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Entrepreneurship
Professor Josef Mittlemann
Brown University
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Break activity into two camps: Leaders and
Followers. Entrepreneurship camp = Leader Camp: Royalty - Military Entrepreneur Camp: Merchants - Adventurers
Mid 18th
Century A zero sum game- ones gain anothers loss
This resulted in Negative connotations forthe business person
A Brief History of
Entrepreneurship
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Differences between the Capitalist
vs. Merchant Capitalist:
No risk to Life and
limb
Favored by Laws of
usury
Adventurer
Actively trading and
voyaging, resultedin
Development of
Skills
Was forced to
survive. Use of
new tools and skills
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The word Entrepreneur
Definitions
Dictionary in France (1723)
one undertaking a project, a manufacturer, a master builder
England (18th Century)
An adventurer, projector, or undertaker
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Richard Cantillon
LEssai sur la nature du commerce en
general published 1755 first clear
definition of an entrepreneur
Market as a place vs.market asMechanisms
An equilibrating mechanism
The entrepreneur is a key player -MarketMaker
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Cantillon continued
Focuses on function: Risk is
confronted in search of Profit
Broke population down into Fixed vs
Variable Income earners.
Product emphasis versus marketing
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Later 18th &19th Century France
Quesnay, Baudeau and Turgot in mid 18th
Century France: Focused on:
The ability of the entrepreneur toInnovate and Organize
J.B Say in late 18th and early 19th said:
Entrepreneur is not a force ininvention but rather theCommercializer of the Invention
Thus the planner for its production
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Adam Smith
Inquiry into the Nature and Causes of the
Wealth of Nations (1776)
Capital is the Driver of Profit
People are naturally Industrious versus
entrepreneurial
The Entrepreneur lost standing
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Early 20th Century
Francis Walker, Frederick Hawley, and
John Clark
Resurrected the entrepreneurs role
Individual versus source of capital
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Joseph Schumpeter in the early 30s-50s
resurrected more completely the entrepreneur.
Saw the Entrepreneur as Combining
existing goods
He referred to the Entrepreneurs as
Creative destroyers.
Disrupters of equilibrium.
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Later 20th Century
Entrepreneur is viewed as a Change
Agent
Leaders as Change Makers
Entrepreneurship as Process
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Entrepreneurship as Process
Concept encouraged in U.S. by T.W.
Schultz in 1970s
Entrepreneurial activity goes beyond
the borders of business.
Education can be a source of
entrepreneurial learning.
Entrepreneurs: a somewhat scarce
and limited resource.
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General Consensus
on Entrepreneur Creative
Innovative
Promoter and marketer
Assumes risk which others see as
greater than they do.
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Entrepreneur
Decision maker
Organizer but special type of Manager
Re-allocator or accessor of various
resources.
Both Leader and Proprietor
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Entrepreneurship Myths
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Myth no. 1 is that an entrepreneur
is one who Starts and Runs a
Business.
Versus: Plan forGrowth and Expansion
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Myth 2: Entrepreneurship Happens
at one given point in time,
The phenomenon is not Fixedand takes place as a Process over Time
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Next myth is that You are or you
are not an entrepreneur.
I think it more generous to say that theEntrepreneur enters Periods of dormancy
In the long run, it can be an on/off
phenomenon But not really an either or phenomenon.
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Here is a popular one, the E is a
BIG Risk Taker My experience is that while any
innovation is somewhat risky, the
Entrepreneur takes his or her Analysis
quite carefully:
does research, and
manages the risk, through experience,
special knowledge or
enlistin the aid of others
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An entrepreneur is Born to Be
Popularization of a Cult Concept:
Richard Branson, or Ted Turner, also enlists the arguments found
in the
Nature vs. nurture discussion.
Our Environment plays a large role
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So too, that the entrepreneur is in
it Only For Moneys Sake
Entrepreneurs are excited by acting as
Change agents and
Are motivated as much if not more by
Achievement than money.
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Its only about the Individual
I think it fair to say that the notion of
individual success in todays global
economy is bankrupt if not romantic.
Teams can and do exhibit the
entrepreneurial spirit.
While the entrepreneur is a potentially
dynamic leader- but short of teamwork, the
innovation of ideas will fall flat.
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It Only Exists in Business
Suffice it to say that entrepreneurial
activity is showing up everywhere. Even now in social work where there are
some cities that are investigating
entrepreneurship class requirements for
their workers.
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It Takes Luck and Money
No more than any other endeavor,perhaps we can say that the resource here
is idea and opportunity generated not
capitally generated.
Of course there is an abundant measure
of Hard Work and Application of Skills
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And finally, is the world of the E.
Unstructured and Chaotic
The world is Chaotic The Entrepreneur usually finds opportunity
in that arena and is quite good at dealing
with uncertainty.