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The entrepreneurial process as a process of creative destruction: Schumpeters contribution

Creative destruction - Creative destruction occurs when something new kills something older. The entrepreneurial process consists of two kinds of events creative response adaptive response

The entrepreneurial process as a process of discovery and arbitrageurship: Kirzners contribution

Kirzner views it as a process of entrepreneurial alertness, discovery and opportunity exploitation. once ends and means are clearly identified, but also with the drive and alertness needed to identify which ends to strive for and which means are available. entrepreneurship performs arbitrageurship function existence of disequilibrium situations in the market implies profit opportunities

Knight on the entrepreneurial process: Uncertainty and Judgement

For Knight, entrepreneurs 'infer' largely from their experiences of the past. The Entrepreneurial Process as a Process of Subjective Interpretation Experiences from everyday life are accumulated into a stock of knowledge that can be used to interpret incoming events These lived experiences are then typified and crystallized into routines or rules of thumb

The Entrepreneurial Process as a Process of Subjective Interpretation

Repeated incoming events and routine response A novel event will create new impulses to the perception process Using old methods to tackle new problems are futile

The Entrepreneurial Process as a Process of Subjective Interpretation

Entrepreneurship and Creating Uncertainty
If joy repeatedly occurs, human agents will find everyday life less exciting. venturing into some unknown businesses Projection, focus, elaboration and implementation Business Errors Errors due to uncertainty: Divergent expectations and entrepreneurs misinterpretation Dealing with Economic Errors: Learning, Errors Elimination and Revision of Plans

Success or Failure: Profit or Loss in the Entrepreneurial Process

Business success or profit is the result of entrepreneurs correct judgement on the market. Business failure or loss is the result of entrepreneurs misinterpretation of the market signals.

Entrepreneurial Orientation: Lumpkin and Desss (1996) concept of an Entrepreneurial Orientation EO consists of processes, structures, and/or behaviors that can be described as: Aggressive Innovative Proactive Risk taking Autonomy Seeking

Nelson and Winter (1982) note that some firms may benefit more from imitation than from innovation. An imitation strategy, however, does not preclude proactiveness, risk-taking, or other forms of entrepreneurial processes and behaviors.

Trust your instincts, and make judgements on what your heart tells you. The heart will not betray you. David Gemmell, Fall of Kings Whenever you see a successful business, someone once made a courageous decision. Peter F. Drucker The best way to predict the future is to create it. - Peter Drucker The true entrepreneur is a doer, not a dreamer. Nolan Bushnell

Its fine to celebrate success but it is more important to heed the lessons of failure. - Bill Gates The most valuable thing you can make is a mistake- you cant learn anything from being perfect. - Adam Osborne Innovation is the specific instrument of entrepreneurship...the act that endows resources with a new capacity to create wealth. Peter F. Drucker