1 Introduction to Entrepreneurship
Learning Objectives
After completing this chapter you will be able to
- Examine the challenges associated with defining the concepts of entrepreneur and entrepreneurship
- Discuss how the evolution of entrepreneurship thought has influenced how we view the concept of entrepreneurship today
- Discuss how the list of basic questions in entrepreneurship research can be expanded to include research inquiries that are important in today’s world
- Discuss how the concepts of entrepreneurial uniqueness, entrepreneurial personality traits, and entrepreneurial cognitions can help society improve its support for entrepreneurship
- Apply the general venturing script to the study of entrepreneurship
The business world is often equated to an ecosystem: the environment is comprised of interacting organizations and individuals much like the biological ecosystem (Moore, 1993). Entrepreneurship is no different, as it can be thought of as its own ecosystem, with new ventures being created, maturing, needing to adapt, or becoming extinct. Much like the biological ecosystem, in the entrepreneurial ecosystem, change occurs and gives rise to opportunity or presents challenges. It is important to consider the various levels of the ecosystem when evaluating the entrepreneurial environment. For example, the ecosystems can be analyzed at a macro level such as the terrestrial ecosystem in biology or the national economy in entrepreneurship. Additionally, ecosystems can be analyzed at more micro levels like the rain forest ecosystem in biology or the firm level in entrepreneurship.
Whilst there is no universally accepted definition of entrepreneurship, it is fair to say that it is multi-dimensional. It involves analyzing people and their actions together with the ways in which they interact with their environments, be these social, economic, or political, and the institutional, policy, and legal frameworks that help define and legitimize human activities. [1]
It is complex, chaotic, and lacks any notion of linearity. As educators, we have the responsibility to develop our students’ discovery, reasoning, and implementation skills so they may excel in highly uncertain environments. [2]
Overview
This chapter provides you with an overview of entrepreneurship and of the language of entrepreneurship. The challenges associated with defining entrepreneur and entrepreneurship are explored, as is an overview of how entrepreneurship can be studied.
The objective is to enable you to apply current concepts in entrepreneurship to the evaluation of entrepreneurs, their ventures, and the venturing environment. You will develop skills, including the capability to add value in the new venture sector of the economy. You will acquire and practice evaluation skills useful in consulting, advising, and making new venture decisions.
Entrepreneurs and Entrepreneurship
Considerations Influencing Definitions of Entrepreneur and Entrepreneurship
It is necessary to be