20 New Definitions of Entrepreneurship from 2015 to 2023 – Entrepreneurship has become increasingly popular in recent years. What it means to be an entrepreneur. Is it different from the past definitions? Through this article, we discuss entrepreneurship with 20 modern definitions provided by researchers and professionals from 2015 to now.
These definitions range from emphasizing the value of innovation and risk-taking to emphasizing the role of entrepreneurship in economic growth and societal advancement. We may acquire a better grasp of the complicated nature of entrepreneurship and how it contributes to society by analyzing these concepts.
New Definitions of Entrepreneurship from 2015 to 2023 by Different Authors
Entrepreneurship Definitions 2023 – Let’s discuss 20 definitions of entrepreneurship from 2015 to now, along with their respective authors and citations one by one;
1. Entrepreneurship Is The Procedure Of Developing Something Novel
Entrepreneurship is the procedure of developing something novel and valuable by investing time and effort. Also, taking on financial and personal risks, and reaping the benefits of financial and personal independence. – Chrisman, Chua, J. H., & Steier, L. P. Theories of Entrepreneurship in 2015
Describing This Definition Further:
According to Chrisman, Chua, and Steier, entrepreneurship is the process of producing something new and useful by spending time and effort, taking risks, and earning financial and personal freedom. This involves developing a product, service, or method that can benefit customers or society as a whole. Spending time and effort entails actions such as studying, planning, prototyping, and networking. Taking on financial and personal risks includes investing personal funds, taking out a substantial loan, or committing to hard hours and personal sacrifices. The ultimate objective of entrepreneurship is to gain financial and personal independence, which can manifest as greater wages, financial stability, and a sense of personal pleasure and success.
2. Entrepreneurship is Innovation, Risk-Taking & Value Creation
Entrepreneurship is the ability to recognize, assess, and capitalize on possibilities. In addition, manage and expand a company venture based on:
-Risk-taking, and
-The creation of value for all stakeholders.
By Morris, M. H., Kuratko, D. F., & Covin, J. G. Corporate entrepreneurship & innovation in 2019.
Describing This Definition Further:
The definition of successful entrepreneurship proposed by Morris, Kuratko, and Covin stresses the important talents and competencies necessary for success. They include the capacity to identify and capitalize on opportunities. Manage and develop a business enterprise. Also, innovate, take risks, and produce value for stakeholders. These characteristics and skills are critical for successful entrepreneurship. Because it enables entrepreneurs to differentiate themselves from the competition and provide value for customers.
3. Entrepreneurship is a Creative Process
Entrepreneurship is a creative process of identifying and pursuing value-creating opportunities, often in the face of uncertainty and risk. – Baron, R. A. Entrepreneurship: A process perspective in 2018.
Describing This Definition Further:
The definition of Baron Entrepreneurship is a creative process that comprises the generation and testing of new ideas, the identification of possibilities, and the creation of value for consumers, workers, investors, and society. It is fraught with uncertainty and risk. Successful entrepreneurs drive it by taking measured risks and adjusting to changing conditions. In the entrepreneurial process, Baron’s concept highlights the necessity of innovation, risk-taking, and value generation. Even in uncertainty and danger, successful entrepreneurs can discover and pursue opportunities. They produce values.
Read – Entrepreneurship in South Africa
4. Entrepreneurship is a Dynamic Procedure
Entrepreneurship is a dynamic procedure characterized by a blend of opportunity recognition, resource acquisition, and risk-taking. – Venkataraman, S. Entrepreneurship as a field of research: A personal essay in 2017.
Describing This Definition Further:
Venkataraman’s definition of the entrepreneurial process highlights the significance of opportunity recognition. Also, resource acquisition, and risk-taking in the creation of successful businesses. Seeing opportunities requires being mindful of industry trends, client demands, and emerging technology or business models. Obtaining resources entails soliciting capital from investors. Also, forming alliances, or creating internal skills. Risk-taking entails taking calculated risks. It doing by investing in research and development, testing new products or services in limited markets, or establishing contingency plans for unforeseen events. Successful entrepreneurs can discover opportunities. They obtain resources and handle risks to follow their vision and achieve their objectives.
5. Entrepreneurship is Developing and Extending a New Business
Entrepreneurship is the procedure of developing and extending a new business by mobilizing resources, taking risks, and chasing opportunities that provide value for stakeholders. – Ireland, R. D., & Webb, J. W. Strategic entrepreneurship – Creating value for individuals, organizations, and society in 2015.
Describing This Definition Further:
The strategic component of entrepreneurship is emphasized in Ireland and Webb’s definition of entrepreneurship. They highlight the significance of mobilizing resources, taking risks, and chasing chances to produce value for stakeholders. To achieve their goals and build their firms, successful entrepreneurs must be able to manage a complicated and frequently changing business environment. This entails mobilizing resources. Also taking risks, and seeking chances to provide significance to stakeholders’ lives.
