Entrepreneurship and Innovation: Exploring entrepreneurship
Chapter 1: Introduction: The many faces of entrepreneurship
OECD-Eurostat entrepreneurship definitions
Entrepreneurs are those persons (business owners) who seek to generate value through the creation
of expansion of economic activity, by identifying and exploiting new products, processes, or markets
Entrepreneurial activity is enterprising human action is pursuit of the generation of economic and
social value through the creation or expansion of economic activity, by identifying and exploiting new
products, processes or markets, and by meeting outstanding social and environmental needs.
Entrepreneurship is the phenomenon associated with entrepreneurial activity. It involves a complex
pattern of social interactions that extends beyond individual entrepreneurs to incorporate teams,
organizations, networks, and institutions.
Enterprise is an alternative term for a commercial organization or firm, as in the expression SME (i.e.
small and medium-sized enterprise).
Social enterprise is a trading organization that serves a social purpose, and which can take a variety of
legal forms, including co-operative, a limited company, and a community interest company.
Enterprise culture is a political project designed to encourage an increase in entrepreneurial activity
and a corresponding decrease in the role of the state in regulating and intervening in the company.
Entrepreneurial activity can be organized in a variety of ways, can also take place in diverse contexts
and can be used in pursuit of radically different goals.
In order to maximize the chances that a venture:
- Responds to an attractive market opportunity or real social/environmental need
- Has the potential to add greater economic and/or social value compared to existing offerings
and rival proposals
- Can be achieved operationally in a cost-effective way
- Is based around a realistic business model that is capable of attracting the financing required
to achieve its growth targets
- Is being delivered by a capable and credible entrepreneurial team, with access to any
necessary external expertise.
One of the main challenges in a new entrepreneurial venture is to handle, and to integrate
effectively, information and resources from several different fields (marketing, operations, human
resources, accounting and finance). The task is to identify a need/opportunity in the outside world
and to assemble a working solution in the form of a comprehensive venture proposal that can be
defended in front of an audience of potential investors.
Part I: Entrepreneurship in practice
Chapter 2: Visions: creating new ventures
One of the key skills of successful entrepreneurs is being able to identify relevant drivers and to
recognize the entrepreneurial opportunities that they make possible. You have to step into the shoes
of possible investors and think why ‘that idea’ is still of any interest and worth of investing in it.
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Chapter 1: Introduction: The many faces of entrepreneurship
OECD-Eurostat entrepreneurship definitions
Entrepreneurs are those persons (business owners) who seek to generate value through the creation
of expansion of economic activity, by identifying and exploiting new products, processes, or markets
Entrepreneurial activity is enterprising human action is pursuit of the generation of economic and
social value through the creation or expansion of economic activity, by identifying and exploiting new
products, processes or markets, and by meeting outstanding social and environmental needs.
Entrepreneurship is the phenomenon associated with entrepreneurial activity. It involves a complex
pattern of social interactions that extends beyond individual entrepreneurs to incorporate teams,
organizations, networks, and institutions.
Enterprise is an alternative term for a commercial organization or firm, as in the expression SME (i.e.
small and medium-sized enterprise).
Social enterprise is a trading organization that serves a social purpose, and which can take a variety of
legal forms, including co-operative, a limited company, and a community interest company.
Enterprise culture is a political project designed to encourage an increase in entrepreneurial activity
and a corresponding decrease in the role of the state in regulating and intervening in the company.
Entrepreneurial activity can be organized in a variety of ways, can also take place in diverse contexts
and can be used in pursuit of radically different goals.
In order to maximize the chances that a venture:
- Responds to an attractive market opportunity or real social/environmental need
- Has the potential to add greater economic and/or social value compared to existing offerings
and rival proposals
- Can be achieved operationally in a cost-effective way
- Is based around a realistic business model that is capable of attracting the financing required
to achieve its growth targets
- Is being delivered by a capable and credible entrepreneurial team, with access to any
necessary external expertise.
One of the main challenges in a new entrepreneurial venture is to handle, and to integrate
effectively, information and resources from several different fields (marketing, operations, human
resources, accounting and finance). The task is to identify a need/opportunity in the outside world
and to assemble a working solution in the form of a comprehensive venture proposal that can be
defended in front of an audience of potential investors.
Part I: Entrepreneurship in practice
Chapter 2: Visions: creating new ventures
One of the key skills of successful entrepreneurs is being able to identify relevant drivers and to
recognize the entrepreneurial opportunities that they make possible. You have to step into the shoes
of possible investors and think why ‘that idea’ is still of any interest and worth of investing in it.
1
