Entrepreneurship: Definitions, Features, and Market Analysis

Entrepreneur

French word 'Entreprendre' which means 'to undertake'.

Entrepreneurship

Particular field of practice or process derived from the word entrepreneur.

Knight (1921) Definition of Entrepreneurship

Having profits from bearing uncertainty and risk.

Schumpeter (1934) Definition of Entrepreneurship

Carrying out new combinations of firm organization - new products, new services, new sources of raw material, new methods of production, new markets, new forms of organization.

Shane (2003) Definition of Entrepreneurship

An activity that involves the discovery, evaluation and exploitation of opportunities to introduce new goods and services.

Kuratko (2009) Definition of Entrepreneurship

Dynamic process of vision, change, and creation that requires an application of energy and passion.

Dyck and Neubert (2012) Definition of Entrepreneurship

Conceiving an opportunity to offer new or improved goods or services, showing the initiative to pursue that opportunity.

Small Business

Business or enterprise that correctly adopts and practices the principles of entrepreneurship.

Ordinary Small Business

Business or enterprise managed and operated by an owner who does not practice the concepts and principles of entrepreneurship.

Social Entrepreneur

Advantage of the country's social problems and turn them to profitable institutions.

Technopreneur

Technology at the core of his or her business model.

Extrapreneur

Hops from one company to another to act as innovation champion.

Intrapreneur

Large company employee tasked to think, establish, and run a new big idea or project.

Joseph Schumpeter

An Austrian economist who articulated the importance of entrepreneurship to the economy.

Roles of Entrepreneurs in Economic Development

Creates employment, develops new markets, introduces innovation, generates new sources of materials.

Characteristics of Entrepreneurship

Clever, creative, unsentimental, enthusiastic vision, extreme optimism, motivated by achievement.

Business Consultant

A person who identifies and fixes problems at a client's site.

Business Reporter

Writes articles or covers local business news.

Sales

Someone who works in sales or runs the department needs to know how businesses run.

Talent Recruiter

Relies on understanding business and networking relationships.

Not For Profit Fundraiser

Raises funds while understanding the importance of business.

Research and Development

Requires understanding of business concepts, systems, procedures, and practices.

Teacher

Teaches students how to increase their entrepreneurial intention.

Identifying Potential Customers

Get familiar with demographics, evaluate psychographics, analyze competitors.

Market Analysis

Process of gathering information about the current market.

Industry Overview

Describes the current state of your industry.

Target Market

Actual customers of the business.

Competition

Describes your competitor's positioning, strengths, and weaknesses.

Pricing and Forecast

Determines business positioning in the market and gathers historical information.