UG Entrep 23-2-16 L7 Econs.ppt

UG Entrep 23-2-16 L7 Econs.ppt - University of Roehampton...

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BUS020N635S Entrepreneurship Economics & Finance Perspectives 1 University of Roehampton Business School
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Three main theoretical approaches to entrepreneurship: a) Economics perspectives (from Coase-ian economics to finance views today) - Most developed scholarly approach with longest history b) Cognitive views - Explain behaviour of entrepreneurs & actions - Psychology-based with recent history from 1970s c) Organisation view - Organisation perspective derived from resource-based view & dynamic capabilities literature on developing human capital Theories of Entrepreneurship 2 University of Roehampton Business School
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Entrepreneurs in History Who are entrepreneurs? “Anyone who wants to experience the deep, dark canyons of uncertainty & ambiguity, & who wants to walk the breathtaking highlands of success” (T&S, 2003: 47). - What have Stelios Haji-Iannou & James Dyson got in common & what have they not in common: (obsession with opportunity versus design?) 3 University of Roehampton Business School
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Entrepreneurs in History Who are entrepreneurs? - Entrepreneurs as agents of change: “Someone who specializes in making judgemental decisions about what & how to allocate resources” (Casson, 1982) - What & particularly How entrepreneurs do distinguishes them from non-entrepreneurs , not who they are So: - Entrepreneurs launch new enterprises developing new knowledge for existing products/services 4 University of Roehampton Business School
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What do Entrepreneurs do? In sum, entrepreneurs are innovators who : a) Bring together People & Knowledge to change people’s lives (= Value Proposition)… - People : Deep understanding of issues in a specific area/locality - Knowledge : Ability to perceive possible opportunities & specific audience (potential customers) who will benefit from entrepreneurial intervention 5 University of Roehampton Business School
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Evolution of Entrepreneurs Entrepreneurs also: b) Develop & articulate novel ideas by oral interaction & business plans, & c) Change “rules of the game” in their business by introducing new processes & products (either isn’t enough) 6 University of Roehampton Business School
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Entrepreneurs as Innovators What is EI?
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