Business Paper on Entrepreneurship and Innovation: A Business Model Approach

Question 1: Whether entrepreneurship is a discipline that can be learnt?

Executive Summary

The report examines the importance of incorporating entrepreneurship as a discipline in educational settings. According to the report, understanding different elements in the field of entrepreneurship can help budding entrepreneurs to succeed in competitive business environments. The report further explores various theories and research evidence to explain the relevance of entrepreneurship as a discipline. These theories, such as the opportunity-based theory, can integrate diverse viewpoints and help entrepreneurs to understand various market dynamics.

 

 

 

Table of Contents

Executive summary. 2

Introduction. 4

Justification for the definition of entrepreneurship. 4

Critical evaluation of chosen statement 4

Use of theory to support evaluation. 6

Conclusion. 7

References. 8

 

 

 

 

Introduction

The authenticity of entrepreneurship as a discipline that students can learn is a hot topic in the academic field. Some business experts and professionals in the field believe that entrepreneurship is an inborn skill and genetic among individuals. In particular, they believe that entrepreneurship acumen is a transferable value and practice based on individuals’ willingness and readiness to work and take risks. However, entrepreneurship is interdisciplinary and comprise of other common subjects such as economics, sociology, psychology, marketing, finance, and geographical studies, among others. Through entrepreneurship education, individuals can gain an excellent and comprehensive foundation in these disciplines. Furthermore, learning the disciplines can help in enhancing the entrepreneurs’ level of creativity and the development of innovative ideas relevant in contemporary business environments. The report will explore the efficacy of entrepreneurship as a discipline based on my subjective or personal experiences, influences, theoretical concepts, models, and pertinent research.

Justification for Definition of Entrepreneurship

Entrepreneurship refers to the processes involved in the design, launch, and implementation of business plans and activities. Notably, it involves the pursuit of various socio-economic activities to initiate a venture that may risk a person’s resources. Entrepreneurs’ primary objective is to identify marketing strategies, channels, and markets among other important factors that facilitate the selling of different commodities. Entrepreneurship requires self-motivation, a deep understanding of the business environment, risk-taking, and basic managerial skills. Furthermore, entrepreneurs should develop strong social networks, flexibility, and passion for their new ventures. The entrepreneurs embrace risks and uncertainties in the business environment and are constantly seeking to transform different ideas into gainful opportunities (Kitching, 2018). The most important elements of entrepreneurship include innovation, efficient organization, clear vision, and risk-taking. Entrepreneurs are free to pursue their visions, exercise control and flexibility over their activities, and freely explore opportunities to learn and gain knowledge. Entrepreneurship is also important because it accords individuals with a strong sense of pride and fulfillment in successfully implementing innovative ideas (Jonsson, 2016). Other important factors that determine the ultimate success of an entrepreneur include the availability of capital, labor, raw materials, markets, appropriate infrastructure, and a deep understanding of various cultural practices and values. In the competitive contemporary business environments, treating entrepreneurship as a discipline can expose individuals to important skills and experiences required to generate wealth.

Discussions of the Chosen Statement

I selected the statement assessing whether societies should treat entrepreneurship as a discipline that individuals can study in classrooms or learning environments. According to Rushworth et al. (2016), the economic benefits of entrepreneurship in various competitive and technologically advanced societies are evident in different market activities. A discipline describes a special branch of knowledge typical in higher education environments. As such, to understand the relevance of treating entrepreneurship as a discipline or a practice, it is important to comprehend its various benefits towards the students.

From my independent analysis of different literatures, I believe that entrepreneurship can help in cultivating important and unique skills necessary in the modern business environment. Notably, as a discipline, entrepreneurship can create an environment and opportunity for the learners to gain confidence, share their respective experiences, and stimulate the generation of new and innovative ideas. For instance, I need these skills and knowledge as a budding entrepreneur to promote my business venture especially in highly competitive environments and markets (Henry, Hill, & Leitch, 2017). From my studies, I identified some of the important skills such as finance, sales, marketing, management, accounting, effective communication skills, and adaptability that I can learn in an entrepreneurship course. Indeed, to initiate a new business venture successfully, I will require these desirable attributes and attitudes. As a discipline, entrepreneurship can expose me and other individuals to business-relevant competencies.

