Entrepreneurship: What does it REALLY mean?

Introduction:

In a world where ideas drive economies, it is no wonder that innovation and entrepreneurship are often seen as inseparable bedfellows. The governments around the world are starting to realize that in order to sustain progress and improve a country’s economy, the people have to be encouraged and trained to think out-of-the-box and be constantly developing innovative products and services. The once feasible ways of doing business are no longer guarantees for future economic success!

In response to this inevitable change, some governments are rethinking the way the young are educated by infusing creative thinking and innovation in their nation’s educational curriculum. In the same vein, they are putting much emphasis on the need to train future entrepreneurs through infusing entrepreneurship components within the educational system, especially at the tertiary level.

Some countries have taken this initiative to a higher level by introducing entrepreneurship education at elementary schools and encouraging them to be future entrepreneurs when they are of age. In a series of survey funded by Kauffman Center for Entrepreneurial Leadership, it was found that nearly seven out of 10 youths (aged 14-19) were interested in becoming entrepreneurs.

Being an entrepreneur is now the choice of the new generation as compared to the preferred career choices of yesteryears such as being a doctor, lawyer or a fighter pilot. In a recent visit to the bustling city of Shanghai in China, an informal survey was carried out among Chinese youths by the author. The results of the survey showed that being an entrepreneur, especially in the field of computer and e-commerce, is perceived as a ‘cool’ career and is an aspiration for many Chinese youths Prior to the ‘opening up’ of modern China, being an entrepreneur was perceived as the outcome of one’s inability to hold a good government job and those who dared to venture, were often scorned at by their peers. Times have indeed changed.

With this change in mindset and the relative knowledge that entrepreneurs bring forth increased job creations, the awareness and academic studies of entrepreneurship have also heightened. In many tertiary institutes, many courses of entrepreneurship and innovation are being developed and offered to cater to the increasing demand. The term “entrepreneurship” has also evolved with numerous variations. The proliferation of jargons such as netpreneur, biotechpreneur, technopreneur and multipreneur are coined to keep up with the ever-changing times and business conditions that surround us.

In view of these changes, it is important that the definition of entrepreneurship be refined or redefined to enable its application in this 21st century. To put it succinctly, “Good science has to begin with good definitions (Bygrave & Hofer, 1991, p13).” Without the proper definition, it will be laborious for policymakers to develop successful programs to inculcate entrepreneurial qualities in their people and organizations within their country.

The paper will provide a summary of the definitions of entrepreneurship provided by scholars in this subject area. The author will also expand on one of the definitions by Joseph Schumpeter to create a better understanding of the definition of the term “entrepreneurship” as applied in today’s business world.

Entrepreneurship through the Years:

It was discovered that the term ‘entrepreneurship’ could be found from the French verb ‘entreprende’ in the twelfth century though the meaning may not be that applicable today. This meaning of the word then was to do something without any link to economic profits, which is the antithesis of what entrepreneurship is all about today. It was only in the early 1700′s, when French economist, Richard Cantillon, described an entrepreneur as one who bears risks by buying at certain prices and selling at uncertain prices (Barreto, 1989, Casson 1982) which is probably closer to the term as applied today.

In the 1776 thought-provoking book ‘The Wealth of Nations’, Adam Smith explained clearly that it was not the benevolence of the baker but self-interest that motivated him to provide bread. From Smith’s standpoint, entrepreneurs were the economic agents who transformed demand into supply for profits.

In 1848, the famous economist John Stuart Mill described entrepreneurship as the founding of a private enterprise. This encompassed the risk takers, the decision makers, and the individuals who desire wealth by managing limited resources to create new business ventures.

One of the definitions that the author feels best exemplifies entrepreneurship was coined by Joseph Schumpeter (1934). He stated that the entrepreneur is one who applies “innovation” within the context of the business to satisfy unfulfilled market demand (Liebenstein, 1995). In elaboration, he saw an entrepreneur as an innovator who implements change within markets through the carrying out of new combinations. The carrying out of new combinations can take several forms:

The introduction of a new good or standard of quality;

  • The introduction of a novel method of production;
  • The opening of a new market;
  • The acquisition of a new source of new materials supply; and
  • The carrying out of the new organization in any industry.

