Lecture notes
Lecture 16
- Institution
- Royal Holloway University Of London
INTERNATIONAL ENTREPRENEURSHIP
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29/11/2019LECTURE 16: INTERNATIONAL ENTREPRENEURSHIP
TODAY’S TOPICS TODAY’S LEARNING OUTCOMES
• Why is entrepreneurship important? By the end of this session you will be able to:
• What is it? • Discuss why entrepreneurship is important
• The ‘entrepreneur’ and describe the entrepreneurial process
• The entrepreneurial process – four stages • Examine why people become entrepreneurs
• International entrepreneurship and their role in society
• Discover the different ways in which firms
grow, including through international
expansion
DEFINING ENTREPRENEURSHIP
Entrepreneurship involves the identification, evaluation and exploitation of an opportunity.
An Entrepreneur is an individual that “undertakes a specific project based on an opportunity that requires
the implementation of a new idea (or ideas)”
(Stokes and Wilson, 2010, p. 34)
‘New’ idea & new tech
People who go out, find opportunities, analyze them. They try to find if something has potential
and then create a product to fix the problem.
WHAT IS ENTREPREUNEURSHIP?
Beg, steal and borrow…
Entrepreneurship is the process by which individuals – either on their own or inside organisations – pursue
opportunities regardless of the resources they currently control.
Entrepreneurship is about commitment to opportunities, and marshalling resources within and outside the
organisation to exploit such opportunities
(Stevenson and Jarillo 1990)
When you have a massive organization, they measure their profits in billions. If you want to start a
business, you will not look at that much money. What you tend to do is to get access to other
recourses outside your organization/your reach.
CALIFORNIA GOLD RUSH 1849: WHO WERE THE
SUCCESSFUL ENTREPRENEURS?
A. Gold miners Answer is C
B. Mine owners
C. Suppliers
D. Ship owners
, ENTERPRISING SCOUNDRELS(?)
Sam “Brannan owned the only store between San Francisco and the gold fields -- a fact he capitalized on by
buying up all the picks, shovels and pans he could find, and then running up and down the streets of San
Francisco, shouting ‘Gold! Gold on the American River!’ He paid 20 cents each for the pans, then sold them
for $15 apiece"
Find more about Gold Rush here: http://museum.edcgov.us/for-kids/the-california-gold-rush
SELF-EMPLOYMENT AND ENTREPRENEURSHIP ARE NOT THE SAME…
It is important to make this distinction.
WHAT IS NOT ENTREPRENEURSHIP?
Two types of small business owner-managers (Carland et al 1984)
1. Entrepreneurs capitalise on innovative combinations of resources for the principal purposes of profit
and growth and employs strategic management practices
2. Small business owners seek to further personal goals and produce income (Dunkelberg & Cooper
1982)
Are older entrepreneurs, actually entrepreneurs?
Two times of business owners on a small scale:
1. Entrepreneurs will look to expand their business, they want to grow and increase profits
2. Small businesses do not care about growing, they just want to achieve their goals and get a
profit
WHAT IS ENTREPRENEURSHIP?
4 types of entrepreneur (Chell et al. 1991)
• Opportunist: relentless pursuit of opportunity, volatile, high ideas generation, low managerial
capability
• Realist (quasi) entrepreneur: can develop and pursue opportunities realistically and systematically.
Doesn’t pursue all opportunities, but is proactive and a generator of ideas
• Administrator: reacts to opportunities, but aspirations for business are limited, prefers stability
rather than growth
• Caretaker: does sufficient to maintain business but has no wish to grow the business
WHAT IS ENTREPRENEURSHIP?
• Entrepreneurship and growth (Carree and Thurik 2005)
• Entrepreneurs and policy (Audretsch et al. 2002)
• Entrepreneurs and innovation (Marvel and Lumpkin 2002)
• Social entrepreneurship (Zahra, 2008)
• Mumpreneur (Duberley and Carrigan 2012)
• BME minority enterprise (Ram and Smallbone 2003)
• Older entrepreneur (Wainwright et al. 2011)
• Disabled entrepreneur (Adams et al. 1995)
• Gay entrepreneurs (Schindehutte et al. 2005)
Born global entrepreneurs…
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