I believe that entrepreneurship-related courses can include various educational programs that can help in exploring some of the unrealized talents. Curriculums should be flexible to allow students to explore their passions in entrepreneurship discipline. The primary essence of such courses should be to expose individuals to relevant strengths and innovative business ideas (Parker, 2018). Some of the most successful entrepreneurs that I admire most such such as Bill Gates and Mark Zuckerberg were very poor students. These students could have benefited greatly and identified their strengths and talents early enough from an entrepreneurship course. Furthermore, students can learn the important role of risk in the effective management of businesses. Most school and educational programs encourage students to avoid risks and uncertainties in their respective lives (Burns &Dewhurst, 2016). An entrepreneurship course can foster some of these important business-related traits applicable in real-life or ideal situations.

Another important reason why I believe entrepreneurship should be discipline is that it encourages critical thinking. Traditional business schools do not put a strong emphasis on nurturing critical thinking necessary in penetrating the volatile business environments and unpredictable markets (Kuratko, 2016). As a student learning entrepreneurship, I was able to explore various opportunities through critical thinking and analysis of various important data and information. Critical thinking is the primary foundation of smart decision-making processes especially in the current business environments (Burns, 2016).Through such unique mindsets I was able to identify and implement relevant solutions to real-life business problems because of the entrepreneurship education program.

Different theoretical approaches are relevant in explaining and understanding why entrepreneurship is an important discipline in contemporary societies. These theories explore various multidisciplinary issues that entrepreneurs should learn in order to operate their ventures successfully (Spigel & Harrison, 2018). For instance, based on my subjective understanding of the cultural theories of entrepreneurship, I believe that as a discipline, it introduce the students to important values and systems embedded within the socio-cultural environments. Based on these cultural and sociological theories, I have been able to develop entrepreneurial talents to explore various economic environments in my future endeavors. Through entrepreneurship education, students can understand the important role of cultural beliefs and practices on the consumption patterns in a particular society (Frederiksen, Wennberg, & Balachandran, 2016). Ethnicity and other cultural practices and values can influence and affect entrepreneurial attitudes such as creativity and other vital venture behaviors. For example, in my previous role as a business consultant, I was responsible for helping entrepreneurs to understand the cultural dynamics of their targeted markets. Therefore, these theories of social cultures in entrepreneurship education can strengthen the psychological reactions of aspiring entrepreneurs to various environmental dynamics.

Correspondingly, entrepreneurship education can introduce the students to the comprehensive understanding of various economic theories. For instance, the economic theory of functional behavior can help students to develop integrated frameworks towards understanding the consumers’ reactions to different market forces. As an entrepreneur, I needed to develop a deeper and clearer understanding of market volatilities and decisions (Ishar & Jabor, 2017). For example, the theory encouraged me to study and comprehend the perceived impacts of market trends and consumption patterns on the revenue collection of the ventures. I also used the theory to generate varied perceptions about contemporary business environments (Saiz-Alvarez & García-Vaquer, 2019). According to the economic theories of efficiency and innovation, I believe that entrepreneurship discipline can facilitate the successful implementation of various entrepreneurial functions. Innovative thought patterns helped me to introduce new products, explore new markets, and ensure efficient organization and utilization of resources.

In my past role as a business consultant, for instance, I was also responsible for encouraging clients to develop positive mindsets capable of initiating, maintaining, and growing profit-oriented ventures. The clients also benefited from other important qualities, such as intuition, exposure, and knowledge-based experiences. Accordingly, an entrepreneurship class should help the students to search and evaluate varied economic opportunities, interconnecting market segments, and expanding business activities (Spinuzzi, 2017). The theory of high achievement further asserts that entrepreneurship education can help the students to make relevant and effective decisions. Based on this theory, students aspiring to be entrepreneurs should identify other important factors that can help them to achieve high-profit margins (Lee, Hallak, & Sardeshmukh, 2016). Lastly, as a budding entrepreneur, I applied the theory of market equilibrium to comprehend various economic dynamics. I also relied on various innovative skills to initiate unique business ventures and mitigate market competitions (Saiz-Alvarez, 2019). The theory of high achievement also encouraged me be to become risk-takers and develop a tolerance for market ambiguities. In essence, such positive entrepreneurial inclinations can encourage aspiring entrepreneurs to assess risks and eliminate challenges that can limit their ability to accumulate stable incomes. Based on opportunity-based entrepreneurship theory, the discipline can introduce the students to relevant conceptual frameworks for understanding market dynamics and challenges (Saiz-Alvarez & García-Vaquer, 2019). The students can gain important knowledge on relevant entrepreneurial management and administrative processes.

