Entrepreneurship

entrepreneurFounderentrepreneursentrepreneurialCo-Founderserial entrepreneurenterpriseFoundersbootstrappedentrepreneurialism
Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business.wikipedia
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Entrepreneurship ecosystem

high technology ecosystemhigh technology and entrepreneurship ecosystem
Entrepreneurship may operate within an entrepreneurship ecosystem which often includes:
An entrepreneurial ecosystem or entrepreneurship ecosystem is the social and economic environment affecting the local or regional entrepreneurship.

Small business

small businessesmom and popsmall business owner
Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business.
The concepts of small business, self-employment, entrepreneurship, and startup overlap to certain degree but also carry important distinctions.

Joseph Schumpeter

SchumpeterSchumpeterianneo-Schumpeterian
In the 20th century, the understanding of entrepreneurship owes much to the work of economist Joseph Schumpeter in the 1930s and other Austrian economists such as Carl Menger, Ludwig von Mises and Friedrich von Hayek. Economist Joseph Schumpeter (1883–1950) saw the role of the entrepreneur in the economy as "creative destruction" – launching innovations that simultaneously destroy old industries while ushering in new industries and approaches.
Although his writings could be critical of the School, Schumpeter's work on the role of innovation and entrepreneurship can be seen as a continuation of ideas originated by the Historical School, especially the work of Gustav von Schmoller and Werner Sombart.

Social entrepreneurship

social entrepreneursocial entrepreneursAshoka Fellow
In the 2000s, entrepreneurship has been extended from its origins in for-profit businesses to include social entrepreneurship, in which business goals are sought alongside social, environmental or humanitarian goals and even the concept of the political entrepreneur. In the 2000s, the term "entrepreneurship" has been extended to include a specific mindset resulting in entrepreneurial initiatives, e.g. in the form of social entrepreneurship, political entrepreneurship or knowledge entrepreneurship.
Social entrepreneurship is the use of start-up companies and other entrepreneurs to develop, fund and implement solutions to social, cultural, or environmental issues.

Intrapreneurship

intrapreneurintrapreneurs
Entrepreneurship within an existing firm or large organization has been referred to as intrapreneurship and may include corporate ventures where large entities "spin-off" subsidiary organizations.
Intrapreneurship is the act of behaving like an entrepreneur while working within a large organization.

Creative destruction

mutation
Economist Joseph Schumpeter (1883–1950) saw the role of the entrepreneur in the economy as "creative destruction" – launching innovations that simultaneously destroy old industries while ushering in new industries and approaches.
In Schumpeter's vision of capitalism, innovative entry by entrepreneurs was the disruptive force that sustained economic growth, even as it destroyed the value of established companies and laborers that enjoyed some degree of monopoly power derived from previous technological, organizational, regulatory, and economic paradigms.

Business opportunity

business opportunitiesopportunitiesbusiness and job opportunities
Entrepreneurs tend exhibit positive biases towards finding new possibilities and seeing unmet market needs, and a tendency towards risk-taking that makes them more likely to exploit business opportunities.
Eckhardt and Shane (2003) argue that when taking the path of entrepreneurship, one of the most important indictors for future entrepreneurship is the skill of finding the business opportunity.

Startup company

startupstartupsstartup companies
While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant proportion of start-up businesses have to close due to "lack of funding, bad business decisions, an economic crisis, lack of market demand—or a combination of all of these.
A startup or start-up is started by individual founders or entrepreneurs to search for a repeatable and scalable business model.

Knowledge entrepreneurship

In the 2000s, the term "entrepreneurship" has been extended to include a specific mindset resulting in entrepreneurial initiatives, e.g. in the form of social entrepreneurship, political entrepreneurship or knowledge entrepreneurship.
Knowledge entrepreneurship is different from 'traditional' economic entrepreneurship in that it does not aim at the realization of monetary profit, but focuses on opportunities with the goal to improve the production (research) and throughout of knowledge (as in personal transformation ), rather than to maximize monetary profit.

Global Entrepreneurship Week

Global Entrepreneurship Congress
Beginning in 2008, an annual "Global Entrepreneurship Week" event aimed at "exposing people to the benefits of entrepreneurship" and getting them to "participate in entrepreneurial-related activities" was launched.
Global Entrepreneurship Week (GEW) is an international initiative that introduces entrepreneurship to young people in six continents.

Capital (economics)

capitalcapital flowsinvestment capital
Many "high value" entrepreneurial ventures seek venture capital or angel funding (seed money) in order to raise capital for building and expanding the business.
This includes organization, entrepreneurship, knowledge, goodwill, or management (which some characterize as talent, social capital or instructional capital).

