Exploring the Varied Views on Entrepreneurship: A Compilation of Definition from Different Authors
Entrepreneurship is a widely debated topic that has been given various and diverse definitions by different authors in different fields. Entrepreneurship has become the new buzzword, and everyone wants to be associated with it in some way.
But what does entrepreneurship really mean? In this article, we have compiled various definitions of entrepreneurship given by different authors. Let’s explore them:
Definition 1: Schumpeterian Entrepreneurship
According to the economist Joseph A. Schumpeter, entrepreneurship is all about innovation and breaking away from the existing order. Schumpeter believed that an entrepreneur’s main function is to be an innovator who introduces new products and services to the market. He characterized entrepreneurship as a process of “creative destruction.”
Definition 2: Kirznerian Entrepreneurship
Israel Kirzner, an Austrian economist, defines entrepreneurship as the discovery of profitable opportunities that have hitherto remained unnoticed. He heavily emphasizes the importance of alertness or being aware of the opportunities in the market and exploiting them.
Definition 3: Stevenson’s Entrepreneurship
Howard Stevenson, a Harvard Business School professor, defines entrepreneurship as “the pursuit of opportunity beyond resources controlled.” This definition emphasizes the idea of taking risks and identifying new possibilities in the market.
Definition 4: Druckerian Entrepreneurship
Peter Drucker, the father of modern management, defines entrepreneurship as “the systematic innovation, which consists in the purposeful and organized search for changes, and the exploitation of opportunities that such changes might offer for economic and social innovation.” Drucker emphasizes the importance of innovation in entrepreneurship.
Definition 5: Sarasvathy’s Effectual Entrepreneurship
Saras Sarasvathy, a professor at the University of Virginia Darden School of Business, defines entrepreneurship as a process of creating something new and valuable under conditions of uncertainty. In this definition, Sarasvathy emphasizes the importance of experimentation, improvisation, and adaptability.
Examples of Entrepreneurship
Entrepreneurship can be seen in many successful businesses today. Amazon, for example, started as an online bookstore, and now it has grown into one of the largest e-commerce sites globally. Apple started as a small company in a garage, and now it’s valued at over a trillion dollars.
Conclusion
Entrepreneurship can be defined in various ways, depending on the context and the author’s background. The common thread among these definitions is the idea of creating something new, taking risks, and exploiting opportunities. Entrepreneurs have an impact on the economy and society by creating jobs, introducing new products and services, and driving innovation. By exploring these varied views, we can gain a better understanding of what entrepreneurship truly means.
