John Maynard Keynes And Joseph Alois Schumpeter During The...

John Maynard Keynes And Joseph Alois Schumpeter During The...
Keynes versus Schumpeter Among many economists throughout the world, especially two
ambitious figures, John Maynard Keynes and Joseph Alois Schumpeter, stood out vividly. Although
both of the economists ideologies differ greatly, each figure had contributed to the betterment of the
society throughout the world, especially the United States of America. Keynes, a command
economist, was in favor of government interference while Schumpeter, a free market economist,
was in favor of determining prices and goods by the consumers. In order to distinguish differences
between command and free market economy, three components are used as a guide. First, the
influence of John Maynard Keynes during the Great Depression. Second, the influence of Joseph
Alois Schumpeter during the Great Depression. Third, the rise of Keynes and Schumpeter.
Ultimately, the practices of the command and free market economy are the fundamental part of any
economy. Hence, Joseph Alois Schumpeter was the eminent figure that enlightened the benefits of
letting the economy flow without government intervention for the betterment of the society.
Monetarism
When looking into Keynes' and Schumpeter's introspective opinion on monetary spending, both
economists shared many similarities and differences. First, Keynes (1936) creates a contrast
between a cooperative – real wage – economy and an entrepreneurial – money wage – economy
while Schumpeter (1934) creates a contrast between the circular flow and economic
... Get more on HelpWriting.net ...

The Characteristics Of An Entrepreneur
Our world is going through an entrepreneurial revolution. A lot of research has been carried in an
attempt to define entrepreneurship while more and more people are being encouraged to become
entrepreneurs. The following study based on the stream of literature and researches on
entrepreneurship focuses on the concept of the entrepreneur and explore his background, his
characteristics and the factors that influences entrepreneurship.
The Entrepreneur: A definition
Gartner (1990), while reviewing the theories of entrepreneurship notes that it is a complex concept
with not even an agreed definition of its scope. Although attempts have been made as early as the
eighteenth century to identify the role of the entrepreneur, opinions are still as diverse as they were.
On one hand there are stereotypical characteristics of entrepreneurs like they are born leaders,
optimists, charismatic, extremely self–confident and they inspire people. On the other hand, anyone
who works for himself or owns a business calls himself an entrepreneur. There have also been
several debates to differentiate entrepreneurs from small business owners and managers
(Schumpeter 1934). The word means different things to different people.
The word entrepreneur appeared in the ... Show more content on Helpwriting.net ...
Social learning theorists focus on community/society, upbringing, parents, situations and
environment to analyse the entrepreneurial process. Family experience with business and
educational level were found to be significant factors in fostering entrepreneurial interests. Shapero
and Sokol (1982) argued that mothers and fathers are the most powerful agents in instilling an
entrepreneurial mindset. Surveys also pointed out that self–employed or entrepreneur parents can
trigger a positive environment for entrepreneurial development. Parents' profession, the relationship
with parents, social status and order have figured in research as determinants of

Manager vs Entrepreneure
Manager Vs Entrepreneur Two sides of a coin Who is Who?
Table of Content
Introduction Page 4
Theory Page 6
Analysis Page 8
Conclusion Page 11
References Page 13
Introduction
There must be hundreds of millions companies in the world. Either they are small family businesses
,or small local shops ,or big national firms, or international corporations, either they are new players
in the market or they have already been established as a brand, either they are successful or not, they
all have something in common, they are 'driven' by someone who is in charge and makes the
decisions.
Who is this someone, what are his ... Show more content on Helpwriting.net ...
According to Wikipedia: * Entrepreneur: is an enterprising individual who builds capital through
risk and/or initiative. This term first appeared in the French Dictionary "Dictionnaire Universal de
Commerce". Entrepreneur in English is a term applied to a person who is willing to help launch a
new venture or enterprise and accept full responsibility for the outcome. –In Greece we use the term
"επιχειρηματίας" (businessman), as a translation to entrepreneur, to describe a person who run a
company, small or big, in his own and he has the responsibility for every decision. Otherwise we are
talking for an employee and his position/title in his company, either he is a low level employee or a
senior executive.– * Mamager: is a person who gets people together to accomplish desired goals and
objectives using available resources efficiently and effectively. The act of management comprises
planning, organizing, staffing,leading or directing, and controlling an organization( a group of one
or more people or entities) or effort for the purpose of accomplishing a goal. Resourcing
encompasses the deployment and manipulation of human resources, financial resources,

technological resources and natural resources. Since organizations can be viewed as systems,
management can also be defined as human action, including design, to

Judy Craymer Case Study Case Studies
SE01 TERM PAPER
18 AUG 2014
Aanchal Khosla, MA2014SE001
Centre for Social Entrepreneurship,
School of Management and Labour Studies
TATA INSTITUTE OF SOCIAL SCIENCES
ENTREPRENEURSHIP may be defined as a process of organizing any enterprise, a commercial or
social venture, managing it with considerable initiative, innovation and risk.
Introduction to Entrepreneurship
The course on entrepreneurship was introduced with a Case study of Mamma Mia that helped bring
out and refine our preconceived and insufficient understanding of "entrepreneurship".
In the case study we tried to understand what makes Judy Craymer an entrepreneur, her decision to
bounce back,in what ways was she innovative and creative, how did she manage risk. These were
some ... Show more content on Helpwriting.net ...
With Amrita Ramachandaran's interview, a lot of clarity on the correlation between the theory and
practice of entrepreneurship was obtained through her journey and experiences as an entrepreneur.
Amrita with two of her friends started Right–click, a brand communication company in 2010 and by
what I understood she followed a model of effectual entrepreneurship.
According to Saras D. Sarasvathy "All entrepreneurs begin with three categories of means: (1) who
they are―their traits, tastes, and abilities; (2) what they know―their education, training, expertise,
and experience; and, (3) whom they know―their social and professional networks. Using these
means, the entrepreneurs begin to imagine and implement possible effects that can be created with
them." 2
In the case of right click, Amrita knew that she possesses the traits and abilities to become an
entrepreneur because she always desired to do something of her own. Her education and training
was in mass media and communication which sought her experience and expertise in the fields of
communication and branding. Her social network comprised of her colleagues from her previous
jobs, clients, family and friends. All this combined enabled Amrita to take the plunge into
entrepreneurship. To check if her idea is implementable She started off with taking small steps such
as hiring just one employee who worked from

New Methods Of Managing And Communication
Introduction
Things change. New products are invented. New markets are created. New jobs are shaped. New
methods of managing and communication are established and there are new norms, values, and
regulations. But then again, old products disappeared, old jobs died out, old markets vanished, and
many other old things are gone nowadays. This is because of creative destruction, a term coined by
Joseph Schumpeter (1942). It refers to the transformation of industry practices.
However, transformation is not as easy as it may seem. There are many aspects that make such
transformation very difficult to achieve. Uncertainty for the future for example, entrepreneurs might
be hold back because the future state is unknown. Furthermore, there is inertia that lies in the
psyche, which means that humans tend to resist things that are different and there is the fear of
social sanctioning. Additionally, markets need to be ready for a change, ideas need to be legitimized
and external developments play a significant role in realizing creative destruction as well.
Entrepreneurs need to understand how to see beyond these barriers in order to create the foundation
for radical change. In this essay all processes of creative destruction will be discussed and within
every process the difficulties of transformation will be explained. Relevant examples, such as Jon
Bannenberg's new superyacht design, will be used to underline the explanations.
First, the term creative destruction will be

