Entrep

• Schumpeter's view can be done in five different ways

  1. Creation of a new product

  2.New method of production Opening up a new market

  3.Opening up a new market

  4.Creating new sources of supply4. New organization of industry
• Marshall further in his theory classified entrepreneurs as:

  Active entrepreneurs (those who find new ways) Passive entrepreneurs (those who tend to follow the existing road).
• Menger moving forward stated the specific functions that are involved in

  1. Collection of information regarding economic situations.

  2. Economic calculations in order to make the production process efficient.

  3. Assigning goods to a particular production process.

  4. Supervising the execution of the production plan and making sure that it is carried out in an economical way.
• play a significant role in shaping the entrepreneurial landscape within a society

  CULTURAL DIMENSIONS OF ENTREPRENUERSHIP
• cultures that emphasize individualism, such as many Western societies, entrepreneurship may be more encouraged, and individual achievement is celebrated.

  Individualistic Cultures:
• often found in Asia and parts of Africa, may place a stronger emphasis on group success and harmony, potentially influencing the approach to entrepreneurship.

  Collectivistic Cultures
• tend to prefer stability and structured environments. In such cultures, individuals may be less inclined to take risks, which can impact entrepreneurial behavior.

  High Uncertainty Avoidance
• may be more accepting of ambiguity and risk, fostering a more entrepreneurial mindset.

  Low Uncertainty Avoidance
• there is a significant gap between those in power and the general population. This can affect how individuals perceive their ability to become entrepreneurs and challenge established structures.

  High Power Distance
• may encourage a more egalitarian approach, where individuals feel empowered to take on entrepreneurial endeavors.

  Low Power Distance
• often value assertiveness, competition, and achievement. Entrepreneurship in such cultures may be driven by a desire for success and recognition.

  Masculine Cultures
• may prioritize cooperation, quality of life, and social responsibility, influencing the motivations and goals of entrepreneurs.

  Feminine Cultures
• communication is often implicit and relies on shared cultural understanding. Building relationships and trust are crucial in entrepreneurial endeavors.

  High-Context Cultures
• communication is more explicit, and information is conveyed directly. This may influence how entrepreneurs communicate with stakeholders.

  Low-Context Cultures
• may be more conducive to entrepreneurship as individuals are comfortable navigating uncertainties and complexities.

  High Tolerance for Ambiguity
• may lean towards more structured and predictable career paths, potentially impacting entrepreneurial aspirations.

  Low Tolerance for Ambiguity
• entrepreneur requires the ability to hold yourself accountable when you don't have a "boss" to do so.

  Discipline
• creatively solve problems and think outside of the box when facing everyday business challenges, they are able to quickly pivot and implement necessary solutions that lead to business growth.

  Creativity
• they are able to apply professionally to achieve business success. When an entrepreneur is self-aware they are able to own up to their strengths and weaknesses related to running their business.

  Self-Awareness
• mindset that helps entrepreneurs reach lofty goals without a clear way to achieve them.

  Resourcefulness
• they are able to work smarter, not harder. Implementing processes in various areas of the business can prevent waste, allowing business owners to scale and grow their businesses.

  Process-Oriented
• manages a large team of employees or works directly with their customers as a high- performing solopreneur, they must be able to connect with others on a genuine level.

  Empathetic
• business owner is able to effectively listen to their customer, they are able to implement customer feedback that can help them improve their offerings

  Communicative
• you're your own boss you have to be able to keep yourself motivated to work effectively and consistently.

  Self-Motivated
• Successful entrepreneurs stand behind their ideas without letting concern over what others may think get in the way.

  Confident
• they are able to take advantage of new opportunities as they come which can pay off in the long run

  Flexible
• When business owners are willing to take risks, they are able to learn valuable lessons in business that can help their company in the long run.

  Risk-Taker
• While running a business, it is common for entrepreneurs to face closed doors and to be told "no" often from potential customers and those they are seeking funding from.

  Resilient
• is a person with the skills, ideas and courage to take risks to pursue a business idea.

  entrepreneur
• person who manages the functions and operations of an organization.

  Manager
• often found in East Asian societies, may prioritize perseverance, patience, and strategic planning, influencing entrepreneurial strategies.

  Long-Term Orientation
• there may be a focus on immediate results and quick returns, potentially impacting the types of ventures pursued

  Short-Term Normative Orientation