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Practice Discipline

Entrepreneurship

AHN-truh-pruh-NUR-ship
Also Known As Venture Creation

The practice discipline of creating or extracting economic value by identifying and commercializing opportunities to deliver new products or services, typically requiring considerable innovation, initiative and risk taking. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/

Facts
Disputed
Discipline Scope
Venture founding and growth, spanning functionalistic approaches that study entrepreneurs' traits and processual approaches that study the entrepreneurial process in context. 1
Scholars disagree on the discipline's own boundaries: functionalistic approaches study entrepreneurs' individual traits, while processual approaches study the entrepreneurial process in its economic and social context, and no single account is settled as authoritative.
Discipline Scope
According to Schumpeter, an entrepreneur is willing and able to convert a new idea or invention into a successful innovation. 1
Discipline Scope
The study of entrepreneurship reaches back to the work in the late 17th and early 18th centuries of Irish-French economist Richard Cantillon, which was foundational to classical economics. 1
Entrepreneurship
Filter Results11 entries
Connections

Associated With

Alexander Osterwalder developed the Business Model Canvas and co-founded the consultancy Strategyzer, making his work a standard entrepreneurship practice tool for designing and testing new ventures.

Source Wikipedia, Alexander Osterwalder

Carnegie's rise from bobbin boy to steel magnate is a canonical example used in entrepreneurship scholarship of opportunity recognition and venture-building.

Source Wikipedia, Entrepreneurship
Source Wikipedia, Arnold Peter Moller

Bill Drayton popularized the term social entrepreneur and founded Ashoka: Innovators for the Public in 1981, earning him recognition as the godfather of social entrepreneurship.

Source Wikipedia, Bill Drayton

Bill Gates co-founded Microsoft in 1975 and built it into the dominant personal computing software company, becoming one of the defining entrepreneurial figures of the technology industry.

Source Wikipedia, Bill Gates

Birger Wernerfelt is the economist whose 1984 article A Resource-Based View of the Firm named and launched the resource-based view as a framework in strategic management and entrepreneurship.

Source Wikipedia, Birger Wernerfelt
Source Wikipedia, Blue Ocean Strategy

Bruce D. Henderson founded the Boston Consulting Group in 1963 and pioneered strategy consulting as a distinct discipline, developing the growth-share matrix and experience curve.

Source Wikipedia, Bruce D. Henderson

Cecil Rhodes founded De Beers Consolidated Mines and built a near-monopoly on the world diamond market, a standard entrepreneurship reference on nineteenth century resource-industry consolidation.

Source Wikipedia, Cecil Rhodes

Clessie Cummins founded the Cummins Engine Company and advanced diesel engine technology through decades of patented innovation, a standard entrepreneurship reference on engineer-founders.

Source Wikipedia, Clessie Cummins
Source Wikipedia, Core Competence Theory
Crowdfunding, Business Models

Crowdfunding lowers the capital-raising barrier entrepreneurship traditionally required from banks or venture investors, letting founders fund ventures directly from prospective backers.

Source Wikipedia, Crowdfunding
Source Wikipedia, Dynamic Capabilities

Holmes founded and led Theranos as its central entrepreneurial figure before her fraud conviction, making her case a standard reference in entrepreneurship practice on startup governance and founder accountability.

Source Elizabeth Holmes - Wikipedia

Elon Musk co-founded PayPal, then founded SpaceX and joined Tesla as an early investor and chairman before becoming CEO, exemplifying serial entrepreneurship across the payments, aerospace and automotive industries.

Source Wikipedia, Elon Musk
Source Wikipedia, Henry Ford

Inclusive business models deliberately integrate low-income populations into a company value chain as suppliers, distributors or customers, a design goal closely tied to social entrepreneurship practice.

Source Wikipedia, Jay Van Andel

Bezos's founding and scaling of Amazon from an online bookstore into a global platform is a standard entrepreneurship case study in opportunity identification and venture growth.

Source Wikipedia, Jeff Bezos
Source Wikipedia, John D. Rockefeller

King Camp Gillette founded the Gillette Safety Razor Company in 1901, pioneering the razor-and-blades business model that became a foundational case study in entrepreneurial pricing strategy.

Source Wikipedia, King Camp Gillette

Larry Ellison co-founded Oracle Corporation in 1977 and built it into a leading enterprise database and software company.

Source Wikipedia, Larry Ellison

Larry Page co-founded Google with Sergey Brin in 1998, building a Stanford research project into one of the world's most valuable companies.

Source Wikipedia, Larry Page
Source Wikipedia, Lars Magnus Ericsson

Mark Zuckerberg co-founded Facebook in 2004 and grew it from a college networking site into a global social media and technology company.

