Entrepreneurship

Abstract

This article focuses on the concept of entrepreneurship from its nascent beginnings to the present day. First, it reviews the various definitions applied to entrepreneurship, concluding with a fundamental definition of the term. Next, it considers entrepreneurial trait characteristics associated with successful entrepreneurship, highlighting a real-life entrepreneur as a prime example. Finally, it explores entrepreneurship in its global context, examining the findings of a global survey that focused on entrepreneurship traits, motivations, demographics, and types of ventures undertaken.

Overview

As a global economic driver, entrepreneurship adds real value through the creation of new jobs and the production of innovative products and services. In short, entrepreneurship promotes the generation of wealth. Yet, a review of the literature indicates many definitions of entrepreneurship have been conceived over the years by researchers in the field. A single, commonly accepted definition of the term is simply nonexistent, though common elements tend to meet across the spectrum. Given this conundrum, a functional definition of entrepreneurship upon which to base a discussion is necessary.

Entrepreneurship Defined. The origin of the word entrepreneurship is derived from the French word "entreprende," which means "to undertake," as in undertaking a particular activity. Some researchers give credit for the word "entrepreneur" (in a business context) to eighteenth-century French businessman Richard Cantillon, who, in his published work Essai Sur la Nature du Commerce en General, "described entrepreneurs as 'undertakers' engaged in market exchanges at their own risk for the purpose of making a profit" (Roberts and Woods, 2005, p.46).

Definitions of entrepreneurship are generally situated within three broad categories: the occupational notion of entrepreneurship, the behavioral notion, and entrepreneurship on the basis of new venture creation. The occupational notion of entrepreneurship refers to owning and managing one's own business enterprise. "Its 'practitioners' are called entrepreneurs, self-employed or business owners" (Sternberg & Wennekers, 2005 p.193). An early nineteenth-century pioneer of the occupational notion (and behavioral notion) was French economist Jean Baptiste Say. According to Say, the entrepreneur is a business owner who creates value by transforming economic resources from areas of low productivity into areas of higher productivity, which in turn provide greater yields (Say, 1855). In essence, the entrepreneur is a creator of value.

The behavioral notion, on the other hand, emphasizes the act of entrepreneurs recognizing and seizing economic opportunity, engaging in innovative practices, or assuming entrepreneurial risk—that is, pursuing new untapped markets, developing product innovations, etc. In fact, according to this behavioral notion, entrepreneurs need not be business owners—they may be what are referred to as intrapreneurs (Sterner and Wennekers, 2005). Contextually situated in ongoing businesses, intrapreneurship (also known as corporate entrepreneurship) encourages organizations' employees to engage in innovative entrepreneurial behavior. According to Pinchot (1985)—the originator of the intrapreneurship concept—the intrapreneurial employee is an opportunistic innovator, engaging in creative business practices within his or her organization and introducing new products and services, production processes, and methods of distribution, all of which are pursued in the hope of achieving greater organizational growth and profits. However, in the present context, entrepreneurship should not be substituted for or confused with the term intrapreneurship.

Cantillon’s work provided the intellectual foundation for three prominent twentieth-century economic theorists. Joseph Schumpeter emphasized the role of the entrepreneur as an innovator, Frank Knight stressed entrepreneurs' willingness to assume risk, and Israel Kirzner highlighted the pursuit of entrepreneurial opportunity (Roberts and Woods, 2005). Schumpeter, a noted University of Chicago economist, identified entrepreneurial innovation as a key driver in economic development. His definition of entrepreneurship focused on new combinations of innovative behaviors felt to embody entrepreneurial behavior:

1. Developing new and innovative products;
2. Proposing new forms of organization;
3. Exploring new markets;
4. Introducing new production methods;
5. Searching for new sources of supplies and materials (Schumpeter, 1975).

Frank H. Knight, another notable University of Chicago economist, offered that it is the willingness to assume risks in the face of uncertainty that distinguishes entrepreneurship. Such risks may include a possible loss of business capital or the personal financial security risk associated with the uncertain outcome of an entrepreneurial undertaking (Knight, 1921). On the other hand, economist Israel Kirzner's theory of entrepreneurship focused on the detection of entrepreneurial opportunities for profit, which requires an alertness of opportunity. It is this alertness which allows the entrepreneur to exploit market arbitrage opportunities that have been overlooked or gone undiscovered by others—arbitrage being the identification of undervalued factors of production and the sale of them for an amount higher than the purchase price (Kirzner, 1973).

Similarly, acclaimed management theorist Peter Drucker stated: "Entrepreneurs see change as the norm and as healthy. Usually, they do not bring about the change themselves. But, and this defines the entrepreneur and entrepreneurship—the entrepreneur always searches for change, responds to it and exploits it as an opportunity" (Drucker, 1985, p.28). In defining entrepreneurship, the general public most often associates entrepreneurship with small business ownership. According to Drucker, the act of starting or owning a small business does not in itself make one an entrepreneur, so much as the ability to innovate and exploit the opportunity.

