This theme is characterized as doing something new as an idea, product,

service, market, or technology in a new or established organization.

This theme describes the behaviors involved in

creating organizations. This theme described acquiring and integrating resource attributes (e.g.,

Brings resources to bear, integrates opportunities with resources, mobilizes resources, gathers

resources) and attributes that described creating organizations (new venture development and

the creation of a business that adds value).

It is a company or business, often a small one. The outcome of the actor and the act. A project or undertaking, especially one that requires boldness or effort.

The process of discovering new ways of combining resources. When the

market value generated by this new combination of resources is greater than the market value

these resources can generate elsewhere individually or in some other combination, the

entrepreneur makes a profit. The process of creating something new and assuming the risks and

rewards.

Success in business.

This theme suggested that entrepreneurship must involve uniqueness.

Some of the respondents questioned by Gartner (1990) did not believe

that small mom-and-pop types of businesses should be considered to be entrepreneurial. Some respondents felt that an important element of a definition of entrepreneurship was that a venture be owner-managed.

Capability to think new ideas that will bring something useful to the

community.

If something is important to you, time and effort will be easy to give in. it is somewhat “What is important is seldom urgent and what is urgent is seldom important”. Therefore, invest time and effort for more productive work.

Give something to yourself as an entrepreneur when you achieve something and it could help you to be more inspired in your next project. It also serves as price to your hard work.

While for-profit organizations are responsible for paying taxes based on their

net income, nonprofit organizations are exempt from paying income tax While nonprofits are not required to pay taxes on net income, they are responsible for state and property taxes.

This theme articulated the idea that entrepreneurship creates value. The

attributes in this factor indicated that value creation might be represented by transforming a business, creating a new business growing a business, creating wealth, or destroying the status

quo.

Through the right practices of research and development, entrepreneurs bring new innovation that opens the door of new ventures, markets, products, and technology. Entrepreneurs have a role to play in solving problems that existing products and technology have not yet solved. Thus, by producing new products and services or bringing innovation to existing products and services, entrepreneurship has the potential to improve peoples’ lives.

Entrepreneurs change or break the tradition or cultures of society and reduce the dependency on obsolete methods, systems, and technologies. Basically, entrepreneurs are the pioneer of bringing new technologies and systems that ultimately bring changes to society. These changes are associated with improved lifestyle, generous thinking, better morale, and higher economic choice. In this way, social changes gradually impact national and global changes. Thus, the importance of social entrepreneurship must be appreciated.

We often think of entrepreneurs as inventing totally new products and ideas, but they also impact existing business. Since entrepreneurs think differently, they can come up with innovative ways to expand and develop the existing enterprises. For example, modernizing production processes, implementing new technology in the overall distribution and marketing processes, and helping the existing enterprises to utilize existing resources in more efficient ways.

Entrepreneurs are important to market economies because they can act as the wheels of the economic growth of the country. By creating new products and services, they stimulate new employment, which ultimately results in the acceleration of economic development. So public policy that encourages and supports entrepreneurship should be considered important for economic growth.

He form the German School of thought, picked up on Cantillon’s notion

of uncertainty and extended it to theorize that entrepreneurs take on uncertainty so others, namely

income earners, do not have to be subject to the same uncertainty. Entrepreneurs provide a service to

risk-averse income earners by assuming risk on their behalf. In exchange, entrepreneurs are rewarded

when they can foresee the impacts of the uncertainty and sell their products at a price that exceeds their

input costs (including the fixed costs of the wages they commit to paying).

Business is not always on the top that’s why risk is always present. We don’t know when will be the uncertain risk and when will be the best day in business because everything is not the same day. Therefore, having assumption will help the entrepreneur to be quite ready.

He was born in France and belonged to the French School of thought although he was an Irish economist. He appears to be the person who introduced the term entrepreneur to the world. “According to him, the entrepreneur is a specialist in taking on risk, ‘insuring’ workers by buying their output for resale before consumers have indicated how much they are willing to pay for it” . The workers’ incomes are mostly stable, but the entrepreneur risks a lossif market prices fluctuate.

