Entrepreneurship : A Interdisciplinary Exploration Of The Topic Essay

Entrepreneurship : A Interdisciplinary Exploration Of The Topic Essay

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With Baumol (2010) stating that the term ‘entrepreneurship’ lacks a clear theoretical consensus, this dissertation begins with a holistic exploration of the topic, followed by its characteristics in female-led ventures. McAdam (2012) argues that when discussing entrepreneurial discourse (entrepreneur, entrepreneurship, enterprise) contextual sensitivities must be heeded, as the term can be influenced by industrial, geographic, and cultural dimensions. Furthermore Kerlin (2006) suggests that in the context of developing nations, entrepreneurs may not consider themselves to be entrepreneurs, either because they are unware of the topic or because no such lexicon exists in their language for this practice. Below, we explore several empirical and theoretical viewpoints to define entrepreneurship in a manner that enables valid indicators to be collected and compared across Indian and international perspectives.

For leading theorists Schumpeter (1936) and Drucker (1985), innovation is the basis of entrepreneurship, where a new or alternative combination is generated through the enterprise. This combination may involve the introduction of new markets, methods of production, materials, or services (Schumpeter, 1936). An alternative yet complementary description from Kirzner (2009) focuses exploiting previously untapped opportunities, which according to Shane (2008), differs from Schumpeterian entrepreneurs by being less dependent on knowledge creation and more on alertness. Thus, Kirznerian entrepreneurs can benefit more from information asymmetries, as they are “discoverers of arbitrage opportunities in the market, stumbling upon market disequilibria... for example, undervalued resources or unmet needs” (Levie and Auti...

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...arket saturation, and lower bargaining power. Government inaction is also a concern as instead of creating new initiatives to alleviate property, politicians may rely more on entrepreneurs creating their own ventures (George: 2009). Additionally, Hall et al (2012:785) emphasises that when implementing BOP entrepreneurial policies, focusing solely on economic benefits can be counterproductive, arguing that ‘weak institutions coupled with alert entrepreneurs encourage destructive outcomes, especially if policies are based solely on economic indicators.’ Instead, they recommend creating ‘policies that address both economic and social perspectives, which foster more productive entrepreneurial outcomes’ (IBID). Although helpful in analyzing the Bottom of the Pyramid, their work focuses predominantly in Brazil, a capitalist country, which has a different economic structure

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