Source Wikipedia, Mark Zuckerberg
Source Wikipedia, Richard and Maurice McDonald

Michael Dell founded Dell Computer Corporation in 1984 from his college dorm room, pioneering the direct-to-consumer personal computer sales model.

Source Wikipedia, Michael Dell
Open Innovation, Management Theories

Open innovation, sourcing ideas and technology from outside a firm's own boundaries, is widely used in entrepreneurial ventures and startup ecosystems.

Source Wikipedia, Open Innovation

Paul Allen co-founded Microsoft with Bill Gates in 1975, one of the formative partnerships of the personal computing industry.

Source Wikipedia, Paul Allen
Source Wikipedia, Peter Drucker

Platform businesses, which create value by facilitating exchange between two or more customer groups, are a common vehicle for the venture founding that defines entrepreneurship.

Source Wikipedia, Platform Economy

Ray Kroc acquired the franchising rights to McDonald's in 1954 and built the McDonald's Corporation into a defining example of franchise-based entrepreneurship.

Source Wikipedia, Ray Kroc
Source Wikipedia, Resource-Based View

Richard Branson founded Virgin Group, expanding the Virgin brand from a record label into ventures spanning air travel, telecommunications and space tourism.

Source Wikipedia, Richard Branson
Source Wikipedia, Richard DeVos
Source Wikipedia, Richard and Maurice McDonald

Sam Walton founded Walmart in 1962 and built it into the world's largest retailer through a discount retail expansion strategy.

Source Wikipedia, Sam Walton

Founder of Spanx, frequently cited as a case study in bootstrapped entrepreneurship, having built the company from personal savings with no outside investment.

Sergey Brin co-founded Google with Larry Page in 1998, turning a research project into one of the world's most valuable companies.

Source Wikipedia, Sergey Brin

A social enterprise applies ordinary commercial methods to advance a social or environmental mission rather than to maximize shareholder return, making it a mission-driven form of entrepreneurship.

Social enterprise, Business Models

Social entrepreneurship, building ventures that pursue social or environmental goals alongside profit, is a recognized branch of entrepreneurship practice.

Source Wikipedia, Stakeholder Theory

Steve Jobs co-founded Apple in 1976 and later founded NeXT, building Apple into one of the world's most valuable technology companies.

Source Wikipedia, Steve Jobs

Steve Wozniak co-founded Apple with Steve Jobs in 1976, designing the Apple I and Apple II computers that launched the company.

Source Wikipedia, Steve Wozniak
Technology Industry, Industries

Technology districts formed specifically around clusters of tech startups (entrepreneurial ventures by definition) opening alongside established tech companies; the industry's own account of its geography names startup formation as a driver.

Source Wikipedia, Technology Company

The Theranos collapse, after its blood-testing technology was found not to work as claimed and its founder was convicted of fraud, is a canonical entrepreneurship case study in venture overclaiming and investor due diligence failure.

Source Wikipedia, Theranos
Source Wikipedia, Valentin Kipyatkov
Source Wikipedia, VRIO Framework

Walt Disney co-founded the Walt Disney Company in 1923, building it from an animation studio into a global entertainment enterprise.

