Entrepreneurship – What is it?

Summary of an excellent paper by Howard H. Stevenson

The paper explain the characteristics of an entrepreneur in terms of his thinking and behavior. The significant thinking and behavior by which an entrepreneur differs from a typical manager as explained is below

1. An entrepreneur is driven by Opportunities that are available before him rather than constrained by the resources he currently owns
2. Generally he commits to an opportunity in a revolutionary short duration than evolutionary over a long duration with extensive analysis
3. Commits to the resources in a multistage incremental manner with minimal risk exposure at every stage than single staged extensive commitment of resources upon decision
4. Controls the resources by renting of required resources / expertise rather than trying to own all the resources required
5. Puts in place a flat Management structure with informal networks than a formalized hierarchal nature
6. Compensation policy is value based, team based and unlimited than resource based, on short duration performance and constrained or limited

Knowing the fact that there is a great interest in what is called as intrepreneurship in large organization, this kind of gives you an idea on kind of managers large organization should look out for to develop the entrepreneurial cult in it.

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