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fileEnt Con & Iss Chapter 2 Economic Theories of Entrepreneurship (2).ppt
1.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Chapter 2: Economic Theories of Entrepreneurship
2.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Entrepreneurship What is It? “Entrepreneurship is an economic phenomenon involving a nexus of two phenomena: the presence of lucrative opportunities and the presence of enterprising individuals”. (Shane and Venkataraman, 2000, p. 218).
3.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Who are they? (Delmar, 2006) What they do? (Venkataraman, 1997) Why they do the things they do? (Davidsson, 2008) How they do the things they do? (Garnter, 2005) Where they do it? (Welter, 2011)
4.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Who are they?
5.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Entrepreneurs Entrepreneur is derived from the French word entreprendre, meaning “to undertake”. Entrepreneurs use innovation to exploit or create change and opportunity for the purpose of making profit. They do this by shifting economic resources from an area of lower to an area of higher productivity, accepting a high degree of risk and uncertainty in doing so.
6.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 The History of Economic Thought on the Entrepreneur Source:http://aventalearning.com/content168staging/2008A mHistA/unit1/html/section_3_page_7.html
7.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 http://ecorner.stanford.edu/authorMat erialInfo.html?mid=400 What is an Entrepreneur?
8.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Revolutionaries •How have entrepreneurs affected your life in the past 24 hours? •Have you used your computer? (personal computers, PC software: Intel, Microsoft, Dell, Apple) •Have you surfed the web? (web browser – Netscape, Google, AOL) •Have you made a purchase over the internet? (internet retailers, eBay, PayPal) •Have you made a mobile phone call? (cellular phone services; voice mail, IT services) •Have you used a hand held wireless communication device (a ‘blackberry’)? (RIM) •Have you taken your car in for a fast oil change or MoT? (KwikFit) •Have you taken a budget flight? (Easyjet, Ryan Air)
9.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Revolutionaries cont. •Where have you bought your clothes? Have you put on trainers (Nike, Reebok), put on waterproof clothes (WL Gore, Timberland)? •Have you bought a coffee? (Starbucks) •Have you bought some DIY products? (Home Depot, B&Q) •Have you bought any stationary? (Staples) •Have you listened to your iPod? (Apple) •Have you watched a 24 hours news channel? (CNN) •Do you purchase ethically (Bodyshop)? •Have you been to a fitness club (Fitness First, David Lloyd)? •Have you bought a copy of ‘Big Issue’? (social entrepreneurship)
10.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Key Economic Schools of Thought
11.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Economic Theories of Entrepreneurship •Risk Taker – Richard Cantillion, 1755 •Novel Resource Combination – Alfred Marshall, 1920 •Risk Taker & Innovator – Von Thunen, 1850 •Economic Change – Carl Menger, 1871 •Technological Knowledge – Jeremy Bentham, 1838
12.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Evolving Entrepreneurs Date Author Concept 1755 Cantillon Introduced the concept of entrepreneurs from entreprendre (‘ability to take charge') 1803, 1817 Say Emphasised the ability of the entrepreneur to 'marshal’ resources in order to respond to unfulfilled opportunities 1871 Menger Noted the ability of entrepreneurs to distinguish between 'economic goods' - those with a market or exchange value - and all others 1893 Ely and Hess Attributed to entrepreneurs the ability to take integrated action in the enterprise as a whole, combining roles in capital, labour, enterprise and entrepreneur 1911, 1928 Schumpeter Envisioned that entrepreneurs proactively 'created' opportunity using 'innovative combinations' which often included 'creative destruction' of passive or lethargic economic markets 1921 Knight Suggested that entrepreneurs were concerned with 'efficiency' in economic factors by continually reducing waste, increasing savings and thereby creating value, implicitly understanding the opportunity-risk-award relationship 1948, 1952, 1967 Hayek Continued the Austrian tradition of analytical entrepreneurs giving them capabilities of discovery and action, recognising the existence of information asymmetry which they could exploit 19373, 1979, 1997, 1999 Kirzner Attributed to entrepreneurs a sense of 'alertness' to identify opportunities and exploit them accordingly 1974 Drucker Attributed to entrepreneurs the capacity to 'foresee' market trends and make a timely response 1975, 1984, 1985 Shapero Attributed to 'judgement' ability to entrepreneurs to identify 'credible opportunities' depending on two critical antecedents - perceptions of 'desirability' and feasibility' from both personal and social viewpoints
13.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Schumpeter •Schumpeter’s entrepreneur is an innovator. •The entrepreneur brings change through the introduction of new technological processes or products. •The person who destroys the existing economic order by introducing new products and services, by creating new forms of organisation, or by exploiting new raw materials. •Creative destruction.
