The definition of entrepreneurship: is it less complex than we think?

Sam Prince,Peter Cassey,Stephen Chapman

doi:10.1108/ijebr-11-2019-0634

Abstract

PurposeThe paper introduces a new conceptualisation of entrepreneurship that promotes a broader perspective of the phenomenon. The purpose of the paper is to re-conceptualise the act of entrepreneurship so as to reduce it to the fundamental behaviours and processes.Design/methodology/approachThe paper sets out the motivations for and challenges in establishing a broader definition of entrepreneurship. Following this, current approaches to defining entrepreneurship are reviewed. In light of these, a definition of entrepreneurship is offered that captures a new perspective in understanding entrepreneurship. A critique of the offered definition is offered with regards to promoting theory development, empirical research, quality predictions and a distinctive research domain.FindingsThe authors argue that a definition of entrepreneurship that is focussed on the development and validation of ideas provides a thought-provoking re-conceptualisation of entrepreneurship. Extant perspectives on entrepreneurship as business/organisation creation, uncertainty, innovation, value creation and opportunity recognition/creation are drawn on to demonstrate the applicability of the definition.Originality/valueThe pursuit for an encompassing definition of entrepreneurship has been both extensive and earnest, which has inadvertently resulted in a sizable pool of definitions. The authors offer a re-conceptualisation of entrepreneurship with the intent to provide a broad yet coherent definition that encompasses all acts of entrepreneurship. A benefit of this conceptualisation is the establishment of the endpoint of the entrepreneurship process that delineates it from the domain of management.

Highlights

Extant definitions of entrepreneurship variously relate to opportunity pursuit, business creation, uncertainty, profit-seeking and more, reflecting the myriad perspectives that exist within the entrepreneurship field and beyond (Bennett, 2006; Gartner, 1990)
The definition should include only those elements shared across all acts of entrepreneurship and reduce it to the fundamental core activity carried out by all entrepreneurs. It is in this vein that we offer a definition of entrepreneurship as the act of generating and developing an idea for validation, which we dissect in detail
Given the intended broad applicability of the offered definition, we focus on the facilitation of defining all research into entrepreneurial learning given its inherent centrality in the development process that frames entrepreneurship as a dynamic change process

Summary

Introduction

Extant definitions of entrepreneurship variously relate to opportunity pursuit, business creation, uncertainty, profit-seeking and more, reflecting the myriad perspectives that exist within the entrepreneurship field and beyond (Bennett, 2006; Gartner, 1990). The entrepreneurial entity makes decisions based on considerations of validation, it does not mean that any one decision or even the entire development process will increase the likelihood of validation This is an important assumption of the offered definition; it is, intentionally, completely agnostic to success. As it is the process itself, rather than the specifics, that is consistent across all acts of entrepreneurship, we suggest that there is no one ideal decision that can be made or optimal process that can be followed to ensure successful validation of the idea (Dimov, 2011) This is not to say that entrepreneurial success is random, nor lucky, with the skill of the entrepreneur influencing (Cope, 2005), even increasing the chance of success (Parker, 2011). Developing this understanding is advantageous, as it provides insight into what competencies may be more beneficial to develop at a particular time and which to devote limited resources

Limitations

Conclusion