Though the term ‘innovation’ has different meanings to different people, several writers tended to see “innovation” in the form of entrepreneurship as one not of incremental change but quantum change in the new business start-ups and the goods/services that they provide (egs, Bygrave, 1995; Bygrave & Hofer, 1991).

In the view of Drucker (1985), he perceived entrepreneurship as the creation of a new organization, regardless of its ability to sustain itself, let alone make a profit. The notion of an individual who starts a new business venture would be sufficient for him/her to be labeled as an entrepreneur. It is this characteristic that distinguishes entrepreneurship from the routine management tasks of allocating resources in an already established business organization. Though the definition tends to be somewhat simplistic in nature, it firmly attaches the nature of entrepreneurial action with risk-taking and the bearing of uncertainty by the individual (Swoboda, 1983)

In a Delphi study, Gartner (1990) found eight themes expressed by the participants that constitute the nature of entrepreneurship. They were the entrepreneur, innovation, organization creation, creating value, profit or non-profit, growth, uniqueness, and the owner-manager. The themes could be seen as a derivative and expansion of Schumpter’s earlier concept.

Expanding on Schumpeter’s Definition:

After digesting the numerous definitions of entrepreneurship, one would tend to see a strong link between these two terms: entrepreneurship and innovation. In retrospect, most of the definitions tended to be, to some extent, a re-work and expansion of Schumpeter’s definition of entrepreneurship (which is that of innovation being applied in a business context).

As defining the term of ‘innovation’ is highly debatable and would merit a paper on its own, the author has thus, for convenience, summarised the definition of innovation. Innovation can be perceived simply as the transformation of creative ideas into useful applications by combining resources in new or unusual ways to provide value to society for or improved products, technology, or services.

In the author’s opinion, the difficulties of defining “innovation” could be the reason for the quandary one finds in attempting to arrive at a clear-cut definition of the term ” Entrepreneurship”.

Take for example, if someone starts another run-of-the-mill hot dog stand in the streets of New York, will he termed as an entrepreneur? According to Drucker’s definition, he will be seen as one. However, if the above definition by Schumpeter was used as a guideline, the answer is probably ‘NO’.

Why? The core of the matter lies in what is so innovative about setting up another hot-dog stand which are in abundance in New York. On the contrary, if he is the first one to start a stand selling hot-dogs with Oriental Sweet and Sour sauce topping; he could be termed as an entrepreneur (even based on Schumpeter’s requirement) as he has done what others have not done before. In the context of entrepreneurship, creativity and innovation are key points in the whole scheme of things.

In this manner, by adding “innovative” features to a product or services and setting up a business based on these additional features to compete in the existing market, new entrants may be able to gain this competitive advantage over existing market players.

In the case of the hot-dog seller, it may be argued that his addition of Oriental Sweet and Sour sauce toppings may be seen as nondescript. This runs in contrary to some scholars’ definition of entrepreneurship as requiring quantum changes in the products/ services to be justified as being entrepreneurial (Bygrave, 1985; Bygrave & Hofer, 1991).

Consistent with creating new products for sale, someone who starts a business by providing a totally new way of serving his customers/ clients is considered to be entrepreneurial too. Though, it is often argued that there are no real new products or services in a case where one does not look to the past products and services for ideas for improvements. Thus, the notion of incremental improvements should be accepted as being innovative too.

Innovation in the business sense may not necessarily involve, in the physical sense, the introduction of a new product or service. It can be in the form of what is commonly known as creative imitations. For example, if an individual starts selling a product that is already common in his area or country, he will not be seen as being entrepreneurial. However, if he is the first to sell the same product in a virgin locale or to an untouched market segment, he will be seen as an entrepreneur in his own rights.

Take Muhammad Yunus, for example. Yunus became an entrepreneur when he started a micro-loan program for the poor villagers in a rural part of Bangladesh named Grameen, with only US$26. The loan was divided among 42 villagers to assist them to buy small items such as combs, scissors, needles and other necessities to start their own home businesses. In the past 22 years, Grameen Bank has grown with over $2 billion loans granted. It has now become a model for several micro-loan facilities.

>From the following example, Yunus created banking and lending facilities in Grameen specifically for the poor villagers. Banking and lending money activities are not new but Yunus was the first to provide such facilities in a rural part of Bangladesh and that is definitely innovation and risk-bearing on his part as a social entrepreneur. In short, innovation need not arise mainly from a new product or service but it could be an old product or service finding a new market for penetration.

