Showing papers on "Entrepreneurship published in 1998"

What Makes an Entrepreneur

Abstract: This article uses various micro data sets to study entrepreneurship. Consistent with the existence of capital constraints on potential entrepreneurs, the estimates imply that the probability of self‐employment depends positively upon whether the individual ever received an inheritance or gift. When directly questioned in interview surveys, potential entrepreneurs say that raising capital is their principal problem. Consistent with our theoretical model's predictions, the self‐employed report higher levels of job and life satisfaction than employees. Childhood psychological test scores, however, are not strongly correlated with later self‐employment.

Network Support and the Success of Newly Founded Businesses

Abstract: The "network approach to entrepreneurship" is a prominent theoretical perspective within the literature on entrepreneurship. This literature assumes that network resources, networking activities and network support are heavily used to establish new firms (network founding hypothesis). Further, those entrepreneurs, who can refer to a broad and diverse social network and who receive much support from their network are more successful (network success hypothesis). Based on a study of 1,700 new business ventures in Upper Bavaria (Germany), the article gives an empirical test of the network success hypothesis. It is argued that one reason, why previous studies did not consistently find positive network effects, may be that social capital (network support) is used to compensate shortfalls of other types of capital (human capital and financial capital). This compensation hypothesis, however, does not find empirical confirmation. On the other hand, however, the network success hypothesis proves to be valid in our analyses, i.e. network support increases the probability of survival and growth of newly founded businesses.

Social remittances: migration driven local-level forms of cultural diffusion.

Abstract: Many studies highlight the macro-level dissemination of global culture and institutions. This article focuses on social remittances--a local-level migration-driven form of cultural diffusion. Social remittances are the ideas behaviors identities and social capital that flow from receiving- to sending-country communities. The role that these resources play in promoting immigrant entrepreneurship community and family formation and political integration is widely acknowledged. This article specifies how these same ideas and practices are remolded in receiving countries the mechanisms by which they are sent back to sending communities and the role they play in transforming sending-country social and political life. The data concern migrants from the Dominican Republic to the Boston area of the United States. (EXCERPT)

A longitudinal study of the relation of vision and vision communication to venture growth in entrepreneurial firms.

Abstract: The relationships among vision attributes, vision content, vision communication, and venture growth were explored in one industry using a longitudinal design Charismatic leadership, entrepreneurship, and business strategy theory guided the formation of hypotheses that were tested with data collected from 183 entrepreneur-CEO and employee pairs Visions were evaluated for 7 attributes that were derived from the literature and for content Structural modeling confirmed that vision attributes and vision content affect subsequent venture growth directly and through verbal and written communication

Corporate Entrepreneurship, Knowledge, and Competence Development

Abstract: The literature highlights the importance of corporate entrepreneurship (CE) for improving a company's market and financial performance. This paper extends the literature by focusing on the knowledge-creation processes within a firm's formal and informal CE activities. This multifaceted knowledge, which encompasses organizational, technical, and social dimensions, is developed by individuals or groups and diffused throughout the organization. Whether radical or incremental, this knowledge can generate new skills, which a company can then use to reconfigure the sources of its competitive advantage. This paper also discusses the role of intrapreneurs and CE champions, particularly in the creation and use of social capital, in the development of dynamic competencies.

Entrepreneurial learning and the growth process in SMEs

Abstract: This paper draws on case and interview material, from research with entrepreneurs in small and medium‐sized enterprises (SMEs) to examine the process of entrepreneurship and entrepreneurial learning in SMEs. The cases have been drawn from different sectors including services, manufacturing and technology‐based sectors such as hydraulics, and software development. This paper reviews the contribution of organisational learning theories, which, it is argued, have been developed for large firms rather than SMEs. More appropriate theories are examined from fields that accepted the impact of uncertainty and dynamics in decision making, such as Schumpeterian dynamic approaches to learning and development. Case study evidence is presented on the nature of entrepreneurial learning in growth SMEs and compared with theories in the literature.

How venture capital works.