Carland (1984) followed a similar track, pointing out that one may be a small business owner but not necessarily engaged in entrepreneurship. He posited that while an entrepreneur and small business owner may establish and manage a business for profit, what sets the entrepreneur apart is the ability and willingness to employ innovative techniques and ways of thinking, as well as strategic management practices in the enterprise.

Another conception of entrepreneurship focused on a more direct approach, defining entrepreneurship as new venture creation. Gartner (1988) believed entrepreneurship to be the act of creating organizations: “What differentiates entrepreneurs from non-entrepreneurs is that entrepreneurs create organizations, while non-entrepreneurs do not" (Gartner, 1988, p.11). In simple terms, this concept of entrepreneurship focused on the establishment of new business enterprises which create value.

Clearly, definitions for entrepreneurship are far from uniform, and each has its own merits. Further, with technological advances and the explosions of the Internet in the twenty-first century, the nature of entrepreneurship continued to evolve. However, for the present dialogue, perhaps the most appropriate definition is that devised by the Global Entrepreneurship Monitor (GEM). Similar to Gartner (1988), GEM defines entrepreneurship as "any attempt at new business or new venture creation, such as self-employment, a new business organisation, or the expansion of an existing business by an individual, teams of individuals, or established business" (Harding, 2004, p.9). Later in this article, the purpose of GEM will be discussed, including a review of research findings concerning global entrepreneurship.

Applications

Personality Traits of Entrepreneurs. A great deal of empirical research on the traits of successful entrepreneurs was conducted in the 1980s and 1990s. An early forerunner of entrepreneurial trait research was Harvard psychologist David McClelland (1961), who found that entrepreneurs are inclined to have the following characteristics:

1. High need for achievement—Entrepreneurs display a higher need for achievement than the general population, and hence are motivated by this high achievement need.
2. Moderate risk-taking propensity—Entrepreneurs tend to be moderate risk-takers. Unlike the common misconception, entrepreneurs are not the high-rolling speculative gamblers that some associate with entrepreneurship. In short, entrepreneurs have a decided willingness to take calculated risks with a reasonable probability of success.

In addition to the characteristics shown above, J. A. Timmons's study of entrepreneurial traits (as cited in Zimmerer and Scarborough, 1996) lists a number of trait characteristics associated with successful entrepreneurs:

• Commitment and determination;
• Desire to accept responsibility for their venture's outcome;
• Opportunity obsession—constantly seeking out opportunities;
• High self-confidence in themselves;
• Creativity and flexibility in problem solving;
• Desire for immediate performance feedback;
• High levels of energy;
• Future-oriented—i.e., possess a long-term perspective;
• Willingness to learn from failure—they are unafraid of failure;
• Visionary leadership ability.

It is important to note that successful entrepreneurs may or may not possess the majority of these characteristics, and in some cases, they may possess more of one trait and less of another. History dictates that entrepreneurs come in all shapes and sizes, yet these personal qualities serve as a general guide on what is known about the personality traits most associated with entrepreneurs. Entrepreneurship has evolved in the twenty-first century, but many of the traits originally identified remain important. According the Harvard Business School, desirable traits of entreprende in the twenty-first century include: curiosity, structured experimentation, adaptability, decisiveness, team-building, risk tolerance, comfortable with failure, persistence, innovation, and long-term focus (Miller, 2020).

Entrepreneurial Exemplar. An excellent example of a highly successful entrepreneurial venture is FedEx (originally Federal Express) and its founder and longtime CEO, Frederick K. Smith. The following narrative provides ample evidence of the entrepreneurial prowess of Fred Smith, displaying risk-taking, opportunity-seeking, and innovative behaviors (American Enterprise Online, 2004).

• Risk Taker—While a student at Yale University in the mid-1960s, Fred Smith wrote an economics paper on the shortcomings of the delivery system for the air freight industry. He received a grade of "C" for his efforts, yet he persisted with his idea. In 1971, after serving four years of active duty as a pilot in the U.S. Marine Corps (including tours in Vietnam), he started a company called Federal Express. In the early stages, the venture nearly went bankrupt, and it did not turn a profit until 1975; by the early twenty-first century, however, the company delivered billions of packages annually in over 220 countries (FedEx, 2023). So, in spite of receiving an average grade from his college professor and almost going bankrupt in the early years of FedEx's operation, Smith persisted and made his company a success.
• Opportunity Seeker—The impetus for Federal Express rested on Smith's identification of an unrecognized opportunity—an air freight transportation system that could deliver packages faster, cheaper, conveniently, and more reliably than had ever been done previously. In addition, Smith recognized that FedEx was selling more than a delivery service—it was also in the business of selling knowledge. This knowledge asset is predicated on the ability to show customers the exact location and expected delivery of their packages—in real time.
• Innovator—A number of FedEx innovations included the pioneering use of hand-held computers and satellite transponders on delivery trucks to keep track of packages and accurately estimate expected delivery times. Also, in order to eliminate the uncertainty of late package deliveries—FedEx guaranteed a full refund for failure to provide on-time delivery. FedEx's just-in-time delivery system was especially important to businesses in that it reduced costly in-house inventory holding costs.