Radical Vs Incremental Innovation : Banning The Cultural...
Irine Surmanidze
09.11.2017
1
"Radical vs Incremental Innovation" Banning the Cultural stereotypes
Introduction
The objective of this paper is to examine two particular forms of innovation – "Radical" and
"Incremental", find relevance and discrepancy in–between and observe an impact triggered by one
or two particular forms of innovation. The first part of the paper further elaborates on radical and
incremental forms of innovation, draws parallels and emphasizes Its impact on the nature of
innovation. The second part of the paper introduces the case study when MA Creative and Cultural
Entrepreneurship students worked in classroom settings to ban one object/issue, to deal with the
consequences and a gap between a product and a market. ... Show more content on Helpwriting.net
...
There are number of definitions for these innovation forms, however many of them are putting an
emphasis on the degree "to which an innovation represents a departure from existing practice"
(Schilling, 2011:48).
Radical innovation should present a new product, service, practice or solution that significantly
differs from previous experience. It usually comes with higher risks as there is no prior knowledge
and competencies are low (Schilling, 2011:vi). Introducing of a third–generation (3G) telephony
could be a good illustration of a radical innovation. 3G was launched with an increased bandwidth
that could not only transmit a voice but support more diverse multimedia applications
(http://searchtelecom.techtarget.com). To switch from 2G to 3G the telecommunication service
required significant investment in the development of relevant equipment and infrastructure, such as
larger device display, memory, and battery capacity, etc. Besides, it was not quite clear how would
customers react to this innovation. So, companies and their managers had to evaluate different risks
simultaneously, including technical achievability, reliability, costs, and demand.
Incremental innovation, on the other hand, does not need to be an exceptionally new or
revolutionary. It can be the same product, service or process with simple adjustments or minor
advancements (Munson and Pelz 1979). For example, the difference between two generations of
iPhones – iPhone 6 and iPhone 7 – could be

The Impact Of Social Media On The Economy Of Silicon Valley
Introduction
For decades now Silicon Valley(a nickname for the San Francisco Bay southern region)has been the
capital for major US technology firms and has become a thriving ecosystem for innovation.
Household names in tech ranging from Apple to WhatsApp continue to drive innovations that
improve or replace today's major industries and business practices. Although many start–up
companies fail to gain traction or wide spread success, a handful of companies have risen to world–
wide success and multi–billion dollar valuations at a pace never before seen in business history. The
well–known social media company Facebook has built a value of over $245 Billion dollars(greater
than the value of Wal–mart) and the car service phone application Uber has seized a notable share of
the taxi cab market although neither company existed 12 years ago. These rapid innovations and
general culture of innovation are overthrowing well–entrenched incumbents and revamping the
structure of a diverse array of markets. Destructive innovation, however, is not a new concept.
Technological advancement has been the cornerstone of growth for most economies and particularly
for the United States for hundreds of years. The railroads seized the market that once belonged to
horse drawn carriages and the digital camera brought an end to the dominance of the Polaroid
camera. Disruptive innovation and growth lead to the reallocation of value amongst firms within
any given sector and between the sectors of the

Biography Of Joseph Schumpeter ( 1883-1950 )
Introduction Joseph Schumpeter (1883–1950) was one of the most original and influential social
scientists of the 20th century. He was born and bred in Vienna. He pursued both law and economics.
His adult life was dedicated to academics, but he also ventured into politics where he became a
finance minister after World War I. He also worked as a banker. He was a professor at the University
of Bonn in 1925 and later at Harvard University in 1932 where he lectured until his death. He
published numerous books including the Theory of Economics (1911) and Business Cycles (1939).
From very early, he focused his study on the role of innovation in economic and social change. Also,
he explored the duty of the entrepreneur for successful innovations (Fagerberg 2006). The essay
explores Schumpeter's legacy with respect to both understanding entrepreneurship and innovation
and application of that understanding. Entrepreneurship Entrepreneurship is an organized effort that
is aimed at pursuing a unique, innovative opportunity so as to make quick, profitable growth.
Similarly, entrepreneurial opportunities are those circumstances where new goods, services, raw
materials and organizing methods may be brought into the market at be sold at a higher value than
their cost of production. These opportunities can be differentiated from other opportunities for profit
since they entail the discovery of new means–ends relationships and not building on the existing
means–end structures (Legge and

The Theory Of Economic Development
With this inquiry I seek to establish the role of finance in economic development as presented by
Joseph Schumpeter in his book, The Theory of Economic Development, [1911] The book analyzes
elements that make up for economic development in a capitalistic society as viewed by Schumpeter.
The elements mentioned include and revolve around the subject of finance. Finance is simply
defined by investopedia.com as, "Finance is the science that describes the management, creation and
study of money, banking, credit, investments, assets and liabilities" [web]. The role of some of the
mentioned elements, along with others, in economic development are mentioned and discussed in
Schumpeter's Theory. Research has proven that the financial intermediary between economic
growth and the entrepreneur who seeks to build new markets. Schumpeter exhibits this notion in his
work; the purpose of this inquiry is to clarify the character finance plays in the economic
advancement of a capitalistic society. This will begin with the exposition of economic development
as viewed by Schumpeter followed by the financial role from different chapters of his book. This
includes Credit and Capital, Entrepreneurial Profit, and Interests on Capital. Schumpeter
understanding of Economic Development The second chapter of Schumpeter's Theory is his
analysis of how an economy develops as well as the elements that contribute to its growth. Firstly
Schumpeter states what defines development, that being the

The Current State Of Entrepreneurship
According to Ernst & Young (2015), "Entrepreneurs are the backbone of Canada's economy". These
individuals have become invaluable assets to be recognized and cultivated. They have changed the
livelihood and occupational abilities of the nation, and created conditions for a flourishing society.
Thus, it is important to understand the Canadian entrepreneurial landscape, as it has transformed the
country 's economic state entirely. The purpose of this report is to investigate the current state of
entrepreneurship in Canada in comparison to other G20 countries, and make recommendations for
government and policy makers. It will provide a brief overview of the history of entrepreneurship,
analyze the current state of entrepreneurship in Canada, ... Show more content on Helpwriting.net ...
Over the last 20 years, there has been a tremendous movement towards legitimacy among
entrepreneurs and startup founders. The vitality of startup firms in high technology industries, the
expansion of venture capital financing, and the successes of regional clusters, most notably Silicon
Valley, have spurred global interest (Murray, 2015). As commerce has evolved over centuries, so has
the definition of entrepreneurship. The Definition of Entrepreneurship According to economist
Lester Thurow, "Entrepreneurs ... bring the new technologies and the new concepts into active
commercial use. They are the change agents of capitalism" (Murray, 2015). Based on this definition,
to be an entrepreneur, these individuals must take a new idea or some creative thought, and actually
derive commercial viability from it. The historical study of entrepreneurship was particularly
concerned with understanding the process of structural change and development within economies.
Joseph Schumpeter, a 20th century economic and political thinker, was well known for his theory
describing entrepreneurial activity as one of the key drivers of economic growth. Further,
Schumpeter coined the term "creative destruction"; the act of new innovations replacing old
innovations (Joseph Schumpeter HBS). Harvard Business Review author Piero Formica draws the
distinction between two essential entrepreneurial types in his research; "path finders and "path
creators." "Path finders are map readers. They very

