Entrepreneurship and entrepreneur: A review of literature concepts

Abstract

The field of entrepreneurship is still a relative one that is less explored, and many opinions in regard to defining the concepts of entrepreneurship and entrepreneurs remain the same. A trial was made by this paper to explore the diversity of concepts identified in specialty literature, and this was approached in their historical evolution. Entrepreneurship entails forming a new organization or restructuring an organization which has already been in existence. It is often a complicated enterprise, so, consequently, numerous enterprises find loads of difficulties in survival. This is an entirely different field involving unique personality traits on the part of the entrepreneur, such as good communication skills, patience, foresightedness, and many more traits, which heads his personality to a brighter side. We believe in opportunities for advancing understanding on the historical role of culture and values on entrepreneurial behavior, using more careful methodologies than in the past, and seeking to specify more exactly how important culture is relative to other variables. There still are major opportunities to complement research on the role of institutions in economic growth by exploring the precise relationship between institutions and entrepreneurs. Finally, conclusions are drawn and some future research directions outlined. Key words: Entrepreneurship, economy, management.