Abstract: The popular mythology surrounding the U.S. venture-capital industry derives from a previous era. Venture capitalists who nurtured the computer industry in its infancy were legendary both for their risk taking and for their hands-on operating experience. But today things are different, and separating the myths from the realities is crucial to understanding this important piece of the U.S. economy. Today's venture capitalists are more like conservative bankers than the risk takers of days past. They have carved out a specialized niche in the capital markets, filling a void that other institutions cannot serve. They are the linch-pins in an efficient system for meeting the needs of institutional investors looking for high returns, of entrepreneurs seeking funding, and of investment bankers looking for companies to sell. Venture capitalists must earn a consistently superior return on investments in inherently risky businesses. The myth is that they do so by investing in good ideas and good plans. In reality, they invest in good industries--that is, industries that are more competitively forgiving than the market as a whole. And they structure their deals in a way that minimizes their risk and maximizes their returns. Although many entrepreneurs expect venture capitalists to provide them with sage guidance as well as capital, that expectation is unrealistic. Given a typical portfolio of ten companies and a 2,000-hour work year, a venture capital partner spends on average less than two hours per week on any given company. In addition to analyzing the current venture-capital system, the author offers practical advice to entrepreneurs thinking about venture funding.

Perceiving and managing business risks: differences between entrepreneurs and bankers

Abstract: We compared entrepreneurs with bankers in their perception and management of a variety of risks. Problems included financial risk, risk to human life and health, and risk of a natural disaster. Cluster analysis and content analysis of think-aloud protocols revealed surprising details. Entrepreneurs accept risk as given and focus on controlling the outcomes at any given level of risk; they also frame their problem spaces with personal values and assume greater personal responsibility for the outcomes. Bankers focus on target outcomes — attempting to control risk within structured problem spaces and avoiding situations where they risk higher levels of personal responsibility.

Understanding Enterprise, Entrepreneurship and Small Business

Abstract: PREFACE - INTRODUCTION - THE CONCEPT OF ENTERPRISE - Why Talk about Enterprise? - What Does Enterprise Mean? - Enterprise in Individuals - The Culture of Enterprise - Other Aspects of Enterprise - ENTERPRISE AND THE SMALL BUSINESS - Small Business Categories and Variations - Distinctive Features of Small Businesses - Business Growth - Entrepreneurship - PROMOTING ENTERPRISE - Why Intervene? - Theories and Assumptions - Intervention Methods - Intervention Evaluation and Results - AFTERWORD - Science, Art or Magic?

Risk Culture in Public and Private Organizations

Abstract: Compared to private managers, are public managers more afraid to take risks' If so, why? These questions have permeated much of the recent discussion of bureaucratic reform, especially the work of the National Performance Review (Gore, 1993). The familiar view is that public sector managers are risk averse, that the risk aversion results in managerial ineffectiveness and that incentives should be provided to embolden public managers. Interestingly, while most government reformers take the risk aversion of public managers as both axiomatic and as a malady that must be addressed, the gurus of "reinvention," Gaebler and Osborne, are not convinced of the connection between risk-taking and effective public management. Osborne and Gaebler (1993: p. xx) argue that the need to be more entrepreneurial should not be interpreted as taking risks: Many people also assume that entrepreneurs are risk-takers. They shy away from the notion of entrepreneurial government because, after all, who wants bureaucrats taking risks with their hard earned tax dollars' But, as careful studies demonstrate, entrepreneurs do not seek risks, they seek opportunities. Other studies of reform accept that risk-taking is a part of public entrepreneurship but argue that this can be tempered. For example, Bellone and Goerl (1992) suggest that public entrepreneurial behavior should be accompanied by a "civic-regarding" ethic that encourages citizen participation. But the pervasive,view is thai risk aversion is a problem and that it impedes entrepreneurial behavior. Not only are the supposed deleterious effects of risk aversion not proved, the empirical claim that public sector managers are more risk averse than private managers has not been conclusively determined. Empirical research on risk-taking has grown markedly in the past two decades or so (e.g. Jackson and Dutton, 1988; MacCrimmon and Wehrung, 1985, 1990; Osborne and Jackson, 1988; Singh, 1986; Sitkin and Weingart, 1995), but none of the best known empirical studies differentiate systematically between public and private organizations. Research on risk-taking by private sector managers defines risk as the exposure to the chance of loss from one's actions or decisions (Fischhoff, Watson and Hope, 1984; Hanson, 1989; MacCrimmon and Wehrung, 1986; Yates and Stone, 1992). Several components of risk-related behaviors have been empirically investigated by psychologists and managers concerned with business organizations. Some of these topics include risk perception and propensity (Sitkin and Weingart, 1995; Bettman, 1973), risk and decision-making (Figenbaum and Thomas, 1988; Janis, 1977; Libby and Fishburn, 1977), and personal characteristics of risk-takers (McClelland, 1961; Jackson and Dutton, 1988; Vlek and Stallen, 1980; MacCrimmon and Wehrung, 1990). Yet if our knowledge of risk-taking and risk perceptions has grown dramatically, our insights into the supposed risk aversion of public organizations and their managers is more an article of faith than a subject of research. This is not to say, of course, that there are no good theoretical reasons to expect public managers to be more risk averse. In the first place, economists have long argued that the nature of proprietary property rights (and the public sector's lack of them) provides incentives for private sector risk-taking not present in the public sector. Second, the "life in a fishbowl" characteristics of high level public sector jobs means that risk-taking behavior of public managers may be subject to greater scrutiny. Third, public organizations have been demonstrated, in a number of diverse empirical studies (e.g. Rainey, Pandey and Bozeman, 1995; Bozeman, Reed and Scott, 1989; Pandey and Bretschneider, 1997; Pandey, 1995; Buchanan, 197 1; Crow and Emmert, 1990) to have higher degrees of formalism and "red tape" and one might well expect this environment to undermine risk-taking. …