Advantages Of Democratic Elitism
Elite rule is the form of rule we should strive for. The basis of elite rule is the concentration of
power in the hands of the few, bringing with it stability of government and 'protection–against–
tyranny' (Held, 1987). There are three main strands of elitism: classical, democratic and modern
elitism. Democratic elitism is the most desirable form for government and is associated with Max
Weber and Joseph Schumpeter. They argue for the constant competition between elite rulers and
groups which results in the emergence of a competent ruling class. Constant elite competition is the
central concept of Democratic elitism, as it is the reason for many of the benefits. These include
producing the best leaders and ensuring a system of checks and balances between elites. This
constant competition makes the process democratic and accountable, ensuring there are no abusive
forces at play within the state. Elitism focuses on the distribution of power within the state, taking
an arena based approach. In contrast, Democracy is associated with individual rights, liberties and
freedoms, such as freedom of speech, and the ability to affect change. Although the initial aims of
democratic elitism are not to provide the rights that democracy does it can still, and does, produce
those rights. Therefore, I shall be arguing that the competitive nature of democratic elitism provides
benefits but also produces the aspects of democracy that people value highly, without the chaos and
instability of a

Explain The Four Phases Of Business Cycle
Understanding business cycles is the essence of a course in macroeconomics. The term business
cycle is an economy cycle also known as trade cycle which refers to aggregate production. It refers
the periodic but irregular upward and downward activity over several months or years in the market
economy. In another word we can say that 'A business cycle occurs due to the fluctuations that an
economy experiences over time resulting from changes in economic growth.' A business cycle is
typically characterized by four phases–Expansion or prosperity, recession, depression and recovery–
that repeat themselves over time.
Here I am showing the diagram of four phases of business cycle – The business cycle starts from the
lower point and passes through ... Show more content on Helpwriting.net ...
Here we should not be confused by the terms 'invention and innovation'. Invention is like
discoveries of something new but the term innovation is the application form states inventions to
actual production. However, in way of economic term innovation means the commercial application
of inventions such as new techniques of production, new methods of organization etc. Advocates of
a free market might be attracted by this theory because it emphasizes enormous innovative power in

The Relationship Between Entrepreneurship, Innovation and...
Discuss the relationship between entrepreneurship, innovation and economic development. What
role do creativity and problem solving play in this relationship? Refer to both theory and examples
from the business world to support your discussion.
Date of submission: 26 November 2010
Name: Chen Wanxin
School: the University of Nottingham, Ningbo, China
Module convenor's name: Maris Farquharson
Module title: Entrepreneurship and Business
Module code: P11440 (2010)
Length: 1885 words
Entrepreneurship, which was a notion put forward approximately three centuries ago and soon
becomes a contentious topic, contributes positively to economic development mainly through
innovation. Whilst creativity and problem solving are required at all points ... Show more content on
Helpwriting.net ...
From the writer's point of view, the former two theories are relatively intellectually imperfect due to
their limit of time horizon, while Schumpeter's theory is far more sophisticated as well as complete,
in spite of its restriction to some extent.
The term innovation is much more frequently used in people's daily life. Despite that, it is necessary
here to clarify what innovation exactly is in the economic context. Lumsdine and Binks (2007)
regarded innovation as 'a valuable skill in demand by employers who recognize the ability to
innovate as a key for remaining competitive in the global marketplace'. While innovation was
conceptualized as the key to economic development in any enterprises or even countries, by Hisrich,
Peters and Shepherd (2010). They also categorized innovation into three types shown as follows:
Moreover, Johnson (2007) pointed out that innovation could be both introduction of a novel
production method or product as well as the development of a new geographical market for an
existing product. While Bessant and Tidd (2007: 29) summarized innovation as: 'the process of
translating ideas into useful–and used–new products, processes and services'. Their idea

Social Media And Its Impact On Business Management
For decades now Silicon Valley has been the capital for major US technology firms and has become
a thriving ecosystem for innovation. Household names in tech ranging from Apple to WhatsApp
continue to drive innovations that improve or replace today's major industries and business
practices. Although many start–up companies fail to gain traction or widespread success, a handful
of companies have risen to world–wide success and multi–billion dollar valuations at a pace never
before seen in business history. The well–known social media company Facebook has built a value
of over $245 Billion dollars and the car service phone application Uber has seized a notable share of
the taxi cab market although neither company existed 12 years ago. These rapid innovations and a
general culture of innovation are overthrowing well–entrenched incumbents and revamping the
structure of a diverse array of markets. Large, successful firms that fail to adapt their products,
business models, and strategies will inevitably decline at hands of small disruptive competitors.
Destructive innovation, however, is not a new concept. Technological advancement has been the
cornerstone of growth for most economies and particularly for the United States for hundreds of
years. Disruptive innovation and growth leads to the reallocation of value amongst firms within any
given sector and between the sectors of the greater economy.
This paper will investigate the prevalence of modern day creative destruction in the

The Revolution Of Economic Structure And Function Of...
The revolution in economic structure is known as creative destruction. This term was invented by
Joseph Schumpeter in 1950 who considered it as the essential factor of capitalism. According to
him, "fundamental impulse that sets and keeps the capitalist engine in motion comes from the new
consumers ' goods, the new methods of production or transportation, the new markets, the new
forms of industrial organization that capitalist enterprises create". This is a fundamental process, that
new product replaces old ones and destroys the old production companies. This is an innovation of a
new product, prompt capital investment, economic spreading out and increase living standard of
human beings. Consequently, by substitute of present products, industry ruined and workers
unemployment, .Globalization, improvement in technology and market force increases the
competition market that directly and indirectly affects the product's formation. These changes
destroy the old product. This is the essential factor and aspect of capitalization world,
macroeconomics structure and function of market. Every industry faces this destructiveness. The
process of this change may have long and short term consequences in economy of every company.
Not only small companies, even big management companies do not find any solution of this
devastation in corporate inactivity.
Every business experiences this destruction. It is hard to them to protect their business and product
in the wind of new technology.