6. Entrepreneurship Is The Search Of Possibilities
Entrepreneurship is the search for possibilities to generate value through creating or expanding economic activity, as well as identifying and exploiting market defects and other sources of profit. – Zahra, S. A., Wright, M., & Abdelgawad, S. G. Entrepreneurship, and family business in 2019.
Describing This Definition Further:
Entrepreneurs, according to Zahra, Wright, and Abdelgawad’s definition, are continually looking for ways to produce economic value, whether by producing new goods or services, increasing existing economic activity, or detecting and exploiting market faults. Successful entrepreneurs identify opportunities where others see obstacles and use their talents, resources, and networks to develop new solutions that generate profits and value for stakeholders. Searching for opportunities to produce value, generating or growing economic activity, and recognizing and exploiting market faults and other sources of profit are the four pillars of entrepreneurship.
Read – Cultural Entrepreneurship
7. Entrepreneurship Is Expanding New Businesses
Entrepreneurship is the process of establishing, developing, and expanding new businesses, which includes both the identification and exploitation of possibilities as well as the management of resources and risks. – Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. Strategic management: Concepts and cases: Competitiveness and globalization in 2018.
Describing This Definition Further:
Hitt, Ireland, and Hoskisson’s definition of entrepreneurship outlines the process of creating and growing a new business venture. This involves identifying opportunities and possibilities, developing a plan to capitalize on them, managing resources, and taking risks to successfully execute the plan. The definition emphasizes the importance of both the creative and strategic elements of entrepreneurship to establish a successful business.
8. Entrepreneurship Is the Formation of a New Company or the Revival of an Existing
The act of recognizing, developing, and collecting value via the formation and development of a new company or the revival of an existing one is referred to as entrepreneurship. – Sarasvathy, S. D. Effectuation: Elements of entrepreneurial expertise in 2015.
Describing This Definition Further:
Sarasvathy’s definition of entrepreneurship is broken down into three elements. Those are recognizing, developing, and collecting value. Recognizing value refers to the ability to identify opportunities or market gaps. It can produce value for the entrepreneur and their stakeholders. Developing value refers to the process of bringing an idea to life by creating a new business or revitalizing an existing one. Collecting value refers to the ability to capture the value created through the business venture. For example, a person who realizes the market’s demand for eco-friendly items. Then the person may launch a company that manufactures biodegradable kitchenware manufactured from plant materials. He or she taking the risk of spending their own money or seeking external finance. Lastly, they sell biodegradable kitchenware to customers. Finally making a beneficial environmental effect.
9. Entrepreneurship Is Developing and Starting A New Endeavor
Entrepreneurship is the process of developing and starting a new endeavour, often a startup firm, and assuming responsibility for its success or failure. – Blank, S., & Dorf, B. The startup owner’s manual: The step-by-step guide for building a great company in 2017.
Describing This Definition Further:
Blank, S., & Dorf, B definition of Entrepreneurship is a series of steps and actions taken to establish and grow a new venture. It contains; spotting an opportunity, building a business strategy, acquiring resources, and launching the enterprise. Creating and establishing a new enterprise involves imagination. Also invention, and an entrepreneurial attitude. Startups are new, innovative companies that aim to disrupt existing markets. They create new ones. Accepting responsibility for one’s success or failure requires a great level of dedication, perseverance, and the capacity to learn from one’s mistakes. They adjust to changing conditions. Examples of entrepreneurship include companies like Uber, Airbnb, and Tesla. They have disrupted traditional industries with innovative business models and technology.
10. Entrepreneurship Is a Creative Destruction Procedure
Entrepreneurship is a creative destruction procedure that involves the introduction of new goods, services, or organizational structures. As well as the creation of new markets and the disruption of old ones. – Schumpeter, J. A. Capitalism, socialism, and Democracy – 2015.
Describing This Definition Further:
The role of innovation and change in the entrepreneurial process is highlighted in Schumpeter’s concept of entrepreneurship. Entrepreneurs are creative destruction agents. They introduce new goods, services, or organizational structures that disrupt existing markets. Ride-sharing platforms, streaming services, electric autos, and renewable energy sources are all examples of entrepreneurship as inventive destruction. Ultimately, Schumpeter’s concept emphasizes the essence of entrepreneurship in promoting economic growth and progress via innovation and change.
11. Entrepreneurship Is Recognizing and Exploiting Possibilities
Entrepreneurship is the process of recognizing and exploiting possibilities via the formation of new companies or the innovation and expansion of existing ones, which requires a combination of vision, creativity, and risk and uncertainty management. – Shepherd, D. A. (2015). From Lemons to Lemonade – Squeeze Every Last Drop of Success Out of Your Mistakes.
