Exploring 20 Different Definitions of Entrepreneurship by Renowned Scholars
Entrepreneurship has been defined in a multitude of ways by scholars all over the world. Some consider it to be a type of innovation, while others see it as a process of identifying opportunities and pursuing them. With so many varying opinions, it’s fascinating to take a closer look at the different definitions of entrepreneurship put forth by renowned scholars.
1. Joseph Schumpeter
Joseph Schumpeter, an Austrian economist, was one of the first scholars to define entrepreneurship as a process of innovation. He believed that entrepreneurs create new ways of doing things by combining various resources in a unique way.
2. Peter Drucker
Peter Drucker, an American management consultant, defined entrepreneurship as a systematic innovation. He believed that entrepreneurs should seek out and exploit new opportunities in order to stay ahead of the competition.
3. Amar Bhide
Amar Bhide, an entrepreneur and author, defined entrepreneurship as the pursuit of opportunity without regard to resources already controlled. According to him, entrepreneurs should focus on identifying opportunities and finding creative ways to access the resources they need.
4. William Baumol
William Baumol, an American economist, believed that entrepreneurship is driven by high levels of risk-taking, which is necessary for innovation and growth.
5. Howard Stevenson
Howard Stevenson, a Harvard Business School professor, defined entrepreneurship as the pursuit of opportunity beyond the resources currently controlled. He believed that entrepreneurs should take calculated risks while pursuing opportunities.
6. Saras Sarasvathy
Saras Sarasvathy, a professor at the University of Virginia, defined entrepreneurship as the creation of a plausible story that links current resources to future goals. She believed that entrepreneurs must be able to improvise and adapt to changing circumstances in order to succeed.
7. Clayton Christensen
Clayton Christensen, a Harvard Business School professor, defined entrepreneurship as the process of creating new markets by disrupting existing ones. He believed that entrepreneurs should create new products and services to address unmet needs.
8. William Gartner
William Gartner, a professor at Clemson University, defined entrepreneurship as the process of creating something new with value by devoting the necessary time and effort. He believed that entrepreneurs should focus on creating value for their customers.
9. Richard Cantillon
Richard Cantillon, an Irish-French economist, defined entrepreneurship as the process of taking on risk in order to make a profit. He believed that entrepreneurs must be willing to take risks in order to succeed.
10. Robert Hisrich
Robert Hisrich, an entrepreneurship professor, defined entrepreneurship as the process of creating something new of value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence.
11. Jeffry Timmons
Jeffry Timmons, a professor at Babson College, defined entrepreneurship as the intersection of opportunity, resources, and individuals. He believed that successful entrepreneurs are able to identify and pursue opportunities that align with their skills and resources.
12. Paul Burns
Paul Burns, a professor at the University of Bedfordshire, defined entrepreneurship as a process of identifying and pursuing opportunities for the purpose of creating value. He believed that entrepreneurs should focus on creating value for their customers while achieving personal satisfaction and financial gain.
13. Scott Shane
Scott Shane, a professor at Case Western Reserve University, defined entrepreneurship as the process of creating new products, services, or businesses that offer value to customers and provide a return to investors or owners.
14. Greg Watson
Greg Watson, a professor at the University of Technology Sydney, defined entrepreneurship as the desire to create something new and valuable that improves the lives of others. He believed that entrepreneurs should focus on creating value for their customers while achieving personal satisfaction and financial gain.
15. Donald Sexton
Donald Sexton, a professor at Columbia Business School, defined entrepreneurship as the process of identifying and exploiting opportunities to create new economic value. He believed that entrepreneurs should focus on identifying opportunities and finding creative ways to exploit them.
16. Robert Baron
Robert Baron, an entrepreneurship professor, defined entrepreneurship as the process of creating a shift in the allocation of resources from less to more productive uses. He believed that entrepreneurs should focus on creating products and services that solve problems and improve peoples’ lives.
17. David Birch
David Birch, a researcher, defined entrepreneurship as the creation of new businesses that have a positive impact on society. He believed that entrepreneurs should focus on creating businesses that provide jobs and economic growth.
18. William Bygrave
William Bygrave, an entrepreneurship professor, defined entrepreneurship as the process of creating something new of value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence.
19. Shaker Zahra
Shaker Zahra, a researcher, defined entrepreneurship as the process of identifying and exploiting opportunities to create new value in economic, social, and other domains. He believed that entrepreneurs should focus on creating value for their customers while achieving personal satisfaction and financial gain.
20. David Audretsch
David Audretsch, an entrepreneurship researcher, defined entrepreneurship as the process of creating something new of value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence.
In conclusion, entrepreneurship is a process of creating something new of value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence. Successful entrepreneurs are able to identify and pursue opportunities that align with their skills and resources, while focusing on creating value for their customers and society as a whole.
