25IntEnt[ 6]

25IntEnt[ 6] - Entrepreneurship recombines existing factors...

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1 Entrepreneurship . . . recombines existing factors . . . brings new ideas . . . or creates new combinations in business (products, processes, markets, etc.) Adds dynamism to economic systems by perpetually rearranging inputs, transformation processes and outputs. • “Creative destruction” employing invention and innovation as the engines of reform and revolution. Shumpeter 1934, 1947 Entrepreneurial Event Entrepreneurial Behavior Percipient Opportunity Assessment Action The Entrepreneurial Event Personality Antecedent Conditions Potential Entrepreneur Intending Entrepreneur Accidental Entrepreneur Opportunity Novel Idea Novel Application Means to an End Perceived Void Default Next Logical Step Flash Insight Obligation
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2 External Factors Personal Factors Entrepreneurial Assessment • Interest in the concept • Opportunity cost • Sufficiency of technical and managerial acumen • Financial resources • Personal utility • General economic conditions • Product/service marketability • Resource availability Rational Enterprise • Economic reality • Strategic feasibility Entrepreneur • Personal desire Entrepreneurial Characteristics a) The ability to recognize opportunity b) The disposition to act on it if it holds promise c) The determination to find ways to realize it d) The commitment to pursue a course of action once it is determined But — ability, disposition, determination, and commitment are relative!! How much change must be made and risk taken to be an entrepreneur? Are there thresholds of entrepreneurship that differ from one opportunity/individual nexus to another? • Perceptions often mitigate decisions throughout the entrepreneurial process (Eisenhauer, 1995) • Resources and acumen often influence perceptions (Wernerfelt, 1984) • “Entrepreneurship creates more entrepreneurship” • Entrepreneurship makes communities resistant to alternative development patterns (Minniti & Bygrave, 1999; vicé versa , 2000) Nontrepreneurs Novice entrepreneurs
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25IntEnt[ 6] - Entrepreneurship recombines existing factors...

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