Entrepreneurship
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For the person who starts a new organization, see Entrepreneur.
Entrepreneurship is the practice of starting new organizations or revitalizing mature
organizations, particularly new businesses generally in response to identified opportunities.
Entrepreneurship is often a difficult undertaking, as a vast majority of new businesses fail.
Entrepreneurial activities are substantially different depending on the type of organization that is
being started. Entrepreneurship ranges in scale from solo projects (even involving the
entrepreneur only part-time) to major undertakings creating many job opportunities. Many "high
value" entrepreneurial ventures seek venture capital or angel funding in order to raise capital to
build the business. Angel investors generally seek returns of 20-30% and more extensive
involvement in the business.[1] Many kinds of organizations now exist to support would-be
entrepreneurs, including specialized government agencies, business incubators, science parks,
and some NGOs. Lately more holisitc conceptualizations of entrepreneurship as a specific
mindset (see also entrepreneurial mindset) resulting in entrepreneurial initiatives e.g. in the form
of social entrepreneurship, political entrepreneurship, or knowledge entrepreneurship emerged.
History of Entrepreneurship
The understanding of entrepreneurship owes much to the work of economist Joseph Schumpeter
and the Austrian economists such as Ludwig von Mises and Friedrich von Hayek. In Schumpeter
(1950), an entrepreneur is a person who is willing and able to convert a new idea or invention
into a successful innovation. Entrepreneurship forces "creative destruction" across markets and
industries, simultaneously creating new products and business models. In this way, creative
destruction is largely responsible for the dynamism of industries and long-run economic growth.
Despite Schumpeter's early 20th-century contributions, the traditional microeconomic theory of
economics has had little room for entrepreneurs in its theoretical frameworks (instead assuming
that resources would find each other through a price system.)
For Frank H. Knight (1921) and Peter Drucker (1970) entrepreneurship is about taking risk. The
behavior of the entrepreneur reflects a kind of person willing to put his or her career and
financial security on the line and take risks in the name of an idea, spending much time as well as
capital on an uncertain venture. Knight classified three types of uncertainty.
The acts of entrepreneurship is often associated with true uncertainty, particularly when it
involves bringing something really novel to the world, whose market never exists. Before the
Internet, nobody knew the market for Internet related businesses such as Amazon, Google,
YouTube, Yahoo etc. Only after the Internet emerged did people begin to see opportunities and
market in that technology. However, even if a market already exists, such as the market for cola
drinks (which has been created by Coca Cola), there is no guarantee that a market exists for a
particular new player in the cola category. The question is: whether a market exists and if it
exists for you.
The place of the disharmony-creating and idiosyncratic entrepreneur in traditional economic
theory (which describes many efficiency-based ratios assuming uniform outputs) presents
theoretic quandaries. William Baumol has added greatly to this area of economic theory and was
recently honored for it at the 2006 annual meeting of the American Economic Association.[2]
Entrepreneurship is widely regarded as an integral player in the business culture of American
life, and particularly as an engine for job creation and economic growth. Robert Sobel published
The Entrepreneurs: Explorations Within the American Business Tradition in 1974. Zoltan Acs
and David B. Audrestch have produced an edited volume surveying Entrepreneurship as an
Entrepreneurs have many of the same character traits as leaders, similar to the early great man
theories of leadership; however trait-based theories of entrepreneurship are increasingly being
called into question. Entrepreneurs are often contrasted with managers and administrators who
are said to be more methodical and less prone to risk-taking. Such person-centric models of
entrepreneurship have shown to be of questionable validity, not least as many real-life
entrepreneurs operate in teams rather than as single individuals. Still, a vast literature studying
the entrepreneurial personality found that certain traits seem to be associated with entrepreneurs:
Cole - found there are four types of entrepreneur: the innovator, the
calculating inventor, the over-optimistic promoter, and the organization
builder. These types are not related to the personality but to the type of
opportunity the entrepreneur faces.
The overall blueprint to realize the vision is clear, however details may be
incomplete, flexible, and evolving.
Every successful entrepreneur brings about benefits not only for himself/ herself but for the
municipality, region or country as a whole. The benefits that can be derived from entrepreneurial
activities are as follows:
1. Enormous personal financial gain
2. Self-employment, own bossing, offering more job satisfaction and flexibility of
the work force
3. Employment for others, often in better jobs
4. Development of more industries, especially in rural areas or regions
disadvantaged by economic changes, for example due to globalization effects
[edit] Notes
1. ^ Angel Investing, Mark Van Osnabrugge and Robert J. Robinson
Business opportunity
Junior enterprise
Educational
Master of Enterprise
Lists
List of management topics, List of social entrepreneurs
Other
Bootstrap funding
Collins, J. and Moore, D. (1970) The Organization Makers, Appleton-CenturyCrofts, New York, 1970.
Folsom Jr., Burton W. (1987) The Myth of the Robber Barons, Young America.
Hebert, R.F. and Link, A.N. (1988) The Entrepreneur: Mainstream Views and
Radical Critiques. New York: Praeger, 2nd edition.
Knight, Frank H. (1921). Risk, Uncertainty, and Profit. Boston, MA: Hart,
Schaffner & Marx; Houghton Mifflin Company
Shane S., (2003) A general theory of entrepreneurship : the individualopportunity nexus in New Horizons in Entrepreneurship series, Edward Elgar
Publishing.
Zhao, H., & Seibert, S. E. (2006). 'The Big Five personality dimensions and
entrepreneurial status: A meta-analytical review', Journal of Applied
Psychology, 91: 259-271.
