1.1 - Theory of Entrepneurship

Question 1

What does theory in Entrepreneurship aim to explain?

Answer 1

Theory in Entrepreneurship aims to explain what entrepreneurial activities are, why and how they take place.

Question 2

What do theories on Entrepreneurship generally attempt to do?

Answer 2

Theories on Entrepreneurship generally attempt to define and explain what entrepreneurial activities are, and why and how they take place.

Question 3

What is Stevenson, Roberts, and Grousebeck’s (1985) definition of entrepreneurship?

Answer 3

According to Stevenson, Roberts, and Grousebeck (1985), ‘Entrepreneurship is the pursuit of an opportunity without concern for current resources or capabilities.’

Question 4

What is Gartner’s (1988) definition of entrepreneurship?

Answer 4

According to Gartner (1988), ‘Entrepreneurship is the creation of organizations, the process by which new organizations come into existence.’

Question 5

What is Sharma and Chrisman’s (1999) definition of entrepreneurship?

Answer 5

According to Sharma and Chrisman (1999), ‘Entrepreneurship encompasses acts of organizational creation, renewal, or innovation that occur within or outside an existing organization.’

Question 6

What is Knight’s (1921) view on entrepreneurs?

Answer 6

According to Knight (1921), entrepreneurs start their own businesses when the rewards are greater than employment.

Question 7

What is Schumpeter’s (1934, 1942) view on entrepreneurs?

Answer 7

According to Schumpeter (1934, 1942), entrepreneurs exploit an opportunity through ‘Creative destruction.’

Question 8

What is Kihlstrom & Lamont’s (1979) view on entrepreneurs?

Answer 8

According to Kihlstrom & Lamont (1979), entrepreneurs profit from risk.

Question 9

What is Casson’s (1982) view on entrepreneurs?

Answer 9

According to Casson (1982), entrepreneurs make judgments on the coordination of scarce resources.

Question 10

What is Drucker’s (1985) definition of entrepreneurs?

Answer 10

According to Drucker (1985), entrepreneurs endow existing resources with new wealth-producing capacity.

Question 11

What is Rumelt’s (1987) definition of entrepreneurs?

Answer 11

According to Rumelt (1987), entrepreneurs start new businesses.

Question 12

What is Low & MacMillan’s (1988) definition of entrepreneurs?

Answer 12

According to Low & MacMillan (1988), entrepreneurs create new enterprises.

Question 13

What is Stevenson et al.’s (1989) definition of entrepreneurs?

Answer 13

According to Stevenson et al. (1989), entrepreneurs pursue an opportunity without concern for current resources or capabilities.

Question 14

What is Timmons’s (1997) definition of entrepreneurs?

Answer 14

The text was cut off, so the definition of entrepreneurship according to Timmons (1997) is not available.

Question 15

What is Morris’s (1998) definition of entrepreneurs?

Answer 15

The text was cut off, so the definition of entrepreneurship according to Morris (1998) is not available.

Question 16

How was Uber founded?

Answer 16

Uber was founded with $200,000 and was valued at $66 billion in 2016.

Question 17

What niche does Uber exploit?

Answer 17

Uber exploits a niche for easy, app-based luxury car hire and destroys conventional taxi systems.

Question 18

What types of risks do Uber’s entrepreneurs take?

Answer 18

Uber’s entrepreneurs take financial, legal, and technological risks.

Question 19

What judgments do Uber’s entrepreneurs make?

Answer 19

Uber’s entrepreneurs make judgments on the coordination of scarce resources like legal battles, treatment of drivers, tech development, data management, and safety.

Question 20

What is the topic of the University of Nottingham presentation dated 10/10/2023?

Answer 20

The topic of the presentation is ‘Uber as an Example of Entrepreneurship.’

Question 21

Who is the speaker for this presentation?

Answer 21

The speaker is José González López.

Question 22

How can you contact the speaker?

Answer 22

You can contact the speaker via email at Jose.GonzalezLopez2@nottingham.ac.uk.

Question 23

What is Drucker’s (1985) definition of entrepreneurs?

Answer 23

According to Drucker (1985), entrepreneurs have the power to endow existing resources with new wealth-producing capacity.

Question 24

What is Rumelt’s (1987) definition of entrepreneurs?

Answer 24

According to Rumelt (1987), entrepreneurs create businesses that must be novel.

Question 25

What is Low & MacMillan's (1988) definition of entrepreneurs?

Answer 25

According to Low & MacMillan (1988), entrepreneurs create new enterprises.

Question 26

What is Stevenson et al.'s (1989) definition of entrepreneurs?

Answer 26

According to Stevenson et al. (1989), entrepreneurs pursue opportunities without concern for current resources or capabilities.

Question 27

What is Timmons's (1997) definition of entrepreneurs?

Answer 27

According to Timmons (1997), entrepreneurs lead into opportunity.

Question 28

What is Morris's (1998) definition of entrepreneurs?

Answer 28

According to Morris (1998), entrepreneurs utilize a package of unique resources to exploit an opportunity.

Question 29

What are the key components crucial for Uber's business?

Answer 29

The key components crucial for Uber's business are private cars, smartphones, and people. Additionally, it is a pioneer in the 'Sharing Economy.'

Question 30

What were Uber's financials for Q4 2019?

Answer 30

In Q4 2019, Uber had a net loss of 1.1 billion and faced regulatory issues in many locations, such as London.

Question 31

What does the organizational perspective focus on?

Answer 31

The organizational perspective focuses on what happens within an organization to transform inputs into outputs.

Question 32

Why did investors continue to invest in Uber despite its net loss in Q4 2019?

Answer 32

Investors continue to invest in Uber despite its net loss because they believe in its long-term potential, highlighting the importance of venture capital and risk in entrepreneurship.

Question 33

What is the importance of human capital in entrepreneurship, according to the presentation?

Answer 33

According to the presentation, the expertise, experience, and connections of the founders are as crucial as the tangible resources for entrepreneurship.

Question 34

What are the reflection and individual work questions proposed in the presentation?

Answer 34

The questions for reflection and individual work are: 1) Why do we keep focusing on the entrepreneur when discussing entrepreneurship? 2) Do any of these definitions feel definitive? Why or why not? 3) Pick another company that you think of as entrepreneurial and compare it to these definitions. 4) Pick a social enterprise like The Big Issue and compare it to these definitions.

Question 35

What are the closing remarks of the presentation?

Answer 35

The closing remarks mention that the presentation mainly focused on entrepreneurs rather than entrepreneurship. This nuance is significant in academic literature and will be revisited in future discussions.