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The Entrepreneurial Process - Essay Example

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The Entrepreneurial Process There are numerous theories that seek to explain entrepreneurial process. What is clear for many scholars and economists is that the process involves identifiable stages. For example, Acs and Audretsch (2010, pp.234) suggested that it is not unlike the scientific process of conjecture and refutation wherein beginning is a discovery of opportunity: The discovery is like the scientist's conjecture…
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The Entrepreneurial Process
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Download file to see previous pages This paper will argue in favor of some of these theories but also posit how two important variables are critical in the entrepreneurial development: in addition to the environment by which the process operates in, there is the fundamental element of the person, the entrepreneur. The idea is that the process begins with people who have the aptitude, skills, preference and desire to establish a business. What this means is that the process goes far beyond a simple discovery of opportunity. It is rooted on the motivations and desires of individuals, this is what drives people to become entrepreneur and be effective and successful in pursuing their entrepreneurial objectives. These variables are best depicted in the experience of Shane Eten and his FEED Resource Project wherein he aimed to build an anaerobic digester and make money in the process. Before Eten became an innovator and an entrepreneur, selling his business plan for grants then to venture capitalists, he was first a student and an employee. Together with his upbringing, these stages in his life cultivated a character that is typified by restlessness, ambition and vision. Without these factors, Eten would not have the capability to discover opportunities. His personal preferences, behavior and abilities as influenced by his environment as he grew up into adult life, were responsible for the motivations, acumen and decision-making capabilities. For example, Eten liked his work at the startup company Angstrom Micro Systems because his job was never the same day-to-day. At the apex of this aspect is the question why there are people who start businesses as opposed to those who want to work for others. The dominant theory explains that there are those who are more inclined to become entrepreneurs either because of their work temperament, character and skills. The theoretical literature is not short on evidences supporting this view. For instance, according to Carsrud and Brannback (2009, pp.143), "not everyone fits into the role of an employee working for another person within an organization," because, "some decide to blaze their own trail through the business world." In similar vein, Kuratko and Hodgetts (2008, pp.44) theorized that the role of the individual is important, particularly his or her psychological profile because this individual is the energizer of the entrepreneurial process. The aptitude that is dependent on individual characteristics has been highlighted by Morris, Kuratko and Covin (2010, pp.180) who explained that an entrepreneur must be creative to design solutions for challenges and obstacles entailed in the entrepreneurial process. Eten demonstrated these various attributes. He loved working for the highly dynamic IT company. Afterwards, he was forced to adapt to the negative developments in his career. Then, finally, he was able to spot an opportunity to establish his own business and worked for its realization. Now, after the focus on the human agency perspective, there is also the case of the entrepreneurial process, which highlights the part played by the environment. In the experience of Shane Eten, this is demonstrated in highly structured procedures by which his ideas were turned into reality. First, he applied for grants and his business proposals were ...Download file to see next pagesRead More
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