Is Entrepreneurship Only About Entering A New Business
To most people entrepreneurship is solely about innovation and entering a new venture. For example, Hisrich and Peters (2002) define entrepreneurship as â€œthe process of creating something new with 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.â€ According to Kuratko and Welsch (1994) â€œMany people now regard entrepreneurship as â€žpioneership? on the business frontier.â€ Bygrave (1994) begins with Schumpeter?s definition of an entrepreneur and continues to argue that only a few businesses would have the potential to fit Schumpeterian definition on entrepreneurship, destroying the existing economic order by introducing new product and services. Instead, he argues that â€œthe vast majority of new businesses enter existing markets.â€ To him, an entrepreneur is â€œsomeone who perceives an opportunity and creates an organization to pursue itâ€ and the entrepreneurship involves â€œall the functions, activities, and actions associated with perceiving opportunities and creating organizations to pursue them.â€ In all these discussions, exiting from a market is not considered as part of entrepreneurial activities.
Volume (Year): 8 (2003)
Issue (Month): 2 (Summer)
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"Entry and Exit Decisions under Uncertainty,"
Journal of Political Economy,
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- Avinash K. Dixit & Robert S. Pindyck, 1994. "Investment under Uncertainty," Economics Books, Princeton University Press, edition 1, volume 1, number 5474, April.
- Chavas, Jean-Paul & Pope, Rulon D & Leathers, Howard, 1988. "Competitive Industry Equilibrium under Uncertainty and Free Entry," Economic Inquiry, Western Economic Association International, vol. 26(2), pages 331-44, April.
- Brennan, Michael J & Schwartz, Eduardo S, 1985. "Evaluating Natural Resource Investments," The Journal of Business, University of Chicago Press, vol. 58(2), pages 135-57, April.
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