Summary Global
Entrepreneurship & Business
LECTURE 1
CHAPTER 1 – What is entrepreneurship?
Entrepreneurship is more than starting a business. It is a complex,
dynamic process that can occur in many contexts and lead to different
outcomes (new firms, new projects, innovation inside existing
organisations).
Why entrepreneurship is hard to define
- Many disciplines study entrepreneurship (economics, psychology,
sociology, management)
- Each discipline focuses on different aspects
- Like the “blind men and the elephant” metaphor: everyone sees
only part of the phenomenon
Main theoretical traditions
Economic -> market & value
Social-psychological -> people & context
Emergence -> action & organization
Opportunity -> ideas & exploitation
, Main theoretical traditions
Dimension Economic tradition Social-Psychological Emergence tradition Opportunity
tradition tradition
Core focus Economic value creation and Individual behaviour Creation of new Discovery, evaluation
markets within a social context organisations and exploitation of
opportunities
View of Rational economic actor Individual embedded Actor who creates a Opportunity-driven
entrepreneur in social relationships new organisation actor
Key question How do entrepreneurs contribute to How do individual and How do new How do opportunities
economic growth? social factors influence organisations come arise and get
entrepreneurship? into existence? exploited?
Unit of analysis Markets and economic outcomes Individual + social The start-up and Opportunities
environment organizing process
Role of minimal Important but not Not important Secondary to
personality deterministic opportunity
recognition
Role of social Largely ignored central Present but not central Important for
context opportunity
emergence and
exploitation
Typical activities Resource allocation, innovation, risk- Motivation, cognition, Organising, Recognizing, shaping
taking interaction structuring, venture and exploiting
creation opportunities
Entrepreneurshi Economic change and growth Socially influenced New venture creation Opportunity
p equals…. individual action exploitation (not
necessarily new firms)
Main Explains economic impact of Explains why Shifts focus from traits Explains
contribution entrepreneurship individuals act to action entrepreneurship
differently beyond start-ups
,Main limitation Overly abstract and market-focused Still partly individual- Too focused on new Ambiguity about what
centric organisations an “opportunity” is
, Entrepreneurship as a Process
The book combines traditions and sees entrepreneurship as a non-linear,
iterative process consisting of:
1. Opportunity emergence – discovering or creating new
possibilities
2. Opportunity evaluation – assessing whether they have value
3. Opportunity organisation – implementing the opportunity
through action
Central themes
1. The individual
a. Entrepreneurship depends on how individuals interpret
situations, act under uncertainty, and learn through
experience rather than on fixed personality traits.
2. Resources
a. The entrepreneurial process is shaped by how entrepreneurs’
access, combine, and mobilize financial, human, and social
resources.
3. Network
a. Entrepreneurs are embedded in social networks that provide
information, support, legitimacy, and access to resources
while also shaping and constraining their actions.
4. The business plan
a. The business plan serves as both a planning and
communication tool that can create legitimacy but may also
limit flexibility and creativity in uncertain environments.
5. Design thinking
a. Design thinking emphasizes experimentation, user focus, and
iterative learning as entrepreneurs develop and refine
opportunities through action.
SLIDES CHAPTER 1
LET’S SET THE BOUNDARIES: GLOBAL ENTREPRENEURSHIP &
BUSINESS
Definition: Entrepreneurship is defined as the initial emergence of new
opportunities being evaluated and utilized through organizing.
Process: Entrepreneurial process = movement from discovering or
creating an opportunity, evaluating it and finally exploiting it through
organizing
Entrepreneur: Individual who initiates, pursues and creates
entrepreneurship
Four traditional perspectives
- the emergence tradition
o Something new is emeregencing
o The process leading up to the creation of a company
Entrepreneurship & Business
LECTURE 1
CHAPTER 1 – What is entrepreneurship?
Entrepreneurship is more than starting a business. It is a complex,
dynamic process that can occur in many contexts and lead to different
outcomes (new firms, new projects, innovation inside existing
organisations).
Why entrepreneurship is hard to define
- Many disciplines study entrepreneurship (economics, psychology,
sociology, management)
- Each discipline focuses on different aspects
- Like the “blind men and the elephant” metaphor: everyone sees
only part of the phenomenon
Main theoretical traditions
Economic -> market & value
Social-psychological -> people & context
Emergence -> action & organization
Opportunity -> ideas & exploitation
, Main theoretical traditions
Dimension Economic tradition Social-Psychological Emergence tradition Opportunity
tradition tradition
Core focus Economic value creation and Individual behaviour Creation of new Discovery, evaluation
markets within a social context organisations and exploitation of
opportunities
View of Rational economic actor Individual embedded Actor who creates a Opportunity-driven
entrepreneur in social relationships new organisation actor
Key question How do entrepreneurs contribute to How do individual and How do new How do opportunities
economic growth? social factors influence organisations come arise and get
entrepreneurship? into existence? exploited?
Unit of analysis Markets and economic outcomes Individual + social The start-up and Opportunities
environment organizing process
Role of minimal Important but not Not important Secondary to
personality deterministic opportunity
recognition
Role of social Largely ignored central Present but not central Important for
context opportunity
emergence and
exploitation
Typical activities Resource allocation, innovation, risk- Motivation, cognition, Organising, Recognizing, shaping
taking interaction structuring, venture and exploiting
creation opportunities
Entrepreneurshi Economic change and growth Socially influenced New venture creation Opportunity
p equals…. individual action exploitation (not
necessarily new firms)
Main Explains economic impact of Explains why Shifts focus from traits Explains
contribution entrepreneurship individuals act to action entrepreneurship
differently beyond start-ups
,Main limitation Overly abstract and market-focused Still partly individual- Too focused on new Ambiguity about what
centric organisations an “opportunity” is
, Entrepreneurship as a Process
The book combines traditions and sees entrepreneurship as a non-linear,
iterative process consisting of:
1. Opportunity emergence – discovering or creating new
possibilities
2. Opportunity evaluation – assessing whether they have value
3. Opportunity organisation – implementing the opportunity
through action
Central themes
1. The individual
a. Entrepreneurship depends on how individuals interpret
situations, act under uncertainty, and learn through
experience rather than on fixed personality traits.
2. Resources
a. The entrepreneurial process is shaped by how entrepreneurs’
access, combine, and mobilize financial, human, and social
resources.
3. Network
a. Entrepreneurs are embedded in social networks that provide
information, support, legitimacy, and access to resources
while also shaping and constraining their actions.
4. The business plan
a. The business plan serves as both a planning and
communication tool that can create legitimacy but may also
limit flexibility and creativity in uncertain environments.
5. Design thinking
a. Design thinking emphasizes experimentation, user focus, and
iterative learning as entrepreneurs develop and refine
opportunities through action.
SLIDES CHAPTER 1
LET’S SET THE BOUNDARIES: GLOBAL ENTREPRENEURSHIP &
BUSINESS
Definition: Entrepreneurship is defined as the initial emergence of new
opportunities being evaluated and utilized through organizing.
Process: Entrepreneurial process = movement from discovering or
creating an opportunity, evaluating it and finally exploiting it through
organizing
Entrepreneur: Individual who initiates, pursues and creates
entrepreneurship
Four traditional perspectives
- the emergence tradition
o Something new is emeregencing
o The process leading up to the creation of a company