Israel Kirzner And Schumpeter Analysis
Israel Kirzner and Joseph Schumpeter were both great theorists known for their different views on
entrepereneusrship.in this essay we are comparing and contrasting the theories of both Schumpeter
and Kirzner, and we are also going to determine whether their arguments are right and get further
insights on entrepreneurship as described by the two theorists.
Schumpeter believed that entrepreneurs were market disruptors who generated economic growth
through creative destruction and disequilibration of the markets. Rather than create opportunities as
described by Schumpeter, Kirzner defined an entrepreneur as a person who is alert and can notice
and come up with a business opportunity. Kirzner sees the role of an entrepreneur as that of stability
... Show more content on Helpwriting.net ...
In both instances, an entrepreneur is looking for new opportunities, allocate resources and gain the
profits that were initially not being exploited. The difference arises because of the difference in
benefits envisioned by the two theorists. In Schumpeter's scenario, we can picture the Hayekian
equilibrium where people have mutually consistent plans. An entrepreneur identifies an opportunity
of making a profit, and if other people did not anticipate the entrepreneur's actions, then other
peoples plans in the economy will be disrupted by the effects of the entrepreneur, and it may result
in different people falling to achieve the plans they had previously made. The actions of the
entrepreneur are therefore causing disequilibrium. At this stage, we now find the Kirzner
entrepreneurs; this is because they will step in and seize the available opportunities leading to a
balance in the economy. In both instances, an entrepreneur is acting on a business opportunity that
had not been initially noticed. However, in Schumpeter's case, the entrepreneur disrupts the
Hayekian equilibrium while in Kirzner's argument, an entrepreneur is moving towards the
attainment of the Hayekian

Economic Development And Development Of Small And Medium...
In the modern world, where countries compete extensively, shaping the market towards dynamism,
the government began to realise and acknowledge the vital existence of small and medium sized
enterprises (SMEs) to maintain a healthy dynamic market economy. In 1911, Joseph Schumpeter, an
influential economist, published In the Theory of Economic Development and highlighted that small
entrepreneurial firms act as the seedbed of innovation and technology discovery, however in
Capitalism, Socailism and Democracy, published by Schumpeter in 1942, contradict the statement
and form the current accustomed concept that large corporations are the engine to the progression of
economic development and possess the ability to accelerate innovation through the process of
creative destruction (Nicholas, 2003). By the 1980s, the economy gradually evolved from
production–based into knowledge–based and the government recognises and emphasised the
prospective contributions of SMEs on economic performances (Doh and Kim, 2014). Though a
consensus agreement that SMEs as a whole can have an impact on a nation's economy was
constructed, the subsequent measurement to support this understanding is difficult to attain.
Nevertheless, the contribution and impact of SMEs to the economy cannot be disregarded and
government should continue promoting this sector in order to maintain its position in the
competitive global market context.
The influence of SMEs to an economy is difficult to measure in terms of

What Factors Affecting The World Of Entrepreneurs And The...
Discuss what factors a modern economy must put in place to encourage entrepreneurial activity with
appropriate reference to relevant academic theory and practical examples.
There are many factors in the modern economy which encourage entrepreneurial activity.
Throughout this essay i am going to discuss what these factors are and how they influence the life
world of entrepreneurs and the environment surrounding them. I am also going to use different
theories and concepts to critically evaluate how they affect entrepreneurial practice in an
organisational context.
Typically entrepreneurs engaged in businesses have a better mentality when compared to traditional
employees. This is because entrepreneurs usually want to have a strong foothold within a business,
and desire a role with a higher authority in the company as they distain working as an employee.
This is part of the life world of an entrepreneur as all entrepreneurs share the same mentality, When
they are creating or forming a business they are more willing to take higher calculated risks within
their business for the chance of a higher profit according to Chell & Ozkan, (2010). For example
when James Dyson started up his company with his new product "The G–force cleaner" in 1983, He
was unable to find a manufacturer or a distributor for the product. Due to this he took the risk in an
unstable market and set up his own manufacturing company "Dyson Ltd" luckily for Dyson his risk
paid off and he made a

Theories Of Entrepreneurship
Theories of Entrepreneurship: Kirzner vs. Schumpeter
Carolann Stanek
University of Mary Theories of Entrepreneurship: Kirzner vs. Schumpeter Entrepreneurship refers
to organizational, management, and assumption of risk of a business venture (Skousen, 2014). There
are several approaches to entrepreneurship theorized in economics. Perhaps two of the most
common theories are that of Israel M. Kirzner and Joseph A. Schumpeter. This short essay will
review theories by both Kirzner and Schumpeter, share personal opinion of the accuracy of each
theory, and offer further insights of how an individual benefits from obtaining a greater
understanding of these entrepreneurship theories.
The Kirznerian Theory of Entrepreneurship
Kirzner's theory of entrepreneurship argues the entrepreneur is an arbitrageur who buys a given
commodity where prices are low and sells the same product when prices are high (Salerno, 2012). A
Kirznerian entrepreneur drives supply to equal demand moving the market toward equilibrium
(Skousen, 2014). This theory ... Show more content on Helpwriting.net ...
This results in new supplies and demands that result in products becoming obsolete (Skousen,
2014). Schumpterian's type of entrepreneur is always seeking to innovate superseding current
production and processes (Skousen, 2014). Under his theory, the aforementioned orange grove
grower creates a new orange variety hybrid between a navel orange and a clementine called a
naventine. Consumers prefer the naventine and sales skyrocket, while sales of navel oranges and
clementine oranges plummet. The following year, the majority of orange grove growers exploit
profitability by growing naventines instead of navel or clementine oranges. In this fictional
example, the naventine made navel and clementine oranges obsolete, and businesses stopped
producing them as a

The Private Market And Venture Capitalist
Mr. Whitney presented enlightening information regarding entrepreneurship, why it is important and
how the private market or venture capitalist are so important in investing in entrepreneurs. Venture
capital is changing the global economy as banks are not investing in businesses anymore other than
lending funds. Wealth creation has changed due to the internet and today wealth creation is out
pacing the wealth created by inheritance (M. Whitney, personal communication, May 21, 2016). An
axiom from Mr. Whitney's company is networks create and disrupt net worth. As explained,
networks bind things together, but they take away somewhere else. This can be illustrated in the
railroad industry. The railroad created a network, which tied the east and west coast together,
facilitating travel and movement of goods from coast to coast. However, the railroad industry
disrupted net worth of the horse and buggy industry, as this mode of transportation was replaced. It
is typical for organizations to follow a common business model within an industry but, if you
assume that there is only one business model, then your organization gets disrupted and you are
blindsided. Another idea presented was retail is a good indicator of market shifts, with three big
trends portrayed in retail that is extended to every industry as a predictive indicator. One of these
trends is consolidation, which we see companies buying up companies, therefore the customer base
is getting smaller. This

