Entrepreneurship – a brief overview by Robert D. Hisrich

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How do you think and act entrepreneurially? What are the conditions that allow entrepreneurs to thrive? Robert D. Hisrich, Professor of Global Entrepreneurship at Thunderbird School of Global Management, considers what is involved in successful entrepreneurship.

Starting and operating a new venture whether for profit or not for profit, business or social, individual or corporate, domestic or international involves considerable risk, effort and energy to overcome all the inertia against creating something new of value that is sustainable. The increasing interest around the world in this topic by individuals, business people and governments is evident from the: increasing articles and research on the topic; increasing number of journals in the area; increasing number of courses, seminars and students at universities; increasing amount of government support; and more than two million new enterprises started each year in spite of a high failure rate.

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Advanced Introduction to Entrepreneurship – by Robert D. Hisrich

Basically, four factors impact this new venture creation process:

1. the infrastructure

2. the idea

3. the entrepreneur, and

4. the money.

The infrastructure and government attitude establishes the culture and support system (or lack thereof) for the creation process to occur. The idea, the base of the new venture, needs to be creative and unique, having some unique selling propositions (USPs) that distinguish it from anything presently being offered to the market. An entrepreneur who is persistent and clever needs to drive the idea and the new venture. And, of course, money in the form of private equity capital and loans provide the means to do this.

Will this interest in entrepreneurship continue in the next decade?

Not only will it continue, it should increase due to several factors: hypercompetition on a global basis, rapidly changing technology, changing consumer tastes and demands, shorter product/service life cycles, and new market opportunities. Who is the center of this interest and attention? Who is willing to accept the risks and put forth the effort? It may be a man or a woman; someone from an upper-class or lower-class background; a technologist or someone lacking any technological sophistication; a Ph.D., college graduate or a high school dropout; an inventor, nurse, salesperson, engineer, student, teacher, home-maker or retiree. Regardless, it is someone who can juggle family life and civic and social responsibilities in the creation process.

That someone may be you.

 

hisrichRobert D. Hisrich is the Garvin Professor of Global Entrepreneurship and Director of the Walker Center for Global Entrepreneurship at Thunderbird. He is also president of H&B Associates, a marketing and management consulting firm he founded. His new book Advanced Introduction to Entrepreneurship is published by Edward Elgar.
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