Entrepreneurship
Introduction
The concept of entrepreneurship has been researched widely by different authors. The first to identity entrepreneurship as a concept was Schumpeter (1934). According to Schumpeter, entrepreneur is different from business ownership and it plays a significant role in economic development. Over the last few decades, the concept of entrepreneurship has grown and played a major role in economic development. On the whole, entrepreneurship entails the creation of new and valuable things, with Drucker (1985) contending that an entrepreneur sees and exploits new opportunities. In addition, Schumpeter (1934) noted that entrepreneurs aim is to undertake new innovations with a view to enhancing production. Thus, entrepreneurs pursue entrepreneurial ventures through innovative and creative strategies. Schumpeter’s work has contributed to the entrepreneurship theory its foundation. Some of the common theories of entrepreneurship discussed in this paper are: Peter Drucker’s Theory of Entrepreneurship; McClelland’s Theory of Achievement Motivation; and the Joseph Schumpeter’s Innovation Theory among others. The essay focuses on Schumpeter description of an ‘entrepreneur as a deviant. It further focuses on how this view of an entrepreneur fits with current research centered on and around entrepreneurial activity. The areas covered in the essay are: the concept of entrepreneur and entrepreneurship; how Schumpeter evolved his theory on entrepreneurial behaviour; characteristics/traits a potential entrepreneur; and different theories of entrepreneurship.
Entrepreneur Defined and Characteristics
According to Gartner (1998), entrepreneurship is the process of creating an organisation. Thus, an entrepreneur is the combination of different activities involved while creating an organisation. An entrepreneur is that person who sees an opportunity and develops an organisation in order to capitalize on it (Gartner 1998). Consequently, entrepreneurs are people with the ability to perceive and assess business opportunities and amass the resources essential for initiating a suitable action to guarantee success. Drucker (1985) identifies innovation and creativity as the major tools of entrepreneurship. Elsewhere, Carland et al. (1986) maintain that entrepreneurs are “business executives representing various functional specialities: general management, sales and marketing, finance, engineering, and personnel” (p. 356). This definition aligns with Schumpeter’s (1934) perception that entrepreneurs usually identify the present opportunities in the market, gather the resources required, implement an actionable plan, and with time harvest the full benefits.
Carland et al. (1986) further note that entrepreneurship as viewed by Schumpeter was based on five characteristics, namely: (1) introduction of new goods; (2) opening new markets; (3) industrial reorganization; (4) opening new sources of supply, and (5) introducing new methods of production. Schumpeter’s (1934) definition of entrepreneurship and entrepreneur is largely based on an economic point of view in that he has focused on the view of new economic opportunities and the ensuing institution of new ideas and products in the market. Carland et al. (1986) contend that entrepreneurs are differentiated from owner managers based on the goals to establish and manage an enterprise to make profits and grow.
Entrepreneurs differ from non-entrepreneurs in a number of ways. For instance, a successful entrepreneur is characterised by the ability to cooperate, business management skills, marketing skills, knowledge about the market and how it functions, innovativeness, and the ability to take risks (Allinson, Chell, & Hayes 2009; Littunen, 2000). To be successful in entrepreneurship, an individual must have a nose for business, the ability to identify profitable opportunities, a desire to take risks, and the ability to correct business errors effectively. Antonio and Mancino (2007) note that entrepreneurs are creative and innovative persons who focus on investing in new markets and expanding their businesses in areas that are less susceptible to newcomers and competition. As innovative beings, entrepreneurs use innovation to promote growth, increase productivity and create new jobs. Creative entrepreneurs usually combine innovation and concept of creativity to make sure that the success of the business ideas. Thus, entrepreneurs bring new ideas into reality by working on them up through the use of available resources.