14.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Kirzner •Entrepreneur is alert to profitable opportunities for exchange •Entrepreneur is the middle-man who facilitates exchange •Entrepreneur has additional knowledge to exploit to take advantage of profitable opportunities
15.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Knight •Calculated risk-taker •The opportunity for profit arises out of uncertainty and risk •The entrepreneur is an individual who is prepared to undertake risk and the reward - profit •Responsibility for one's own actions
16.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Understanding Entrepreneurship Author Definition Drucker (1985) Entrepreneurship is an act of innovation that involves endowing existing resources with new wealth-producing capacity. Stevenson et al. (1989) Entrepreneurship is the pursuit of an opportunity without concern for current resources or capabilities. Low and Macmillan (1988) Entrepreneurship is the creation of new enterprises. Timmons (1997) Entrepreneurship is a way of thinking, reasoning and acting that is opportunity obsessed, holistic in approach, and leadership balanced. Venkataraman (1997) Entrepreneurship research seeks to understand how opportunities to bring into existence future goods and services are discovered, created and exploited, by and whom, and with what consequences.
17.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 “An activity that involves discovery, evaluation and exploitation of opportunities to introduce new goods and services, and organize new markets, processes and raw materials through coordinating efforts of the entrepreneur that previously did not exist” (Shane, 2003: 4) And he adds… He adds that entrepreneurship “involves the nexus of entrepreneurial opportunities and enterprising individuals … where a situation in which a person can create a new means-ends framework for recombining resources that the entrepreneur will yield a profit” (Shane, 2003: 18). …Entrepreneurship
18.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Baumol ’s Three Types of Entrepreneurship Productive entrepreneurship is innovation leading to wealth creation and economic development which advances not only the individual but wider society. Pursue a business opportunity within prevailing institutions. Unproductive entrepreneurship is some form of bureaucracy that typically benefits an individual but not necessarily society. Create contracts to overcome institutional shortcomings e.g. lobbying; help others avoid taxes. Destructive entrepreneurship also benefits the individual more than society. Source: Baumol, W.J. (1990) Entrepreneurship: Productive, Unproductive and Destructive. Journal of Political Economy, 98(5), 893-921
19.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 The Myths of Entrepreneurship Myth 1: Entrepreneurs are doers, not thinkers Myth 2: Entrepreneurs are born, not made Myth 3: Entrepreneurs are always inventors Myth 4: Entrepreneurs are academic and social misfits Myth 5: Entrepreneurs must fit the profile Myth 6: All entrepreneurs need is money Myth 7: All entrepreneurs need is luck Myth 8: Entrepreneurship is unstructured and chaotic Myth 9: Most entrepreneurial initiatives fail Myth 10: Entrepreneurs are extreme risk takers
20.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Reasons Not to be an Entrepreneur http://ecorner.stanford.edu/author MaterialInfo.html?mid=2803
21.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Why is Entrepreneurship so Important? Important contributions to industrial markets: 1.Entrepreneurs play an important role in the change of technology; 2.Entrepreneurs create an additional sense of competition whilst also, providing a mechanism for regeneration; 3.Entrepreneurs contribute to international competition via niche markets and; 4.Entrepreneurs influence in creating jobs.
22.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 What explains this recent growth in entrepreneurship?? • Structural shift from manufacturing (large firm dominated) to services (small firm dominated) • Growth in personal, flexible, tailor-made services • Restructuring by large firms – focus on core activities, sub-contract non-core activities • Technological change • Scientific discoveries exploited by small firms • Production and IT technologies have reduced the role of economies of scale • Low cost and access to communications technology (‘the great equaliser’): access to information, distribution (‘the long tail’) • Importance of human capital rather than financial capital as the basis for competitiveness • Consumer choice – reaction against mass produced products and services: individualism, demand for authenticity, natural products (e.g. real ale beer) – growth in market niches • Deregulation of markets: e.g. in airlines, telecoms, media • Personal choice – ‘rebellion’, reaction against working in large impersonal organisations, want to control own destiny • Availability of finance – venture capital • Availability of support, advice and education
23.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Recap – What is an entrepreneur? Economic Approach: Schumpeter • “the person who destroys the existing economic order by introducing new products and services, by creating new forms of organization, or by exploiting new raw materials.” • “creative destruction” • the entrepreneur is a special person • entrepreneur is an innovator • develops new technology Kirzner • entrepreneur is alert to profitable opportunities for exchange • identifies suppliers and customers and acts as an intermediary (no necessity to own resources and profit arises from intermediary function) • entrepreneur has additional knowledge which is not possessed by others (the role of information is very important) • anyone could potentially possess the additional knowledge and be alert to opportunities for exchange and trade. Knight • The entrepreneur is an individual who is prepared to undertake risk and the reward - profit - is the return for bearing uncertainty and is an uninsurable risk. • entrepreneur is a calculated risk • taker • opportunity for profit arises out of uncertainty surrounding change • responsibility for one’s own actions
