The societal understanding of entrepreneurship finds issue with exploration of the concept outwith traditional hierarchal business structures; entrepreneurs capable of ‘product’ innovation and the ability to maximise capital. The term ‘entrepreneur’ is often viewed as either an economic function or defined through the personal characteristics of the individual. (Stevenson, 1983) The approach of perceiving entrepreneurship within economic structure pushes the belief that entrepreneurship requires high-risk innovation within large corporations or start-ups and the idea of maximising capital; risk = reward. It also assumes that entrepreneurs are highly knowledgeable with business terminology and expertise. Approaching entrepreneurship through the personal characteristics of self-identified entrepreneurs, traits begin to overlap i.e. the instinctive ambition, the drive to create value, independence, adaptability to market change and importantly, a vision for sustainability with social change. These approaches of the term whilst partly useful, can only reflect generally. Harvard Professor of business Howard Stevenson therefore defines entrepreneurship as “an approach to management…the pursuit of opportunity without regard to resources currently controlled,” (Stevenson, 1983) The identity of an entrepreneur presents itself upon reflection of the opportunity an individual has
The societal understanding of entrepreneurship finds issue with exploration of the concept outwith traditional hierarchal business structures; entrepreneurs capable of ‘product’ innovation and the ability to maximise capital. The term ‘entrepreneur’ is often viewed as either an economic function or defined through the personal characteristics of the individual. (Stevenson, 1983) The approach of perceiving entrepreneurship within economic structure pushes the belief that entrepreneurship requires high-risk innovation within large corporations or start-ups and the idea of maximising capital; risk = reward. It also assumes that entrepreneurs are highly knowledgeable with business terminology and expertise. Approaching entrepreneurship through the personal characteristics of self-identified entrepreneurs, traits begin to overlap i.e. the instinctive ambition, the drive to create value, independence, adaptability to market change and importantly, a vision for sustainability with social change. These approaches of the term whilst partly useful, can only reflect generally. Harvard Professor of business Howard Stevenson therefore defines entrepreneurship as “an approach to management…the pursuit of opportunity without regard to resources currently controlled,” (Stevenson, 1983) The identity of an entrepreneur presents itself upon reflection of the opportunity an individual has