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Entrepreneurship is the creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk (assumed by a traditional business), and potentially involving values besides simply economic ones.
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]
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.
Innovation economics is a growing field of economic theory and applied/experimental economics that emphasizes innovation and entrepreneurship.It comprises both the application of any type of innovations, especially technological but not only, into economic use.
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 ...
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.
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.
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 ...