More than 1000 new businesses are born every hour of every working day in the

More than 1000 new businesses are born every hour of

This preview shows page 7 - 9 out of 204 pages.

More than 1000 new businesses are born every hour of every working day in the USA. Entrepreneurs are driving a revolution that is transforming and renewing economies worldwide. Entrepreneurship is the essence of free enterprise because the birth of new businesses gives a market economy its vitality. New and emerging businesses create a very large proportion of innovative products and services that transform the way we work and live, such as PCs, software, the Internet, biotechnology drugs and overnight package deliveries (DHL, UPS, EMS). They generate most of the new jobs. For example, in 1998 to 1999, the last period for which data are available, small business accounted for two-thirds of the 2.6 million net new jobs in the U.S. economy. Thus, there has never been a better time to practice the art and science of entrepreneurship than the present.
Image of page 7
8 But is the birth of a new enterprise just an accident and its subsequent success or demise a haphazard process? Or can the art and science of entrepreneurship be taught? Clearly, professors and their students believe that it can be taught and learned because entrepreneurship is the fastest growing new field of study in American (Zambian?) higher education. That transformation in higher education itself a wonderful example of entrepreneurial change has come about because a whole body of knowledge about entrepreneurship has developed during the past three decades or so. The process of creating a new business is well understood now. Just give us students with the aptitude to start a business, and we will make them better entrepreneurs! b. Entrepreneurship in Perspective Entrepreneurship is concerned with the initiation of change. As such, it challenges, and perhaps destroys, the established order and the complacency of traditional social economic systems. Furthermore, one of the key principles of entrepreneurship is the absence of clear and fast rules. With no rulebook to control the game that is entrepreneurship it is inevitable that there will be winners, losers and unruly behaviour. Consequently, it would be delusory to accept that all outcomes from the process of entrepreneurship will be positive, even if it is hoped that any, in Schumpterian (1934) terms, „destruction‟ will be creative. Schumpeter defined an entrepreneur as the person who destroys the existing economic order by introducing new products and services, by creating new forms of organization, or by exploiting new raw materials. That person is most likely to accomplish this destruction by founding a new business but may also do it within an existing one. In addition, we must question the reality of why persons enter into entrepreneurship. Such persons are in fact „buying‟ pers onal independence and control through the process of new venture creation.
Image of page 8
Image of page 9

You've reached the end of your free preview.

Want to read all 204 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture