Entrepreneurship from a Developmental Science Perspective

Abstract

Due to worldwide social, political, and economic change (Silbereisen & Chen, 2010), entrepreneurship has become a key topic of our time (Hisrich, Langan-Fox, & Grant, 2007). We understand entrepreneurship as starting and growing one’s own business (or, more broadly, as the identification, evaluation, and exploitation of opportunities, Shane, 2012). Globalization, post-industrial society, rapid technological progress, the deregulation of the labor market in many countries, political shifts towards liberal economies (e.g., in the former Eastern Bloc), and the increasing individualization of the life course have together contributed to an era of entrepreneurship. At the individual level, entrepreneurship has become a central competence to succeed in a working life where, in view of the economic challenges and changing landscapes of work, proactive, self-responsible, creative, and competitive behaviors have become crucial assets and where starting one’s own business, and creating something new by entrepreneurial means and innovation, is a promising, albeit risky, job alternative for many people. At the societal level, entrepreneurship (and innovative growth oriented startups in particular) is considered a driver of economic and technological development, innovation, and job creation. In view of this growing relevance at different levels, it is not surprising that both scholars and policymakers have called for enhanced efforts in researching and promoting entrepreneurship (Hisrich et al., 2007; The World Bank, 2010; World Economic Forum, 2009).