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Samenvatting The Entrepreneurial Dilemma in the Life Cycle of the Small Firm, ISBN: 9781789733167 Entrepreneurship in Artificial Intelligence and Analytics
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1.1 Entrepreneurship- Theoretical positioning of entrepreneurship traced back to the eighteenth century.
- First book: Essai sur la Nature du Commerce en General - Richard Cantillon 1730.
Entrepreneur is seen as the person who accepts the risks that are associated with
uncertainty in the future.
- Second book: Traite d’Economie Politique - Jean Baptiste Say 1803. Entrepreneur is
seen as the coordinator in the production processes and in the distribution processes
of goods.
- Most important/influential scientists in context of entrepreneurship: Joseph
Schumpeter. Focused on relationship between entrepreneurship and innovation.
- Entrepreneur by the Oxford Dictionary: a person who starts or organizes a
commercial enterprise, especially one involving financial risk.
- Entrepreneurship: the creation, discovery, and exploitation of value-adding
opportunities.
- Creation: the process of going from nothing to something, or the process of going
from something less to something more.
- 6 forms of innovation: new products and services, new production processes, new
markets, new inputs, new organizations, and new brands.
- Discovery: bringing in something that already existed or applying something that
already existed in a new context.
- Exploitation: extracting value from the entrepreneurial idea.
- Valley of entrepreneurial death: between the entrepreneurial idea and the final
market success.
- Value-adding: the concept of value can be seen as worth or usefulness.
- Three forms of value: economic value, social value and ecological value. (Triple P)
- Opportunities: favourable circumstances.
- Distinction opportunities: opportunity discovery, opportunity creation, opportunity
exploitation.
- Sustainable entrepreneurship: leading the firm by making balanced choices between
economic value, social value and ecological value. (PPP)
1.2 Innovation
- Innovation: the successful market introduction of something new.
- Successful market introduction: the actual adoption by buyers/users.
- Market may be internal (within the firm) or external (local, regional, national,
international)
- Levels of newness: new to the firm, to the region, to the country or to the world.
- Radical new: disruptive, not comparable to anything known before.
- Incremental new: the innovation is somehow related to one or more predecessors
and as such that the innovation is not completely new.
- 6 different forms of innovation:
1. new products and services
2. new production processes
3. new markets
4. new inputs
5. new organizational forms
, 6. new brands
- Frugal innovation: reduce the complexity of a product and thus limit the costs of
products.
- Open innovation: not a closed process by one organization only but that innovation
requires collaboration with other organizations, in the pursuit of success.
- Four pillars of open innovation:
1. User innovation: innovations are co-developed with the end-users.
2. Regimes of appropriation: efficiency & effectiveness of the legal mechanisms
of protection.
3. Absorptive capacity: ability to recognize value of new information and apply
this for commercial purposes.
4. Strategic alliances: collaboration provide necessary innovative capacities.
- Triple Helix: collaboration between public sector, private sector and knowledge sector
is indispensable for the aim to be successful in innovation.
- → Control, wealth generation and novelty production.
- Innovation ecosystem: whole set of players that are relevant for the innovation
performance in a certain physical area.
- Four indicators of the vibrancy/strength of the entrepreneurial ecosystem in a certain
region: density, fluidity, connectivity and diversity.
1.3 Sustainable Entrepreneurship
- Also called corporate social responsibility.
- Sustainable development: “meets the needs of the present without compromising the
ability of future generations to meet their own needs”
- Start of modern thinking in field of sustainable development: 1987 by Brundtland
Committee.
- 1990s John Elkington: Triple P bottom line approach.
- 5 stages in development of entrepreneurs were distinguished by Elkington:
1. Eureka
2. Experimentation
3. Enterprise
4. Ecosystem
5. Economy
- Green washing: the practice of firms to present their products, services and policies
as sustainable while they are not, or as more sustainable then they actually are, also
known as window dressing.
- Entrepreneurial motivation: pull factors and push factors, financial factors and
non-financial factors, intrinsic motivation and extrinsic motivation. Combination of
factors.
- Pull factors are more important than push factors.
- Is sustainable entrepreneurship profitable or loss-making?
- Iterative relationship between the economic performance of firm and social
engagement/ecological engagement.
1.4 Characteristics of Small Businesses
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