Empirical studies of self-employment

Abstract: This paper presents a review of empirical studies of self-employment for the Australian, Canadian, Dutch, UK and US labour markets. Both cross-sectional and longitudinal studies are analysed. Analyses using cross-sectional data examine the propensity to be self-employed at any one point in time, whereas longitudinal studies focus on the transition into self-employment from wage/salary employment and the survival rate in this state over time. Various hypotheses advanced in the economics and sociology literatures on self-employment are tested. These include the relationship between managerial ability and the propensity to be self-employed and the impact of financial constraints on entry into self-employment stressed in economic models of entrepreneurship, and the relationships between self-employment choice and the nature of the work and group characteristics (e.g., ethnic enclaves) stressed in sociological models of entrepreneurship. The evidence shows that self-employment outcomes are significantly affected by factors such as individual abilities, family background, occupational status, liquidity constraints and ethnic enclaves.

Small Firm Growth and Performance : Entrepreneurship and Beyond

Abstract: Why is it that some small firms perform well and grow while others do not? Does entrepreneurship play a role in this process? These are the two principal questions addressed in this text.On the basis of an extensive literature review, variables enhancing and restricting small firm growth and performance were identified. A theoretical model, drawing on management theory and psychology, was developed and operationalised.The data for the study were collected in 1996 and 1997. The first year a telephone interview was followed up by a mail questionnaire concerning the independent variables. Out of the 808 firms in the initial sample, 630 were telephone interviewed, and 465 also returned the mail questionnaire. These firms were approached again for a telephone interview one year later. No less than 447 responded. The data collected during the second year were concerned with outcomes, i.e., indications of performance and growth. Due to the time lag between collecting the explanatory variables and the outcome variables, it is possible to infer causality. Analyses move from relatively simple means comparisons through multiple regression to sophisticated PLS modelling and analyses. The empirical analyses address somewhat different questions, and suitable methods are chosen in relation to these questions.A consistent finding is that small business managers themselves, and the choices they make, are crucial to the development of their firms. The possibility to influence the destiny of their firms should be encouraging for small business managers. It is possible for the small business manager to take such actions that will allow the company to expand and perform better. Moreover, in broad terms, motivation seems to be more important than any personal abilities. It seems that "what I want" has a larger influence on actual outcomes than "what I know". The findings further suggest that small firms which perform well and grow have an entrepreneurial strategic orientation. Innovation and proactiveness are key strategic dimensions. Small firms that face environments with increasing dynamism tend to perform better and grow faster. Aiming for growing market niches seems to be more important for growth than taking market shares from competitors. Put differently, it seems more important to position the firm in market niches where customer demand is increasing than to pursue a strategy aimed at confronting the competition.

Innovation, Creativity and Success

Abstract: This article explores the role of innovation in small and medium sized firms, in relation to the firm's success. After a discussion of the relationship between success, innovation and creativity, some possible backgrounds of creativity and innovation are presented. For one part these are of a personal nature, like the entrepreneur's values, attitudes and level of education. For another part they concern institutional aspects of the firm. After the development of a number of hypotheses these are empirically checked with data from a survey among 200 entrepreneurs in six countries. In the appendices some details of the data and variables may be found.