Microeconomics

microeconomicmicroeconomic theoryprice theory
Despite Schumpeter's early 20th-century contributions, the traditional microeconomic theory did not formally consider the entrepreneur in its theoretical frameworks (instead of assuming that resources would find each other through a price system).
The cost-of-production theory of value states that the price of an object or condition is determined by the sum of the cost of the resources that went into making it. The cost can comprise any of the factors of production: labour, capital, land,entrepreneur.

Political entrepreneur

In the 2000s, entrepreneurship has been extended from its origins in for-profit businesses to include social entrepreneurship, in which business goals are sought alongside social, environmental or humanitarian goals and even the concept of the political entrepreneur. In the 2000s, the term "entrepreneurship" has been extended to include a specific mindset resulting in entrepreneurial initiatives, e.g. in the form of social entrepreneurship, political entrepreneurship or knowledge entrepreneurship.
In the field of business, entrepreneurship involves people taking a risk in order to create new business ventures, to gain advantage over a competitor, and to maximize profits.

Israel Kirzner

Kirzner
An alternative description by Israel Kirzner suggests that the majority of innovations may be incremental improvements such as the replacement of paper with plastic in the construction of a drinking straw that require no special qualities.
Similar to his compatriot Joseph Schumpeter, Kirzner's work can arguably be divided into Kirzner Mark I and Kirzner Mark II. Kirzner's major work is in the economics of knowledge and entrepreneurship and the ethics of markets.

Innovation

pioneerinnovativeinnovator
Innovation of new products, services or processes
Entrepreneurs continuously look for better ways to satisfy their consumer base with improved quality, durability, service and price which come to fruition in innovation with advanced technologies and organizational strategies.

Female entrepreneurs

female entrepreneurwomen entrepreneurswomen entrepreneur
Studies show that the psychological propensities for male and female entrepreneurs are more similar than different.
Female entrepreneurs are said to encompass approximately 1/3 of all entrepreneurs worldwide.

Venture capital

venture capitalistventure capitalistsventure capital firm
Many "high value" entrepreneurial ventures seek venture capital or angel funding (seed money) in order to raise capital for building and expanding the business.
This practice is called "bootstrapping".

Mindset

mentalitygrowth mindsetmind-set
In the 2000s, the term "entrepreneurship" has been extended to include a specific mindset resulting in entrepreneurial initiatives, e.g. in the form of social entrepreneurship, political entrepreneurship or knowledge entrepreneurship.
There is a double relation between the institution embodying for example an entrepreneurial mindset and its entrepreneurial performance.

Angel investor

angel investorsangel investmentbusiness angel
Many "high value" entrepreneurial ventures seek venture capital or angel funding (seed money) in order to raise capital for building and expanding the business. Financing (e.g. bank loans, venture capital financing, angel investing and government and private foundation grants)
Entrepreneurship

Coworking

co-workingco-working spacecoworking space
Joint utilization, such as reducing overhead by coworking or using independent contractors
Some coworking places were developed by nomadic Internet entrepreneurs seeking an alternative to working in coffee shops and cafes, or to isolation in independent or home offices.

Startup accelerator

seed acceleratoracceleratorbusiness accelerator
Entrepreneurship resources and facilities (e.g. business incubators and seed accelerators)
The primary value to the entrepreneur is derived from the mentoring, connections, and the recognition of being chosen to be a part of the accelerator.

Uncertainty

uncertainuncertaintiesstandard uncertainty
True uncertainty or Knightian uncertainty, which is impossible to estimate or predict statistically (such as the probability of drawing a red ball from a jar whose contents, in terms of numbers of coloured balls, are entirely unknown)
In entrepreneurship: New products, services, firms and even markets may be created in the absence of probability estimates. According to entrepreneurship research, expert entrepreneurs use experience based heuristics called effectuation (as opposed to causality) to overcome uncertainty.

Piracy

piratepiratespirate ship
Research from 2014 found links between entrepreneurship and historical sea piracy.
Some 2014 research examines the links between piracy and entrepreneurship.

Credit card

credit cardscreditcredit-card
In addition, bootstrapping entrepreneurs often incur personal credit-card debt, but they also can utilize a wide variety of methods.
Credit cards are a risky way for entrepreneurs to acquire capital for their start ups when more conventional financing is unavailable.

Leveraged buyout

leveraged buyoutsLBOleveraged finance
At least early on, entrepreneurs often "bootstrap-finance" their start-up rather than seeking external investors from the start.
Bootstrap funding