Source Wikipedia, Walt Disney
Source Wikipedia, Walter Chrysler

Open Questions

Source Wikipedia, Entrepreneurship
Sources
1. Wikipedia, Entrepreneurship
Wikipedia
  • main article body, first paragraph
    Entrepreneurship is the creation or extraction of economic value through identification and commercialization of opportunities to deliver products or services.
  • Elements section, Schumpeter
    Entrepreneurship employs what Schumpeter called 'the gale of creative destruction' to replace in whole or in part inferior innovations across markets and industries, simultaneously creating new products, including new business models.
  • Elements section, Kirzner
    An alternative description posited by Israel Kirzner suggests that the majority of innovations may be much more incremental improvements such as the replacement of paper with plastic in the making of drinking straws.
  • lead section
    Entrepreneurship is the creation or extraction of economic value through identification and commercialization of opportunities to deliver products or services
  • Historical usage section
    The study of entrepreneurship reaches back to the work in the late 17th and early 18th centuries of Irish-French economist Richard Cantillon, which was foundational to classical economics.
  • 20th century section, opening
    According to Schumpeter, an entrepreneur is willing and able to convert a new idea or invention into a successful innovation.
  • Associated With: Andrew Carnegie, Historians' assessment and ranking section
    A 2002 survey of 58 business history professors gave the top spots in American business history to Henry Ford, followed by Bill Gates; John D. Rockefeller; Andrew Carnegie, and Thomas Edison.
  • Open Questions: Whether Entrepreneurship Is Best Explained by Trait or Process
View the Source
Wikipedia, Platform Economy
WikipediaAssociated With: Platform Business Model, Business model section
Quote, Associated With: Platform Business Model, Business model section
The platform business model involves generating profits by facilitating interactions between two or more distinct groups of users.
View the Source
Wikipedia, Jeff Bezos
WikipediaAssociated With: Jeff Bezos, lead section
Quote, Associated With: Jeff Bezos, lead section
He is the founder, executive chairman, and former president and CEO of Amazon, the world's largest e-commerce and cloud computing company.
View the Source
Wikipedia, Crowdfunding
WikipediaAssociated With: Crowdfunding, lead section
Quote, Associated With: Crowdfunding, lead section
Crowdfunding is the practice of funding a project or venture by raising money from a large number of people, typically via the internet.
View the Source
Wikipedia, Technology Company
WikipediaAssociated With: Technology Industry, Details section
Quote, Associated With: Technology Industry, Details section
As a result of numerous influential tech companies and tech startups opening offices in proximity to one another, a number of technology districts have developed in various areas across the globe.
View the Source
Wikipedia, Theranos
WikipediaAssociated With: Theranos Collapse and FraudView the Source
Wikipedia, Peter Drucker
WikipediaAssociated With: Peter DruckerView the Source
Wikipedia, Open Innovation
WikipediaAssociated With: Open InnovationView the Source
Wikipedia, Bill Gates
WikipediaAssociated With: Bill GatesView the Source
Wikipedia, Elon Musk
WikipediaAssociated With: Elon MuskView the Source
Wikipedia, King Camp Gillette
WikipediaAssociated With: King Camp GilletteView the Source
Wikipedia, Larry Ellison
WikipediaAssociated With: Larry EllisonView the Source
Wikipedia, Larry Page
WikipediaAssociated With: Larry PageView the Source
Wikipedia, Mark Zuckerberg
WikipediaAssociated With: Mark ZuckerbergView the Source
Wikipedia, Michael Dell
WikipediaAssociated With: Michael DellView the Source
Wikipedia, Paul Allen
WikipediaAssociated With: Paul AllenView the Source
Wikipedia, Ray Kroc
WikipediaAssociated With: Ray KrocView the Source
Wikipedia, Richard Branson
WikipediaAssociated With: Richard BransonView the Source
Wikipedia, Sam Walton
WikipediaAssociated With: Sam WaltonView the Source
Wikipedia, Sergey Brin
WikipediaAssociated With: Sergey BrinView the Source
Wikipedia, Steve Jobs
WikipediaAssociated With: Steve JobsView the Source
Wikipedia, Steve Wozniak
WikipediaAssociated With: Steve WozniakView the Source
Wikipedia, Walt Disney
WikipediaAssociated With: Walt DisneyView the Source
Wikipedia, Henry Ford
WikipediaAssociated With: Henry Ford, lead section
Quote, Associated With: Henry Ford, lead section
Henry Ford was an American industrialist and business magnate. As the founder of the Ford Motor Company, he is credited as a pioneer in making automobiles affordable for middle-class Americans through the system that came to be known as Fordism.
View the Source
Wikipedia, John D. Rockefeller
WikipediaAssociated With: John D. Rockefeller, lead section
Quote, Associated With: John D. Rockefeller, lead section
Rockefeller founded the Standard Oil Company in 1870. He ran it until 1897 and remained its largest shareholder.
View the Source
Wikipedia, Arnold Peter Moller
WikipediaAssociated With: Arnold Peter Moller, lead section
Quote, Associated With: Arnold Peter Moller, lead section
was a Danish shipping magnate and businessman who was the founder of the A.P. Moller-Maersk Group in 1904.
View the Source
Wikipedia, Walter Chrysler
WikipediaAssociated With: Walter Chrysler, lead section
Quote, Associated With: Walter Chrysler, lead section
Walter Percy Chrysler was an American industrial pioneer in the automotive industry, automotive industry executive, and the founder and namesake of American Chrysler Corporation.
View the Source
Wikipedia, Lars Magnus Ericsson
WikipediaAssociated With: Lars Magnus Ericsson, lead section
Quote, Associated With: Lars Magnus Ericsson, lead section
Lars Magnus Ericsson was a Swedish inventor, entrepreneur and founder of telephone equipment manufacturer Ericsson.
View the Source
Wikipedia, Valentin Kipyatkov
WikipediaAssociated With: Valentin Kipyatkov, lead section
Quote, Associated With: Valentin Kipyatkov, lead section
Valentin Kipyatkov is a Russian billionaire. He made his fortune from the software firm JetBrains, co-founded with Sergey Dmitriev.
View the Source
Wikipedia, Jay Van Andel
WikipediaAssociated With: Jay Van Andel, lead section
Quote, Associated With: Jay Van Andel, lead section
Jay Van Andel was an American billionaire businessman, best known as co-founder of the Amway Corporation, along with Richard DeVos.
View the Source
Wikipedia, Richard DeVos
WikipediaAssociated With: Richard DeVos, lead section
Quote, Associated With: Richard DeVos, lead section
Richard Marvin DeVos Sr. was an American billionaire businessman, co-founder of Amway with Jay Van Andel, and owner of the Orlando Magic basketball team.
View the Source
Wikipedia, Richard and Maurice McDonald
Wikipedia
  • Associated With: Richard McDonald, lead section
    Richard James McDonald and Maurice James "Mac" McDonald, known as the McDonald brothers, were American entrepreneurs who founded McDonald's.
  • Associated With: Maurice McDonald, lead section
    Richard James McDonald and Maurice James "Mac" McDonald, known as the McDonald brothers, were American entrepreneurs who founded McDonald's.
View the Source
Wikipedia, Blue Ocean Strategy
WikipediaAssociated With: Blue Ocean StrategyView the Source
Wikipedia, Resource-Based View
WikipediaAssociated With: Resource-Based ViewView the Source
Wikipedia, VRIO Framework
WikipediaAssociated With: VRIO FrameworkView the Source
Wikipedia, Core Competence Theory
WikipediaAssociated With: Core Competence TheoryView the Source
Wikipedia, Dynamic Capabilities
WikipediaAssociated With: Dynamic CapabilitiesView the Source
Wikipedia, Stakeholder Theory
WikipediaAssociated With: Stakeholder TheoryView the Source
Elizabeth Holmes - Wikipedia
Associated With: Elizabeth Holmes, lead section
Quote, Associated With: Elizabeth Holmes, lead section
is an American businesswoman convicted of fraud in connection with her health technology company Theranos. Holmes founded Theranos in 2003, and its valuation soared in the early 2010s after it claimed to have revolutionized blood testing by developing methods that needed only very small volumes of blood, such as from a fingerprick.
View the Source
Wikipedia, Bill Drayton
Associated With: Bill DraytonView the Source
Wikipedia, Birger Wernerfelt
Associated With: Birger WernerfeltView the Source
Wikipedia, Alexander Osterwalder
Associated With: Alexander OsterwalderView the Source
Wikipedia, Bruce D. Henderson
Associated With: Bruce D. HendersonView the Source
Wikipedia, Cecil Rhodes
Associated With: Cecil RhodesView the Source
Wikipedia, Clessie Cummins
Associated With: Clessie CumminsView the Source
Open Questions (1 open question)
Whether Entrepreneurship Is Best Explained by Trait or Process

