What Is Entrepreneurship
ENTREPRENEURSHIP: Definition and explanation
Entrepreneurship is one of the four mainstream economic factors: land, labour, capital, and entrepreneurship. According to Timmons and Spinelli (2004) p3, “entrepreneurship plays an important role in the economic and social structure development of the nation and of course the whole world. It determines how the nation and the world live, work, learn, and lead in this century and beyond”. It is a purposeful activity that includes initiation, promotion and distribution of wealth and service. Entrepreneurship is a risk taking activity and challenging tasks which needs utmost devotion, total commitment and greater sincerity with fullest involvement for its growth and personality by the enterprising individuals. This field has been neglected for so long partly because of the disagreements arising from the problem of demarcation and partly because it is characterized by uncertainties and occurs in the imperfect information and market failures. It is again difficult to classify it because of the presence of dynamic market environments under which entrepreneurs operate. This essay presents the meaning, environment success factors, and challenges associated with entrepreneurship. Kilby (1983) defines entrepreneurship as “a large animal, which has been hunted by many individuals using various ingenious trapping devices. He adds that all who claim to have caught sight of him report that he is enormous, but they disagree on his particularities. Not having explored his current habitat with sufficient care, some hunters have used as bait their own favourite dishes and have then tried to persuade people that what they caught was a Heffalump. Shane and Venkataraman (2000) define entrepreneurship as “the pursuit of lucrative opportunities by enterprising individuals (entrepreneurs)”. It is proactive and involves creation of new systems, resources, or processes to produce new goods or services and/or serve new markets, Lumpkin and Dess
Entrepreneurship is one of the four mainstream economic factors: land, labour, capital, and entrepreneurship. According to Timmons and Spinelli (2004) p3, “entrepreneurship plays an important role in the economic and social structure development of the nation and of course the whole world. It determines how the nation and the world live, work, learn, and lead in this century and beyond”. It is a purposeful activity that includes initiation, promotion and distribution of wealth and service. Entrepreneurship is a risk taking activity and challenging tasks which needs utmost devotion, total commitment and greater sincerity with fullest involvement for its growth and personality by the enterprising individuals. This field has been neglected for so long partly because of the disagreements arising from the problem of demarcation and partly because it is characterized by uncertainties and occurs in the imperfect information and market failures. It is again difficult to classify it because of the presence of dynamic market environments under which entrepreneurs operate. This essay presents the meaning, environment success factors, and challenges associated with entrepreneurship. Kilby (1983) defines entrepreneurship as “a large animal, which has been hunted by many individuals using various ingenious trapping devices. He adds that all who claim to have caught sight of him report that he is enormous, but they disagree on his particularities. Not having explored his current habitat with sufficient care, some hunters have used as bait their own favourite dishes and have then tried to persuade people that what they caught was a Heffalump. Shane and Venkataraman (2000) define entrepreneurship as “the pursuit of lucrative opportunities by enterprising individuals (entrepreneurs)”. It is proactive and involves creation of new systems, resources, or processes to produce new goods or services and/or serve new markets, Lumpkin and Dess
References: Bateman T.S. & Snell S.A 2009, Management: Leading & Collaborating in a Competitive World, 8th Edn, McGrawHill, New York. DesMarteau K. 2000, Information Technology Trends Drive Dramatic Industry Change, Aug. 2000, p. 48-58. Lumpkin G.T. & Dess G.G. 1996, Clarifying the Entrepreneurial Orientation Construct and Linking it to Performance, Academy of Management Review 21, p135-172. Kilby P. 1983, Hunting Heffalump: Entrepreneurship & economic development, Free Press, New York. Schumpeter J. A. 1934, The Theory of Economic Development, Harvard University Press, Boston. Shane S, & Venkataraman S. 2000, The Promise of Entrepreneurship as a field of Research, Academy of Management Review, p21. Timmons J. & Spinell S., 2004, New Venture Creation: Entrepreneurship for the 21st Century, 6th Edn, MGrawHill, New York.