An individual could be termed as an entrepreneur if he or she sells a product or service using new systems and/ or mediums of marketing, distribution or production methods as a basis for a new business venture. A good example will be Jeff Bezos, the founder of Amazon, the successful Web-based bookstore. He was one of the first to sell books on a large scale using an online store and also patented the one-click system for online buying. Though selling books is not an innovation in itself, Jeff Bezos was innovative in the use of the Internet then as a viable marketing and sales channel for selling books.

Another example from the field of e-commerce is Stuart Skorman, the founder of Reel.com [http://Reel.com]. Reel.com [http://Reel.com] is essentially one of the first cyber movie store with a very large inventory of over a 100 000 videos. Though setting a movie store was revolutionary then, Reel.com [http://Reel.com] main distinction was being known as the first online store to expand by opening an offline store. The founder felt that by doing so, the online store could be an advertisement for the offline store and vice versa, thus strengthening this click and mortar business venture- an example of creativity and innovation applied in a profitable business context.

Conclusion:

This paper has started as an attempt to redefine the term of entrepreneurship but ended up ‘updating’ the wheel, based on the definition as proposed by Schumpeter. The paper expanded on this influential work by giving examples to illustrate what innovation in entrepreneurship was and hope that along the way, new insights were unearthed in the study of defining entrepreneurship.

In summary, the author hopes that this paper would further encourage the infusion of creative thinking and innovation within the educational system to nurture future entrepreneurs with a competitive edge. In the author’s view, the characteristics and capabilities to set up a new business venture based on doing things that have not done before should be encouraged. Innovation needs to be the cornerstone of entrepreneurship as opposed to the mere setting up of another new enterprise without implementing changes or adding features of improvements to the products and services provided and/ or its business processes.

Frequently Asked Questions About Trade Show Fabric Graphics

If you have attended a trade show, convention, or event in the past four years, you have seen large, colorful fabric graphics. Fabric graphics have become the standard for most large format images. They are lightweight, vibrant, and durable, and are the perfect medium for trade shows, where every exhibitor wants minimal weight but still wants to make a big splash.

The options can be a bit overwhelming and getting more varied all the time. But for most of us, fabric graphics can be lumped into two categories: tension fabric or pillowcase graphics. The following is a convenient FAQ to get you quickly up to speed.

What is a tension fabric graphic?

Tension fabric graphics attach to a frame so the fabric is taut edge-to-edge, creating "tension." Typically, the graphic has Velcro hook sewn along the border, usually top and bottom, and attaches to Velcro loop on the frame.

What is a pillowcase fabric graphic?

Think of a printed pillowcase with zippers. A pillowcase graphic wraps around a frame structure and the inner and outer sections zip together along the least obvious edge. This creates a tailor fit. Almost all hanging sign structures are wrapped in pillowcase fabric graphics.

How does a tension fabric graphic differ from a pillowcase fabric graphic?

Tension fabric graphics attach to the frame, leaving the frame exposed. The fabric is held taut by attaching it to the frame using Velcro. Pillowcase graphics slip over the frame and hide the frame structure. The fabric is secured by a zipper (s).

What are the benefits of fabric graphics vs. traditional first surface graphics?

  • Flexibility . An array of fabric options and finishing exists. Fabric graphics can be adapted to just about any hardware
  • Storage and Shipping . Fabric is lighter than many other graphics. Fold your graphics neatly when in storage and take up much less space.
  • Care . Fabric graphics can be washed and steamed and are just as durable and long lasting as traditional graphics.
  • Lightweight. Larger graphics weigh less, perfect for draping or creating space definition.
  • Cost . More image bang for the buck!
  • Green . There are the obvious transportation and storage benefits. Even more exciting is the growing list of fabric options created from recycled materials.
  • No Glare . Fabric is the perfect choice for media walls or any background that is photographed or filmed.
  • Versatility . Fabric can be applied to most display and hardware options and is perfect for skinning or covering displays or objects. Custom covers can be created to drape over objects, wrap, or completely pillowcase them!

Do fabric graphics offer the same color saturation, vibrancy, definition, and overall image quality as other graphics?

