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The Different Conceptions of Entrepreneurial Strategies - Case Study Example

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This study "The Different Conceptions of Entrepreneurial Strategies" pragmatically studies the dissimilarity between Schumpeterian and Kirznerian opportunities by analyzing information received from high tech small business entrepreneurs engaged in utilization and development of available and meager resources…
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The Different Conceptions of Entrepreneurial Strategies
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Download file to see previous pages This paper is based on five different set of ideas which can be described as disequilibrating/ equilibrating, or new information or no new information, extremely innovative or not as much innovative, exceptionally conventional and originally imaginative innovation. The next step would be to assess the types of opportunities that can be commercially recognized and used beneficially (Beam, 2007) The general perception is that individuals who are tough, resilient and progressive are most likely to favor Schumpeterian opportunities, and they persistently try to find inventive ways and means to expand their company. Besides their considered directions for their enterprises is to fulfill future requirements by developing practical and practical products, while individuals who concentrate on current demands have a tendency to pursue Kirznerian opportunities. This is the major inherent difference between the Schumpeterian and Kirznerian formulation of entrepreneurship; one takes the economic systems away from stability while the other proposes a system that will ensure equilibrium. Both theories are pertinent and applicable to entrepreneurship in different ways. Some entrepreneurs establish their businesses and work towards its expansion and growth; while there are entrepreneurs who seize opportunities as and when presented and capitalize on the presented opportunities. Schumpeter contends that the main distinctiveness of entrepreneurship is to bring together existing resources using a new and innovative approach. This is not a regular process, but it results in the acquisition of the latest knowledge and creation of new goods, which needs a new supply source for the production of these goods. This form of entrepreneurship creates a monopoly position for that organization. A case study is given by Ed Bazinet who was an extremely successful businessman. He came from a working-class background, and although he was interested in business he had no money to start one. He started working at a job as a purchaser to get the requisite experience and traveled continuously to analyze markets. He began to buy up decorative pieces and found markets for the products. He called his enterprise Department 56, and its inception makes interesting reading. In 1971, Bazinet received a visit from the potter who made his living by making ceramic items in his garage and selling them. The potter showed Bazinet as a ceramic Victorian house shaped like a cookie jar. Bazinet perceived a business opportunity where others had not. He asked the potter to modify the item by making a window in it, and place a light inside so that it would glow and can be used as a nightlight. The original 6 houses sold immediately, and there was an immediate demand for more. The potter did not have the resources to mass produce these miniature Victorian houses, so Bazinet had the houses made in Taiwan, and that formed his original snow village. The reason that made these villages a business success was the idea of the creation of entire snow villages with houses and components of every imaginable depiction. An outstanding feature of snow villages created by Department 56 was that they have Styrofoam and cardboard fitted sleeves which protect them from damage. ...Download file to see next pagesRead More
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