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Summary of all Articles The Entrepreneurial Venture (E_ENT_TEV)
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The Entrepreneurial Venture ArticlesWeek 1.
Article 1. DIAGNOSING COVID-19 IMPACTS ON
ENTREPRENEURSHIP: EXPLORING POLICY REMEDIES FOR
RECOVERY
https://www.gemconsortium.org/reports/covid-impact-report
Policymakers need to create cohesive, holistic and conducive frameworks
in order for entrepreneurs to flourish in a post COVID-19 world. This is
among the key takeaways from the new Global Entrepreneurship Monitor
(GEM) report entitled Diagnosing COVID-19 Impacts on Entrepreneurship -
Exploring Policy Remedies for Recovery.
Several broad themes emerged as principles policymakers should consider
moving forward based on analysis provided by 54 GEM National Teams.
These principles can best be summarised by the acronym CRISP:
Clear and concise communication of policies so as many
entrepreneurs as possible can benefit from policies.
Resilience and responsibility in public policy that is conducive to
creating new ventures and growth of existing companies. Resilience
requires robustness in policymaking by adopting a holistic and multi-
dimensional approach. Responsibility entails adopting long-term
thinking about policies (not limited by election timelines), and taking
actions that are based on thorough analysis and data related to the
needs of entrepreneurs and gaps in the entrepreneurial ecosystem.
This is extremely important because policy decisions – even if they
produce economic payoffs – can sometimes have unintended social
and environmental side effects that are harmful.
Innovating by deploying new processes, tools and practices that
are used for policy design and development, which result in better
problem solving of current and future issues facing society, and
ultimately help entrepreneurs grasp opportunities.
Simplifying policies so particularly new entrants from the informal
sector will be able to navigate the new, formal business context.
Preparation, as policymakers should spend time preparing for a
potential new wave of COVID-19.
The GEM model acknowledges that entrepreneurial activity does not take
place in isolation. It is shaped by a set of social, cultural, political and
,economic contextual factors that are encapsulated in the nine pillars that
go into the GEM Entrepreneurial Framework conditions. Every year, at
least 36 experts from each GEM country assess whether these nine
conditions are supporting new and growing businesses. In summary, these
include:
1) Access to entrepreneurial finance
2) Government policy (including support, relevance, taxes and
bureaucracy)
3) Government entrepreneurship programmes
4) Entrepreneurship education
5) Research and development transfers
6) Commercial and professional infrastructure
7) Ease of entry
8) Physical infrastructure
9) Social and cultural norms
Article 2. The entrepreneurial dilemma in the life cycle of the
small firm: How the firm and the entrepreneur change during the
life cycle of the firm, or how they should change. Emerald
Publishing.
Masurel, E. (2019).
file:///Users/jelle/Downloads/Theoretical%20Background%20of
%20Entrepreneurship%20Chapter%201%20.pdf
Chapter 1.1 Theoretical Background of Entrepreneurship
The meaning of the word “entrepreneur” is described by the Oxford
Dictionary as “a person who starts or organizes a commercial enterprise,
especially one involving financial risk.”
The main definition of entrepreneurship in this book clearly holds these
five elements: creation, discovery, exploitation, value adding, and
opportunities.
- Creation stands for the process of going from nothing to something, or,
more pragmatically, the process of going from something less to
something more. In this respect, entrepreneurship clearly connects to
innovation. Greatly based on the earlier mentioned seminal work by
Schumpeter (1934), six forms of innovation can be distinguished: new
products and services, new production processes, new markets, new
inputs, new organizations, and new brands. The main addition of the
author of this book to Schumpeter’s works is the addition of “and services”
to “new products” and the addition of new brands to the old list of five
forms of innovation.
,- The second element in the definition of entrepreneurship (viz. discovery)
means bringing in something that already existed or applying something
that already existed in a new context. The increasing use of the internet
and social media by senior citizens can be pointed at, as an example of
discovery, as the elderly formed one of the demographic groups that were
lagging behind in the use of internet and social media, compared with the
younger people, whereas in principle the elderly use internet and social
media in the same way as the younger people do. The growing number of
elderly even forms an interesting market for entrepreneurs. So, discovery
has more or less to do with incremental innovations, based on existing
points of departure, whereas previous mentioned creation has more to do
with radical innovations, closer to a start from scratch.