Fabric not only matches other graphic options, it often excludes it. Dye sublimation equipment is more advanced than ever offering near continuous tone (limited by the texture of the material you choose) and exceptional detail created from high dpi outputs and sophisticated image patterns. Color is permanently dyed into the fabric creating a deep saturated image.

How do tension fabric graphics attach or hang on the frame?

Tension graphics will typically have Velcro sewn into the perimeter, although there are other options such as a pole pocket connection with a spline or a silicon edge. The finish used is dependent on the frame system requirements and or customer preference.

How do pillowcase fabric graphics attach or hang on the frame?

Pillowcase graphics are sewn a seam along the bottom edge of the frame to attach the inner and outer sides of the pillowcase. The top has zippers to secure the two sides with slots made to accommodate eye-bolt or hanging hardware. Depending on the size and shape of the frame, vertical zippers may also be necessary. The seams are sewn to the inside of the pillowcase to create a smooth, fitted finish.

What is the maximum size of a seamless tension graphic? Are there limitations to the maximum print width?

The maximum size depends on the fabric and printing process. In general, the maximum width varies from 118 "to 58" depending on the process.

What is the maximum size of a seamless pillowcase graphic? Are there limitations to the maximum print width?

All pillowcase graphics have seams, usually just at the top and bottom of the structure. However, some frames are too large to cover without a seam. Frames such as a tapered circle need to be pieced because the shape of the print is an arc, making it too large to print in one piece.

How should tension fabric graphics and pillowcase graphics be cared for?

It is recommended that graphics be zipped up, folded, and stored in a bag. You may spot clean by wiping with a damp cloth. If it is necessary to wash the graphic and it is small enough, use a commercial size front-loading washing machine. Wash on the gentle cycle, with cool water. It is VERY important that the graphic be ZIPPED during washing. Dry cleaning is not recommended.

To limit getting the graphic dirty during installation, keep the set-up area clean by using a drop cloth and wash your hands prior to set up. You may want to consider purchasing inexpensive white cotton gloves. Weaving the gloves while handling the graphic will minimize the transfer of dirt and oils to your graphic.

What is the preferred file set up for tension graphics and pillowcase graphics?

Files should be set up with at least 1 inch of bleed on all sides and marked with guides or crop marks to indicate art area versus bleed. The best file formats are Photoshop layered files, InDesign, Illustrator, or Quark documents. Files need to be set up as close to 100 percent as possible with a minimum resolution of 100 dots per inch.

Other things to consider are the live area, the diameter of the frames poles, and borders. If your critical art is too close to the edge of the frame, it may disappear as the graphic bends around the frame. Try to keep critical information 3 to 5 inches from the edge and either make borders wider or do not use borders.

Personal Brand Marketing – Brand Buzz 101

I understand the importance of visibility. As a small business owner, being "known" can be the difference between a steady flow of revenue or closing your doors. Yet, being visible is not enough. Being remembered is most important and means you occupy some prime real estate in the mind of someone. Garnering "share of mind" means that you somewhere along the way that they sampled your character and competency and you became memorable.

Marketing, by definition, is creating an exchange environment. For an individual, that could mean breaking a referral, speaking positively on your behalf, a promotion or an introduction. Branding, by definition, is an emotion or image tied to a product. YOU are the product. Even in businesses, people are the brand and define the company, more than any mission mission statement hanging in the lobby. So, how does an individual create "buzz" for their brand for visibility and more importantly to be remembered so that they can develop credibility?

1. Know what makes you unique.

Whether you're job hunting or wanting a position on board of director's, you need to confidently know what value you bring to the table.

2. Get really good at communicating what makes you valuable.

Ninety-three percent of communication is tone and body language. Spend time on the words so that what you say and how you communicate are congruent with your value. Yet, know that communication includes your image, the way you present yourself, your workspace, your phone skills and even your lunch meeting etiquette. They must all be congruent with what makes you valuable. Any discrepancies will jeopardize your credibility and could produce negative word of mouth which is a problem that I will address in future articles.