Nevertheless, I believe that as a discipline, entrepreneurship is not a significant shift from the rigid testing and standards in educational systems. While the discipline can help students to develop more collaborative and proficient solutions to various real-life situations and challenges, it explores various life-related experiences (Spigel & Harrison, 2018). Entrepreneurship can also be an inborn skill passed across various generations. For instance, my father inherited a family business from the grandfather. I have been working in the bookshop on a part-time basis during my summer holidays. Afterwards, I started my own small business and became independent from my family’s business. Accordingly, I believe that Entrepreneurship can also be an inborn skill transferable across family lines and generations. However, I still needed an entrepreneurship education course to strengthen and develop innovative, creative, and collaborative thought processes.

Another important reason why entrepreneurship should not be a discipline emanates from the psychological theories of personal resourcefulness and sociology. Based on these theories, individuals can explore various entrepreneurial processes that can trigger other vital thinking processes from their daily interactions (Mishra & Zachary, 2015). I believe that entrepreneurs can gain creative skills from their varied experiences with other professionals. Therefore, they do not have to attend entrepreneurship classes to gain these important skills. Additionally, their varied experiences and interactions with the prevailing conditions such as cultures, consumption behaviors, and personalities can help in modeling the business environments. Moreover, based on the opportunity-based entrepreneurship theory, entrepreneurs rely on their interactions with other family members and professionals to develop relevant entrepreneurial skills and competencies.

Recommendations

I believe that contemporary societies should treat entrepreneurship as a discipline. In particular, policy experts should prioritize the creation of more entrepreneurial mindsets capable of forward-thinking and developing relevant solutions to business challenges. Students in entrepreneurship classes can get the motivation to create and sustain their companies after school. The discipline can help students to understand market dynamics and the important skills that facilitate the successful careers as venture capitalists or entrepreneurs.

Conclusion

Entrepreneurship as a discipline can strengthen various important aspects of personality among individuals. The entrepreneurs can benefit from the high level of innovativeness, competitive aggressiveness, and decision-making. The report above examines various theoretical information, research outcomes, and subjective opinions on the importance of treating entrepreneurship as a discipline. From the discussion, it is evident that more students can benefit from the lessons on the practice of entrepreneurship.

 

 

Reference List

Burns, P. & Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan International Higher Education.

Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.

Frederiksen, L., Wennberg, K. & Balachandran, C., 2016. Mobility and entrepreneurship: evaluating the scope of knowledge-based theories of entrepreneurship. Entrepreneurship Theory and Practice, 40(2), pp.359-380.

Henry, C., Hill, F. & Leitch, C., 2017. Entrepreneurship Education and Training: The Issue of Effectiveness: The Issue of Effectiveness. Routledge.

Ishar, M.I.M. & Jabor, M.K., 2017. Integration of Entrepreneurship Theories Towards Entrepreneurship Development among Students in Malaysia. Malaysian Journal of Social Sciences and Humanities (MJSSH), 2(1), pp.11-20.

Jonsson, I., 2016. The Political Economy of Innovation and Entrepreneurship: From Theories to Practice. Routledge.

Kitching, J., 2018. Critical realism as a supporting philosophy for entrepreneurship and small business studies. In Philosophical Reflexivity and Entrepreneurship Research (pp. 82-97). Routledge.

Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.

Lee, C., Hallak, R. & Sardeshmukh, S.R., 2016. Innovation, entrepreneurship, and restaurant performance: A higher-order structural model. Tourism Management, 53, pp.215-228.

Mishra, C.S. & Zachary, R.K., 2015. The theory of entrepreneurship. Entrepreneurship Research Journal, 5(4), pp.251-268.

Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.

Rushworth, S., Vanevenhoven, J., Winkel, D. & Liguori, E., 2016. Applying entrepreneurial action to explore entrepreneurship pedagogy: The entrepreneurship education project. Journal of Business and Entrepreneurship, 27(2), p.1.

Saiz-Alvarez, J.M. & García-Vaquero, M., 2019. Entrepreneurship Concept, Theories, and New Approaches. In Advanced Methodologies and Technologies in Digital Marketing and Entrepreneurship (pp. 457-470). IGI Global.

Saiz-Alvarez, J.M., 2019. New Approaches and Theories of Entrepreneurship. Innovation and Entrepreneurship: A New Mindset for Emerging Markets, Emerald Publishing Limited, pp.13-30.

Spigel, B. & Harrison, R., 2018. Toward a process theory of entrepreneurial ecosystems. Strategic Entrepreneurship Journal, 12(1), pp.151-168.

Spinuzzi, C., 2017. Introduction to special issue on the rhetoric of entrepreneurship: Theories, methodologies, and practices.