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Is Entrepreneurship Only About Entering A New Business

  • Iraj J. Fooladi

    (Dalhousie University)

  • Nargess K. Kayhani

    (Mount Saint Vincent University)

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    To most people entrepreneurship is solely about innovation and entering a new venture. For example, Hisrich and Peters (2002) define entrepreneurship as “the 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.†According to Kuratko and Welsch (1994) “Many people now regard entrepreneurship as „pioneership? on the business frontier.†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 “the vast majority of new businesses enter existing markets.†To him, an entrepreneur is “someone who perceives an opportunity and creates an organization to pursue it†and the entrepreneurship involves “all the functions, activities, and actions associated with perceiving opportunities and creating organizations to pursue them.†In all these discussions, exiting from a market is not considered as part of entrepreneurial activities.

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    Article provided by Pepperdine University, Graziadio School of Business and Management in its journal Journal of Entrepreneurial Finance and Business Ventures.

    Volume (Year): 8 (2003)
    Issue (Month): 2 (Summer)
    Pages: 1-11

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    Handle: RePEc:pep:journl:v:8:y:2003:i:2:p:1-11
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    1. Avinash K. Dixit & Robert S. Pindyck, 1994. "Investment under Uncertainty," Economics Books, Princeton University Press, edition 1, volume 1, number 5474.
    2. Kaen, Fred R & Rosenman, Robert E, 1986. "Predictable Behavior in Financial Markets: Some Evidence in Support ofHeiner's Hypothesis," American Economic Review, American Economic Association, vol. 76(1), pages 212-20, March.
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    4. 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.
    5. Scholes, Myron & Williams, Joseph, 1977. "Estimating betas from nonsynchronous data," Journal of Financial Economics, Elsevier, vol. 5(3), pages 309-327, December.
    6. John M. Gowdy & Atilla Yesilada, 1988. "Decision Making under Conditions of Turbulence and Uncertainty: The Case of the Kinked Demand Curve," Eastern Economic Journal, Eastern Economic Association, vol. 14(4), pages 399-408, Oct-Dec.
    7. Heiner, Ronald A., 1988. "The necessity of imperfect decisions," Journal of Economic Behavior & Organization, Elsevier, vol. 10(1), pages 29-55, July.
    8. Schwartz, Robert A & Whitcomb, David K, 1977. "The Time-Variance Relationship: Evidence on Autocorrelation in Common Stock Returns," Journal of Finance, American Finance Association, vol. 32(1), pages 41-55, March.
    9. Dixit, A., 1988. "Entry And Exit Decisions Under Uncertainty," Papers 91, Princeton, Department of Economics - Financial Research Center.
    10. Heiner, Ronald A., 1988. "The necessity of delaying economic adjustment," Journal of Economic Behavior & Organization, Elsevier, vol. 10(3), pages 255-286, October.
    11. 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.
    12. Heiner, Ronald A., 1989. "The origin of predictable dynamic behavior," Journal of Economic Behavior & Organization, Elsevier, vol. 12(2), pages 233-257, October.
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