3. Manage that communication.

If you're creating "buzz" around your brand, it will require you to proactively manage the communication. For example, if you're new to a company or a position you will need to build a credibility wall. Yes, a physical wall if possible. It showcases every plaque, certificate, service honor, licensing, certification and degree you've received. This wall is your visual third party testimonial on the character and competency of your brand. Since that wall can not travel with you, make sure that anytime you're honored for volunteer service or recognized for a contribution that a copy of the "thank you" letter, note or card be placed into you personnel file.

Even if you're on your own, these "proof of credibility" tools will take you far. As the vice president of a business concern in college, I invited speakers to speak to our fraternity for professional development. I asked each of them to write a letter for me about their experience working with me so that I could include that in my personal portfolio. Many of these speakers went on to become regional directors, chief operation officers, chief financial officers, company presidents and further that my portfolio has become quite valuable. Actively "buzz" your brand! Doing that will develop credibility; credibility will lead to influence; and influence with lead to leadership.

Homeschooling Young Children? Here Are 5 Key Benefits to Adding a Good Art Program

Homeschooling your children? I assume this means you want the best for your kids. An opportunity to give your children a rich multi sensory, personalized type of education ……… Is art included in your curriculum?

If you want the best type of education for your children then ART must be included in your day to day curricular activities

When I say good art I am not talking about the standard traditional arts and crafts that is done in so many preschool and kindergarten classes all over the world. That may be something you do with your kids on a spur of the moment thought when a Holiday is coming up, or you need to make something for Grandma.

But that's not what I'm talking about.

Nope, you left that. You left that along with the traditional world of education because you wanted something better for your kids, something that they cant get in most traditional classes with upwards of 20 kids …..

You probably spend quite a bit of time looking for curriculum on line for your homeschooling curriculum and that's great because you get to choose what and how your kids will be learning.

You do not even realize how necessary and valuable it is for your kids to make sure that there is a solid art program being integrated with the rest of your homeschooling curriculum.

Many parents have some kind of vague ideas about why we give our kids art and some of its benefits.

Oftentimes traditional preschool teachers have just as vague ideas and below are some of the reasons I've heard from some traditional educators, preschool teachers as to why they give their students arts and crafts

  1. They need the children to remember their lessons and figure that an art project will help them do that
  2. They want them to learn to follow directions so they give them step by step directions on how to follow cookie cutter art projects
  3. They need to fill up time in the day, so what better way than an art project
  4. They claim that this is what the Mothers want

So tell me Moms, you are some of the mothers they are talking about (well maybe you're not actually really not since your kids are being schooled) but is this really what you want?

Do you want your kids to follow cookie cutter instructions that turn them into little robots for them to make projects that look exactly like everyone elses?

No! I did not think so.

But I do think that you may not know any alternatives and in working so hard trying to put together some good homeschooling curriculum for your children sometimes art gets lost in the shuffle and that's too bad.

That's too bad because art gives adds such depth to any curriculum that it would be a crying shame when you have the opportunity at home to give such great activities to have your children lose out on these experiences.

Art is not only fun, it's lifesaving and life building and I would like to share with you 5 reasons for you to include really good art into your homeschooling curriculum

  1. Art helps build physical coordination. Art is good for both gross motor coordination and fine motor coordination. Gross motor coordination, the development of large muscle is not only helped by things like ball playing and beam balancing but young children also use their arms during art with wide sweeping movements ans they paint and draw that help build those large muscle. Of course fine motor coordination is better understood as benefit ted from art .. Cutting, gluing, painting, drawing. Your child's small fingers are developing each time they use these art tools
  2. Emotional development – There is no question that art can help a child through many difficult emotional experiences. If a child is jealous of a new baby sibling, she or he can pound on some clay and color furiously instead of pounding on the baby herself. Children also end to use art to work through issues that bother them such as a death in the family, a fire or other disturbing event. (I once taught little girl who had a fire in her home and for weeks that's all she talked and drew and painted about until she calmed down.)
  3. Intellectual development (often known as cognitive development). Children learn to make sense of their world as they use art to count, classify, sort, make their own decisions and learn to follow directions without doing cookie cutter art.
  4. Creativity … Of course children's creativity takes a flying leap if they are allowed to do art that allows them to create at their own level, which allows them to be creative in more ways than one
  5. Integrating curriculum And last but not least art in a home school curriculum can help integrate the curriculum and help them learn. Children learn best through their senses and the more art is integrated with the homeschooling curriculum the more their learning will stay with them.