Entrepreneurship
Entrepreneurship
The term is often used to describe new venture creation and small business management. Schumpeter describes entrepreneurship as the ability to turn an invention into an innovation through the combination of several different types of knowledge, capabilities, skills and resources.
For Frank H. Knight (1967) entrepreneurship is about taking risks. Shailer's view is that entrepreneurship is a process and refers to a stage of the firm when it is owner-managed. Paul Westhead of Nottingham Business School, sees entrepreneurship not simply as the creation of new ventures, but as imagination, creativity, innovativeness, calculated risk taking, opportunity recognition, pursuit and exploitation.
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