Technology And Technology Essay
In this modern age, technological innovation inundates us. Nearly every person, regardless of
income, has a cell phone, computer, and a car. The pace of innovation is so fast that some people
believe the government should take a leadership role in its production. They fail to realize, however,
that if the government were to assume control, progress would be tied up in red tape, and we would
never know what innovations could improve our lives.
The rapid growth of technology causes concerns about unemployment. Consequently, some petition
the government to protect their jobs. Is this a wise decision? As John Stossel says in his TV special
Tech Revolution, "Whenever there's been innovation, experts predict that employment will decline.
But the experts can't imagine the new jobs." A well–known example of technological progress
without government interference is Henry Ford's mass production of cars. He developed a system of
conveyor belts that reduced the time it took to make cars from 12 hours to 2 hours and30 minutes.
At first, not many people could transition from a carriage to an automobile. Yet, as more were
produced, prices dropped, and more people could enjoy the benefits of faster, lower maintenance
transportation. True, some people undoubtedly lost their jobs making carriages. They had to find
new jobs, possibly at Henry Ford's factory. His system of conveyor belts led to the creation of the
assembly line mode of production, an innovation that brought vastly greater

The Evolving Dichotomy Of Incremental And Radical Innovations
The book Managing Innovation defines innovation as to "see connections, spot opportunities and
take advantage of them". It is "turning ideas and knowledge into products and services". (Tidd,
2005) In recent years, firms have paid closer attention to innovation, and many have heavily
invested in the field. In this paper, we will explore the evolving dichotomy of incremental and
radical innovations for their integral role in firm competitiveness. We will examine the prevailing
theories and models such as the Schumpeter theory, Abernathy – Utterback model, Teese's models,
and Henderson – Clark Model; to analyze incumbent firms ' positions in market fluctuations, and
how to surmount these issues from an epistemological standpoint.
Prior to jumping to the competitiveness aspect of the question, one must understand the impacts
innovation can have on firms. Furthermore no person can better describe such a relationship but the
godfather of innovation Joseph Schumpeter, who believed that innovation can be seen as "creative
destruction" waves that rebuild the entire business sector from the constant need to create something
new; which results in the dismantle of the old. Schumpeter also argued that once an entrepreneur/
innovator comes up with a successful idea, he/ she will make some capital out of it, which he refers
to as monopoly profit. However soon other entrepreneurs will begin to catch up and imitate the idea,
until an equilibrium is reached; which creates a cycle of new

Overview Of Schumpeter Denoted Entrepreneur As An...
Schumpeter denoted entrepreneur as a key in the economic growth and entrepreneurial process as a
prime element in the progress and advancement of economy. Again he stated that entrepreneurship
is an essential element for the development of any economy and economic and political framework
condition would not affect the growth. The benefits due to entrepreneurship to community will be
greater in those economies where entrepreneurs have flexibility to operate, to expand their ideas,
and to obliterate the rewards. To attract more and more productive entrepreneurs, governments need
to take corrective measures to streamline the policies and regulations. Government should prepare a
different framework for the negative effects of layoffs in ... Show more content on Helpwriting.net
...
This will lead to introduction of new technology, innovation of new product line, transformation of
their production systems, existing power structures. The crescent interest, in the field of
entrepreneurship has enhanced more with the interest of dynamic role of small businesses. In
developing country like India small business has a remarkable potential. After analyzing statistical
data of various countries it has been shown that small firm developed faster than big industries.
Large industries first lost jobs while small industries created new workplaces. Thus the focus is
more on small scale industries, which tend to the origin of employment in the developing country
India with respect to rural areas. Apart from the employment many other factors denotes the
economic progress of country. These factors include investment in fixed assets, climate,
infrastructures, inflation, education and institutional quality. Young people are an integral part of the
rural community they are able to encourage the long–term economic and social development of the
country. According to 'Food and Agricultural Organization' (FAO) there is no universally accepted
definition of youth. For statistical purposes, the United Nations General Assembly in 1985 for the
International Youth Year first defined youth "as people between the ages of 15 and 24" . Moreover
youth can be described in more alternative ways; as on different stage of

Radical Vs Incremental Innovation : Banning The Cultural...
"Radical vs Incremental Innovation" Banning the Cultural stereotypes
Introduction
The objective of this paper is to examine two particular forms of innovation – "Radical" and
"Incremental", find relevance and discrepancy in–between and observe an impact triggered by one
or two particular forms of innovation. The first part of the paper further elaborates on radical and
incremental forms of innovation, draws parallels and emphasizes Its impact on the nature of
innovation. Second part of the paper introduces the case study, when MA Creative and Cultural
Entrepreneurship students worked in classroom settings to ban one object/issue, to deal with the
consequences and a gap between a product and a market. The third and final part of the paper ...
Show more content on Helpwriting.net ...
Radical innovation should present a new product, service, practice or solution that significantly
differs from previous experience. It usually comes with higher risks as there is no prior knowledge
and competences are low (Schilling, 2011:vi). Introducing of a third generation (3G) telephony
could be a good illustration of a radical innovation. 3G was launched with an increased bandwidth
that could not only transmit a voice, but support more diverse multimedia applications
(http://searchtelecom.techtarget.com). To switch from 2G to 3G the telecommunication service
required significant investment in development of relevant equipment and infrastructure, such as
larger device display, memory and battery capacity, etc. Besides, it was not quite clear how would
customers react to this innovation. So, companies and their managers, had to evaluate different risks
simultaneously, including technical achievability, reliability, costs, and demand.
Incremental innovation, on the other hand, does not need to be an exceptionally new or
revolutionary. It can be the same product, service or process with simple adjustments or minor
advancements (Munson and Pelz 1979). For example, difference between two generations of
iPhones – iPhone 6 and iPhone 7 – could be considered as incremental while improving camera

Pros And Disadvantages Of Entrepreneur
A business leader who brings money, raw materials, manufacturing facilities, skilled labor is called
entrepreneur. Entrepreneur has worn many faces and played many roles. Most policy makers and
academics agree that entrepreneurship is critical to the development and well–being of society. They
create jobs, drive and shape the innovation, speeding up the structural changes in the economy. They
are usually modeled as combinations of innovators with creative and innovative flair and managers
with general management skills.
According to the Richard Cantillon (1680–1734), entrepreneur is risk–taker who has the foresight
and willingness to assume risk and take the require action to make profit or loss. His entrepreneur is
kind of forward–looking and risk–taking. Risks were distinguished by Frank Knight (1885–1972) as
capable of being measured and un–measurable. According to Knight, entrepreneur takes the latter
risk which is no objective measure of probability of gain or loss. According to Burke (2006),
entrepreneur can be defined as a person who habitually creates and innovates to build something of
recognized value around perceived opportunities. Joseph Schumpeter (1883–1950) said that
entrepreneur is innovator who is the central figure in advancing the wealth of nations and creating
dynamics disequilibrium in the global economy. He pointed out that knowledge underlying the
innovation need not be newly discovered and may be existing knowledge that has never been
utilized in

