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.

Android Apps Development: A Perk to Mobile Technology

There’s no denying that advancement in mobile technologies have helped businesses and individuals manage a lot of their tasks without much hassle. In fact, there has been a colossal growth in the adoption rate of mobile technology and is still surging. However, the increase in usage of mobile apps has further helped in making the mobile technologies gain more popularity.

What makes mobile apps so popular?

We live in an era, wherein people are becoming more impatient and seek to get instant answers and solutions to their queries. We can’t wait more than a few seconds for our computer screen to boot up. But the mobile apps has taken out the wait from our handsets. That’s because, in most (if not all) of the mobile devices all your information can be accessed and stored through an application. This saves you from searching for a particular page by connecting to a network connection.

According to Forrester Research report (FORR), it is predicted that in the coming year 2015, around half of the devices used for corporate tasks will be mobile. This is suffice to understand that the popularity of mobile applications is not going to abate anytime soon.

How Android apps development proves beneficial for mobile technology?

Android is one of the most dominating operating system today. As a matter of fact, a lot of applications are build using the Android platform owing to the ease it provides in app development. Since most of them are free, people prefer to download one that interests them the most. Right from a business application to non-business app, you can build all to be run on the Android platform.

Owing to enticing experience and ease Android apps provides to a user, it has resulted in increase in the sales of mobile technologies such as Google’s Android. Furthermore, with help of applications you can optimize the performance of your Android powered devices. For instance, you can use Android apps that helps to kill background processes in your phone like Advanced Task Killer, Kill Background Processes.

What’s more, you can install an application that turns your Android mobile into a powerful business tool that enables you to perform your everyday business tasks even on-the-go. For example, app such as GDocs help keep all your important documents in the cloud. It provides users with access to the documents in their Google account, which can be viewed on your pocket-size mobile device. Plus you can even edit the documents and more via GDocs.

What’s the conclusion?

No doubt, mobile technologies became the most sought-after tools for individuals as well as business organizations. But what added to its popularity is the ever-increasing usage of apps such as the ones developed for Android platform. Whether you need some source of entertainment or a tool that can help you manage business processes, there is an Android app for every purpose. Therefore, as more and more people are getting accustomed to using an app, it eventually augments the need for mobile technology.

How Do Chef Schools Work?

Culinary schools give aspiring chefs their best shot at making it to the big time, especially those admitted by the American Culinary Federation. Just like any other profession, many of the better hospitality establishments base their hiring practices not only upon the length of education the applicant provides, but also where that education was obtained. Tuition runs the gamut from relatively inexpensive courses offered by local community colleges all the way to the Culinary Institute of America's breathtaking $ 40,000 price tag. And what does not tuition cover? Oh, just uniforms, textbooks, cutlery, and other necessary kitchen equipment.

Curriculum different from school to school, but most of the culinary student's time is consumed in learning the ins and outs of cooking by actually doing it under close supervision. Participants not only prepare food, but also learn how to plan menus, minimize food costs, buy food and supplies in quantities, and how to appropriately choose and store food. Learning proper hygiene and local public health rules also play a large part in a culinary student's education.

Classes are sometimes offered all day, taking a complete eight hours, while at some schools, classes are broken into morning and afternoon sessions. There are usually lectures, and then demonstrations followed by hands-on practice time with students applying the techniques demonstrated earlier. Some schools even offer part-time professional classes to accomodate working cooks wanting to increase their formal education.

A number of educational seminars are available, among them:

The American Academy of Chefs Chair's Scholarship – Ten $ 1,000 scholarships awarded each year

The American Academy of Chefs Chaine des Rotisseurs Scholarship – Twenty $ 1,000 scholarships awarded annually

National Restaurant Association Educational Foundation (NRAEF) – Three annual $ 2,000 scholarships for high school seniors and undergraduate students

Because years of training and experience are needed to reach the level of executive chef in most well-paying restaurants, many students are serious about this profession beginning their training in high school through voluntary programs, then go on to a two- or four-year college or university. Apprenticeship programs offer more training afterward, and these come from individual eating establishments and are given by a personal mentor or from professional institutions and associations such as the American Culinary Federation.

Apprenticeship lasts usually about three years and is most often known as the years of "grunt work" – doing all the chopping, grating, peeling, slicing, and washing necessary to prepare the ingredients for the chefs. Even cleaning appliances, sweeping and mopping floors, and other seemingly unaffiliated "chef" work gets done by the apprentice as part of his or her learning experience. Often this "trial-by-fire" period separates the truly devoted caf├ęs-to-be from those who are merely good cooks.

It is not impossible to attain the status of executive chef without the benefit of formal education, but in today's job market, most establishments (especially the finer hotels and restaurants) now require some type of certification to work in this capacity. Like a degree of any sort, formal training in the culinary arts may not mean you are another Julia Child or Paul Prudhomme, but it does at least signify that you've got what it takes to get through the school. So stop trying to think of ways to take shortcuts, get your tuition together, and go learn what you need to attain your dream!