Various characteristics within a person can determine the kind of entrepreneurial activity one needs to undertake. For example, innovative and creative minds usually pursue technology or financial related entrepreneurship activities because they are driven by the need to create new products and supplies (Littunen, 2000). For example, the founders of Facebook, Twitter, Uber, and other technology-based technologies have used disruptive technology to disturb the economy and the technological markets. As Schumpeter (1934) points out, entrepreneurship is all about innovation and creativity and not about imitation. Schumpeter's innovator theory is based on the perception that innovative entrepreneurs do not care about economic profits, but enjoys when innovative products are used to serve the society. Based on the Schumpeterian theory, the role of an entrepreneur is to move the economy from the static equilibrium. Thus, characteristics of an entrepreneur influence the form of entrepreneurial activity to pursue. McClelland theory on the other hand focuses on motivation to achieve as the primary reason which some people follow some business than others (Littunen, 2000). Entrepreneurship is a creative personality which is influenced by the need for achievement (Hamilton & Harper, 1994).
Entrepreneur as a ‘Deviant’
Schumpeter’s “theory of entrepreneurship” views an entrepreneur as deviant. Deviance involves moving away from the normal set rules of business operations. By deviance, Schumpeter did not imply criminal or unlawful activities when operating business but rather, being innovative and creative in running an enterprise. Goss (2005) points out that an entrepreneur’s central role in economic development is the capability to use innovation to disturb the economic status quo. For instance, the entrepreneur can disturb the market through the introduction of new good, methods of production; opening a new market; using a new source of raw materials; and regrouping the industry in a new manner (Schumpeter, 1934). Schumpeter’s entrepreneurship theory emphasized that social sanctions, constraints of convention, habits, and routine were social controls which acted to regulate behavior of entrepreneurship. Nonetheless, because of the limitations, individuals were prepared to undertake deviant innovative entrepreneurial actions. Based on this supposition, the social controls are not total, and subsequently entrepreneur takes deviant’s role. This explanation founded the concept of entrepreneurial deviance. Therefore, when people are individually motivated by three entrepreneurial motives: the will and dream; will to conquer, and the demonstration of social superiority, they become deviant entrepreneurs (Schumpeter, 1934).
Under deviance, the entrepreneurial motivations that make people deviant entrepreneurs are desire to establish a private dynasty and be successful where others have failed and in the process solve problems. The ability of an individual to be innovative, create a task, and the psyche to be a businessman compels humans to deviate from the traditional routines, habitual and accustomed ways of operations (Schumpeter, 1934). People with a strong will to be successful become deviant entrepreneurs because the overcome social sanctions and inhibitions which prevents them to be successful. In societies which emphasise on success but there are limited resources and ways to reach the goal. Swedberg (n.d) pointed out that “the result if often an attempt to find a new way to succeed-innovative behaviors for business, but sometimes also deviance” (p. 29). Therefore, deviance in entrepreneurship is driven when there are limited resources and means, which compels entrepreneurs to pursue entrepreneurship.
Major Entrepreneurial Theory
The McClelland’s Theory of the need to achieve is based on the supposition that “individuals who have a strong need to achieve are among those who want to solve problems themselves, sets targets, and strive for these targets through their own efforts” (Littunen, 2000, p. 296). In addition, such individuals have a strong desire to realise their set goals, and such characteristics makes them more successful than their counterparts. Thus based on the McClelland’s Theory, the need to pursue entrepreneurship hinges on a desire to achieve. For instance, business activity as part of personal life strategy of an entrepreneur is undertaken as a way of making a living. Thus, the personality characteristics of an entrepreneur make them successful. The theory best describes the characteristics required by an individual to become an entrepreneur. The McClelland theory is applicable for modern entrepreneurs who are driven by the need to achieve and make profits. McClelland (1961) theory is thus driven by psychological factors that generate entrepreneurial personalities (Hamilton & Harper, 1994). In particular, the focus is on variables that motivate people to undertake entrepreneurship.
The drivers of entrepreneurship based on the McClelland’s Theory are the need for power and achievement (Chen, Su & Wu, 2012). People who usually do things better than others and makes decisions during times of uncertainty tend to be successful entrepreneurs. This is contrary to Schumpeter’s “theory of entrepreneurship because entrepreneurs do not have to disturb the economy to become entrepreneurs. McClelland’s experiment showed hat motivation for achievement orientation is required to be an entrepreneur. This disputes the observation by Schumpeter that entrepreneurs are deviant. The need for achievement theory by McClelland (1961) only explains the driving force for people to accomplish, achieve, or excel. Entrepreneurs are motivated to undertake entrepreneurial ventures. However, the theory shares some of characteristics of entrepreneurship which are tolerance, need for achievement, innovativeness, and risk taking (Chen, Su, & Wu, 2012). The theory does not support Schumpeter’s views because its major focus is sustaining equilibrium, while Schumpeter's conceptualizes on capitalism and using innovation to achieve an entrepreneur's destructive creation.