Entrepreneurship and Innovation
Entrepreneurs innovate. Innovation is the specific instrument of entrepreneurship. The act that
endows resources with a new capacity to create wealth. © Peter Drucker.
Innovation distinguishes between a leader and a follower. © Steve Jobs, Apple.
As time goes on, nothing remains the same in our world. Seasons, weather, relationships, human
emotions, everything is affected by time– everything keeps changing. The same thing is in market
industry. The progress is unstoppable and if one product is a hit today, it could most likely be
replaced by another one hit tomorrow. When setting up a business, entrepreneur needs to learn how
to deal with these constant changes of our life in order for the business to survive. In such ... Show
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In other words, just like cassette walkmans were replaced by CD–players in past and CD–players
were replaced by mp3–players after that. Someday the new kind of music players will be invented
and they will substitute the now popular mp3–players as well. New inventions will continuously
create the new markets that will have benefits over the others but in time they will also be pushed
back by the new improved ones. But what exactly does it all mean for entrepreneurship? It means
that in order for the company to stay profitable, it has to keep in mind that if they go on producing
their good unchanged, the same as it was first presented, it will certainly become less consumed by
customers, as the better–developed substitutes will occur that will be more attractive for
consumption. Just like the founder of Microsoft company Bill Gates (2005) has stated in one of his
interviews "...we are always saying to ourselves: We have to innovate. We 've got to come up with
that breakthrough." This quote confirms that for Microsoft innovation is part of their work,
otherwise they would not be doing as well as they doing now.
Speaking of Bill Gates, he actually makes a very good example of entrepreneur who gained a huge
success by using the innovation. In terms with Schumpeter's model, this is the case of new quality
good creation and opening a new market afterwards. Everybody knows the story of Bill Gates and
the Microsoft corporation foundation.

The Rise Of The Young Social Entrepreneur
Corporate America has had a long history of producing jobs and income for everyday families. Just
as society has evolved, social entrepreneurship has also evolved becoming more focused on solving
problems rather than merely accumulating income. For years and years America has been a
consumer based economy, but in recent years entrepreneurship in a social manner has become a
popular ambition. Corporate drones have influenced society for centuries, however because of the
rise of social entrepreneurship the entrepreneurial age is here, and many people have jumped at the
chance to make a difference with the development of various initiatives. For that reason, many have
identified it as "The Rise of the Young Social Entrepreneur."
To begin ... Show more content on Helpwriting.net ...
As they raise awareness for positive social changes through non–profit businesses and government–
aid, the time is certainly right for change to social problems. Several governments and
philanthropies have fallen short to address these problems, but it has been the rise of social
entrepreneurs who have decided to answer back with change. J. Gregory Dees an Adjunct Professor
and Faculty Director of Duke 's Fuqua School of Business Center for the Advancement of Social
Entrepreneurship says, social entrepreneurship as "any form of social entrepreneurship that is worth
promoting broadly must be about establishing new and better ways to improve the world. Social
entrepreneurs implement innovative programs, organizational structures, or resource strategies that
increase their chances of achieving deep, broad, lasting, and cost–effective social impact." In early
years, entrepreneurship has seen great success by those who perceived a need. For example, Susan
B. Anthony, who was a prominent women's right activist in the 19th century initiated the women's
suffrage movement. Anthony developed innovative solutions to social problems and fought for
women's rights in the United States. Others like Vinoba Bhave founder and leader of the Land Gift
Movement, redistributed 7,000,000 acres of land to aid India's landless and untouchables. Due to
people like Anthony, Bhave , Florence

Social Entrepreneurship: Case Study
SE01 TERM PAPER 18 AUG 2014 Aanchal Khosla, MA2014SE001 Centre for Social
Entrepreneurship, School of Management and Labour Studies TATA INSTITUTE OF SOCIAL
SCIENCES ENTREPRENEURSHIP may be defined as a process of organizing any enterprise, a
commercial or social venture, managing it with considerable initiative, innovation and risk.
Introduction to Entrepreneurship– The course on entrepreneurship was introduced with a Case study
of Mamma Mia that helped bring out and refine our preconceived and insufficient understanding of
"entrepreneurship". In the case we tried to understand What makes Judy Craymer an entrepreneur,
her decision to bounce back, where was the innovation involved were some of the aspects we
looked into, however they were understood in more depth as more cases and theories on
entrepreneurship were analyzed. Views on entrepreneurship:– There are a number of views on
entrepreneurship which may be analyzed through the lens of various disciplines. Such as –
Economist 's view, In the economist 's view, an entrepreneur is one who takes a good amount of risk
and also uses capital to make profits.. Psychologist 's view says that for a person to become an
entrepreneur he/she must possesses some special traits, a certain personality type. The management
view lays importance on the presence of skill competence, decision making and opportunity
identification ability in an entrepreneur, process view says that entrepreneurship is like a scientific
process and

Personal Reflection On Entrepreneurship
The purpose of writing this report is to show how much I have learned and experience from
enrolling in BBA 220. It is also include the impression and my personal reflection about the unit
itself, and also the reflection about group project. Before I start this unit, I do not understand much
about entrepreneur and entrepreneurship at all. I just know that people who do business are
businessmen. However, after joining this unit, my understanding toward entrepreneur become
different. Entrepreneur is someone who is willing to take risk by inventing a new business that does
not exist in the market or start up their own business to make profit or take benefit of an opportunity.
On the other hand, according to Joseph Alois Schumpeter (1883–1950), ... Show more content on
Helpwriting.net ...
There is me who study in Marketing. Matthew Chong studies in finance. Tanya Kazzi studies in
bachelor of commerce which concentrate on HR. Eric Deng studies in business for four year that
has a deep understanding about research and development. And Bhavisha Pindoria who studies in
operation management. Because of our academic background, the work was divided according to
their own respective specialty. My task in this project is to develop a marketing strategy and also
analyze the market. I have done many researches that related to market that include competitors
analysis, market segmentation, medium channel to deliver the message of the company as well as
consumer behavior. My role is to ensure that we can position our company in the target
segmentation by build up brand awareness and brand recall, and also find the effective way to
deliver the message to our customers and attract them to purchase our service. My expectation
toward my teammate is that we can create a good business plan and each of them can complete their
own task. I also hope to understand better to see if there is any potential business partner in the
future as well. And I also understand that my teammate expect me to do a better job in my part as
well and to find the best solution that suit to our company. In the process of this group project, we
face some difficulty due to the lack of communication and