- He distinguished entrepreneurs from two other classes of economic agents; landowners,

who were financially independent, and hirelings (employees) who did not partake in the decision-making

in exchange for relatively stable incomes through employment contracts. He was the first writer to

provide a relatively refined meaning for the term entrepreneurship. He described entrepreneurs

as individuals who generated profits through exchanges. In the face of uncertainty, particularly over

future prices, they exercise business judgment. They purchase resources at one price and sell their

product at a price that is uncertain, with the difference representing their profit

He is also from the French School, advanced Cantillon’s work, but added that entrepreneurship was essentially a form of management. Say “put the entrepreneur at the core of the entire process of production and distribution” . His work resulted in something similar to a general theory of entrepreneurship with three distinct functions; “scientific knowledge of the product; entrepreneurial industry – the application of knowledge to useful purpose; and productive industry – the manufacture of the item by manual labour”

He is from the English School of thought, published An Inquiry into the Nature and Causes of the Wealth of Nations in 1776. In a departure from the previous thought into entrepreneurship and economics, Smith did not dwell on a particular class of individual. He was concerned with studying how all people fit into the economic system. Smith contended that the economy was driven by self- interest in the marketplace. Also from the English School, David Ricardo was influenced by Smith, Say, and others. His work focused on how the capitalist system worked. He explained how manufacturers must invest their capital in response to the demand for the products they produce. If demand decreases, manufacturers should borrow less and reduce their workforces. When demand is high, they should do the reverse.

He is from the Austrian School of thought, ranked goods according to their

causal connections to human satisfaction. Lower order goods include items like bread that directly satisfy

a human want or need like hunger. Higher order goods are those more removed from satisfying a human

need. A second order good isthe flour that was used to make the bread. The grain used to make the flour

is an even higher order good. Entrepreneurs coordinate these factors of production to turn higher order

goods into lower order goods that more directly satisfy human wants and needs.

He viewed innovation as arising from new combinations of materials and forces.

Having profits from bearing uncertainty and risk.

Carrying out of new combinations of firm organization-new products, new services,

new sources of raw materials, new methods of production, new markets, new forms of organization.

He is from the English School of thought, was one of the founders of neoclassical economics. His research involved distinguishing between the term capitalist, entrepreneur, and manager. He saw capitalists as individuals who “committed themselves to the capacity and honesty of others, when he by himself had incurred the risks for having contributed with the capital” . An entrepreneur took control of money provided by capitalists in an effort to leverage it to create more money; but would lose less if something went wrong then would the capitalists. An entrepreneur, however, risked his own reputation and the other gains he could have made by pursuing a different opportunity. He recognized that the reward capitalists received for contributing capital was interest income and the reward entrepreneurs earned was profits. Managers received a salary and, according to him, fulfilled a different function than either capitalists or entrepreneurs – although in some cases, particularly in smaller firms, one person might be both an entrepreneur and a manager. Managers “were more inclined to avoid challenges, innovations and what Schumpeter called the ‘perennial torment of creative destruction’ in favour of a more tranquil life”. The main risks they faced from firm failure were to their reputations or to their employment status. Managers had little incentive to strive to maximize profits .

He made several contributions to entrepreneurship theory, but another of note is how

he distinguished an entrepreneur from a manager. He suggested that a manager crosses the line to

become an entrepreneur “when the exercise of his/her judgment is liable to error and s/he assumes the

responsibility for its correctness”. He said that entrepreneurs calculate the risks

associated with uncertain business situations and make informed judgments and decisions with the

expectation that – ifthey assessed the situation andmade the correct decisions – they would be rewarded

by earning a profit. Those who elect to avoid taking these risks choose the relative security of being

employees.

Someone who “creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them”. They are the ones who act on their business ideas.

Uncertainty bearing.... coordination of productive resources... introduction of

innovations and provision of capital.

Purposeful activity to initiate and develop a profit-oriented business.

A kind of behavior that includes: (1) initiative taking, (2) the organizing or reorganizing of social mechanisms to turn resources and situations to practical account, and the acceptance of (3) risk failure.

He viewed innovation as arising from new combinations of materials and forces.

Taking moderate risk.

Behavior rather than personality trait. Its foundation lies in concept and theory rather in intuition.

Decisions and judgements about the coordination of scarce resources.

Dynamic process of creating incremental wealth. This wealth is created by individuals

who assume the major risks in terms of equity, time, and/or career commitment of

providing value or some product or service. The product or service itself may or may

not be new or unique, but value must somehow be infused by the entrepreneur by

securing and allocating the necessary skills and resources.

Dynamic process of vision, change and creation that requires an application of energy and passion toward the creation and implementation of new ideas and creative solutions.