Internationalization of Small and Medium-Sized Technology-Based Firms: An Exploratory Study

Abstract: In recent years technology-based industries have increasingly globalized, with this change driven primarily by multinational technology-based firms. These large mature firms, which are extensively involved in global markets, provide the main conduit through which important technologies are integrated across nations (Korbin 1991). As global competition has intensified, many small and medium-sized technology-based firms have also had to adopt international perspectives (Litvak 1990). Even the SMTFs whose primary orientation is domestic must be internationally competitive in order to secure long-term success (Wright and Ricks 1994). Small and medium-sized firms usually face unique challenges in the arena of international competition due to their limited resources and capabilities, insufficiently developed administrative procedures and methods, less formal centralized planning and control systems (van Hoorn 1979; Roth 1992), and the lack of manufacturing know-how and access to distribution channels (Hull and Slowinski 1990). SMTFs, in particular, face additional challenges due to their accelerated time-to-market and product differentiation imperatives (Price and Chen 1993). The importance of the internationalization of SMTFs, as well as the unique challenges and prospects they face in this regard, call for systematic research. Accordingly, the overall purpose of this study is to explore some of the key questions pertaining to the internationalization of SMTFs. These relate to the motives that drive SMTFs to internationalize, the barriers that SMTFs must overcome to achieve successful internationalization, and the adaptive measures that they implement in order to compete successfully in the international arena. It is hoped that shedding light on these questions at a broader level of inquiry will help stimulate and guide further research which would preferably be more atomistic but at the same time provide deeper understanding of the various aspects of the internationalization process. Conceptual Background Technology-based industries have become increasingly global in recent years, as technological innovation has been a significant driver of international competition (Porter 1985). Higher technological opportunities and the economic benefits of exploiting them have created a faster rate of technological change. Accelerated technological changes have in turn increased the speed of global technological diffusion (Bettis and Hitt 1995). Another contributing factor to the globalization trend has been that the volume generated in domestic markets is no longer sufficient to support competitive levels of R & D spending (Kobrin 1991). The globalization trend has, in turn, escalated competitive rivalry in technology-based industries (Brahm 1995). Although large multinational firms initially dominated the international competitive landscape, smaller firms have also entered the race owing to the evolving conditions in international communication and trade (The Economist 1993). Oviatt and McDougall (1994) have argued that the gap in competitive advantage between large and small firms in international markets has narrowed and that internationally sustainable competitive advantage has increasingly depended upon a firm's unique assets (see also Barney 1991; Hamel and Prahalad 1990). These changes, coupled with the excessive international rivalry in technology-based industries (Brahm 1995), have made it indispensable for SMTFs to adopt international perspectives and strategies. International competitive forces and advantages in knowledge-intensive sectors have been so strong that some of the new ventures market internationally from their inception (Oviatt and McDougall 1994). SMTFs have certain advantages over larger firms, including greater flexibility, speed, and advantage-seeking behavior (Fiegenbaum and Karnani 1991; Katz 1970; Hitt, Hoskisson, and Harrison 1991). These advantages work particularly well for them in new product development and entrepreneurship, driven as they tend to be by their motivation to constantly seek new opportunities and to aggressively challenge the status quo (Aldrich and Auster 1986; Chen and Hanbrick 1995). …

The discipline of innovation.

Abstract: Some innovations spring from a flash of genius. But as Peter Drucker points out in this HBR Classic, most result from a conscious, purposeful search for opportunities. For managers seeking innovation, engaging in disciplined work is more important than having an entrepreneurial personality. Writing originally in the May-June 1985 issue, Drucker describes the major sources of opportunities for innovation. Within a company or industry, opportunities can be found in unexpected occurrences, incongruities of various kinds, process needs, or changes in an industry or market. Outside a company, opportunities arise from demographic changes, changes in perception, or new knowledge. These seven sources overlap, and the potential for innovation may well lie in more than one area at a time. Innovations based on new knowledge, of course, tend to have the greatest effect on the marketplace. But it often takes decades before the ideas are translated into actual products, processes, or services. The other sources of innovation are easier and simpler to handle, yet they still require managers to look beyond established practices. Drucker emphasizes that in seeking opportunities, innovators need to look for simple, focused solutions to real problems. The greatest praise an innovation can receive is for people to say, "This is obvious!" Grandiose ideas designed to revolutionize an industry rarely work. Innovation, like any other endeavor, takes talent, ingenuity, and knowledge. But Drucker cautions that if diligence, persistence, and commitment are lacking, companies are unlikely to succeed at the business of innovation.