Obviously, Smith embodies the spirit of entrepreneurship to a high degree. With forward thinking and the ability to think outside the box, Smith and FedEx created a new paradigm in the air freight industry, spurring economic growth and opportunity via just-in-time delivery of overnight packages. Smith remained CEO of FedEx until 2022 and still served as the company's executive chairman in 2023.

Global Entrepreneurship. With the increasing globalization of the world's economies, the entrepreneurial mode of thinking must embrace a global mindset. One notable organization focused on global entrepreneurship is the Global Entrepreneurship Monitor (GEM), which produces an annual report based on a survey of respondents in countries around the world. Initially, the GEM research project began in 1999 with ten member countries; the scope of the survey has expanded significantly over the years. By 2023, 115 countries participated in GEM research (GEM Global Entrepreneurship Monitor 2023). The project is the largest global study of entrepreneurship in the world, with the purpose of providing annual assessments of the national levels of entrepreneurial activity. It can be used to examine the types of entrepreneurial activity, entrepreneurial traits and motivations, and demographic profiles.

In order to make proper use of the GEM data, a number of clarifications are necessary. GEM establishes several categories of entrepreneurs:

• Potential entrepreneurs are interested in potentially creating a business and have identified opportunities to do so.
• Early-stage entrepreneurs are engaged in the beginning steps of creating a business. If a business has not been operating for over 42 months, it is considered nascent, and those managing it are early-stage entrepreneurs.
• Established entrepreneurs are those still managing a successful business after the first 42 months—the time in which a business is most likely to fail.

GEM considers early-stage entrepreneurship to be a good measure of the predisposition for entrepreneurial activity in a given country. Likewise, established entrepreneurs are used as a key indicator of the sustainability of entrepreneurial ventures. In analyzing these global entrepreneurial proclivities, GEM data makes a distinction between middle and high-income countries based on per capita GDP. Overall, countries with similar per capita GDP often display parallel levels of entrepreneurial endeavors. Early-stage entrepreneurship tends to be higher in countries with a lower per capita GDP. Conversely, early-stage entrepreneurial activity is relatively lower in higher-income countries. Countries that have more early-stage entrepreneurial activity often have higher rates of successful business ownership.

Venture Types— In order of preference, most early-stage entrepreneurs and established business owners have businesses in consumer service activities (retail, restaurants, lodging, health and social services, education, and recreation). Next are transformation businesses (construction, manufacturing, transportation, and wholesale distribution), followed by business-to-business services and businesses extracting products from the natural environment (timber, mining, agriculture, etc.).

Traits— In comparing entrepreneurs' and non-entrepreneurs' traits, entrepreneurs tend to be more self-confident in their own skill set, and they tend to be much like the opportunity-seekers described earlier by Knight (1927), in that they are more alert to the existence of unexploited market opportunities. Also, in line with other empirical research, entrepreneurs tend to be less apprehensive of failure than non-entrepreneurs.

Motivations— In this global environment, what motivates individuals to engage in entrepreneurial behavior? GEM data reveal that individuals are motivated to start new business ventures for two main reasons:

1. They want to take advantage of a potential business opportunity (opportunity entrepreneurs). GEM data reveals that most early-stage entrepreneurs tend to be opportunity entrepreneurs.
2. They pursue entrepreneurship because they have no other satisfactory options for employment (necessity entrepreneurs).

Findings indicate the rate of opportunity entrepreneurship is much higher than necessity entrepreneurship in high-GDP countries than in middle-GDP countries. Also, necessity entrepreneurship is relatively more common in middle- GDP countries than in high-GDP countries. This may be due to the fact that higher-income countries tend to also have lower rates of unemployment, indicating more choices for generating a living wage and thus creating less of a need for entrepreneurship as a survival mechanism.

Demographics. Gender— Men are generally more likely to start businesses than women. In both high and middle-income countries, the rate of male opportunity entrepreneurship is higher than that of women. The greatest gap exists in high-income (GDP) countries, where men are significantly more likely to be early-stage or established business owners than women. In many places, government or private initiatives have been created to encourage and support women entrepreneurs.

Education— Entrepreneurial activity is higher among individuals with higher levels of education. Yet, in higher GDP countries, people lacking formal qualifications are also likely to become entrepreneurs.

