In search of the meaning of entrepreneurship (original) (raw)

Locating the Origin and Role of Entrepreneur in Economic Theories

2016

The complexity and ubiquitous nature of entrepreneurship field compelled it to evolve as a multidisciplinary subject area. Various academic fields have contributed at philosophical, conceptual and methodological levels to highlight the different facets of entrepreneurship. One has to get hold of any one side of the string to generate the basic understanding of “entrepreneurship” (phenomenon) and the “entrepreneur” (individual initiating the process) by reviewing the extant literature on the subject. The subject roots are in economics discipline but the treatment it received therein added further to its complexity, hence, no unanimous definition of entrepreneurship could be reached at. The paper therefore, aims to explicate the economic theories to offer a workable definition that can provide a fresh start to early academics in the discipline.

The Entrepreneur in Economic Theory: From an Invisible Man Toward a New Research Field

Mainstream economics had great difficulty in fitting entrepreneurship into its theory and for long time the theoretical firm remained “entrepreneurless”. However, from the early 20th century onwards, we identify strong attempts of key economists to recognize the role of the entrepreneur as an explanatory force of several economic phenomena. This paper analyzes the evolution of economic thought on entrepreneurship, and in particular the path through which the entrepreneur (re)entered into economic theory over the 20th century, leading to the new and increasingly independent research field Economics of Entrepreneurship. The analysis goes through the main Economics fields where the (re)discover of the entrepreneur figure was most remarkable - namely Labor Economics, Microeconomics and Industrial Organization, and Economic Growth and Development - searching for the rationality to include the entrepreneur figure into the analyses of particular economic phenomena. The study is enriched by a brief bibliometric analysis, which helps to set forth a chronological trace of the entrepreneurship research within Economics literature.

Entrepreneurship and Economic Theory

2006

Let us define entrepreneurship as creativity and the evolution of novelty. Let us suppose, the main thesis of the chapter, that entrepreneurship is an action that does not differ from everyday action such as walking, driving, or chewing gum. If the definition and supposition are granted we can conclude that the theory of everyday action, such as walking or chewing gum, is one and the same as the theory of evolution. The conclusion is definitely strange if not extraordinary. It is based on a subtle but subversive thesis: There is no difference between everyday action and creativity or evolution. This conclusion is extraordinary only because it goes against the dominant dogmas in economics (i.e., neoclassical theory) and evolutionary biology (i.e., neo-Darwinian theory). Both dogmas draw a radical divide between action and evolution. For neo-Darwinian theory, action is phenotype ultimately determined by genotype—while the genotype evolves according to another mechanism. For neoclassic...

A THEORETICAL PREMISEOF ENTREPRENEURSHIP

Shodha Saritha, 2021

Entrepreneurship is considered a major factor in the progress of an economy. Governments are encouraging and supporting entrepreneurship critically, as it leads to productivity and profitability for the community and country. The sides of deliberations on entrepreneurship literature are whether entrepreneurship is learned or not. This discussion lies between the ends of "entrepreneurs are born", and "entrepreneurs can be made". In reaching a conclusion between these two points of discourse, there are policy efforts and instruments in terms of programs and sustaining institutions to create and sustain entrepreneurship. The support for this view comes from an appraisal of wide literature on entrepreneurship and business creation, suggesting important links between entrepreneurship education, training and development programs, business creation, and entrepreneurial outcomes. The development of an entrepreneur means inculcating entrepreneurial traits in a person, imparting essential knowledge, developing technical, managerial, financial, and marketing skills, and building an entrepreneurial attitude. In this milieu, the present paper is an attempt to review the accessible literature and theories on Entrepreneurship. The main objective of the paper is to understand and construct a theoretical background so as to reach a conclusion on entrepreneurship and its development. To achieve this purpose, the authors make use of relevant secondary data sources related to entrepreneurship. An outcome paper reveals that entrepreneurship is a broad-based discipline that borrows ideologies and can be evolved through systematic and holistic efforts.

The Meaning of Entrepreneurship: A Modular Concept

Journal of Industry, Competition and Trade, 2009

Entrepreneurship has been characterised as one of the most intriguing but equally elusive concepts in economics. This critical review first surveys its major intellectual roots and then proposes a modular concept of entrepreneurship that preserves essential distinctions along its behavioural, functional, and occupational dimensions. It argues that the behavioural definition identifies the only attribute that is both comprehensive and unique to the nature of entrepreneurship, while the functional and occupational definitions add the specifity required for many analytical purposes. To validate the concept, the paper discusses the appropriate empirical units of observation and maps a general policy framework.

A Theoretical Approach to the Definition of Entrepreneurship From a Multidisciplinary Perspective

2019

Capitalism has required the function of the entrepreneurs, people who use creativity, understood as the ability to solve problems and put innovation into practice. Firms can be social, public, and private; in this last case, the creation of an enterprising company involves new products, new production methods, the opening of new markets, the development of new sources of raw materials and inputs, and the creation of new market structures in the industry. This chapter is a bibliographical review of the theories of entrepreneurship from economics, sociology, psychology, and management aiming to contribute to the construction of a definition of entrepreneurship and entrepreneur that can be accepted by scholars in this field.

Extending the Economic Foundations of Entrepreneurship Research

As the entrepreneurship discipline grows, it increasingly faces unique research challenges. Recently, "interactive, activity based, cognitively hot, compassionate, and prosocial" approaches to the study of entrepreneurship have arisen to meet these challenges. This paper reflects and builds on recent discussions by emphasizing, in addition, the persistent value of economic foundations for a progressive research agenda in entrepreneurship. A realist economic perspective is both fundamental for entrepreneurship and complements newer research trends. It has also stood the test of time: economic questions relating to methodological individualism, uncertainty, judgment, opportunities, social motivations, and incentives have not only set the tone for past research, but continue to offer starting points and insights for contemporary work. This note thus makes two contributions: first, it explains the relevance of each of these concepts for contemporary work in entrepreneurship studies, and second, it uses them to pose novel research questions. These questions complement the abovementioned emerging trends in entrepreneurship.

ENTREPRENEURSHIP AND RATIONALITY

Revista Pretexto, 2011

The phenomenon of entrepreneurship has been a significant issue in economics, with repercussions in other sciences, which seek to clarify what the role actually played by the entrepreneur in social development. The studies seek to explain how he or she operates from the standpoint of business creation, identifying opportunities and the pursuit of profit, and also from the personal view, in terms of decision-making and choices, and its mechanisms. This paper presents a brief discussion about the reasons that led the neoclassical authors to "abandon" the character of the entrepreneur, which became the main debate between these neoclassical authors and their critics, especially Schumpeter. Subsequently, highlights the decision context in which the entrepreneur operates, both from his/her personal view and from the environment in which he/she works. Finally, the paper discusses the issue of rationality in the process, presenting considerations and issues for further discussions and studies.