The Drucker’s Theory of Entrepreneurship holds that the role of an entrepreneur is to get and use resources (Littunen, 2000). The theory is different from Schumpeter (1934) because one has to have the resources for allocation to the opportunities at hand. In the latter case, an entrepreneur capitalizes on available ideas and does not need ownership of resources. Thus, when entrepreneurs direct their resources towards progressive opportunities, entrepreneurship is conducted. According to Drucker, an entrepreneur looks for change, exploits it and takes appropriate action in a bid to pursue the opportunity. Innovation entails the combination of knowledge and new ideas to develop into new value. Its absence in entrepreneurship makes a business obsolete and non-functional. Drucker (1993) on innovation and entrepreneurship contended that when entrepreneur innovates based on ideas and creates resources required to develop a business. Both Drucker and Schumpeter share the view that it is not a must that entrepreneurs own both resources and their business. Drucker’s theory thus shares the concept of deviance in entrepreneurship. According to Drucker (1993), entrepreneurship involves: (1) creation of new values, (2) combination of resources; and (3) increasing value as well as satisfaction to the customer. This view supports Schumpeter argument that entrepreneurs are deviant because they can effectively use opportunities available to create and generate new products.
Schumpeter’s Innovation Theory is based on innovation and economic need to produce new products which are innovative. Drucker (n.d.) pointed out that Schumpeter has focused on innovation, which he considers as the basis for entrepreneurship. This is because innovation allows movement of resources from obsolescent and old to new, thus creating productive employments. This can explain the essence of the modern economy, and certainly economics. This kind of perception is derived from Marx’s view that economic development is driven by change, which is doing things in innovate and different ways (van Praag & Versloot, 2007). Innovation to Schumpeter is creative destruction because “it makes obsolete yesterday's capital equipment and capital investment” (Drucker, n.d, p. 3). Thus, for entrepreneurship to be successful and profitable, the Schumpeter's "innovator" is applicable. The center of this theory is social control which regulates behavior limit the extent to which one is ready to participate in “deviant” innovative entrepreneurial actions (Goss, 2005). Schumpeter casts the concept of entrepreneurship on innovation and deviance, which are evident in modern economies and enterprises.
The concept of deviance in entrepreneurship is applicable in the modern business world and is shared by the theories discussed above. For instance, innovation at a strategic level is a positive deviance, and it is at the center of the concept of entrepreneurship. Schumpeter (1934) contends that “the different employment of the economic system’s existing supplies of productive means is central to the concept of new combinations” (p. 68). The function of entrepreneurs is to undertake new combinations and create innovative instead of purely incremental types of existing enterprises. Schumpeter thus perceives these new combinations, as necessary and only derived by new, rather than established firms (Fuller & Warren, 2006). Successful entrepreneurs in the modern world conform to the descriptions provided in the different entrepreneurship theories, which makes them deviants. They employ their imaginations to envisage and symbolize new possibilities. In essence, the new possibilities nonetheless are often observed and applied at a strategic, instead of ethical, levels.
Julian Rotter introduced the Locus of Control orientation in the 1950s. Rotter (1966) has referred to Locus of Control as a person’s perception relating to the underlying primary causes of actions in their life. The locus of control orientation is based on internal control orientation external control orientation (Littunen, 2000; Kippenberger, 1997). According to Rotter (1966), an individual is seen as either external or internal. An internal control expectation implies the control over one’s life, while external controls focuses on the type of attitude which emphasizes on other people’s actions, chance, or luck. The theory of internal control expectations focuses on learning which motivates people to undertake an action such as entrepreneurship (Harrison & Leitch, 2005). The Internal-External Locus of Control Scale provides reasonable opportunities of change and success (Fuller & Warren, 2006). Personal influence which is a characteristic for entrepreneurship is represented under the Rotter’s (1996) theory.