Age— Overall, younger people (25–34 years old) are more likely to be early-stage entrepreneurs. Yet, older people (45–54 years old) are more likely to be established business entrepreneurs. These results are consistent from country to country. Also, the age distribution of men and women is comparable as well, regardless of the stage of entrepreneurship or country context.

Looking across cultures, one might expect to find vast differences in the venture types, motivations, traits, attitudes, and demographics of entrepreneurs. With a few exceptions, the GEM data indicate otherwise. An interesting point is that most early-stage entrepreneurs tend to be of the type described by Kirzner and Drucker—i.e., opportunity-seekers. Likewise, as described by Knight, they perceive themselves as risk-takers willing to bear the uncertainty of an entrepreneurial venture. Also, they view themselves as innovators, akin to the Schumpeterian notion of entrepreneurship. Indeed, entrepreneurial similarities span across cultures.

GEM continued to collect and analyze data on entrepreneurship into the 2020s through its surveys of individuals and institutions. GEM also looked into ways entrepreneurship was affected by the COVID-19 pandemic. GEM also remained committed to analyzing the way in which the Internet affects entrepreneurship, as the ability to run a business venture from one’s own home allowed the possibility of owning and running one’s one business a reality for an entirely new sector of the population.

Conclusion

In theory, entrepreneurship may occur in a corporate environment or under the circumstance of starting and owning one's own business. In either case, entrepreneurship involves risk-taking, innovative thinking, and an opportunity-seeking mindset. Likewise, successful entrepreneurship requires perseverance, determination, a long-term perspective, self-confidence, leadership ability, creativity, and imperviousness to failure. Also, as the Global Entrepreneurship Monitor results show, entrepreneurship is not a culturally bound phenomenon but a global phenomenon.

Also, to reiterate, there is no single typology of a successful entrepreneur. The Frederick Smiths of the world are but one example of successful entrepreneurship. History is replete with examples of individuals who possess more or less of the identified traits of successful entrepreneurs—some fail, and some succeed in spite of perceived shortcomings. Regardless of the definition of choice for entrepreneurship, one thing is certain: entrepreneurship creates jobs and likewise produces innovative products and services, which subsequently add value to society. Further, as the twenty-first century progresses, more research into Internet entrepreneurs, founders and managers of businesses that are entirely Internet-based, is needed. Though much of the traditional research on entrepreneurship applies to Internet entrepreneurs as well, more research will need to be conducted on the way the Internet and social media affect entrepreneurship (Smale, 2015).

Terms & Concepts

Arbitrage: The process of identifying undervalued factors of production and then selling them for an amount higher than the purchase price.

Corporate entrepreneurship: Another name for intrapreneurship.

Early-stage entrepreneurs: Individuals engaged in the beginning steps of creating a business. If a business has not been operating for over 42 months, it is considered nascent, and those managing it are early-stage entrepreneurs.

Entrepreneurship: The act of new business creation or the expansion of an existing business.

Established entrepreneurs: Individuals still managing a successful business after the first 42 months—the time in which a business is most likely to fail.

Global Entrepreneurship Monitor: A global research project with the purpose of providing annual assessments of the national levels of entrepreneurial activity.

Intrapreneurship: Also known as corporate entrepreneurship, intrapreneurship encourages an organization's employees to engage in innovative entrepreneurial behavior within their respective organizations.

Necessity entrepreneurs: Entrepreneurs who pursue entrepreneurship because all other options for employment are lacking or unavailable.

Opportunity entrepreneurs: Entrepreneurs exploiting a perceived business opportunity.

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Suggested Reading

Estrin, S., Mickiewicz, T., & Stephan, U. (2013). Entrepreneurship, social capital, and institutions: Social and commercial entrepreneurship across nations. Entrepreneurship: Theory & Practice, 37, 479–504. Retrieved November 18, 2013, from EBSCO Online Database Business Source Complete. http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=87017319

McGrath, R. G. & MacMillan, I. (2000). The Entrepreneurial Mindset. Boston, MA: HBS Press.

Sautet, F. (2013). Local and systemic entrepreneurship: Solving the puzzle of entrepreneurship and economic development. Entrepreneurship: Theory & Practice, 37, 387–402. Retrieved November 18, 2013, from EBSCO Online Database Business Source Complete. http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=86048782

Spinelli, S., & Timmons, J. (2004). New Venture Creation for the 21st Century. (6th ed.) New York: McGraw-Hill.

Vesper, K. H. (1980). New venture strategies. Englewood Cliffs: Prentice Hall.

Wei-Loon K., Abdul Majid, I. (2014). A model for predicting intention towards sustainable entrepreneurship. International Journal of Information, Business and Management, 6, 256–69. Retrieved November 14, 2014, from EBSCO Online Database Business Source Complete. http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=96270566