Who is an Entrepreneur?
The definition of entrepreneurship has been debated and re-defined multiple times. Still, recent research suggests that it is not just about starting a business, but is a mindset and way of approaching opportunities and challenges, regardless of whether one is starting a business or not. This rethinking of the definition of entrepreneurship highlights the importance of entrepreneurial thinking in today's rapidly changing business environment. It emphasizes the need for organizations to foster an entrepreneurial mindset in their employees. Traditionally, an entrepreneur is typically defined as someone who starts a business. However, as the business world has evolved and the definition of what constitutes a business has become more complex, the definition of an entrepreneur has also evolved. In their article "Who is an Entrepreneur is the Wrong Question," Gartner argues that the traditional definition of an entrepreneur is too limiting and narrow. They suggest that entrepreneurship is not just about starting a business, but is a mindset and a way of approaching opportunities and challenges, regardless of whether one is starting a business or not.
Traits of an Entrepreneur
The trait approach is one of the earliest and most widely used approaches to studying entrepreneurship. Gartner assumes that a true entrepreneur shows a fixed set of traits, such as risk-taking, propensity, creativity, and proactivity, that distinguish them from non-entrepreneurs. Gartner goes on to say
One indication of the tenacity of this point of view—i.e., once an entrepreneur, always an entrepreneur, since an entrepreneur is a personality type, a state of being that doesn't go away—” (Gartner 1988, pp. 12).
After the study is shown you are able to see how entrepreneurship researchers have identified many different traits and characteristics that they believe are associated with successful entrepreneurs. However, with all these traits being combined, it shows that on one hand, the profile is very broad and that the entrepreneur would basically come across as someone who is “larger than life.” On the other hand, the development of so many traits would make the entrepreneur appear like a generic, all-encompassing "Everyman" who could fit into any situation or role. What I truly got from learning the true traits and characteristics of an entrepreneur was that although the trait approach has been a very useful starting point for entrepreneurship research, it is also limited in its ability to capture the complex and all-around nature of entrepreneurship. This perspective challenges the notion that entrepreneurship is only for those starting their own business and highlights that anyone can have an entrepreneurial mindset, regardless of their job title or role in an organization. In today's rapidly changing business environment, having an entrepreneurial mindset can be crucial for individuals to succeed and for organizations to remain competitive. An entrepreneurial mindset means identifying opportunities, being proactive, and taking calculated risks, which can be valuable for any individual or organization, regardless of whether they are starting a business.
Views on Entrepreneurship
Hébert and Link, in "In Search of the Meaning of Entrepreneurship," take a similar approach, arguing that entrepreneurship is a process, not just a personality trait or job title. Hébert states
” That entrepreneur is a person, not a team, committee, or organization. This person has a comparative advantage in decision making and makes decisions that run counter to the conventional wisdom either because he has better information or a different perception of events or opportunities”(Hébert 1988, pp.47).
They suggest that entrepreneurship is a dynamic process of creating value by bringing together a unique package of resources to exploit an opportunity. This perspective highlights that entrepreneurship is not just about starting a business, but about recognizing an opportunity and taking the necessary steps to turn it into a reality. This definition of entrepreneurship is broader than the traditional definition and emphasizes the importance of the entrepreneurial process, rather than just the outcome of starting a business. I found that this article really emphasized the importance of creativity and innovation in entrepreneurship, as well as the willingness of entrepreneurs to take risks to achieve their goals.
Being Entrepreneurial
Sarasvathy, in her article "What Makes Entrepreneurs Entrepreneurial," supports these ideas and suggests that entrepreneurship is a mindset and way of thinking characterized by specific behaviors, such as identifying opportunities, being proactive, and taking calculated risks. According to Sarasvathy, entrepreneurial behavior can be seen as a particular way of perceiving and exploiting opportunities, independent of the resources currently controlled. This perspective highlights that entrepreneurship is not just about starting a business, but about having the ability to see opportunities where others do not and having the determination to turn these opportunities into a reality. The idea that entrepreneurship is not just about starting a business, but is a mindset and way of approaching opportunities and challenges, has important implications for organizations. By fostering an entrepreneurial mindset in their employees, organizations can become more innovative, adaptable, and competitive. Entrepreneurial thinking can help organizations identify new opportunities and find creative solutions to problems, which can lead to increased success in the long term. However, fostering an entrepreneurial mindset in employees is not always easy. It requires a shift in culture and mindset, as well as the development of a supportive environment that encourages risk-taking and innovation. Organizations need to create a culture that values entrepreneurial thinking and provides employees with the resources and support they need to pursue new opportunities and take calculated risks. This includes providing access to training and development opportunities and creating a supportive environment that encourages experimentation and allows for failure. Organizations that can successfully foster an entrepreneurial mindset in their employees will have a competitive advantage in today's rapidly changing business environment.
Overall
Gartner, Hébert and Link, and Sarasvathy all provide different perspectives on the concept of entrepreneurship. While each article provides useful information, they present opposing viewpoints and raise important questions. What I got from all of these articles provided a comprehensive understanding and entrepreneurship and emphasize the importance of considering the broader context, innovation, and risk-taking. Overall, after reading through the articles and giving thorough engagement I have learned multiple views and reasonings as to what truly makes an entrepreneur and the true definition of entrepreneurship.
References
Gartner, W. B. (1988). “Who is an entrepreneur?” is the wrong question. American journal of small business, 12(4), 11-32.
Hébert, R. F., & Link, A. N. (1989). In search of the meaning of entrepreneurship. Small business economics, 1(1), 39-49.
Sarasvathy, S. D. (2006). What makes entrepreneurs entrepreneurial?
Image: IStockPhoto.com
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