Entrepreneurship
Similarities and differences between a manager, a business owner and an entrepreneur
Date: 12/8/2011 Version: 1.0 Student Number: 110369257 Module: BUS1004
Similarities and differences between a manager, a business owner and an entrepreneur By Henry
Amm
Introduction
The public perception of entrepreneurs today is almost legendary. They seem to seamlessly start up
small businesses and make them grow and develop themselves almost overnight to big successes.
(Beaver, 2005) This essay will briefly cover the differences and similarities between managers,
business owners and entrepreneurs.
Differences and similarities between managers, owners and entrepreneurs
Back in the 19th century being a businessman, in other words being an ... Show more content on
Helpwriting.net ...
Therefore he often runs a lifestyle firm that is based on trade or craft which, however, will not grow
to any considerable size. The entrepreneur in turn is opportunistic, innovative, self–confident and
acts proactive and decisive. He is highly self–motivated by his vision and is therefore willing to take
even greater risks and can live with a high uncertainty. That is why the entrepreneur has a growth
firm and is pursuing growth and personal wealth. Lastly the manager is administrating, or in other
words managing, an entity that does not belong to him. His 'purpose' is to build up the organisation,
by means that are similar to larger firms. (Burns, 2007) However there are some exceptions from
that generalization: An owner–manager of course can have a growing business, while an
entrepreneur could manage a business he owns together with a business associate and therefore has
not complete control over the capital. (Burns, 2007) As Fraja (1996) suggests every firm can be
assigned to either one of the following types: Either it is an entrepreneurial firm, where the owner–
manager or entrepreneur is in exclusive control, organizes production, borrows funds and retains
any residual returns from his work. Or it is a managerial firm, where the individual that has the right
to residual returns remains outside the company and the individual that has the

Austrian Economist Joseph A. Schumpeter And His Notion Of...
Austrian economist Joseph A. Schumpeter and his notion of 'creative destruction ' – the apparently
contradictory term he came up with to describe the inner, self–cannibalizing logic of capitalism after
reading, ironically enough, some of Marx 's works – are nowadays renowned for having linked
entrepreneurship and a theory of economic and historical change for the first time in the history of
economic ideas. Furthermore, Schumpeter 's work is often recognized as one of the most critical
components in the steady path to a post–war revival of economic liberalism that eventually reached
its full–fledged form in the last decades of the century. His antipathy toward centralized state
planning, the methodological individualism that ran through the entirety of his work in economic
analysis, his views favoring innovation over regulation, and the notion that entrepreneurs alone are
the true agents of historical change have since become commonplace in contemporary economic
science, culture, and policy. Unlike in past stages of capitalist development, when traditional
religious and social institutions and state powers made every endeavor to prevent the market from
entering the realm of what were considered morally non–commodifiable goods, entrepreneurial
verbiage and metaphors permeate absolutely all aspects of life nowadays, even to the point of
intruding into the hitherto sacred domains of the spiritual, the affective, and the identitarian self.
Seemingly bizarre compound nouns and

Aristotle, Joseph Schumpeter, Milton Friedman, And John Rawls
The concept of equality is multi–faceted and widely debated among scholars. While there is no
singular definition for equality, equality deals with the distribution of some "thing" in a specific
domain. For this paper, equality will be narrowed down to the domains of economic and political. It
is essential to note that distinct types of equality can become conditions for equality in a different
domain. In this case, economic equality will be analyzed as a condition for political equality. How is
it exactly that economic equality can undermine political equality? By answering this question, this
paper will prove that economic equality is a necessary pre–condition for political equality. I will do
this by analyzing the political writings of ... Show more content on Helpwriting.net ...
The free person has the ability to pursue their own telos economically, but the slave can only be a
slave, subjugated to a master. As a result of this economic inequality, the political equality of the
slave is undermined as they cannot be a citizen within the polis. In addition to Aristotle, economist
Joseph Schumpeter is also of importance because of his theories on democracy. In his book
Capitalism, Socialism, and Democracy, Schumpeter explicated his new theory of democracy and
defines it as the "rule of the politician." With this new theory, he makes it clear that he is deviating
from the classical notion of 18th century democracy presented by Rousseau and Bentham.
Schumpeter writes that this traditional model of democracy could be defined as "the democratic
method is that institutional arrangement for arriving at political decisions which realizes the
common good by making the people itself decide issues through the election of individuals who are
to assemble in order to carry out its will" (Schumpeter 250). His major critique on such democracy
entails the assumption of a common good because he believes that people cannot achieve a
conclusion of what the general will is. Thus, Schumpeter posits his own theory of democracy, which
can be defined as follows: "that institutional arrangement for arriving at political decisions in which
individuals acquire the power to decide by means of a competitive struggle for the people's vote"
(Schumpeter 269). This

Hayek 's Individual Freedom Is Best Secured Through A Free...
Marcus Roberts 2/27/2015 Mid–Term 1. Hayek argues that individual freedom is best secured
through a free market. Explain his argument. I believe to first understand Hayek argument and what
it is that he was trying to convey to his audience, we would thoroughly have to understand the
definition of collectivism and what it entails. Collectivism refers to the extent in which groups are
held as priority over each individual maintained in the group. When referencing the market it is said
that it dictates what you're allowed to do whether it's completed out of labor of love or for revenue,
the choice is yours. In regards to that notion of "free market" you have to make your own decisions.
From the view of the free market you should have the right to benefit and control property and it is
essential part in economic freedom. For this theory, it is the only way that self–development can
occur. For you to be truly free in the eyes of Hayek, the market has to have few restrictions in
allowing choices to be made. Do what you want, but be smart bout it because the market is what
responds to your actions, are your actions successful or detrimental? A collectivist attempt to control
the market is denying the right for people to develop and choose. Essentially you are giving up you
individuality when you act as a collectivist because its more majority based versus what you believe
individually through morals and ethical reasoning. It is signaled as something that you want as a
producer

Innovation Of An Entrepreneur Creates Innovation
As entrepreneurs, we are expected to transform, motivate, and thrive. We are seen as the movers and
shakers of multibillion pound industries. However, one question always remains, how? The answer
is innovation. According Joseph Schumpeter, an entrepreneur creates innovation; not only through
invention but by competition to improve technology, finance and organization. Innovation in its
simplest form is the generation of a new idea and this idea's implementation into a concrete form.
Innovation can appear in the form of an idea, practice, service, or product. In order to characterize
anything as innovative, it must be perceived as adoptively original or new within a market. As a
principle, innovation is change or the creation of market ... Show more content on Helpwriting.net
...
The first factor, technology, relates to the enterprise involved in a new product and how it differs
from prior knowledge that exist or is being used. The second factor, markets, relates to the scope in
which a product effectively fulfills consumer needs better than an existing product. Both these
factors places a key role in how radical and incremental innovation operate. A general example of
this concept would be the cumulative effects of incremental innovation on technology in television.
The technological advances in changing televisions that show pictures in black and white to color
accumulated and created not only an economic impact but also a change in the market of
communications. This example demonstrates how innovation can utilize technology and create
changes to products in order to improve a market.
Furthermore, the difference between radical and incremental innovation are the high and low
incentives given to consumers and their economic impact. An example of this would be Apple's
iPhone and the updates and various version of this product. The various software updates such as
Siri, IOS9, as well as, design changes such as microchip, touch screens, to the iPhone, itself, can be
considered incremental innovation. This is because it deals with the creation of changes to an
existing product over a continual period of time. According the Rajesh Chandy and Gerald Tellis, it
also can be considered incremental innovation