24.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Personality Approach Need for independence Controlling your own destiny, doing things differently, being in a situation where you can fulfill your potential. “I enjoy the independence of single- handling a boat. I like controlling the elements, making the wind and the waves and the water work for me.” Gerry Schwartz
25.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Personality Approach Need for achievement Achievement does not necessarily mean that money is an end itself. It may allude to employing the 100th person, meeting the first million pound mark etc. Internal locus of control Believing you can exercise control over your environment and ultimately your destiny. You can believe in Fung Shui if you want, but ultimately people control their own fate.” Li Ka Shing
26.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Personality Approach Ability to live with uncertainty and take measured risks A regular income is a requirement in any job and the cause of much upheaval and stress. People tend to be risk averse and less willing to be risky with their own money. In this manner managers and entrepreneurs are very different. “It was an extremely satisfying experience. Taking smart risks can be very gratifying.” Reed Hastings
27.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Personality Approach Opportunistic Entrepreneurs exploits change for profit. They seek out opportunities to make money. “Don’t spend so much time trying to choose the perfect opportunity, that you miss the right opportunity.” Michael Dell Innovative The ability to spot opportunities and to innovative are the most important distinguishing features of entrepreneur. Innovation is the prime tool entrepreneurs use to create or exploit opportunity. Self-confident Confident in your own judgement and ability to start up your own business with the risks and uncertainty that they face. Don’t confuse with some entrepreneurs being arrogant or being delusional.
28.
Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Personality Approach Proactive and self-motivated Entrepreneurs are highly driven and possess determination. They are impatient, work long hours, committed and determined to succeed. This strong drive is what psychologists call type ‘A’ behaviour. They are highly driven by money, their goals, success, etc. Visionary with flair Clear vision of what they want, how they will achieve it and when. "Our vision is to be the world's most consumer-centric company, where customers can come to find anything they want to buy online.“ Jeff Bezos Great risks and uncertainty Large amounts of capital and time are required. For example, entrepreneurs are known to put up their homes as collateral or capital.
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Issues © Goodfellow Publishers 2016 Personality Approach Theories McClelland’s (1961) The Achieving Society •Need for Achievement •Proactive person – lots of initiative and assertive •Committed to aims and achieving them Key characteristics: •Achievement •Calculated risk-taker •High internal locus of control •Creativity •Innovative •Need for authority •Ambiguity tolerance •Vision •Self-efficacy
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Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Personality Approach Theories Merideth et al. (1982) The 5 core traits of entrepreneurship: • Confidence • Risk-taking • Flexibility • Achievement orientation • Independence Meredith, G.G., Nelson, R.E. and Neck, P.A. (1982). The Practice of Entrepreneurship, International Labour Office, Geneva.
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Issues © Goodfellow Publishers 2016 Personality Approach Theories Timmons (1994) • Some acquired traits, some innate • Need for achievement • Vision and ability to inspire • Responsibility for actions / decisions • Ambitious • Achieved personal goals / ambitions • Able to cope with failure • Creative Timmons, J.A. (1994). New Venture Creation: Entrepreneurhsip for the 21st Century, 4th Edition, Irwin: Chicago, IL.
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Issues © Goodfellow Publishers 2016 Entrepreneurial Types?
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Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Methodological Problems • Characteristics are not stable and change over time. • They require subjective judgements. • Measures tend to ignore cultural and environmental influences. • The role of education, learning and training is often overlooked. • Issues such as age, sex, race, social class and education can be ignored.
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Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Why Do Entrepreneurs Do It?
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Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Antecedent Factors • Family • Ethnicity • Gender • Education • Previous employment • Religion • Social group • National culture
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Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Situational Factors • Employment • Unemployment • Immigration • Economic opportunity
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Enterprise Concepts and
Issues © Goodfellow Publishers 2016 Yet Even Still….. Entrepreneurship in the 21st Century: Is Still Unclear…
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Issues © Goodfellow Publishers 2016 Reading Chell, E. (1985) The Entrepreneurial Personality: A Few Ghosts Laid to Rest? International Small Business Journal, 3, 43-54. Gartner, W.B., (1985) A conceptual framework for describing the phenomenon of new venture creation. The Academy of Management Review, 10(4), pp. 696-706. Hisrich, R., Langan-Fox, J. and Grant, S. (2007) Entrepreneurship Research and Practice: A Call to Action for Psychology. American Psychologist, 6(6), 575-589. McClelland, D.C. (1987) Characteristics of Successful Entrepreneurs. The Journal of Creative Behavior, 21(3), 219-233.
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