Describing This Definition Further:
Shepherd, D. A. Definition of Entrepreneurship is the act of identifying opportunities and taking risks to create value through new or existing businesses. It involves recognizing and exploiting possibilities, forming new companies or innovations and expansion of existing ones, vision and creativity, and risk and uncertainty management. Examples of entrepreneurship that fit this definition include creating a new tech startup to address a gap in the market, expanding an existing company into a new geographical area or industry, or introducing a new product or service that disrupts an existing market.
12. Entrepreneurship Contribute To Economic Growth and Societal Advancement
Entrepreneurship is the process of seeking possibilities that generate value via innovation, risk-taking, resource development, and management, and which contribute to economic growth and societal advancement. – Alvarez, S. A., & Barney, J. B. (2017). Entrepreneurial opportunities: Understanding, evaluating, and creating them.
Describing This Definition Further:
Alvarez, S. A., & Barney’s definition of Entrepreneurship is the act of identifying opportunities and taking risks to create value through new or existing businesses. It involves recognizing and exploiting possibilities, forming new companies or innovations and expansion of existing ones, vision and creativity, and risk and uncertainty management. Examples of entrepreneurship that fit this definition include creating a new tech startup to address a gap in the market, expanding an existing company into a new geographical area or industry, or introducing a new product or service that disrupts an existing market.
Read – Franchises Business in Entrepreneurship
13. Entrepreneurship Is the Growth of New Industries
Entrepreneurship is the pursuit of possibilities to generate value by mobilizing resources, overcoming hurdles, and managing uncertainty, which adds to the growth of new industries, employment, and money. – Shane, S. (2018). Entrepreneurship: A process perspective.
Describing This Definition Further:
Shane’s definition of Entrepreneurship is the active pursuit of chances to generate value, the collection of resources to bring their ideas into reality, the overcoming of obstacles, the management of uncertainty, and the contribution to growth. It entails aggressively finding possibilities to create new goods or services, penetrate new markets, or improve existing offers. Entrepreneurs must be able to negotiate uncertainty and ambiguity, test hypotheses, learn from mistakes, and adapt to changing market conditions to be successful. A startup entrepreneur discovering a market gap for a new type of sustainable packaging material and organizing resources to bring their solution to market, creating new employment, and contributing to economic growth is one example of this.
14. Entrepreneurship Generate Value for Consumers and Stakeholders
Entrepreneurship is the process of establishing and expanding a new business by utilizing original ideas, distinct competencies, and strategic alliances to fulfill market requirements and generate value for consumers and stakeholders. – Chesbrough, H. (2015). Open innovation: The new imperative for creating and profiting from technology.
Describing This Definition Further:
Chesbrough’s definition of Entrepreneurship is the process of establishing and growing a new company venture by leveraging original ideas, distinct talents, and strategic alliances to fulfill market demands and generate value for consumers and stakeholders. It is distinguished by creativity and innovation. Which entails generating new ideas or refining current ones in unexpected ways. Entrepreneurs with distinct competencies frequently have unique skills, knowledge, and expertise that allow them to design and develop creative goods or services. Strategic alliances are used to improve the value proposition of a company’s products or services with suppliers, distributors, and other stakeholders. This definition emphasizes the importance of entrepreneurship as a key goal of providing value for consumers and stakeholders.
Read – Source of Innovation in Entrepreneurship
15. Entrepreneurship Produces Economic and Social Value
Entrepreneurship is the process of discovering and pursuing possibilities to produce economic and social value via the design, development, and launch of new companies or the revitalization of existing ones through invention, creativity, and resourcefulness. – Lumpkin, G. T., & Dess, G. G. (2016). Strategic management: Creating competitive advantages.
Describing This Definition Further:
Lumpkin, G. T., & Des’s definition of Entrepreneurship is the procedure of discovering and seeking opportunities to create economic and social value. It is done through new ventures or revitalization of existing ones. It involves determining and evaluating opportunities to create value in the marketplace. Also, producing economic and social value, designing, developing, and launching new companies, and inventing creativity, and resourcefulness. This definition emphasizes the importance of innovation and creativity in the entrepreneurial process, as well as the goal of creating value for both economic and social stakeholders.
16. Entrepreneurship Is the Pursuit of Possibilities
Entrepreneurship is the activity of starting, expanding, and selling new businesses that are distinguished by creativity, risk-taking, and the pursuit of possibilities that provide value to consumers and society. – Neck, H. M., & Greene, P. G. Entrepreneurship education: Known worlds and new frontiers 2018.