Israel Kirzner has identifies spontaneous learning and alertness as the two primary characteristics of entrepreneurship. Thus, entrepreneurship entails the process of transforming spontaneous learning to motivation. Kibler (2013) noted that the Kirzner theory is based on the supposition that improvement in the technique of production results to change in the market. When there is a shift in the market as a result of production, the entrepreneur can create and provide new products which are innovative. Like other theories earlier discussed, profit opportunities attract entrepreneurs who capitalize in ensuring that products they offer are competitive and when the market is flooded, disequilibrium is created again. Kirzner (1997) stated entrepreneurial room lacks when there are no profit opportunities in the market. Kirzner's concept of entrepreneurship has identified a disequilibrium is solved via by alert entrepreneurs whose role is to produce as well exchange. Based on Schumpeter’s Innovation Theory the concept of deviance is applicable in this theory because the entrepreneur uses innovative was to bring the market to equilibrium. The entrepreneurs are risk takers and certain skills and knowledge about the market is required to be a successful entrepreneur. Thus, according to this theory, the meaning of entrepreneurship has changed to involve risk taking and need for achievement to enhance economic development. Atherton (2004) noted that ability to recognize opportunity in a market promotes entrepreneurship more than innovation.
The entrepreneurial process is a primary factor that contributes to economic development, while entrepreneurs are the key drivers of economic growth based on the views of Schumpeter (van Praag & Versloot, 2007). Moreover, small firms which are source of new innovations (Drucker 1985) can be developed to contribute positively to the economy. For instance, under the Kirzner theory the ability to recognize opportunity an entrepreneurship characteristic which is highly valued than innovation in defining entrepreneur (Martin & Wilson, 2010). In the modern world, entrepreneurs are deviant because they subconsciously discover new opportunities to earn money by producing a good. This can be exemplified by entrepreneur financing whereby entrepreneurship ventures borrow money from a capitalist, invests in the new opportunity, makes revenue, pays back the capitalist, and retains the pure entrepreneurial profit. Thus, just like Schumpeter and McClelland, entrepreneurship is about noticing new opportunities and using new combination, which is different from traditional way of operations to make new products (Atherton, 2004). Thus, an entrepreneur has to perceive an opportunity, pursue it through new organizations (Bygrave & Hofer, 1991).
Over the years, the roles of the entrepreneurs have changed and they can play in significant roles in developing economy today. Chell (2000) noted that the need by countries to remain competitive and increase the level of wealth has resulted to changes in entrepreneurship. For instance, as a result of the changes in the business environment, including harsh global, local competition, the rapid technological development, unexpected and sudden alteration of the demand, and increased business risks have resulted to changes in how entrepreneurs operate. As a result of these rapid changes, entrepreneurs have embraced innovation supported by entrepreneurial behaviour can promote survival of the businesses (Chell, 2000). In accordance to Rotter (1966) theory, entrepreneurship has shifted from the opportunities to personal influence. For instance, most innovative entrepreneurs have been driven by innovation and personal influence for businesses to be successful (Chell, 2000). The Schumpeterian notion of ‘creative destruction’ explains that entrepreneurship patterns break the old patterns, while new combinations introduce changes and dominant patterns of behavior within a period of time.
McClelland’s, Drucker’s, Schumpeter’s, Rotter’s, Kirzner's, and Schultz' theories all share the same view that entrepreneur capitalizes on new opportunities to develop an enterprise (Bygrave & Hofer, 1991). Thus, the meaning of entrepreneur has shifting to an individual who discovers business opportunities. Under Kirzner's and Schultz' disequilibrium supposition, the make produces opportunities and persons react to the opportunities through change of behaviour and acting. This process is comparable to the Schumpeterian innovative process which compels individuals to do things differently. In order to contribute to economic development, entrepreneur has changed over time and their roles have also changed. For instance, instead of waiting for resources, they can approach capitalists for financing. People have become innovative in the way they conduct business and this has resulted from limited resources (Alsaaty, 2011). Schumpeter’s 1934 view of the world is relevant today because entrepreneurs have to deviate from the social conformation set in order to be successful entrepreneurship. They must have the will to see new opportunities, act on the ideas, change the market, and risk in order to make profits.
