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Entrepreneurship includes the creation or extraction of economic value. [11] [12] [13] It is the act of being an entrepreneur, or the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits. [citation needed] Entrepreneurs act as managers and oversee the launch and growth of an enterprise.
Entrepreneurship Theory and Practice is a bimonthly peer-reviewed academic journal in the field of entrepreneurship studies. Article topics include, but are not limited to national and international studies of enterprise creation, small business management, family-owned businesses, minority issues in small business and entrepreneurship, new venture creation, research methods, venture financing ...
To test this theory, he has applied institutional theory to business history and economic history. This approach led him to conduct a major study on Victorian British entrepreneurship, specifically focusing on the construction of the railway system through private enterprise, which is the subject of one of his most recent books.
Entrepreneurial orientation has become one of the most established and researched constructs in the entrepreneurship literature. [ 2 ] [ 3 ] [ 4 ] A general commonality among past conceptualizations of EO is the inclusion of innovativeness , proactiveness , and risk-taking as core defining aspects or dimensions of the orientation.
Entrepreneurship is difficult to analyse using the traditional tools of economics, e.g. calculus and general equilibrium models. Current textbooks have only a passing reference to the concept of entrepreneurship and the entrepreneur. [4] Equilibrium models are central to mainstream economics, and exclude entrepreneurship. [5]
Schumpeter was probably the first scholar to develop theories about entrepreneurship. For instance, the European Union's innovation program, and its main development plan, the Lisbon Strategy, are influenced by Schumpeter. The International Joseph A. Schumpeter Society awards the Schumpeter Prize.
According to Weber, the ability to possess power derives from the individual's ability to control various "social resources". "The mode of distribution gives to the propertied a monopoly on the possibility of transferring property from the sphere of use as 'wealth' to the sphere of 'capital,' that is, it gives them the entrepreneurial function and all chances to share directly or indirectly in ...
This network is described as the entrepreneurship ecosystem. The Babson College Entrepreneurship Ecosystem Project then categorizes this framework into these domains: policy, finance, culture, supports, human capital and markets. Much additional scholarship has reinforced this conceptualization, and Liguori and colleagues developed a measure ...