Conceiving the opportunity to offer new or improved goods or services, showing the initiative to pursue that opportunity, making plans, mobilizing the resources necessary to convert the opportunity into reality.

Creation of new organizations.

The term entrepreneur was used to describe both an actor and a person

who was in charge of and managed large production projects. This

person merely managed large production projects using the resources

provided by the government. In this case, he did not assume any risks.

’’The entrepreneur in this age who was in charge of great architectural

works such as public buildings and cathedrals.”

Based on idea that entrepreneur is a person who sells goods on behalf of

the goods’ owner, entrepreneur was exhibited by Marco Polo, (1254-

1324) the merchant from Venice who travelled to many places in Asia to

trade. He would enter into a formal agreement with a capitalist to sell

his goods. He bore all the risks of possible damage or loss of the goods.

After everything was sold, profits were divided between the capitalist

and trader as agreed.

The entrepreneur was distinguished from the capitalist who simply

provides money for the creation of products to be sold. Jean-Baptiste Say

(1767-1832), a French economist and businessman, described the

entrepreneur as a person who plays a central coordinating role both in

producing and selling goods. He was someone who coordinates, leads.

And manages all the activities of the firm.

Cottage Enterprise

Process of creating something new with value by devoting the necessary time and

effort; assuming the accompanying financial, psychic, and social risk and uncertainties; and receiving the resulting rewards of monetary and personal satisfaction.

Hailed as the Dotcom era, entrepreneurs in the 21st century are considered the heroes of free enterprise. “Today, many people regard entrepreneurship as ’pioneership’ on the frontiers of business” (Kuratko & Hodgetts, 2004)

New products and services created by entrepreneurs can produce a cascading effect, where it stimulates related businesses or sectors that need to support the new venture, furthering economic development.

Entrepreneurship has become associated with risk. The entrepreneur

was someone who would enter into a formal agreement with the

government to provide products or services, it was common practice to

agree on the price as part of the terms in the agreement. In effect, the

entrepreneur either reaps profits or bear losses. A prominent theorist

during this period was Richard Cantillon (1680-1734), an economist who

viewed the entrepreneur as risk taker and a bearer of uncertainty.

Entrepreneurs regularly nurture ventures by other like-minded individuals. They also invest in community projects and provide financial support to local charities. This enables further development beyond their own ventures.

- entrepreneurs are opportunity seekers, creative, and resourceful. They

seek new buyers or customers of their product and services.

There was a little distinction between entrepreneur and a manager. However, towards the middle of the 20th Century Joseph Schumpeter (1883-1950), an Australian Hungarian American economist and Political Scientist, refuted the idea of entrepreneurship as a manager of the firm, and espoused the concept of the entrepreneur as innovator who seeks opportunities and leads “existing means of production into new channels.” The Entrepreneur is neither a risk –bearer nor a manager or capitalist”. During this period that business expert Peter Drucker (1990-2005) came up with a behavioral concept of the entrepreneur-one who actually searches for change, respond to it, and exploits change as an opportunity.

ability of a physical product to remain functional, without requiring

excessive maintenance or repair, when faced with the challenges of normal

operation over its design lifetime.

- entrepreneurs innovate, this innovation is done for the product, service

or technology towards commercialization and generates economic wealth.

- when entrepreneurs engage in new business, it stirs curiosity to other people to invest in the business because of the benefits it offers.

Micro Enterprise

Entrepreneurial ventures help generate new wealth. Existing businesses may remain confined

to existing markets and may hit the glass ceiling in terms of income. New and improved products,

services or technology from entrepreneurs enable new markets to be developed and new wealth to

be created.

Additionally, increased employment and higher earnings contribute to better national income

in the form of higher tax revenue and higher government spending. This revenue can be used by the

government to invest in other, struggling sectors and human capital. Although it may make a few

existing players redundant, the government can soften the blow by redirecting surplus wealth to

retrain workers.

– the new products and services developed by the entrepreneurs

contribute to the increase in personal benefit and convenience of the people in society.

- the attitude, behavior and personality traits, like proactiveness,

opportunity recognition, risk-taking, alertness and creativity are some of the characteristics that will also make them successful entrepreneurs in their life.

- when entrepreneurs put up their business, they employ people who

possess different competencies and personal values to help them operate the enterprise.