Conclusion
The role of the entrepreneur has changed over time and they deviate from the conventional ways of operations to contribute to the economy. For instance, entrepreneurs are driven by the will to achieve when new opportunities present themselves. They use innovation and creativity to be successful. In addition, entrepreneurs shift the market from equilibrium through combination of new means of production and products. Thus, the view of entrepreneurs as deviants exists today. McClelland’s, Drucker’s, Schumpeter’s, Rotter’s, Kirzner's, and Schultz' theories in general have the ability to cooperate, to manage business, ,market their ideas to venture capitalists, are knowledgeable about the market, embrace innovation, and have the ability to take risks.
Entrepreneurship
Introduction
The concept of entrepreneurship has been researched widely by different authors. The first to identity entrepreneurship as a concept was Schumpeter (1934). According to Schumpeter, entrepreneur is different from business ownership and it plays a significant role in economic development. Over the last few decades, the concept of entrepreneurship has grown and played a major role in economic development. On the whole, entrepreneurship entails the creation of new and valuable things, with Drucker (1985) contending that an entrepreneur sees and exploits new opportunities. In addition, Schumpeter (1934) noted that entrepreneurs aim is to undertake new innovations with a view to enhancing production. Thus, entrepreneurs pursue entrepreneurial ventures through innovative and creative strategies. Schumpeter’s work has contributed to the entrepreneurship theory its foundation. Some of the common theories of entrepreneurship discussed in this paper are: Peter Drucker’s Theory of Entrepreneurship; McClelland’s Theory of Achievement Motivation; and the Joseph Schumpeter’s Innovation Theory among others. The essay focuses on Schumpeter description of an ‘entrepreneur as a deviant. It further focuses on how this view of an entrepreneur fits with current research centered on and around entrepreneurial activity. The areas covered in the essay are: the concept of entrepreneur and entrepreneurship; how Schumpeter evolved his theory on entrepreneurial behaviour; characteristics/traits a potential entrepreneur; and different theories of entrepreneurship.
Entrepreneur Defined and Characteristics
According to Gartner (1998), entrepreneurship is the process of creating an organisation. Thus, an entrepreneur is the combination of different activities involved while creating an organisation. An entrepreneur is that person who sees an opportunity and develops an organisation in order to capitalize on it (Gartner 1998). Consequently, entrepreneurs are people with the ability to perceive and assess business opportunities and amass the resources essential for initiating a suitable action to guarantee success. Drucker (1985) identifies innovation and creativity as the major tools of entrepreneurship. Elsewhere, Carland et al. (1986) maintain that entrepreneurs are “business executives representing various functional specialities: general management, sales and marketing, finance, engineering, and personnel” (p. 356). This definition aligns with Schumpeter’s (1934) perception that entrepreneurs usually identify the present opportunities in the market, gather the resources required, implement an actionable plan, and with time harvest the full benefits.
Carland et al. (1986) further note that entrepreneurship as viewed by Schumpeter was based on five characteristics, namely: (1) introduction of new goods; (2) opening new markets; (3) industrial reorganization; (4) opening new sources of supply, and (5) introducing new methods of production. Schumpeter’s (1934) definition of entrepreneurship and entrepreneur is largely based on an economic point of view in that he has focused on the view of new economic opportunities and the ensuing institution of new ideas and products in the market. Carland et al. (1986) contend that entrepreneurs are differentiated from owner managers based on the goals to establish and manage an enterprise to make profits and grow.
Entrepreneurs differ from non-entrepreneurs in a number of ways. For instance, a successful entrepreneur is characterised by the ability to cooperate, business management skills, marketing skills, knowledge about the market and how it functions, innovativeness, and the ability to take risks (Allinson, Chell, & Hayes 2009; Littunen, 2000). To be successful in entrepreneurship, an individual must have a nose for business, the ability to identify profitable opportunities, a desire to take risks, and the ability to correct business errors effectively. Antonio and Mancino (2007) note that entrepreneurs are creative and innovative persons who focus on investing in new markets and expanding their businesses in areas that are less susceptible to newcomers and competition. As innovative beings, entrepreneurs use innovation to promote growth, increase productivity and create new jobs. Creative entrepreneurs usually combine innovation and concept of creativity to make sure that the success of the business ideas. Thus, entrepreneurs bring new ideas into reality by working on them up through the use of available resources.
