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Higher employment, economic growth and innovation are fundamental objectives of modern economies. One effective means of attaining these goals is the development of successful entrepreneurs, and this book aims to provide a deeper, research-based understanding of the factors influencing successful entrepreneurship. Mirjam van Praag compares and contrasts the economic theory of entrepreneurship with determinants of successful entrepreneurship derived from empirical evidence, in an attempt to discover what makes for an accomplished entrepreneur. The author's state-of-the-art historical, theoretical and empirical research on successful entrepreneurship - all from a explicit economic perspective - comprehensively addresses questions such as: 'What are the factors that influence individuals' decisions to start a business venture as opposed to working as an employee?' and 'What are the individual characteristics that make one successful as an entrepreneur?' thereby supporting or dispelling various existing myths. Individual factors contributing to the success of entrepreneurs that are considered include, amongst others, human capital, financial capital and psychological traits. The importance of such factors for the various phases of entrepreneurship, including start-up, delivery and performance is also measured.
This paper reviews and evaluates the academic literature on how entrepreneurial performance depends on the characteristics of entrepreneurs and entrepreneurial teams. A number of conceptual and methodological issues in the study of entrepreneurial performance are discussed. Reviews of published and unpublished work suggest that factors such as education, industry experience, managerial experience and prior entrepreneurial experience are positively associated with venture performance. There is some evidence that traits such as tenacity improve performance. Emerging research on the role of social capital and entrepreneurial founding team composition is also reviewed. However, many of the conclusions from prior research should be treated with caution, as the literature generally is characterized by a number of methodological shortcomings. Chief among these is that most studies restrict their analyses to samples of new ventures, which makes the observed associations between variables difficult to interpret. This has important implications for both researchers and policy makers, and suggests that the study of entrepreneurial performance could benefit from the development of a rigorous and systematic research program to identify the drivers of entrepreneurial performance as a distinctive economic activity.
Israel Kirzner has made important contributions to our understanding of the critical role that entrepreneurship plays in markets and has considerable influence in economics, public policy and entrepreneurship studies. For Kirzner, understanding the role of the entrepreneur is essential to understanding how errors get corrected in the market and understanding the role of alertness is essential to understanding how it is that entrepreneurs come to identify these errors. As he explains, alert individuals discover profit opportunities and, thus, driving the market process toward equilibrium. Although Kirzner's work on entrepreneurship has been widely celebrated, it has been criticized on several fronts. Specifically, he has been criticized for abstracting from the psychological characteristics of real world entrepreneurs and the determinants of alertness. These criticisms, we contend, are unfair and misunderstand Kirzner's project. Moreover, we argue, rather than closing off inquiry, his theory of entrepreneurship makes a fruitful analysis of the psychological characteristics of entrepreneurs and the determinants of alertness possible.
"This book highlights the contextual dimensions of the agribusiness industry through which entrepreneurship researchers would be able to enhance their understanding of entrepreneurship by focusing on the following research question: "Why do individuals, farmers, agrarian, start a new business in the agricultural sector and how do they manage entrepreneurial performance, and what impact it has on the economy?""--
Seminar paper from the year 2018 in the subject Business economics - Business Ethics, Corporate Ethics, grade: 1, , language: English, abstract: Entrepreneurship seems to have shaped the global economy although the art of doing business in the 21st century is gradually changing for the realignment with emerging technological discoveries. Ordinarily, the philosophy of entrepreneurship can be explained as a mindset that drives an entrepreneur towards finding profitable innovative solutions to problems facing mankind in the universe. It is believed that success in entrepreneurship is determined by an individual’s ability to identify problems and develop creative solutions before somebody else does it. However, successful entrepreneurs exhibit habitual creativity in exploiting existing opportunities around them. In reality, personality, experiences and availability of economic opportunities are the principal determinants of entrepreneurial success. Historically, there are numerous entrepreneurs who emerged successful in their time over the time since the inception of trade. In the early days, most successful entrepreneurs amassed vast treasures of wealth to establish empires, especially during the golden age although entrepreneurship was not as challenging as it is today. Nevertheless, the modern world has produced prominent entrepreneurs whose innovations have become some of the significant drivers of globalization. Steve Jobs is one of such innovative entrepreneurs. His way of doing business reflected a magnificent integration of his personality. Therefore, this paper explains why Steve Jobs was successful as an entrepreneur.
The literature on determinants of entrepreneurial success calls for additional research especially in GCC countries where studies in this field are limited. There is not yet clear consensus upon the right set of determinants for entrepreneurial success. Studies conclude that the set of determinants of entrepreneurship success can be vary from country to country depending on a country’s economic or market conditions, business trends, culture, human capital, natural resources and demographics. This study investigates determinants of entrepreneurial success in Oman. It also looks at two moderators, alertness to opportunity and intrinsic motivation, with the purpose of finding their impact on the relationship between determinants and entrepreneurial success.Key findings include that education and experience of an entrepreneur do not have a fundamental role in entrepreneurial success. Results also reveal that social capital, as well as human capital, do not determine entrepreneurial success in Oman. The study proves that entrepreneurial success depends on creative self-efficacy and networking skills of an entrepreneur, i.e., entrepreneurs with higher creative self-efficacy are more likely to be successful in their business. Similarly, networking skills including coordination skills, relational skills, partner knowledge and internal communication could determine entrepreneurial success. Additionally, financial capital acts as an antecedent of entrepreneurial success. Furthermore, there is no impact of moderators on the relationship between determinants and entrepreneurial success.Results indicate that entrepreneurs should polish their networking skills, build financial capital and have a higher level of creative self-efficacy to be successful in Oman.
This study looks at entrepreneurial history from three angles: Entrepreneurial Typologies; Business Leaders; and Culture vs Institutions. The previous scarcity of material makes this collection of eight papers an invaluable resource and should encourage further analysis.