- The third element in the definition of entrepreneurship that is used in this
book, viz. exploitation, in this context means extracting value from the
entrepreneurial idea. Exploitation, thus, makes the entrepreneurial idea
more worth and/or more useful. Between an entrepreneurial idea, on the
one hand, and the final market success, on the other, lies to the so-called
valley of entrepreneurial death. Many promising entrepreneurial ideas fail
to reach the market in the end and they drop prematurely in this valley of
entrepreneurial death, as proverbial prey for the vultures and only
bleached skulls are left, under a burning sun. Only a limited number of
entrepreneurial ideas will successfully reach the market in the end. Proper
preparation of entrepreneurial activities and ditto business planning
clearly contribute to bridging this gap, surviving the valley of
entrepreneurial death, and eventually achieving entrepreneurial success.
In other words, creation and discovery alone are not enough for
entrepreneurial success; exploitation is indispensable for entrepreneurial
success as well.
- Value-adding is the fourth element of the definition of entrepreneurship
that is used in this book. The concept of value can be seen as worth or
usefulness. More specifically, in entrepreneurship, value may take three
subforms: economic value, social value, and ecological value. Here, we see
the Triple P bottom line (or the profit-people-planet concept), as economic
value stands for Profit (and issues like labor productivity), social value
stands for People (and especially their well-being), and ecological value
stands for Planet (with special focus on environmental caretaking). In this
book, the term sustainable entrepreneurship is used, defined as leading
the firm by balancing between economic value, social value, and
ecological value.
- The fifth element in the definition of entrepreneurship that is used in this
book, viz. opportunities, can be in short summarized as favorable
circumstances. In the entrepreneurship literature, it is common to
distinguish between opportunity discovery (mostly indicated as
, opportunity identification, so the opportunity is already there), opportunity
creation (so, dealing with a new opportunity), and opportunity exploitation
(how to extract value from the opportunity that was either discovered or
created). So, the steps from opportunity identification and opportunity
creation to opportunity exploitation are also connected to the steps from
discovery and creation respectively, on the one hand, and value
exploitation, on the other. Another intriguing discussion is whether
opportunities are just out there, waiting to be exploited by for the
entrepreneur, or that opportunities have to be created by the
entrepreneur, and otherwise they will remain latent. This is closely related
to the distinction between discovery theory and creation theory, see
Alvarez and Barney (2007).
Chapter 1.6 Different Types of Entrepreneurs
The typology of entrepreneurs is the central theme in this section, with
seven main entrepreneurial types (nascent entrepreneurs, new
entrepreneurs, serial entrepreneurs, portfolio entrepreneurs, former
entrepreneurs, gazelle entrepreneurs, and stable entrepreneurs) and 11
additional entrepreneurial types (accidental entrepreneurs, hybrid
entrepreneurs, lifestyle entrepreneurs, criminal entrepreneurs, sustainable
entrepreneurs, social entrepreneurs, studentrepreneurs, corporate
entrepreneurs, academic entrepreneurs, publicpreneurs, and
governpreneurs).
The entrepreneur in this book is the person who practices
entrepreneurship and manages his own firm on a daily basis. However,
entrepreneurs are not an homogenous species, on the contrary:
entrepreneurs come in many different forms.
- The first type of entrepreneurs in the basic typology is the nascent
entrepreneur. It is no coincidence that the basic typology starts with this
type, because the nascent entrepreneur in fact is not an entrepreneur yet,
or in other words, his birth as an entrepreneur did not yet take place. The
nascent entrepreneurs is a person who seriously considers to start his own
firm, but who has not started yet. A number of nascent entrepreneurs will
indeed start their own firm after some time, but a number of nascent
entrepreneurs will never start their own firm, and become, for example,
employees in an organization. Nascent entrepreneurs are so-to-say in the
minus one stage of the life cycle of the firm, although they will not start
their own business overnight but in a process-like way.
- A new entrepreneur (also known as a novice entrepreneur or a start-up
entrepreneur) is somebody who has recently started his own firm, without
any previous personal entrepreneurial history. There is no nonambiguous
indication how long a start-up period takes, but it is plausible to mention
that it is a limited number of years, for example, maximum three years,
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