Analyze peer posts and provide a response with a new academic peer reviewed arti
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Analyze peer posts and provide a response with a new academic peer reviewed article each to be at least 150 words. This is the feedback instructor provided so please adhere to their feedback as well:
The discussion board should be a “conversation” between you and your colleagues. I know you are sticking to third-person voice, but for the discussion board only, its OK to create a friendlier tone for this class. For example, instead try:
I see how you reflected upon certain aspects of….”
“In the post, Jackson reflects…..
Post 1 – Author: Cathy
Definition of Entrepreneurship
A working definition of a domain enables the scholars and practitioners to research and communicate the concepts of that domain. Since its inception, various scholars have attempted to define the field of entrepreneurship from several perspectives. While most definitions are not competitive, at a glance, they might seem as if they are. In this discussion board post, the researcher develops a working definition of entrepreneurship by borrowing from the meanings of the domain of entrepreneurship. The new definition will be more integrative and cover as many aspects of entrepreneurship as possible.
The definitions of entrepreneurship provide vital insights into this domain (Beckman & Cherwitz, 2009). According to Stevenson (2004), entrepreneurship is the pursuit of opportunity beyond the resources you control (p. 3). Stevenson identifies strategic orientation, commitment to opportunity, control of resources, management structure, compensation, and reward resources as the essential dimensions of entrepreneurship. Stevenson’s definition reveals that entrepreneurship has an aspect of opportunity identification and risk-taking. Similarly, Schumpeter (2000) defines entrepreneurship as “the process of exploiting opportunities through technical or organizational innovation” (p. 60).
According to Schumpeter, the entrepreneur is a rare individual because they use their personality, and cognitive abilities to deliver innovative solutions to the market. Bruyat and Julien (2001) define entrepreneurship as “the process of creating new value in the market” (p. 169). These authors see entrepreneurship as the process through which individuals or organizations create new market value. This definition indicates that entrepreneurship is about exploiting opportunities and creating value that did not exist in the market. Carlsson et al. (2013) have defined entrepreneurship as an “economic function to perceive and create new opportunities and introduce ideas to the market under uncertainty” (p. 915). This definition indicates that other than risk-taking and an exploitative aspect, entrepreneurship also involves introducing new ideas and products into the market.
The above-reviewed definitions show that entrepreneurship involves identifying and exploiting opportunities, pursuing those opportunities despite rare resources, uncertainty, creation of value, and the subsequent creation of new ventures. Hence, the researcher defines entrepreneurship as the process of identifying and exploiting opportunities in the market in the face of uncertainty to develop innovative market solutions that add value to consumers and leads to new entities. This definition comprises several aspects of entrepreneurship. First, it captures the importance of opportunity identification and exploitation in entrepreneurship.
While opportunities exist in the market, it takes entrepreneurial alertness to identify them and excellent resource allocation capabilities to exploit the opportunity. The definition also recognizes entrepreneurship’s risk-taking aspect, where the entrepreneur allocates time and energy to exploit market opportunities. However, they do not know how the market will receive a solution. Third, the definition identifies innovative solutions as the outcomes of the entrepreneurial efforts. Further, the working definition underlines the need for the answer to add value to consumers. Since value creation is an essential aspect of entrepreneurship, it should be included in the definition of the domain of entrepreneurship. Finally, the working definition recognizes that entrepreneurship might lead to a new venture. New ventures streamline the delivery of the new product or service to the target market.
The above discussion board post aimed to develop a working definition of entrepreneurship. A review of some of entrepreneurship’s scholarly purposes revealed that the entrepreneurship domain’s main components include opportunity identification and exploitation, taking risks, new value creation, innovation, and new venture creation. The researcher defined entrepreneurship as the process of identifying and exploiting opportunities in the market in the face of uncertainty to develop innovative market solutions that add value to consumers and lead to new entities. This definition incorporates significant aspects of entrepreneurship.
Beckman, G. D., & Cherwitz, R. A. (2009). Intellectual entrepreneurship: An authentic foundation for higher education reform. Planning for Higher Education, 37(4), 27-36.
Bruyat, C., & Julien, P.-A. (2001, 2001/03/01/). Defining the field of research in entrepreneurship. Journal of Business Venturing, 16(2), 165-180. https://doi.org/https://doi.org/10.1016/S0883-9026(99)00043-9
Carlsson, B., Braunerhjelm, P., McKelvey, M., Olofsson, C., Persson, L., & Ylinenpää, H. (2013). The evolving domain of entrepreneurship research [Article]. Small Business Economics, 41(4), 913-930. https://doi.org/10.1007/s11187-013-9503-y
Schumpeter, J. A. (2000). Entrepreneurship as innovation. Entrepreneurship: The social science view, 51-75.
Stevenson, H. H. (2004). Intellectual foundations of entrepreneurship. Entrepreneurship: The way ahead, 3-14.
Post 2 – Author: Stella
What is Entrepreneurship?