Starting a Business
Articles about entrepreneurship
Entrepreneurship Theory and Practice (ET&P) is a leading scholarly journal in the field of
entrepreneurship studies. The journal's mission is to publish original papers which contribute to
the advancement of the field of entrepreneurship. ET&P publishes conceptual and empirical
articles of interest to scholars, consultants, and public policy makers. Most issues also feature a
teaching case. Article topics include, but are not limited to:
Family-Owned Businesses
Research Methods
Venture Financing
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ap004 favorited this 8 months ago
4. hedgehog
o
5. progress
o
6. values
Listen to customers
7. creativity
o
8. Business
o
9. confidence
o
Dont be fooled into thinking that people know what theyre doing
10.negotiation
o
Let the other party talk, you listen (they will give themselves away)
11.Execute
o
Set goals
Reward achievers
12.More values
o
13.Keep in touch
o
[email_address]
Twitter: gah650
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Its done
Its not that it doesnt matter what you do, it only matters what you do
now
Perseroan Terbatas
Modal terbagi atas saham-saham, dan para mitra dapat mengambil bagian dengan
membeli satu lembar saham atau lebih.
Para pemegang saham hanya bertanggung jawab atas modal setorannya. Para
pemegang saham tidak dapat dimintai tanggungjawab untuk jumlah yang melebihi
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Kepemimpinan dari PT dibentuk oleh rapat umum pemegang saham dan oleh
Dewan Komisaris. Sifat dewan komisaris adalah wajib dalam PT dan memiliki tugas :
1. Memulai usaha
2. Mengerjakan sst yang baru
Barang dan jasa: harus berbeda, dan menciptakan nilai bagi pengguna barang.
Kemampuan untuk memperoleh peluang itu sendiri sangat tergantung dari
kemampuan:
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Is Entrepreneurship "Scientific"?
Does entrepreneurship deserve to be a legitimate part of the interdisciplinary nature of a
modern university education? Can it be taught? We think yes. Many people once thought
that management-a related field-could not be taught. It was largely seen as a personal
knack or a set of elusive, intangible skills. But as firms grew too large and complex for
seat-of-the-pants managing, there was a need to make the practice more "scientific" and
learnable. Today, management is taught everywhere.
Only in recent times have we begun to see entrepreneurship as a field of study in its own
right. Since the 1970s, the nation's growth has again become reliant on waves of new
ventures in emerging industries. This has made it manifestly clear that conceiving and
starting an enterprise-taking the germ of an idea and turning it into an ongoing concern-is
not the same as managing what already exists and that, likewise, the practice needs to be
made more understandable and available to students regardless of discipline.
Despite the success stories of Bill Gates and Michael Dell, who started college but
dropped out to start their companies, many people start companies and fail or have great
ideas that are unrealized due to lack of knowledge. Peter Drucker put it bluntly:
"Entrepreneurship is 'risky' mainly because so few of the so-called entrepreneurs know
what they are doing. They lack the methodology," he wrote in his 1985 book Innovation
and Entrepreneurship. That book was an early attempt to codify basic principles. Since
then, entrepreneurship education has taken off.
one in which students of all academic disciplines can learn and experience the benefits of
an entrepreneurial mind-set.
A New Strategy
Curriculum has to be made deeper, sounder, and more consistent across the board. So
instead of supporting "one-off" curriculum projects at various institutions, we are now
focused on piloting and replicating true world-class coursework. For instance, we will be
partnering with schools to develop and disseminate an entire new learning sequence for
students. To fill a key gap in the curriculum, we are looking at refining and disseminating
a very promising new approach to teaching opportunity recognition. And to spread
entrepreneurship across the campus, we will help propagate some of the best new
curriculum developed at the Kauffman Campuses.
Faculty development is a crucial, related issue. Many schools do not have enough
qualified faculty to meet the growing student demand. We are thus intensifying efforts to
recruit faculty from all disciplines-be it business, the social sciences, or any other
discipline-and prepare them to teach and do research in entrepreneurship.
One way we will do this is by seeding and supporting networks of like-minded faculty
across the United States. There are few such mechanisms at present, and they are needed
so that entrepreneurship educators can learn from one another and work together to raise
the bar for all. We are also looking at novel ideas. Faculty of exceptional promise, for
instance, might soon be competing for Kauffman-sponsored sabbaticals: a new kind that
would give them time off to study entrepreneurship, develop a course, or lay plans for an
academic journal-plus follow-up support to then implement and disseminate what they
have learned and done.
As curriculum and faculty grow stronger, we need to assure that entrepreneurship gains
full academic status in higher education. All efforts require enlisting partners and
champions. Kauffman is working at this from every angle, not only among faculty, but
with university presidents and chancellors. We are also working "from the outside in"
with successful entrepreneurs and other champions in the private sector. Many have been
very generous thus far, in matters such as creating endowed chairs and professorships in
entrepreneurial studies. The key is to lift this groundswell to a new level: we have been
working with others, for instance, to form a national panel on entrepreneurship education
that might, among other things, take the lead on defining the curriculum for
entrepreneurship in higher education.
Our ultimate goal is to see that any young person who enters college, in any field of
study, has the chance for a great education in entrepreneurship. Of course not everyone
will aspire to be an entrepreneur. But we believe that everyone should at least be
acquainted with the role entrepreneurship plays in the economy, aware of the possibility
of entrepreneurship as a choice at some point in their careers, and know how to engage
with the process. The world in our time-the world these young people will go into-is
never static; it is always being re-invented.
And that is precisely what entrepreneurship is about. It is a means of re-inventing the
world.
Suggested Links
Inc. Newsletter
Small-business owners have many opportunities to become involved with their local colleges and
universities, according to Kuratko. "Existing entrepreneurs could serve as an advisory board
member to existing entrepreneurial centers, assist professors in classrooms, or donate
financially," he said. "By giving back to an entrepreneurial center, existing successful
entrepreneurs have the ability to impact many more young entrepreneurs."