A definition of entrepreneurship

The moment you start thinking about an idea and about taking it off from the ground, the first thing that comes to mind is how do you execute your plan. Social enterprises are organisations that: The entrepreneurial process demands that the activities of the entrepreneur change to meet the needs of a dynamic business.

Another type of project entrepreneurship involves entrepreneurs working with business students to get analytical work done on their ideas. This decision is a central component of the firm's competitive strategy.

Many social organizations grapple with who to hire, as many want to help disadvantaged people, but also need workers with business skills to ensure the success of the enterprise.

Gregory Dee's and Beth Anderson discuss this difference in funding strategies as the innovation that differentiates the social enterprise from the traditional non-profit actor. Such capabilities are embedded in the routines of the organization and are not easily documented as procedures and thus are difficult for competitors to replicate.

Still others go into business for themselves because it would afford them the independence and freedom that working for someone else would not. Often, personal or work history has led individuals to be more open to taking the risks involved with undertaking a new venture.

He argued that Schumpeter's type of innovation can be systematically undertaken by managers to revitalize business as well as nonbusiness organizations. Entrepreneurship is generally a source of more entrepreneurship, as one entrepreneur's innovations pave the way for another's.

Cost Advantage and Differentiation Advantage Competitive advantage is created by using resources and capabilities to achieve either a lower cost structure or a differentiated product.

You have shot the ball correctly but it misses the post. Resolving the first challenge requires project-entrepreneurs to access an extensive range of information needed to seize new investment opportunities. The successful entrepreneurs act as role models for those thinking about undertaking a new venture, providing proof that entrepreneurship does not always end in bankruptcy.

Social enterprise has emerged as a businesslike contrast to the traditional nonprofit organization. The distinction between the novice, serial and portfolio entrepreneurs is an example of behavior-based categorization.

Moreover, the stages do not necessarily follow sequentially.


Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled. With this research, scholars will be able to begin constructing a theory of the micro-foundations of entrepreneurial action. Among the first questions an entrepreneur should ask are those that explore the potential profitability of the venture.

I talked to Stevenson about his classic definition this weekend. An alternate description by Israel Kirzner suggests that the majority of innovations may be incremental improvements such as the replacement of paper with plastic in the construction of a drinking straw that require no special qualities.


Human resources refers to the individuals who will help the entrepreneur take advantage of the opportunity, either as employees of the new organization or as paid and unpaid counselors.

In short, leaders are trying to make important strategic decisions. Schumpeter was of the opinion that entrepreneurs shift the production possibility curve to a higher level using innovations.

They are at odds with those who try to describe entrepreneurship in terms of what makes an entrepreneurial organization different than others. Social Enterprise activity can be found primarily in small communities and larger institutions.


Speed of wealth creation - while a successful small business can generate several million dollars of profit over a lifetime, entrepreneurial wealth creation often is rapid; for example, within 5 years. Resolving the second challenge requires assembling a collaborative team that has to fit well with the particular challenges of the project and has to function almost immediately to reduce the risk that performance might be adversely affected.

Even more important than being able to juggle the multiple entrepreneurial roles, entrepreneurs must be able to balance the activities of leadership and his or her managerial duties. Feminist entrepreneurs are motivated to enter commercial markets by desire to create wealth and social change, based on the ethics of cooperation, equality and mutual respect.

Social entrepreneurship typically attempts to further broad social, cultural, and environmental goals often associated with the voluntary sector [53] in areas such as poverty alleviation, health care and community development.

Cantillon considered the entrepreneur to be a risk taker who deliberately allocates resources to exploit opportunities in order to maximize the financial return. At times, profit-making social enterprises may be established to support the social or cultural goals of the organization but not as an end in itself.

Furthermore, entrepreneurship needs positive economic conditions in order for entrepreneurial ventures to grow and produce profits.

Entrepreneurs also face risks with their business ventures—whether they start a business from scratch or buy an existing one.


Importance of Project Management in entrepreneurship. Project management is an important discipline in almost all industries. Not only project management helps to deliver project on time but also helps in cost management, risk management and many other things. You might well wonder whether entrepreneur simply means “a person who starts a business and is willing to risk loss in order to make money” or whether it carries an additional connotation of far-sightedness and innovation.

The answer, perhaps unsatisfyingly, is that it can go in either direction. Jun 05,  · In honor of Startup Month at elleandrblog.com, it's time to make an important distinction about what, at bottom, a true entrepreneur is.

Why bother? Because it concerns the very engine of economic. This classic word definition pares entrepreneurship to its essence and explains why it's so hard. And so addictive. As an entrepreneur, you surely have an elevator pitch, the pithy second.

What is an entrepreneur?


Surprisingly, thousands of people Google search for the definition each day. In order to answer the question, I contacted 15 successful business people to find out their own definition of entrepreneur.

Entrepreneurs from all stages in their career were asked because I think our definitions all change as we get to different times in our lives. Definition of competitive advantage and a discussion of its sources Competitive Advantage.

When a firm sustains profits that exceed the average for its industry, the firm is said to possess a competitive advantage over its rivals. The goal of much of business strategy .

A definition of entrepreneurship
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