- small and medium enterprises will always look for

cheaper and local materials to supply their needs.

– the stiff competition in the market for quality and

cheaper products and services requires the entrepreneurs to come up with more products and services consumers can choose from.

“someone who identifies opportunities, plan, mobilizes

resources, manages, and assumes the risks of a business to have a positive

impact on society.”

- entrepreneurs are always inconstant, search for better

and cheaper sources of materials they need.

“It is someone who brings resources, labor, materials, and other

assets into combinations that make their value greater than before; also, one

who introduces changes, innovations, and a new order.”

It is doing everything possible to get the odds in their favor, and they avoid

taking unnecessary risks.

It is the unwavering dedication to work for the common good of the society through

one business.

It is the taking of steps to know how well they are doing and how they might

improve their performance.

It is the internal desire to pursue and attain challenging goals.

– entrepreneurs pay taxes for every product or service sold in

the market. They also pay for the licenses and permits to operate their business.

It is a person who “typically driven by certain forces such as the

need to obtain or attain something, to experiment, to accomplish, or

perhaps to escape the authority of others.”

He founded the Chicago School of Economics and belonged to the

American School of thought. He refined Cantillon’s perspective on entrepreneurs and risk by

distinguishing insurable risk as something that is separate from uncertainty, which is not insurable. Some

risks can be insurable because they have occurred enough times in the past that the expected loss from

such risks can be calculated. Uncertainty, on the other hand, is not subject to probability calculations.

According to Knight, entrepreneurs can’t share the risk of loss by insuring themselves against uncertain

events, so they bear these kinds of risks themselves, and profit is the reward that entrepreneurs get

from assuming uninsurable risks

A strategy of increasing your share of

existing markets. You might achieve this by raising customers’ awareness of your products and services or finding new customers.

It is the constant awareness of opportunities that exist in everyday life.

Medium Enterprise

It is the ability to come up with something different or unique every time.

It is their willingness to put themselves in situations where they are personally

responsible for the success or failure of the business operation.

It is the belief that together with the other people, things can be done in the

business.

Customer demands for new product and services.

When an entrepreneur recognizes a problem or

opportunity gap and decide to fill it.

Appealing product.

in demand or occurring at a favorable or useful time

For failure is using it as learning experience and realistic enough to expect such

difficulties, so they do not become disappointed.

a company which is recently formed, where the founder establishes a

completely new business from scratch.

A strategy for enhancing benefits you

deliver to customers by improving your existing products and services or developing new ones.

when the owner of the company that already has a successful product or service,

licenses its trademark, trade name, and methods of doing business to others in exchange for initial franchise fee and royalty payments.

A type of business operations engaged in rendering of services.

Business that is engaged in the production of items to be sold. It involves the purchasing and converting of raw materials to finished goods.

A type of business engaged in the buying and selling of goods. It includes the process of managing and marketing the product.

acquiring either the shares of an existing company or all of the

assets of an existing enterprise.

the process of buying products from the manufacturers at a lower price; adding some margin price on the products and then selling it to the other businesses like retailer or small shops.

is a business owned and managed by one person.

is a business organization owned and managed by two or more people who agree to contribute money, property, or industry to a common fund for the purpose of earning profit.

is an association of small producers and consumers who come together voluntarily to form a business which they own, manage and patronize.

-Refers to selling goods and services directly to the final consumer.

is a form of business organization managed by an elected board of directors.

Create or add value for its user or end user

It is the determination to succeed by overcoming obstacles and setbacks.

Small Enterprise

Represents a group of individuals who have similar needs, perceptions and

interests. They show inclination towards similar brands and respond equally to market fluctuations. Individuals who think on the same lines and have similar preferences form the target audience.

Large Enterprise

And then delivering products and promotions that ultimately

maximize the profit potential of those targeted markets – is the primary function of marketing

management for many smaller companies.

It means the “use of a name, term, symbol or design or a combination of these

–identify a product”

Through offering unique goods and services, entrepreneurs break away from tradition and reduce dependence on obsolete systems and technologies. This results in an improved quality of life , improved morale, and greater economic freedom.

It is the process of planning and executing the conception, pricing, promotion, and

distribution of goods and service to create exchanges that satisfy individual and organizational objectives.

A strategy that usually carries high costs and high risks.

It often requires firms to adopt new ways of doing business and so has consequences far beyond simply

offering new products/services in a new market.