The Theory Of The Entrepreneurship Process - 2984 Words

The entrepreneurship process is continually changing due to the aspect of globalisation. It is in this regard that the definitive term of the entrepreneurship process is becoming hard to derive. Various individuals are strategically coming up with innovative ideas that have effects on the economies of various countries. Entrepreneurs are known to create various types of ventures that range from lifestyle organisations to rapid growth corporations (Morris, Schindehutte Allen, 2005, p. 730). The ventures can either be regarded to be a profit making venture, or a business that is more focused on promoting certain values in the society. The basis in which an individual takes up the entrepreneurship task depends on the motivation of the individual and the motivation that they have. There are various theories that try to define the twenty-first century entrepreneur, and these models have helped significantly in identifying the individuals who formed the basis of this research. Many econom ists describe the concept of entrepreneurship differently; additionally, the core characteristics of an entrepreneur vary with different definitions. Kuratko (2008, p. 20) defines an entrepreneur as an individual who comes up with products, in the form of goods and services, that are in demand by the public but are not being supplied. The traditional ways of defining an entrepreneur is changing with the different ventures that people are undertaking in the society today. The rise in socialShow MoreRelatedConcept of Entrepreneurship1455 Words   |  6 PagesQ1. Discuss and define the concept of ‘entrepreneurship’. The entrepreneur is our visionary, the creator in each of us. Were born with that quality and it defines our lives as we respond to what we see, hear, feel, and experience. It is developed, nurtured, and given space to flourish or is squelched, thwarted, without air or stimulation, and dies. Michael Gerber The term entrepreneur has been around since the seventeenth-century, it originates from France, where the phrase â€Å"entreprendre† wasRead MoreTheories of Entrepreneurship1647 Words   |  7 PagesIntroduction Entrepreneurship is a phenomenon that is driving the world economy today and aptly so because entrepreneurship is the process of creating economic and social value by means of taking risks, creating and exploiting opportunity and generating new ideas. Entrepreneurship is all pervasive and can exist in any industry and market. Also, entrepreneurship is not limited to creating new ventures; entrepreneurship also exists in large corporations like Google and 3M where employees are encouragedRead MoreBusiness Relationships Within A Business Network Context1231 Words   |  5 Pages1. Acs, Z.J., Morck, R.K. and Yeung, B. (2001), â€Å"Entrepreneurship, globalisation, and public policy†, Journal of International Management, 7, pp. 235-51. 2. Alvarez, S.A. Busenitz L.W., (2001) The entrepreneurship of resource-based theory. Journal of Management, 27(6), p. 755-775 3. Anderson, J., Hakansson, H. and Johanson, J. (1994). Dyadic Business Relationships within a Business Network Context. Journal of Marketing, 58(4), p.1. 4. Andersson, S. Ingemar W. (2003) Innovative InternationalisationRead MoreEntrepreneurship Essay1729 Words   |  7 Pagesknown, but rewards are uncertain (Bridge, O’Neill Cromie 1998). Therefore, it can be concluded that entrepreneurship demands foresight and willingness to assume risk (Landstrom 1997, cited in Corbetta, Huse Rovasi 2004). In short it can be said that the first concept of entrepreneurship from Cantillon emphasis on taking risk to venture into a business. 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Entrepreneurship, innovation and economic development are linked to one another through different factors and characteristics of each other. Entrepreneurship â€Å"is the result of what entrepreneurs do and refers to events and their economic impact† (LumsdaineRead MoreOverview Of Schumpeter Denoted Entrepreneur As An Essential Element For The Economic Growth And Entrepreneurial Process1339 Words   |  6 PagesSchumpeter denoted entrepreneur as a key in the economic growth and entrepreneurial process as a prime element in the progress and advancement of economy. Again he stated that entrepreneurship is an essential element for the development of any economy and economic and political framework condition would not affect the growth. The benefits due to entrepreneurship to community will be greater in those economies where entrepreneurs have flexibility to operate, to expand their ideas, and to obliterate