Entrepeneurship: State of the Art

Underpinnings of the Study of Entrepreneurship:
Contemplation about entrepeneurship has been part of human discourse for hundreds of years. In many ways, the values under discussion reflect profound differences between basic philosophical systems of values.

The Greek culture and many non-western cultures believed in fate. The Greeks invented the idea of hubris which defines as a sin any attempt to advance beyond one's fated role in life. The so called Protestant ethic, on the other hand, described economic advancement and capitalistic success as a religious duty.

Most western democracies operate on systems that combine the lassaiz faire philosophy of free unregulated markets which favor risk-takers and those supported by capital with the philosophy of the welfare state, based on the Marxist principles of "from each according to their ability to each according to their need," generating safety nets and government based support.

Even biology reflects the dichotomy underlying entrepreneurship. Cold blooded animals tend to wait for their prey and only act to grab their victims, eat them then stay passive until their drives increase again. Warm blooded animals are more active between bouts of hunger, ultimately responding to curiosity and creative motives.

Entrepreneurship Data and Study summaries:
More recent studies of entrepreneurship focus on the practical question, how can we identify entrepreneurs and can they be created?

Real studies of traits associated with entrepreneurship are hard to find. However, there seem to be many articles that speculate about the subject. Generally the traits said to be linked to entrepreneurship tend to strongly loaded with social desirability. The articles describing entrepreneurial traits imply that entrepreneurs are highly desirable people.

For example, in their book,  Power of Unreasonable People: How Social Entrepreneurs Create Markets that Change the World, (Harvard Business School Press, 2008), authors John Elkington and Pamela Hartigan identify the following traits their study connect with entrepreneurship. They say that entrepreneurs:

• Try to shrug off the constraints of ideology or discipline.
• Identify and apply practical solutions to problems, combining innovation, resourcefulness and opportunity.
• Innovate by finding a new product, service or approach to a social problem.
• Focus first and foremost on social value creation and, in that spirit, are willing to share their innovations and insights for others to replicate.
• Jump in before ensuring that they are fully resourced. Have an unwavering belief in everyone's innate capacity, often regardless of education, to contribute meaningfully to economic and social development.
• Show a dogged determination that pushes them to take risks that others wouldn't dare.
• Balance their passion for change with the zeal to measure and monitor impact.
• Have a great deal to teach change-makers in other sectors.
• Display a healthy impatience.

Others authors site similar lists, often adding speculation about whether the traits can be taught or are inherited.

 In an article appeared at Ross School of Business at The University of Michigan (Copyright 2014), the authors list the following highly desirable traits, saying that entrepreneurs are:

• 1. Passionate
• 2. Resilient
• 3. Self-Possessed
• 4. Decisive
• 5. Fearless
• 6. Financially Prepared
• 7. Flexible
• 8. Zoom Lens-Equipped
• 9. Able to Sell
• 10. Balanced

Questions about creating entrepreneurs and encouraging their success are long standing questions, pre-dating even the notion of entrepreneurism. The present state of sociological and social psychological study of what makes an entrepreneur are observational and lack real data.