Women's Choice to Pursue Self-Employment: The Role of Financial and Human Capital of Household Members

Abstract: Previous studies have attempted to identify which individuals choose self-employment rather than wage employment. Traditionally, these investigations have focused on men when considering the different characteristics which potentially distinguish entrepreneurs from non-entrepreneurs. Such a focus on men was justified, since until recently they constituted the vast majority of the self-employed. More recently, however, there has been a dramatic increase in the number of female entrepreneurs. While there were slightly more than 1 million self-employed women in 1969, that figure grew to well over 3 million by 1991 (U.S. Dept. of Labor 1969 and 1991). This increase reflected a roughly 500 percent growth rate relative to that of their male counterparts over the same period. Consequently, in part, there has been an emerging interest in identifying characteristics which distinguish female entrepreneurs from each other, and those characteristics which distinguish them from their male counterparts. Research to date has largely centered on the potential discriminating relevance of different psychological and sociological factors. The most commonly considered factors included personality traits relevant to achievement, locus of control, and risk-taking propensity. Brush (1992) provides a complete review of related studies. While research on female entrepreneurship has extensively considered such individual factors related to female self-employment choice, the potential effect of family and household composition has remained largely ignored. To help fill this gap, the present study considers the presence and absence of different family members as they potentially influence a woman's choice between wage employment and self-employment. Literature Review The potential effect of family composition on female labor force status and employment choice has long been a topic of study in the area of labor economics and demography. Probably the most widely examined issue has been the effect of the presence of young children on female participation in the labor force. Of particular concern has been the extent to which the cost of child care diminishes the likelihood of females participating in the labor force (Blau and Robins 1989; Presser and Baldwin 1980). Generally, the greater the cost of child care relative to the mother's wage potential, the less likely it is that she will seek employment. One way mothers may begin to overcome child care cost considerations is by pursuing self-employment. As self-employment typically permits a more flexible work schedule, it more readily enables mothers to care for their own children, thus reducing if not eliminating the cost of child care. Several researchers have noted that for mothers, entrepreneurship affords greater flexibility necessary to managing domestic and employment responsibilities (for example, see Birley 1989; Brash 1992 and 1990; Scott 1986; Darian 1975). Recognizing this possibility, a few isolated studies have examined the effect of the presence of young children on women choosing self-employment. based on a national sample of married women, MacPherson (1988) found initial evidence for this relationship. MacPherson's work was expanded when Connelly (1992) considered a sample of married and single women, and revealed similar results. Further corroborating evidence was most recently found by Robinson and Sexton (1994) when attempting to isolate the effect of education on employment choice. In addition to the presence of young children, the effect of a husband's role in the household has also been the focus of a few studies relevant to the impact of household composition on a woman's employment decisions. However, these studies are arguably limited in that they have either ignored certain husband-related effects or have neglected to partial them out adequately. Due to the different financial and human capital resources which husbands may possess, they may affect the woman's choice between wage employment and self-employment in a number of ways. …

Research Directions for Knowledge Management

Abstract: The emerging interest in knowledge management requires, and will probably receive, considerable scholarly inquiry. As research advances, it ought to be especially sensitive to preserving, and building upon, the already significant literatures on the management of technology, entrepreneurship, innovation, and business strategy. There are several research issues that are particularly salient and warrant special attention. Researchers need to: assemble evidence to test the proposition that firm-level competitive advantage in open economies flows fundamentally from difficult to replicate knowledge assets; make greater effort to quantify the value of intangible assets; understand generic inputs, idiosyncratic inputs, and profitability; and explore the importance of entrepreneurial versus administrative capabilities.

Market orientation and dimensions of strategic orientation

Abstract: The specific domain of market orientation has been the subject of much scrutiny this decade. Both conceptual and empirical advances have been made to establish the marketing orientation construct as central to marketing decisions, business activities and organizational culture. However, a lacuna remains in understanding how market orientation may be related to competitive strategy. It is argued that market oriented activities and behaviours are articulated through strategic means which guides the firm in its product‐market. Conceptualized as “strategic orientation of the business enterprise”, competitive strategy is discussed as an important vehicle through which market orientation may be manifest. Six dimensions of strategic orientation are presented and statistical analyses, of data generated from a survey of medium and large industrial manufacturing businesses, specified “proactiveness”, “analysis” and “futurity” as positive and significant in their association with firms’ levels of market orientation. Discussion of these findings is made, along with various conclusions and implications of the study for executive and academic audiences.

