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Entrepreneurship theory and practiceChapter 1 The search for entrepreneurship
Entrepreneurship is seen as a fundamentally important part of modern
economic and social life. Entrepreneurs play a key role in our societies. As there
are many different definitions of entrepreneurship we can usefully categorise
them according to three main ‘dimensions of entrepreneurship’, which focus
attention on behaviors, processes and outcomes.
The basic premise of many governments is that entrepreneurship is a source of
potential benefit for society as a whole. If entrepreneurs generates wealth and
jobs, it is a good news story, and one that can and should be supported. Typically,
policy support for entrepreneurship at this level is equated with (1) stimulating
the setting up of new businesses, and (2) encouraging more innovative which
will have the potential to grow at a fast rate.
1. Large companies
In a corporate context, entrepreneurship is associated positively with
innovation and growth. It may also be associated negatively with a group
of people who, frankly, are difficult to manage. There is an obvious
dilemma for large organizations here. On the one hand, the imperative to
innovate, in order to keep ahead of the competition, demands employees
who can bring this innovation about. On the other hand, such people are
often seen as mavericks and troublesome by the management.
2. Small and Medium-sized enterprises (SMEs)
Many small business owners would think of themselves as entrepreneurs
(and vice versa).
Entrepreneurs are those persons who seek to generate value, through the
creation or expansion of economic activity, by identifying and exploiting new
products, processes or markets.
Entrepreneurial activity is the enterprising human action in pursuit of the
generation of value, through the creation or expansion of economic activity, by
identifying and exploiting new products, processes or markets.
Entrepreneurship is the phenomenon associated with entrepreneurial activity.
Entrepreneurial perspectives
The functional perspective leads with a conceptualization of the
entrepreneur’s interaction with his of her environment. It is interested to
understand what the entrepreneurs actually does.
The personality perspective takes the premise that certain individuals
possess a distinctive range of personality characteristics which are
sufficiently stable and enduring to predispose them to entrepreneurial
activity.
The behavioral perspective the principal aim of this perspective is,
then, to explain the functions, activities, and actions associated with the
perceiving of opportunities and the creation of organizations to pursue
them.
, The dynamic learning perspective goes beyond the start-up phase to
consider the complex ways in which entrepreneurs learn to adapt as their
enterprises grow.
Chapter 2 The properties of entrepreneurship
When we talk about entrepreneurship we have a process in mind – a process
which involves specific outcomes relating to the introduction of new economic
activity. There are 2 general characteristics of creativity.
1. Difference or novelty
2. Individual talent or vision which is expressed through creative
individuals.
Creativity is seen as both novel and valuable. Innovation is more concerned with
any change often as a result of some technological advantage.
Opportunity recognition = Recognizing creativity (before it is
shown to be novel and valuable)
Whilst we define creativity as being both novel and valuable, we distinguish the
opportunity as normally being both novel and economically valuable. Creativity
does not have to be recognized in order to exist – but we do have to recognize an
opportunity.
One of the reasons that scholars have found it so difficult to pin down
entrepreneurship is because it is an ‘emergent phenomenon’ or the whole is
greater that the sum of the parts.
, The innermost layer is our creative potential. This is our ability to make
discoveries about the world around us.
The next layer up is the entrepreneurial project – where we can first
identify the opportunity, following a hunch, a feeling or an intuition. It is
at this point that we reflect on the idea(s) floating around our
subconscious and bring them to conscious part of our thinking. We begin
to map out the idea in earnest and start to develop some kind of strategy
for how we will achieve it.
The next layer is probably the most important of all – opportunity
recognition. This is where we recognize that we have a potentially
valuable and new idea. It is on the basis of this recognition that we take
the decision to follow through with our strategy, or revise it in such as
way so as to be able to implement it successfully. This involves our careful
judgement and decision-making, as well as appropriate recombination of
resources.
With our new product or service now being exchanged successfully in the
market we have reached the staged called innovation. It is not enough just
to have proved the concept; we now need to deliver the new product and
services on a scale that will bring us a sustainable economic value.
Appropriating this economic value, is then the final stage in the
entrepreneurial journey.
An emergent definition of entrepreneurship would be:
Entrepreneurship is the emergent process of recognizing and communicating
creativity such that the resulting economic value can be appropriated by those
involved.
There are two distinctive feature of opportunity recognition.
1. Cognitive and rational decision-making and judement; and
2. Resource recombination
Entrepreneurs will need the right mix of management skills in order to sustain
the level of business required. Two sets of skills are needed:
1. Those relating to the qualification of goods and services and;
2. Those required in the organization of tasks.
Chapter 3 Entrepreneurship and innovation
Innovation is the process of taking new ideas effectively and profitability
through to satisfied customers. Modern-day understanding is that innovation is a
process of turning ideas into new opportunities for value creation and putting
these into widely used practice.
There are three types of innovation
1. Incremental innovation (minor difference to daily routine. For example:
schedule of a team meeting)
2. Radial innovation (radically affect the nature of the organization and the
industry it competes in for example Amazon and the book trade)
3. Transformational innovation (is the most difficult because it changes the
way we live and often makes big companies, even whole industries,
obsolete in a short period of time. For example: the internet)
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