Norman A. Miller ’s family knew that he was a German-Jewish refugee who lost his parents and sister in the Holocaust, and that after the war he made his way to New York City where he became a tool and die maker, mostly in the Bronx. What they didn’t know until 1999 was that as a member of an infantry unit in the British army he captured Arthur Seyss-Inquart, a high-ranking Nazi who shared responsibility for the deportation of Dutch Jews.

“I told you I arrested him, didn’t I?” Miller told his sons on a visit to the U.S. Holocaust Memorial Museum. He later shared the story in  an oral history interview  with the museum in 2013 and in  a 2023 segment on NBC New York .

“I mean, I wasn’t overjoyed,” he said of his capture of Seyss-Inquart, who was executed for his crimes. “It didn’t help bring my parents back, my family back.”

Miller died Feb. 24 in a hospital in Manhattan . He was 99.

Frederick Golomb, 99, pioneering physician who waged war on cancer

Dr. Frederick Golomb was a trailblazer in chemoimmunotherapy, and an avid mountaineer. (Courtesy NYU Grossman School of Medicine,)

Frederick Golomb ’s father founded the Everlast sporting goods company, best known for its boxing equipment. But after serving in the 10th Mountain Division in World War II (and earning a Purple Heart for battlefield surgery in Korea), Golomb took up a different kind of fight: As professor of surgery at NYU’s Grossman School of Medicine, he became a trailblazer in chemoimmunotherapy and developed numerous surgical techniques in the battle against cancer.

He was also  a pioneer of day surgery, performing safe, cost-efficient procedures at NYU  based on the methods he learned while operating on wounded soldiers.

Outside the operating room, Golomb was an accomplished mountaineer, swimmer and, starting in his 80s, paraglider. To celebrate his 90th birthday, he swam across the Hudson River beneath the George Washington Bridge.

Golomb died March 25 at age 99. His survivors include his daughter, the literary agent Susan Golomb, and his son James, a neurologist at NYU.

Stanley L. Blumenstein, 77, former principal of famed Bronx High School of Science

A physics teacher at Bronx Science, Stanley Blumenstein was its principal from 1994 until 2000. (Courtesy Bronx Science Alumni Foundation)

Stanley L. Blumenstein  of Hewlett, New York, who served as principal of the Bronx High School of Science from 1994 to 2001, died March 29. He was 77.

A 1963 alumnus of the prestigious public high school, where for the first 40 years after its founding in 1938 a majority of its students were Jewish, he returned to teach physics. He was known for monthly “Lunch with the Principal” sessions, encouraging students to discuss things they hoped to fix.

After stepping down, he remained a champion of the school and a writer of letters to the New York Times, where he defended merit-based admissions at a time when the school was under pressure to expand its acceptance of disadvantaged students. “Don’t attack the entrance exam that has successfully produced a prodigious cadre of graduates for decades — Nobel laureates; Pulitzer Prize winners; distinguished leaders in the arts, sciences, business and government,”  he wrote in 2021 . “Rather, it’s the root cause that must be addressed, namely, the lack of preparation students receive in grades K-8.”

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