Entrepreneurship scholarship has not settled whether the field is best studied through the functionalistic (trait-based) approach, which focuses on the individual entrepreneur's own characteristics and actions, or the processual (contextual) approach, which studies the interplay between the entrepreneur and their surrounding context.

What would resolve this A unifying framework, or a body of empirical work the field broadly accepts as decisive, that reconciles or replaces the trait-based and process-based perspectives.
Entrepreneurship studies and management theoryWikipedia, Entrepreneurship
Dissenting Readings (2 dissenting readings)
Discipline Scope

Entrepreneurial innovation is not centrally Schumpeterian creative destruction. Most innovations are incremental improvements to existing offerings, such as substituting one material for another in an existing product, and require no special entrepreneurial trait beyond alertness to opportunity.

A dissenting reading, from Israel KirznerWikipedia, Entrepreneurship, Wikipedia
Discipline Scope

Joseph Schumpeter described entrepreneurship as a gale of creative destruction that replaces inferior offerings wholesale. Israel Kirzner disputed that framing, arguing most entrepreneurial innovation is incremental, such as substituting one material for another in an existing product, and requires no special entrepreneurial trait beyond alertness to an opportunity already available to anyone paying attention.

A dissenting reading, from an independent laneWikipedia, Entrepreneurship, Wikipedia
Frequently Asked Questions

Does entrepreneurship always mean radical, disruptive innovation?

No; scholars disagree, with Kirzner arguing most entrepreneurial innovation is incremental rather than transformational.

Not by every account. Joseph Schumpeter described entrepreneurship as a gale of creative destruction that replaces inferior offerings wholesale, but Israel Kirzner argued most innovation is incremental, such as substituting one material for another in an existing product, and requires no special entrepreneurial trait.

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