Posts Tagged ‘Defining’

Defining Entrepreneurship: Are You An Entrepreneur?

Defining entrepreneurship isn't difficult. An entrepreneur is somebody who is willing to take a calculated risk and start his or her own business. Entrepreneurship is not for everybody. If you are a budding entrepreneur this article contains a few tips to help get you started on the road to business success.

1. Do you have knowledge, a hobby or an interest that you are passionate about? If the answer is yes you may be looking at a great opportunity to turn your passion into money. Many people have also become entrepreneurs by starting a franchise with a product that they are familiar with and have had a good experience with. A positive personal endorsement is a great sales aid.

Franchising is not for everybody though because it can involve huge costs but it might be perfect if you have the money available to invest. Owning a franchise is a great way to develop your business skills because the parent company will offer you full training and a blueprint for success.

2. When defining entrepreneurship we shouldn't forget about this less expensive option. Starting an Internet based business is a much more affordable proposition for the average person. You must still possess entrepreneurial skills but all in all the risks are very low in comparison to a traditional franchise business. You might even want to purchase an existing website or blog to get your business growing a little quicker for you.

Today there are plenty of opportunities to learn how to run an Internet business online. If you visit the numerous discussion forums on the Internet you can receive all kinds of free training.

You can also join a membership site and receive specific training on the niche that your Internet business is in. You can even purchase hardbound copies and CDs if you prefer to learn away from your computer.

3. Niche marketing is a good way to start a business today and when talking about defining entrepreneurship we shouldn't forget to mention the entrepreneurial skill of somebody who is able to take a broad theme and narrow it down to an extremely targeted niche and develop it into a very profitable business.

For example fishing would be considered a broad theme but fly-fishing is a narrower niche. It can be narrowed down much further of course, fly-fishing in Alaska for example. A true entrepreneur will be able to spot a niche and exploit it.

4. Business in a box opportunities are another great way for budding, less experienced entrepreneurs to get started in online business. You can quickly become successful with these types of opportunities because much of the hard work is already taken care of leaving you free to learn how to build an Internet based business.

Your website and follow up email auto responder will be set up for you and this alone will potentially save many months of hard work. The best opportunities will also offer you full training to help ensure your success. This allows you to cut down on what can be a very steep learning curve and concentrate more on marketing and growing your new business.

So, when defining entrepreneurship we have to mention certain qualities you must possess. You must be success oriented and always willing to go the extra mile to achieve your goals. You must be willing to take calculated risks based on sound research and you must be able to spot a niche with true profit potential and develop it. If this sounds like you then I would say that you definitely have the makings of a true entrepreneur!

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Defining Firm Level Entrepreneurship

According to Zhara et al., (1999) different scholars use different expressions to describe entrepreneurship (e.g., Entrepreneurship , Corporate Entrepreneurship, Intrapreneurship, Entrepreneurship Posture, Entrepreneurial Orientation), but contrary to the variety of expressions used to describe entrepreneurship, there is consistency regarding entrepreneurship’s definition and measurement.
Generally speaking, entrepreneurship based research usually focus on either Traits or Behavior. Since the nineties, behavior underlie the vast majority of entrepreneurship’s research, the main reason for this is a limited success of scholars to reinforce the existence of common traits that characterize entrepreneurs (Smart and Conant, 1994). Gartner (1988) argues that the focus should be on “what the entrepreneur does” and not “who is the entrepreneur ”. Behavior based research focus on the entrepreneurship process through the entrepreneur activities, that instead of referring to personal specific traits (Smart and Conant, 1994). Behavior based entrepreneurship’s research is usually conducted at entrepreneur level; nonetheless, scholars claim that entrepreneurship is implemented at the firm level as well (Carland et. al., 1984; Naman and Slevin, 1993; Lumpkin and Dess, 1996; Wiklund, 1999).

This article tries to establish a common base for defining firm level entrepreneurship. Naman and Slevin (1993) states that organization can be characterized and measured based on the level of entrepreneurship demonstrate by the firm’s management. According to Covin and Slevin (1986), top managers at entrepreneurship’s firm possess an entrepreneurship style of management, which affect the firm’s strategic decisions and management philosophy.
In order to establish definition for the firm level entrepreneurship, it is necessary to present the characteristics of management behavior used by scholars for that matter. Schumpeter (1934) states that innovativeness is the only entrepreneurship behavior that separates between entrepreneurship’s activities to non-entrepreneurship’s activities. Innovation relates to the pursuit after creative solutions through the development and improvement of services and products as well as administrative and technological techniques (Davis et al., 1991). Innovation reflects the firm’s tendency to support new ideas and procedures, which can end as new products or services Lumpkin and Dess (1996).
In his book “Essai sur la Nature Commerce en General”, Richard Cantillon (1755) argues that the essence of entrepreneurship is a risk-taking behavior. According to Lumpkin and Dess (1996), risk-taking can range from relatively “safe” risk as deposit money to the bank to quite risky actions like investing in untested technologies or launching new product to the market. In their research, Miller and Friesen (1982) define an entrepreneurial model of innovativeness, this model regards firm that innovate audacity and regularly while taking substantial risks in their strategy.
Third dimension, which can be added to innovation and risk-taking, is Proactive. According to Davis et al., (1991) proactive associates with an aggressive posture, relatively to competitors, while trying to achieve firm’s objectives by all rational needed means. Lumpkin and Dess (2001) mention that proactive relate to the way the firm associates to business opportunities through acquisition of initiatives in the market it’s operate in.
Although other dimensions are used to define firm level entrepreneurship, the vast majority of scholars use these three dimensions - Innovation , Risk-taking and Proactive (e.g., Miller and Friesen, 1978; Covin and Slevin, 1986, 1989; Naman and Slevin, 1993; Knight, 1993; Wiklund, 1999).

Dr. Rami Schayek combining the academic world as a researcher and a lecturer at the ben gurion university with a fieldwork as the CEO of several small businesses coincident with coaching many other small and medium businesses. You can see more from his work at www.small-medium-business.blogspot.com
Terms: Articles may be reprinted provided content is not edited and links are kept live.

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