Entrepreneurship The Entrepreneurial Function - 1623 Words

The entrepreneurial function implies the discovery, assessment and exploitation of opportunities, in other words, new products, services or production processes; new strategies and organizational forms and new markets for products and inputs that did not previously exist (Shane and Venkataraman, 2000). The entrepreneurial opportunity is an unexpected and as yet unvalued economic opportunity. Entrepreneurial opportunities exist because different agents have differing ideas on the relative value of resources or when resources are turned from inputs into outputs. The theory of the entrepreneur focuses on the heterogeneity of beliefs about the value of resources (Alvarez and Busenitz, 2001: 756). Entrepreneurship – the entrepreneurial function, can be conceptualized as the discovery of opportunities and the subsequent creation of new economic activity, as a majority or active shareholder who, in many small and medium–sized firms, assumes both the entrepreneurial and manager ial functions (Reynolds, 2005). Due to the fact that there is no market for â€Å"opportunities† where the entrepreneur could sell the opportunity to others who will develop it, the entrepreneur must exploit them, meaning that he or she must develop his or her capabilities to obtain resources, as well as organize and exploit opportunities. The downside to the market of â€Å"ideas† or â€Å"opportunities† lies in the difficulty involved in protecting ownership rights of ideas that are not associated with patents orShow MoreRelatedBiography Of Joseph Schumpeter ( 1883-1950 )933 Words   |  4 Pagesentrepreneur for successful innovations (Fagerberg 2006). The essay explores Schumpeter’s legacy with respect to both understanding entrepreneurship and innovation and application of that understanding. Entrepreneurship Entrepreneurship is an organized effort that is aimed at pursuing a unique, innovative opportunity so as to make quick, profitable growth. Similarly, entrepreneurial opportunities are those circumstances where new goods, services, raw materials and organizing methods may be brought intoRead MoreEntrepreneurial Behavior and Perspective1553 Words   |  7 PagesDecember 1, 2012 Topic Title: Entrepreneurial Behavior and Perspective Material Title: Defining and Measuring Entrepreneurship Summary The reading focuses on the definition of entrepreneurship in different contexts and on measuring the level of entrepreneurial activity. Entrepreneurship has been defined differently through neo-classical and economic literatures. Theoretical definitions of entrepreneurship reflect a diverse set of ideas about the role of entrepreneurship in the economy, involvingRead MoreThe Promise of Entrepreneurship as a Field of Research638 Words   |  3 PagesPROMISE OF ENTREPRENEURSHIP AS A FIELD OF RESEARCH 1.0 Introduction To date, the phenomenon of entrepreneurship has lacked a conceptual framework. A research has been conducted in the difference social science disciplines and applied fields of business to create a conceptual framework for entrepreneurship. 2.0 Definition of Entrepreneurship Entrepreneurship is defined solely by the researchers in terms of who the entrepreneur is and what he or she does. The study of entrepreneurship must involveRead MoreThe Difference Between An Entrepreneur And A Business Owner1681 Words   |  7 Pagesa small business owner (SBO); however, not every SBO could be seen as an entrepreneur. This essay develops the understanding of the difference between an entrepreneur and a business owner as well as entrepreneurial self-efficacy and its relations of one’s performance. The study of entrepreneurship was first brought out by Schumpeter (1934), his work had sum up a brief description of an entrepreneur. Entrepreneurs are those who continuously seeking opportunities on economic development or growthRead MoreCorporate Entrepreneurship: A Case Study of IBM1178 Words   |  5 Pagesand changing market dynamics are forcing them to innovate and build alternative revenue streams that will grow to become new core businesses. Part of the problem lies in the corporate culture of large organizations, particular with respect to entrepreneurship. As Lawton (2012) note, corporate culture should be something that looks and feels organic, even if it is not. Cultures never exist in a vacuum management must take steps to foster cultures. In a large company like IBM, the culture is likelyRead MoreTo What Extent is Naturis an Entrepreneurial Company?1245 Words   |  5 Pages1) To what extent is Naturis an entrepreneurial company? In 1988 Naturis was found as a joint venture between FP Riso Gallo, a well-known ialien producer of rise and Puccinelli, which its field of competence is in the production of dehydrated vegetables. Naturis was perceived as a research oriented entreprise which was exploring potential opportunities with regards to the dehydration process. Naturis was set up through corporate venturing which includes the creation of a new business. In orderRead MoreResource Based View of Social Entrepreneurship: Puting the Pieces Together813 Words   |  3 PagesINTRODUCTION 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† (Austin et al. 2006).Read 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 More What do you understand to be the concept of entrepreneurship and why1626 Words   |  7 PagesWhat do you understand to be the concept of entrepreneurship and why has it become such an important area of focus? Q2) What do you understand to be the concept of entrepreneurship and why has it become such an important area of focus? The concept of entrepreneurship is often viewed as a function, which involves the exploitation of opportunities, which exist within a market. Such exploitation is most commonly associated with the direction and/or combination of productive inputs. Entrepreneurs Read More21200 Words   |  5 Pagesï » ¿ CHApter1 2.What key insights does the GEM study provide us about entrepreneurship?      Of particular interest to GEM is early stage entrepreneurial activity, which consists of businesses that are just being started and businesses that have been in existence for less than three and one-half years. While the high rates of entrepreneurial start-up activities occur in low-income countries, where good jobs are not plentiful such as brazil, china, Argentina. Low rates occur in high-income countries,