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PPT : Theories Of Entrepreneurship : The End Of The Heroic Entrepreneur
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ENTREPRENEURSHIP IN THE UK: SOME CHALLENGES
* Encourage more enterprise in disadvantaged communities and under-represented groups
* Improve access to finance and support
* Make available suitable Education and training for entrepreneurship
* N.B. Movement away from entrepreneurship as “special individual” – entrepreneurship as Process
* Limits development of entrepreneurs as entrepreneurs are seen as “born” not “made”
ECONOMIC VIEW OF ENTREPRENEUR
* To understand why there is a focus on “personality” rather than skills look at history of entrepreneurship theory
* “nobody can hope to understand the economic phenomenon of any…epoch who has not adequate command of the historical facts” (Schumpeter, 1934: 36)
* French tradition – the Physiocrats Cantillon (1755)
o Foresight to assume uncertainty
o Reacts to profit opportunities
o Bears uncertainty
o Brings about a balance between supplies & demands
ECONOMIC VIEW OF ENTREPRENEUR
* The Modern Austrian Tradition: Main representative Kirzner (1973)
* The entrepreneur as a coordinating agent who is capable of exploiting unnoticed opportunities due to his/her special ‘alertness’.
* Has knowledge not available to everybody which leads to creative discoveries
* Facilitates exchange between suppliers and customers
* Profit as reward for recognising a market opportunity & acting as middleman
ECONOMIC VIEW OF ENTREPRENEURS
* Schumpeter (1934)
* Entrepreneur as innovator, creator and catalyst for change
* Only certain extraordinary people have the ability to be entrepreneurs and they bring about extraordinary events
* Brings about change through introduction of new technological process/product
* About dream/vision and impulse to fight
* Creative destruction of existing combinations of resources
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Category : EntrepreneurSource : www.leeds.ac.uk
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Tags: creative destruction, creative discoveries, disadvantaged communities, economic phenomenon, entrepreneurship theory, extraordinary events, history of entrepreneurship, market opportunity, profit opportunities, suitable education, theories of entrepreneurship, theories of entrepreneurship ppt