Benjamin Barber And Joseph Schumpeter
Introduction
The general understanding of democracy is that it is a state of leadership where citizens of a country
participate equally either directly or by representative individuals in the establishment of laws,
which run the society. However, like many other forms of leadership, democracy has its cons and
may not give the citizens the necessary freedoms that they think they have. Different philosophers
have different insights on democracy in terms of concepts such as liberty, which they embraced.
This paper will look at Benjamin Barber and Joseph Schumpeter's idea of democracy contrasting
their definition in terms of citizenship, obligation, rights and duties of each individual in the society
declaring whose idea of democracy creates a compelling vision (Terchek & Conte, 2001).
Benjamin Barber classifies democracy into two, the classic democracy, which he calls "Thin"
democracy, and the strong democracy. Thin democracy is where representatives are chosen by the
individual citizen to go make the law. He terms this as individualistic and from this perspective the
citizen does not get to participate actively in the making of laws which run his or her society.
However, strong democracy is where citizens govern themselves to a certain degree without
selecting individuals and bombarding them with responsibilities and obligations. It requires
individuals to embrace politics as citizenship and make it a part of their life as if it was like
parenting, which makes citizens an

Entrepreneurship
Entrepreneurship Entrepreneurship is the act of being an entrepreneur or "one who undertakes
innovations, finance and business acumen in an effort to transform innovations into economic
goods". This may result in new organizations or may be part of revitalizing mature organizations in
response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting
new businesses (referred as Startup Company); however, in recent years, the term has been extended
to include social and political forms of entrepreneurial activity. When entrepreneurship is describing
activities within a firm or large organization it is referred to as intra–preneurship and may include
corporate venturing, when large entities spin–off ... Show more content on Helpwriting.net ...
Characteristics of an entrepreneur Entrepreneurs have many of the same character traits as leaders,
similar to the early great man theories of leadership; however trait–based theories of
entrepreneurship are increasingly being called into question. Entrepreneurs are often contrasted with
managers and administrators who are said to be more methodical and less prone to risk–taking. Such
person–centric models of entrepreneurship have shown to be of questionable validity, not least as
many real–life entrepreneurs operate in teams rather than as single individuals. Still, a vast literature
studying the entrepreneurial personality found that certain traits seem to be associated with
entrepreneurs: * Bird – mercurial, that is, prone to insights, brainstorms, deceptions, ingeniousness
and resourcefulness. they are cunning, opportunistic, creative, and unsentimental. * Busenitz and
Barney – prone to overconfidence and over generalizations. * Cole – found there are four types of
entrepreneur: the innovator, the calculating inventor, the over–optimistic promoter, and the
organization builder. These types are not related to the personality but to the type of opportunity the
entrepreneur faces. * Collins and Moore – tough, pragmatic people driven by needs of independence
and achievement. They seldom are willing to submit to authority. * Cooper, Woo, &
Dunkelberg – argue that entrepreneurs exhibit extreme optimism in their decision–making
processes. *

The Small Business Association Describes Innovation
The Small Business Association describes innovation as "a process that begins with invention,
proceeds with the development of the invention and results in the introduction of a new product,
process or services to the marketplace" (Acs & Audretsch, 1988). We all play a role in the world's
economic activities. We consume goods and services and often times we have brand preferences
based on our affinities and experiences. While many of us enjoy the brands of some of the most
prominent companies around the world like Hewlett–Packard for instance, many consumers prefer
the niche services of small firms like Origin PC; a company that allows gamers to custom build
personal computers based on individual specifications. This example speaks to the ... Show more
content on Helpwriting.net ...
Proportion of Large Firms
In 1909 Joseph Schumpeter said that small companies (firms with fewer than 500 employees) were
more inventive. Several decades later in 1942, he reversed his thought upon further research. He
submitted that large firms (firms with more than 500 employees) have more incentive to invest in
innovation because they can reach a broader market and recuperate the cost of R&D investments
more quickly (Canter, 2016). He also believed that the disadvantage of the innovation process to
small firms in a competitive market was that inventions could quickly be imitated, cannibalizing
potential profits. In recent years Schumpeter's theory has been challenged and researchers like Acs
and Audretsch have expanded upon his findings to reframe the measure of firms' innovative
activities in the context of today's economic conditions. They believed that the smallest firms'
contributions to innovation across industries were often overlooked due to a lack of quantitative
measures in assessing their outputs. The two proposed that small firms are actually more prone to
innovate in industries mostly composed of large firms (Acs & Audretsch, 1988). From their
empirical analysis Acs and Audretsch wrote the following "The greater extinct to which an industry
is composed of large firms, the greater will be the innovative activity, but that increased innovative
activity will tend to emanate more

The Term ' Entrepreneurship '
Over time many definitions for the term 'entrepreneurship' have been given and interpreted, but
there is continued discussion on its exact meaning. Blundell, Lockett, and Schumpeter have all
offered their definition, and even with their statute in the academic community their definitions are
interpreted in different ways. Although entrepreneurs may not be aware of these definitions, they
engage in their own version of what entrepreneurship is, and researchers found that they show
characteristics from one of two models (Gilad and Levine, 1986) that lead to how decisions are
made in their enterprise. Despite having two different models, an entrepreneur may not always fall
under either category, and the American entrepreneur Kim Bentham exhibits characteristics for both
models. Kim a New Hampshire native, was born in New York, and attended Hardwick College.
Since attending Hardwick College he has started several businesses over that time span. Most
notable is Iron Gate Farms LLC, where he runs a successful Farm, Car Carrier Service, and
Wedding Venue under that title. Mr. Bentham's ability to make his businesses stand out in the New
Hampshire market, as well as his character traits made him the perfect candidate for this study. But
how was his role of the entrepreneur in this enterprise, affecting the enterprise itself? All
entrepreneurs formally plan their individual ideas, but demonstrate the necessity of achieving their
goal from action. Some entrepreneurs exhibit

Uncertainty And Imperfect Information On Entrepreneurship
Uncertainty and Imperfect information in entrepreneurship are two important concepts that should
be considered in the role of entrepreneurs. According to (Klir, 1999) uncertainty has many methods
and dimensions and can include concepts such as vagueness, disagreement and conflict, imprecision
and non–specificity The term 'uncertainty' can be defined broadly as "any deviation from the
unachievable ideal of completely deterministic knowledge of the relevant system" (Walker, 2003).
Uncertainty could mean unpredictability, doubt or fear of the unknown. It has to do with the risk
entrepreneurs take in business. Imperfect information on the other hand means lack of adequate
information before embarking on the business. It can also be viewed as incomplete collection of
facts or flawed communication. These two concepts play vital roles in businesses and if not
carefully considered and handled, they can have adverse effects on businesses.
Who Are Entrepreneurs?
An entrepreneur is a person who creates new business, taking risks in accomplishing the objectives
which they intend to make profits and growth by recognising vital opportunities (Burdus, 2010).
They are individuals who innovate, recognise business opportunities, gather and co–ordinate new
blends of resources {i.e. production functions) in other to extract the most profits from their
innovations in an uncertain environment (Rapheal Amit, 1993) Entrepreneurs are private business
owners. They are self–starters and optimistic

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