Entrepreneurialism

Schumpeter was probably the first scholar to develop theories about innovation and entrepreneurship and much is owed to his contributions.

He argued that Innovation and technological change in a nation comes from Entrepreneurs. He believed that these individuals are the ones who make things work in the organisation, the economy and in the country.

Entrepreneurship:

Entrepreneurship is the practice of starting new organisations or revitalizing mature organisations in response to identified opportunities.

An entrepreneur is a person who is willing, and able, to convert a new idea into a successful innovation to force ‘creative destruction’ across markets and industries. This creates new products and business models and makes possible the dynamism of long-run economic growth.

Entrepreneurial behaviour reflects the kind of person willing to put their career and financial security on the line and take risks to pursue an idea. Their disharmony-creating and idiosyncratic styles present management quandaries but they are widely regarded as integral players in business and as engines for job creation and economic growth.

Entrepreneurs share many character traits with Leaders and are often contrasted with Managers and Administrators who are said to be more methodical and less prone to risk-taking. However, such person-centric models of entrepreneurship are dubious because many real-life entrepreneurs operate as a source of inspiration in teams rather than as individuals operating alone.

Character Traits of Entrepreneurs:

Entrepreneurs bring benefits: