The Promise of Entrepreneurship as a Field of Research

Bygrave, W.D. & Zacharakis, A. (2014). Entrepreneurship, 3rd ed. Hoboken, NJ: John Wiley & Sons, Inc. ISBN: 978-1-118-58289-3

Slowly he became market leader for that product. Entrepreneurship has been defined by several researchers as the progression of making a product or service valuable by gathering a distinctive set of resources and opportunities. This procedure comprises the set of accomplishments to recognise opportunities, business classification, evaluation and obtaining the essential resources, management and getting positive results. Furthermore, entrepreneurship has been seen as an organizational coordination that underlines the three extents: innovation, taking calculated risks and proactive orientation. There are many indications to provision the idea that the businesses which were engaged in entrepreneurial practices have been most effective and successful (Hills, Hultman & Miles, 2008).

Entrepreneurship is the activity of creating a new business or enterprise. It is an essential and significant action in the growing job market (Bednarzik, 2000). Entrepreneurship has become important to all the countries whether they developed or developing ones. It is a basis of economic growth and employment creation (Thurik, Carree, Van Stel, Audretsch, 2008). It involves opportunity recognition or creation, collecting resources to track the opportunity, and managing actions that bring a new venture into existence. Some ventures are complete start-ups, while other ventures are pursued within an existing organization (Enz and Harrison, 2010). Entrepreneurs accept the personal financial risks that drive with having their own business. On the other hand, entrepreneurs benefit directly from the

In regards to entrepreneurship, there are many definitions proposed by theorists. In my research paper, I have used definition by Kinder that suits well to an entrepreneurs; “Entrepreneur is someone that alerts towards profit opportunities” (Kirzner, 1973). Profit opportunities

Entrepreneurship is related with the capability of recognition and evaluation of opportunities, allocation of resources and growth. Moreover, entrepreneurship has been taken as an organisational notion that contains three magnitudes: Modernisation, Bear risks and Practical alignment. It has been confirmed that the companies that were engaged in entrepreneurial activities are now most successful and efficient.

Entrepreneurship involves entrepreneurial skills to develop, organize and manage a business venture by focussing on opportunities along with any of its risks in order to make a profit. Entrepreneurship is also an approach to management that can be applied in start-up situations as well as within established businesses. (Business Management: a contemporary compilation)

But what exactly does it all mean for entrepreneurship? It means that in order for the company to stay profitable, it has to keep in mind that if they go on producing their good unchanged, the same as it was first presented, it will certainly become less consumed by customers, as the better-developed substitutes will occur that will be more attractive for consumption. Just like the founder of Microsoft company Bill Gates (2005) has stated in one of his interviews “…we are always saying to ourselves: We have to innovate. We 've got to come up with that breakthrough.” This quote confirms that for Microsoft innovation is part of their work, otherwise they would not be doing as well as they doing now.

An entrepreneur is “a person who organizes and manages a business with considerable initiative and risk”. In other definitions an entrepreneur “identifies an opportunity or a gap in a market and evaluates the risk related to the establishment of the business and is prepared to take the associated risk to start the business in the quest for making profit; and has the ability to obtain the resources to establish and grow a business”. Entrepreneurship exceedingly relies on entrepreneurs to start-up, develop and produce companies across the use of their

Becoming an entrepreneur will be very exciting journey; from the beginning till the development and realisation of one's product or service.

Research has been collected, over the years, to determine what the true definition of corporate entrepreneurship is in the business context. Leaders do not need to focus on the size of the corporation, as corporate entrepreneurship can be displayed in small firms and start-up ventures (Morris, Kuratko, & Covin, 2011). They only need to develop new behaviors within an existing corporation to build upon components that currently exist (Karacaoglu, Bayrakdaroglu, & San, 2013). The majority of professionals, who are in the field of business, have come to the consensus that corporate entrepreneurship is the process of being innovative and the ability to identify opportunities to improve an established company’s positioning in the marketplace (Morris, Kuratko, & Covin, 2011). Innovation is the ability to create a new product, process, or system in order to remain competitive. Essentially, corporate entrepreneurship can be broken down into three dimensions, which

Entrepreneurship is difficult to define throughout its history research. Even nowadays, this concept is still a debatable point (Rajendra, et al., 2017). Based on four decades of research, Gartner (1988) concludes that entrepreneurs are founders of new firms. Shane and Venkataraman (2000) consider entrepreneurship as “a new venture’s risk-taking endeavor seeking an opportunity” and Fortunato (2014) adds innovative value into the concept of entrepreneurship. Thus, research on the definition of entrepreneurship continue. According to those diverse views, I will interpret six unique entrepreneurial characteristics and theoretically analyze each one. Risk taker, need for achievement and proactivity as my strengthens will be illustrated with my experience. Innovativeness, internal locus of control and tolerance for ambiguity are my weaknesses, thus I will describe relevant successful Entrepreneurs’ experiences.

The term “entrepreneurship” was brought up by Joseph Schumpeter (1910) after he surveyed related literature about entrepreneurs. According to him, entrepreneurship is the cause for discovering, introducing innovative formulations of production factors leading to social economy. Since then, academic communities has started to give more interest to entrepreneurship. The enterprise that holds entrepreneurship should have three characteristics: the first is innovation including both product and process innovation; the second is risk-taking which means the main decision maker of an enterprise should have the capability to take risk; and finally the third is proactiveness, i.e., an enterprise should be able to passionately explore the difference of the environment and accept strategy to respond in advance (Miller, 1983).

The entrepreneurs must have visionary and self-confident, good communicators with unlimited energy, and have a strong passion for what they do with intelligence, great heart,

The modern society of entrepreneur occasionally surf the Web and use e-mail to save time and knows how to hit the nail to the head of their market with information and uses sales tactics effectively. Entrepreneur’s business mind is excellent. Entrepreneurs are very good when it comes to spotting business opportunities. Some of them are so good they become millionaires in their early 20s.

Ahmad and Hoffmann (2008), summarise the role of entrepreneurship from different perspective; defining entrepreneurship as the mind-set and process to create and develop economic activity by blending risk-taking (with Knights), creativity (with Kirzner) and innovation (with Schumpeter) with sound management, within a new or an existing organization. However, the multidimensional aspects of entrepreneurship make it particularly difficult to find a measure that covers all of these dimensions. Therefore, measuring entrepreneurship has occupied scholars for many years, such ambiguity in the understanding of entrepreneurship is mainly ascribed to the dynamic and complicated nature of entrepreneurship (Baumol, 2002). Frequently used measures are, SME’s, Self-employment, Business Ownership, and New venture creation.