Entrepreneurship in the Global Environment - Literature review Example

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This exploration and comparison of Lemann and Page concerning their similarities and differences as entrepreneurs used the four theories of Say, Knight, Marshall, and Schumpeter to look at these individuals from a broad array of characteristics and identifying factors…
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Download file to see previous pages The subject posed by looking into the comparison of Brazilian Jorge Paulo Lemann and American Larry Page is a study in contrasts in terms of the field of entrepreneurship. By this, it is meant that the path these two have taken concerning their approach differs. Stokes et al (2010) help to clarify the above by advising that there are many different definitions of the term entrepreneur. His assessment compares favorably with that of Wickham (2006) and Oviatt and McDougall (2005) who state that there is no agreed-upon universal definition of the term (entrepreneur). Wickham (2006) adds that entrepreneurship differs in terms of definition as it represents a management style that seeks to pursue opportunities and invoke change. As an explanation that will aid in furthering this study Howorth et al (2005) explain that despite the lack of a universally agreed-upon definition for the term (entrepreneur), it has come to be accepted that it represents those types of individuals that develop, as well as initiate and lead, a company. McKenzie et al (2007) add that an entrepreneur seeks out opportunities that others have yet to identify or put into action, and then they gather the needed resources under an organizational framework to focus and lead a team in a specific direction. In furthering the discussion of the term entrepreneur, McKenzie et al (2007) help to clarify the direction and purpose of this study as they refer to an article by Gartner (1988) who claimed that prior definitions of an entrepreneur lead to numerous disagreements. Gartner (1988, p. 1) proposed the solution that used the term entrepreneurship instead as it represents “… the creation of new organizations”. The above explanations have been included as they represent the foundation for this comparison of Jorge Paulo Lemann and Larry Page. As shall be developed in this examination, these two individuals represent different aspects of the entrepreneurial spectrum, which will be explained herein. In order to provide a foundation for looking into the similarities and differences of Jorge Paulo Lemann and Larry Page, an exploration of entrepreneurship theories will aid in the assessment of these two individuals. Interestingly, one of the first theories was offered by Jean Baptiste Say, around 1800 (Dana, 2007). He stated that entrepreneurs bring individuals together and that they build productive items. This represents a trait found in both Jorge Paulo Lemann and Larry Page that shall be explored in subsequent segments. Frank Knight adds to the entrepreneurship theory information base used in this study as he introduced the risk-bearing theory in the 1950s (Holton, 2004). His theory considers the uncertainties associated with undertaking a new venture and that profit represents the reward for risk-taking. These are common attributes that will be developed in the review of Jorge Paulo Lemann and Larry Page. Alfred Marshall’s theory of entrepreneurship uncovered that there are similarities held by these two individuals. He states that successful entrepreneurs have characteristics that include an understanding of their industry, and leadership skills along with the foresight to act on risks versus rewards (Metcalfe, 2007). Schumpeter’s innovation theory adds to Marshall’s list of characteristics by stating that they exhibit foresight, creativity, and innovation (Rumelt, 2005). He adds that entrepreneurship occurs when an entrepreneur creates or develops a new product or service, discovers a new market for a product or service, or finds new ways of producing things (Rumelt, 2005). Interestingly, Schumpeter’s innovation theory does not mention the risk-taking aspect of entrepreneurs to engage in and their organizational skills. ...Download file to see next pagesRead More
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