A Performance Contrast of Male- and Female-Owned Small Accounting Practices

Abstract: Men have historically occupied dominant positions in the accounting profession workplace. Much of the related literature reports that women accountants face different and additional barriers than men to succeed; these barriers are typically evidenced through gender differentiated promotion rates, salaries, and hiring rates (Glass Ceiling Commission 1995; Loprest 1992; White 1992). Research regarding wage rates in accounting has found that women employed as accountants generally earn less than equally qualified men (Schroeder and Riechardt 1995; Collins 1993; Berg 1988; Olsen and Frieze 1986; Corcoran and Duncan 1979; Malkiel and Malkiel 1973). The major source of the lower earnings of women is thought to be labor market discrimination against women (Bell, Randel, and Williams 1995; Cooper 1992; Lehman 1992; Kirkman 1992; Kuhn 1987; Levine 1985). It has been argued that business ownership enables women to overcome such discrimination (Larson 1995; Walnut 1995; Cromie and Hayes 1988). Supporters of this idea point to the increasing number of women-owned businesses, including women-owned accounting firms. The number of women-owned businesses has increased about 45 percent since 1990 (Small Business Administration 1995), and the increasing number of women-owned accounting practices is seen as an indication that discrimination barriers in the economy and labor force are being overcome through business ownership and entrepreneurship (Light and Rosenstein 1995; Larson 1995; Walnut 1995; Hammond, Oaks, and Cooper 1992; Goffee and Scase 1983). Literature Review While the increase in business ownership by women is well documented, the effectiveness of this mechanism in overcoming discrimination in the labor market depends on the extent of discrimination in the hiring of women-owned accounting firms by those needing accounting services. Unfortunately, there has been little research on the performance and success of women business owners compared to men, and virtually no research on women-owned small accounting firms compared to those owned by men. Lustgarten (1995) used Public Use Microdata Samples from the 1990 Population Census. Utilizing a regression methodology, Lustgarten controlled for a number of individual characteristics including the education, age, experience, amount of time dedicated to the business, marital status, and number of children. (Caring for children can divert time from self-employment and reduce earnings, particularly if the business is home-based.) The study found that self-employed women in broadly defined industrial sectors had lower average earnings than self-employed men. Lustgarten attributed some of the difference to credit market or consumer discrimination. One of the unfortunate limitations of this study was that it did not include characteristics of the lousiness such as the age or the size of the business - variables which might have influenced the statistical results. The few additional studies of women-owned businesses were based on very small or unsystematic samples: Goffee and Scase (1983) studied twenty-three women proprietors; eighty-six women who owned businesses in Oklahoma returned Humphreys and McClung's (1981) questionnaires; Pellegrino and Reece (1982) randomly selected twenty women entrepreneurs; and Schwartz (1976) studied twenty women business owners. While these studies had acknowledged serious limitations, the researchers concluded in each that businesses owned and operated by women performed below "industry standards." None of these studies sought to explain why this differential exists. Kallenberg anti Leicht (1991) contrasted the success of small businesses headed by men and by women over a three-year period. They examined businesses in the computer sales, food and drink, and health industries in south-central Indiana. They utilized a regression methodology which controlled for industry differences, business characteristics, and attributes of the owners, and found no differences in earnings between businesses headed by men and women. …

Time and Entrepreneurial Risk Behavior

Abstract: Risk and risk behavior form an important segment of the entrepreneurship literature. Entrepreneurial risk behavior has been studied with both trait and cognitive approaches, but the findings do not...

Entrepreneurial Intensity: Sustainable Advantages for Individuals, Organizations, and Societies

Abstract: Illustrations Foreword Preface Common Myths Regarding Entrepreneurship Understanding Entrepreneurship The Process of Entrepreneurship The Concept of Entrepreneurial Intensity The Environment for Entrepreneurship The Entrepreneurial Individual The Entrepreneurial Organization Entrepreneurship at the Societal Level Government and Entrepreneurship A Braver New World: Entrepreneurship and the Future Suggested Readings Index