Describing This Definition Further:
The process of founding, expanding, and selling a new firm, according to Neck and Greene. It entails developing a unique concept, product, or service, expanding the business, and selling the business, as well as innovation, risk-taking, and the pursuit of possibilities. Establishing a business necessitates an entrepreneur to identify a market gap or an unsatisfied client demand and develop a solution to satisfy it. The expansion entails taking measured risks, innovating, and making smart decisions to optimize growth potential and profitability. Selling entails abandoning a business enterprise, being creative, taking risks, and exploring opportunities. Generally, this concept highlights the role of innovation, risk-taking, and the search for possibilities in the entrepreneurial process.
17. Entrepreneurship Is Combining Resources
Entrepreneurship is the process of recognizing, assessing, and capitalizing on possibilities to generate economic and social value by combining resources, expertise, and creativity in novel and creative ways. – Wright, M., & De Massis, A. Family entrepreneurship: Rethinking the research agenda 2019.
Describing This Definition Further:
Wright & De Massi’s definition of Entrepreneurship is a series of steps and activities that an entrepreneur takes to create a new venture. It involves recognizing opportunities, gathering resources, and taking action to turn an idea into a successful business. Examples of entrepreneurship include a tech startup developing a new app, a social enterprise providing job training and employment opportunities, an eco-friendly product line, and a new business model disrupting an established industry.
Read – Benefits of Studying Entrepreneurship
18. Entrepreneurship Is Generating Value Via Calculated Risk-Taking
Entrepreneurship is the discipline of generating and collecting value via calculated risk-taking, overcoming barriers, and problem-solving through invention and collaboration. – Cardon, M. S., & Gregoire, D. A. Entrepreneurial mindset – Strategies for continuously creating opportunity in an age of uncertainty 2018.
Describing This Definition Further:
Entrepreneurship, according to Cardon and Gregoire, is the process of producing value via measured risk-taking, problem-solving, and cooperation. It entails creating and collecting value for consumers, clients, and stakeholders through creating and delivering new goods, services, or solutions. While founding and building a firm, successful entrepreneurs may recognize and overcome several hurdles such as financial limits, legal and regulatory barriers, and market rivalry. Entrepreneurship may be defined as a person seeing a market niche for sustainable home items and establishing a firm, a group of entrepreneurs producing a new software application, or a family-owned business that grows and innovates to remain competitive.
19. Entrepreneurship Is Dealing With Uncertainty, Complexity, and Ambiguity
Entrepreneurship is the process of discovering and pursuing possibilities to generate value by using resources, competencies, and networks while dealing with uncertainty, complexity, and ambiguity. – Sarasvathy, S. D., Dew, N., Velamuri, S. R., & Venkataraman, S. Three views of entrepreneurial opportunity 2017.
Describing This Definition Further:
Entrepreneurship, according to Sarasvathy, is the process of discovering and pursuing chances to create value, producing value, utilizing resources, talents, and networks to produce value, and coping with uncertainty, complexity, and ambiguity. It takes a keen eye to see prospective chances and the guts to act to chase them. Entrepreneurship’s foremost intent is to produce value for consumers, stakeholders, and society as a whole. A startup company inventing new technology to solve a crucial social or environmental problem, a social entrepreneur working to produce positive social transformation through innovative business models, or an established company investigating new markets and business models are all examples of entrepreneurship that match this definition.
20. Entrepreneurship Is Utilizing Creativity, Expertise, And Passion
Entrepreneurship is the process of exploring possibilities to generate value by utilizing creativity, expertise, and passion to build and start new businesses. It includes risk, uncertainty, and complexity management. – Kuratko, D. F., Hornsby, J. S., & Goldsby, M. G. Innovation acceleration: Transforming organizational thinking 2017.
Describing This Definition Further:
According to this definition, entrepreneurship is the process of finding and analyzing potential business opportunities that might lead to value creation. Also, it includes leveraging creativity, knowledge, and enthusiasm, establishing and beginning new enterprises, and managing risk, uncertainty, and complexity. For example; a software engineer who identifies a market gap for a new app. He develops it into a successful business. A social entrepreneur who starts a non-profit organization to address a specific social or environmental problem. These all are examples according to this definition.
Conclusion
Compared to the past centuries 21st-century business is a different perspective. Innovative products are rapidly coming to the market and can’t predict the next technological movements. New emerging fields like technopreneurship, sustainpreneurship, green entrepreneurship, start-up entrepreneurship, agripreneurship, and corporate entrepreneurship come to the field of entrepreneurship today. So all of these reasons entrepreneurship definitions also changed.
Through this article, we discussed 20 New Definitions of Entrepreneurship from 2015 to 2023 by Different Authors. Not only the definitions we described each definition separately one by one. Hope, you gain a lot of knowledge through this article, and feel free to add your definitions and overviews in our comment section.