The working definition of entrepreneurship gets rather complicated, yet basic in terms of how business-minded folks interpret this phenomenon in the working world. Most organizations start with a vision and mission statement on their way to fulfilling what the entrepreneur wants to accomplish with a competitive spirit (Diandra & Azmy, 2020). This competitive spirit includes managerial skills, organizational skills, knowledge, technology, opportunities, financial capabilities, and human resources willing to work through problems, improve products, and sustain the bottom-line of the organization (Diandra & Azmy, 2020). The following paragraphs will cover some of the empirical explanations of entrepreneurship in the literature. The paper will also cover the differences between freelancing and entrepreneurship, and lastly the concept of taking opportunities in the field of entrepreneurship.
Important Attributes of Entrepreneurship
According to Bruyat and Julien (2001), the environment surrounding the entrepreneur invokes creativity, which soon influences those people around the entrepreneur. The environment is usually unpredictable and dynamic, yet the entrepreneur takes risks that others will not even contemplate and reaps the profits and rewards of the ventures (Bruyat & Julien, 2001). The entrepreneur can create a business or build an innovation that reproduces what others do not envision, hence innovation whereby an individual (I) equals new value creation (NVC) ( Bruyat & Julien, 2001). Similarly, Diandra and Azmy (2020) emphasized that the art of entrepreneurship explores its management process of creativity, autonomy, adaptability while generating economic development and creating job opportunities. Entrepreneurs recognize opportunities, market innovation, and digital technologies to get to their goal in mind (Diandra & Azmy, 2020). Entrepreneurs face uncertainty and volatility in the economy while changing and learning to adapt and making sure their organization is successful and profitable (Diandra & Azmy, 2020). Next, the differences between freelancing and entrepreneurship are discussed.
Freelancing vs. Entrepreneurship
The decision between freelancing vs. entrepreneurship crosses the minds of people who are willing to endeavor in hobbies or full-time work. According to Hudek et al. (2020), the gig economy exists for those workers and organizations who desire non-standard, short-term working arrangements. Last year 36% of the workforce in the U. S. were classified as gig employees (Hudek et al., 2020). According to Hudek et al. (2020), if the trend of the gig economy continues as is by 2027, 50% of the U. S. workforce will be part of the gig economy.
Most importantly, freelance work is considered temporary, contract work, gig on-demand, self-employed with no employees, no compensation benefits, pays own taxes, works on one-to-many projects, and usually works remotely (Hudek et al., 2020). Freelancing is an attractive work option for workers due to flexible working hours and autonomy (Hudek et al., 2020). Subsequently, the needs of the labor market are requiring individual knowledge, expertise, and specific skill sets that accommodate the employer’s business requirements and the cost-effectiveness of hiring freelancers, instead of full-time workers with full compensation benefits, which certain businesses find highly desirable (Hudek et al., 2020). On the other hand, a self-employed freelancer is seen as a type of entrepreneur, yet more so a hybrid of employees and entrepreneurs because they take risks and take part in risky projects (Hudek et al., 2020).
Importance of Taking Opportunities
Even so, Foss and Klein (2020) describe a common opportunity exploration of entrepreneurship is the act of a new startup business. The entrepreneur’s function when recognizing and seizing the opportunities is critical to the entrepreneur’s decision-making processes under uncertainty, yet in the long run, servicing customers and pursuing profits (Hudek et al., 2020). In contrast, Alvarez and Barney (2020) question why the field of entrepreneurship is so committed to the causes and consequences of opportunities. Alvarez and Barney (2020) also point out that opportunities are created through path-dependent and interative social construction processes, yet remain a fruitful concept in the field of entrepreneurship.
In conclusion, a working definition of entrepreneurship was discussed in terms of how business-minded folks interpret this phenomenon in the working world. The paper covered some of the empirical explanations of entrepreneurship in the literature. The paper also covered the differences between freelancing and entrepreneurship, and lastly the concept of taking opportunities in the field of entrepreneurship.
Alvarez, S., & Barney, J. B. (2020). Has the concept of opportunities been fruitful in the field of
entrepreneurship? Academy of Management Perspectives, 34(3), 300–310. https://doi.org/10.5465/amp.2018.0014
Bruyat, C., & Julien, P-A. (2001, March). Defining the field of research in entrepreneurship.
Journal of Business Venturing, 16(2), 165-180. https://doi.org/10.1016/S0883-9026(99)00043-9
Diandra, D., & Azmy, A. (2020). Understanding definition of entrepreneurship. International
Journal of Management, Accounting & Economics, 7(5), 235–241.
Foss, N. J., & Klein, P. G. (2020). Entrepreneurial opportunities: Who needs them? Academy of
Management Perspectives, 34(3), 366–377. https://doi.org/10.5465/amp.2017.0181
Huđek, I., Tominc, P., & Širec, K. (2020). Entrepreneurship vs. freelancing: What’s the
difference? Our Economy (Nase Gospodarstvo), 66(3), 56-62. https://doi.org/10.2478/ngoe-2020-0018