What is an Entrepreneur? Meaning.
Entrepreneurs are innovative persons having a low level of risk avoidance. They even have an 'appetite' for risk:
- Entrepreneurs start a new business. This is intrinsically a risky venture.
- They look for opportunities, which are always uncertain.
- A new company normally has a strong focus on being successful from a financial perspective. To be financially successful, risk has to be taken. On the other hand, if too much risk is taken (shareholder) value can also be destroyed.
- Entrepreneurs need to find a trade-off between risk and return.
Three Theories to Characterize Entrepreneurs
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An entrepreneur is someone who starts and organizes
a business or a company (functional theory).
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Typical attributes or orientation of such an individual
are: innovative, initiative, creativity, assuming financial risk, problem
solving, visionary / strategic, seeing a
Strategic Window, strong
belief in their idea, optimism, engaging uncertainty, achiever, hard worker,
leadership, accepting responsibility (supply theory).
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The demand theory holds that entrepreneurs mostly
emerge out of the combination of entrepreneurial opportunities and people
who are well-positioned to take advantage of them. Thus, anyone who encounters
the right conditions might become an entrepreneur, if they find themselves
in a position where they find a valuable problem that they alone can solve.
What is an Entrepreneurial Organization? Meaning.
An entrepreneurial organization could therefore be
described as a company or agency that:
-
Has recently started. Compare:
Business Incubator.
-
Displays the same attributes or orientation as an entrepreneur.
Can-do attitude, is proactive, engages heavily in product innovation, is Agile, undertakes
risky ventures, keen on achieving
First-mover Advantage and short Time to Market,
has a Flat Organizational
Structure. Compare: Organization
Chart.
-
Is in a
Competitive Environment
offering entrepreneurial opportunities.
Entrepreneurial behavior can be stimulated by
Incentives. The philosophy that
focuses on stimulating individual employees to act in an entrepreneurial way
is referred to as Intrapreneurship.
Forum about Entrepreneurship. Below you can ask a question about this topic, share your experiences, report a new development, or explain something.
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Types of Social Enterprises Models
The concept of ‘social enterprise’ is often understood differently by different people, mainly because it is an umbrella term which includes various business models. Cheng and Ludlow (2008) introduce ...
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Ten Commandments for Intrapreneurs
Besides a staged innovation process, intrapreneurs are also important in successful innovation. Norman Macrae used the term intrapreneur for the first time (in a survey called “The coming entrepreneur...
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How Entrepreneurs Reason and Make Decisions
Sarasvathy (2001) argues effectual reasoning (effectual logic) guides the understanding of how entrepreneurs process information and carry out decision-making process. Effectuation is typically used i...
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Publish your Research in Entrepreneurship
For those of you that may be academics, please consider submitting your theory-based research on starting a business, entrepreneurship, small business, new venture creation, etc. to the Southern Journ...
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What Exactly is Entrepreneurial Spirit?
After start-up companies have grown and matured, they often lose sight of the original entrepreneurial spirit, essence or soul they used to possess in their early days. As a result, they become less e...
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Ecopreneurship Challenges
What are the challenges for an ecopreneur in 2012? What kind of strategies are needed? Could anyone give me some ideas on this topic? Who is the precusor in this field? Thanks a lot!...
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Average Age of Entrepreneurs
Most people probably think that most current startups are founded by young entrepreneurs. However, an analysis by Pierre Azoulay and all (NBER, 2018) reveals that successful entrepreneurs are middle-a...
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When should a Firm Engage in Social Business?
Businesses are increasingly attempting to participate in social business. In order to create value by using social approaches, Koster, Lesser and Cortada argue that 2 crucial questions should be asked...
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Common Risks in Entrepreneurial Companies
Although every organization has to deal with a set of risks that are specific to the situation the company is working with, there are four risk categories that are common to basically all entrepreneur...
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What Type of Entrepreneur are You?
What type of entrepreneur are you: an entrepreOWNER or an entrepreSLAVE of your business?
You probably started your business to have more freedom, however now you work long hours.
Start answering th...
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Small Business Mortality Rate
State, local and federal government resources are expended each year to encourage entrepreneurship and small business start ups...
85% of all US jobs are created through small business.
However, alm...
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Steps to Become Self-Employed?
I am an employee of a certain company, and I would like to become self-employed and my own employer. I have an interest in farming.
I have done transport and logistics management, and automotive tech...
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Compare with:
Organizational Configurations
| Virtual Business
| First-mover Advantage
| Second-mover Strategy
| Feasibility Study
| Blue Ocean Strategy
| Competitive Environment
| Competitive Position
| Illusion of Control
Bias | Loss
Aversion Bias |
Disruptive Innovation
| Innovation
Adoption Curve |
Flat Organizational
Structure |
Entrepreneurial
Government | PAEI model
| Stretch Goals
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