Various characteristics within a person can determine the kind of entrepreneurial activity one needs to undertake. For example, innovative and creative minds usually pursue technology or financial related entrepreneurship activities because they are driven by the need to create new products and supplies (Littunen, 2000). For example, the founders of Facebook, Twitter, Uber, and other technology-based technologies have used disruptive technology to disturb the economy and the technological markets. As Schumpeter (1934) points out, entrepreneurship is all about innovation and creativity and not about imitation. Schumpeter's innovator theory is based on the perception that innovative entrepreneurs do not care about economic profits, but enjoys when innovative products are used to serve the society. Based on the Schumpeterian theory, the role of an entrepreneur is to move the economy from the static equilibrium. Thus, characteristics of an entrepreneur influence the form of entrepreneurial activity to pursue. McClelland theory on the other hand focuses on motivation to achieve as the primary reason which some people follow some business than others (Littunen, 2000). Entrepreneurship is a creative personality which is influenced by the need for achievement (Hamilton & Harper, 1994).
Entrepreneur as a ‘Deviant’
Schumpeter’s “theory of entrepreneurship” views an entrepreneur as deviant. Deviance involves moving away from the normal set rules of business operations. By deviance, Schumpeter did not imply criminal or unlawful activities when operating business but rather, being innovative and creative in running an enterprise. Goss (2005) points out that an entrepreneur’s central role in economic development is the capability to use innovation to disturb the economic status quo. For instance, the entrepreneur can disturb the market through the introduction of new good, methods of production; opening a new market; using a new source of raw materials; and regrouping the industry in a new manner (Schumpeter, 1934). Schumpeter’s entrepreneurship theory emphasized that social sanctions, constraints of convention, habits, and routine were social controls which acted to regulate behavior of entrepreneurship. Nonetheless, because of the limitations, individuals were prepared to undertake deviant innovative entrepreneurial actions. Based on this supposition, the social controls are not total, and subsequently entrepreneur takes deviant’s role. This explanation founded the concept of entrepreneurial deviance. Therefore, when people are individually motivated by three entrepreneurial motives: the will and dream; will to conquer, and the demonstration of social superiority, they become deviant entrepreneurs (Schumpeter, 1934).
Under deviance, the entrepreneurial motivations that make people deviant entrepreneurs are desire to establish a private dynasty and be successful where others have failed and in the process solve problems. The ability of an individual to be innovative, create a task, and the psyche to be a businessman compels humans to deviate from the traditional routines, habitual and accustomed ways of operations (Schumpeter, 1934). People with a strong will to be successful become deviant entrepreneurs because the overcome social sanctions and inhibitions which prevents them to be successful. In societies which emphasise on success but there are limited resources and ways to reach the goal. Swedberg (n.d) pointed out that “the result if often an attempt to find a new way to succeed-innovative behaviors for business, but sometimes also deviance” (p. 29). Therefore, deviance in entrepreneurship is driven when there are limited resources and means, which compels entrepreneurs to pursue entrepreneurship.
Major Entrepreneurial Theory
The McClelland’s Theory of the need to achieve is based on the supposition that “individuals who have a strong need to achieve are among those who want to solve problems themselves, sets targets, and strive for these targets through their own efforts” (Littunen, 2000, p. 296). In addition, such individuals have a strong desire to realise their set goals, and such characteristics makes them more successful than their counterparts. Thus based on the McClelland’s Theory, the need to pursue entrepreneurship hinges on a desire to achieve. For instance, business activity as part of personal life strategy of an entrepreneur is undertaken as a way of making a living. Thus, the personality characteristics of an entrepreneur make them successful. The theory best describes the characteristics required by an individual to become an entrepreneur. The McClelland theory is applicable for modern entrepreneurs who are driven by the need to achieve and make profits. McClelland (1961) theory is thus driven by psychological factors that generate entrepreneurial personalities (Hamilton & Harper, 1994). In particular, the focus is on variables that motivate people to undertake entrepreneurship.
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