Theories of Entrepreneurship - 1647 Words

Introduction 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 encouraged to spot opportunities, take risks and innovate. People who carry out the process of entrepreneurship are known as entrepreneurs. The term entrepreneur originates from the French word entreprendre which means to undertake. The concept of the†¦show more content†¦Weber, in his later works, considered the influence of entrepreneurs on society and their ability to control the excess and bureaucratic nature of Capitalism. Sociological theory since Max Weber’s time however, has progressed by way of Durkheim’s Collective Effervescence theory that suggests that social, political and economic change is a result of dynamic social networks and relationships between individuals and institutions. (Mitra 2009) Schoonhoven and Romanelli (2001), proposed to that individuals are influenced by the nature of entrepreneurial activity around them and that identification of entrepreneurial opportunity is influenced by work and educational environments. A more modern take on the sociological theory is put forth by Hisrich et al., (2008, pp. 96-97), where it is suggested that social structure, religion, political and economic philosophy and education are all cultural determinants of entrepreneurship. These determinants can have varying influences on different types of entrepreneurs. The next section of this paper will examine the influence of culture and society on male and female entrepreneurs, focusing on two specific entrepreneurs; Kiran Mazumdar Shaw, Chairman and Managing Director, Biocon India and Azim Premji, Chairman, Wipro Technologies. Case Study Kiran Mazumdar Shaw is India’s richest woman and Biocon, Asia’s number 1 biotech company. Yet, in her acceptance speech while receiving the Businesswoman of the year award in 2004, sheShow MoreRelatedThe s Theory Of Entrepreneurship910 Words   |  4 PagesAs one looks at the history of entrepreneurship, they will notice the variety of definitions and entrepreneurial elements that economists use to explain the topic. Although there are many vital parts of this concept, Israel Kirzner developed his own view that many economists take into account when creating their own definition. Basically, Kirzner’s theory of entrepreneurship held the idea of alertness as its backbone. Without the use of alertness, entrepreneurs would never discover opportunitiesRead MoreThe Theory Of The Entrepreneurship Process2984 Words   |  12 PagesThe entrepreneurship process is continually changing due to the aspect of globalisation. It is in this regard that the definitive term of th e 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). TheRead MoreThe Theory Of Organizational Innovation And Entrepreneurship942 Words   |  4 PagesAlthough there are many ideas surrounding the theory of organizational innovation and entrepreneurship, I will highlight only a few here in this assignment. To start off, an entrepreneur is a person who organizes and operates a business, taking on greater than normal financial risks in order to do so. An entrepreneurial organization is any organization that is structured so that staff are given the information and tools necessary to allow them to pursue solutions and take advantage of opportunitiesRead MoreThe Theory Of Entrepreneurship As A Key Lever For Growth Restoration And Job Creation1134 Words   |  5 Pagesan entrepreneurship-friendly environment, which continues to constrain Greece’s ability to emerge from the crisis. To overcome these difficulties, Greece must embrace entrepreneurship as a key lever for growth restoration and job creation, in the absence of career alternatives and in pursuit of national competitive advantages (Endeavor (2010). The Theory of Entrepreneurship Ahmad and Hoffmann (2008), summarise the role of entrepreneurship from different perspective; defining entrepreneurship asRead MoreCritically Evaluate the Role Psychological Theories Play in Our Understanding of Entrepreneurship2474 Words   |  10 PagesCritically evaluate the role psychological theories play in our understanding of entrepreneurial study: Psychological theory has been used to better understand an individual’s willingness and ability to become a successful entrepreneur in society. It is widely recognised that entrepreneurs are a major source of economic growth and financial benefit for society; as such it is useful to understand the psychological traits and drivers behind a successful entrepreneur to encourage more people to becomeRead MoreDiscuss the Relationship Between Entrepreneurship, Innovation and Economic Development. What Role Do Creativity and Problem Solving Play in This Relationship? Refer to Both Theory and Examples from the Business World to Support Your Discussion.1637 Words   |  7 PagesDiscuss the relationship between entrepreneurship, innovation and economic development. What role do creativity and problem solving play in this relationship? Refer to both theory and examples from the business world to support your discussion. 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 MoreDiscuss the Relationship Between Entrepreneurship, Innovation and Economic Development. What Role Do Creativity and Problem Solving Play in This Relationship? Refer to Both Theory and Examples from the Business World to Support Your Discussion.’2397 Words   |  10 PagesDiscuss the relationship between entrepreneurship, innovation and economic development. What role do creativity and problem solving play in this relationship? Refer to both theory and examples from the business world to support your discussion.’ There are many links that bring together a relationship between entrepreneurship, innovation and economic development, and both creativity and problem solving play a large role within this relationship. Entrepreneurial activity can lead to innovation withinRead MoreResource Based View of Social Entrepreneurship: Puting the Pieces Together813 Words   |  3 Pages INTRODUCTION The emerging field of social entrepreneurship calls for a need for new integrated theories to contribute to the discipline and help grow the field. Social Entrepreneurship has been a topic of academic interest for the past few decades; however there has been little scholarly output in mainstream journals (Short, Moss, Lumpkin 2009). Social entrepreneurship is commonly defined as â€Å"entrepreneurial activity with an embedded social purpose† (AustinRead MoreEnterprise : An Entrepreneur Who Demonstrates Passion, Commitment, Technical Skills And Dedication Essay1436 Words   |  6 Pagesorganise a business to turn into profitability in a competitive market. It is the journey towards the innovation and to explore the opportunities to create and run a successful business to withstand in a competitive market. ENTREPRENEURSHIP: Entrepreneurship is a state of mind whereas innovation is the prerequisite of it. An entrepreneur discovers and exploits opportunities, takes risks beyond capabilities, uses intuition explores new businesses. Basically a creator who entitiesRead MoreEntrepreneurship As An Entrepreneur, Real World Experience Essay1568 Words   |  7 PagesEntrepreneurship is a topic that is heavily debated in regards to if it can be taught or not. The word Entrepreneurship originates from a French word that means to undertake. In the business sense, it is defined in the Merriam-Webster dictionary as one who organizes, manages, and assumes the risks of a business or enterprise. Since entrepreneurship is an appealing career path, people want to know if they can be taught it or if it is something they have intrinsically. The objective of this essay