DEFINITION AND MEANING

  • H. Stevenson and J.C Jarillo, according to them entrepreneurship “is the process by which individuals pursue opportunities without regard to resources they currently control.”
  • Fred Wilson sees entrepreneurship as an art of turning an idea into business. The spirit of entrepreneurial behavior is identifying opportunities and executing that useful idea. An individual or a group typically requires creativity, drive, and a willingness to take risks and accomplish this task.
  • The word entrepreneurship derives from the French words entre, meaning “between”, and prendre, meaning “to take.” The word was originally used to describe people who “take on the risk” between buyers and sellers who “undertake” a task such as starting a new venture. An entrepreneur mitigates the risk factor. Inventor and entrepreneur differ from each other. An inventor is a person who creates something new i.e. something which is not existent. Whereas an entrepreneur is the person who assembles and then integrates all the resources needed for it like – the money, the people, the business model, the strategy, and the risk-bearing ability – to transform the invention into viable business.
  • Nate Alder, the cofounder of Klymit, exemplifies all these qualities. Alder was a student at the BRIGHAM YOUNG UNIVERSITY in 2007. He had been to a scuba-diving trip during that time. He during the trip learned that noble gases are very useful in terms of providing insulation from frigid temperatures. www.thebusinessmakers.com/episodes/shows/2010/may-2010/episode-258/nate-alder.html you can watch an interview of Nate Alder where he in detail explains about his venture and how he came up with this idea that has helped to improve snow sports.
  • Entrepreneurial behavior can be seen in firms also, it is a term that is not only limited to an individual or a group of such individual. The Example of APPLE Inc. is perfect to understand about entrepreneurial behavior of a company. Steve Jobs’ had the ability to persuade and motivate others’ imaginations. This inspired the employees to make innovative product after innovative product and is a trait that can be still seen in APPLE Inc. Other commonly thought of entrepreneurial firms are NASDAQ, CISCO systems, Yahoo!, Intuit, Amazon.com and Google. Such established firms practice corporate entrepreneurship. All firms along a conceptual continuum range from highly conservative to highly entrepreneurial. The position of a firm on this continuum is referred to as its entrepreneurial intensity.

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