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Entrepreneurship as an Individual Science. Different Perceptions of Knowledge

Essay 2020 7 Seiten

BWL - Unternehmensgründung, Start-ups, Businesspläne






Different Perception of Knowledge



This paper aims to explain entrepreneurship as an “individual” science. It also describes how an entrepreneur goes about perceiving and assessing knowledge differently from other entrepreneurs. Research in entrepreneurship uses scientific method so as to understanding the particularities of entrepreneur, his characteristics, his particular traits, what he does, how he does, etc. Entrepreneurship analysis the entrepreneur in order to explain him and that shows that entrepreneur as individual, is in the middle of the research. This paper shows also that entrepreneurs differ among them based on their knowledge management, available information, the quantity of their dopamine and other characteristics, their intelligence and self-esteem, personality traits, demographic variables like age, experience and education, etc.


Before presenting entrepreneurship as an individual science, it is crucial to understand what science is and how it works. According to Christine (n.d), science is a methodical approach to studying the natural world using one of those methods: observation, question, hypothesis, experiment and evaluation. Pierre (2010) considered science as the use of evidence to construct testable explanations and predictions of natural phenomena, as well as the knowledge generated through this process. Denny (2012), considered science as an intellectual and practical activity encompassing the systematic study of the structure and behavior of the physical and natural world through observation and experiment. From all this definition, we can say that science aims to understand and explain how the natural world works, uses evidence and brings knowledge.


Osman and Murat (2011) considered entrepreneurship as the practice of starting new organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities. Samuel, Mary and Damary (2012) identified two definitions of entrepreneurship. The first one is the process of perceiving profit opportunities and initiating actions to fill currently unsatisfied market needs or doing more efficiently what is already being done. While the second one is the process of extracting profits from new, unique and valuable combinations of resources in an uncertain and ambiguous environment. Thokozani (2012), considered entrepreneurship as an activity that involves the discovery, evaluation and exploitation of opportunities to introduce new goods and services, ways of organizing, markets, processes and raw materials through organizing efforts that previously had not existed.

Hannah (2012) identified theories on entrepreneurship as follows: classical theorists represented by Richard Cantillon who considered entrepreneur’s role is to equilibrate supply and demand in the economy by bearing risks or uncertainty; Jean Baptiste Say who considered entrepreneur as a manager being an agent of production in the economy rather than a risk taker; the neoclassical theories represented by Alfred Marshall who introduced an innovation function of an entrepreneur by continuously seeking opportunities to minimize costs and ultimately maintaining equilibrium in the economy through perfect competition; Schumpeterian approach who considered entrepreneur as the creative destroyer of equilibrium through innovation and discovery of opportunities by introducing new products or new processes; Kirzner who introduced the entrepreneur alert and a creation of economic shock and the response of the alert entrepreneur to the same; Knightian entrepreneur as a residual claimant and risk taker in the environment of uncertainty; the approach of Schutz of using information revealed to react to opportunities through change of behavior and action and other recent theorists. At same time, Hannah (2012) made also a review on the sociological aspects of entrepreneurship with a view to solve social issues (social entrepreneurship); biological theories which brings in the gender differences in the start-up and operation of entrepreneurial ventures with an emphasis on risk taking.

From this presentation, we saw that researchers tried no matter the approach considered, understanding and explain what entrepreneurs do, their role in the society, function, consequences of their actions, etc. Or as defined previously, a science aims to understand natural phenomenon that occurred in the world and those researchers did the same with entrepreneurs as subject of the research. Entrepreneurs were analyzed as individuals acting in the society whose actions have impact of their environment. As conclusion, entrepreneurship is an individual science.

Different Perception of Knowledge

The main different that exists on how an entrepreneur goes about perceiving and assessing knowledge differently from other entrepreneurs can due to, on one hand, the difference in knowledge management. John and JoAnn (2015) defined knowledge management as a conscious strategy of getting the right knowledge to the right people at the right time and helping people share and put information into action in ways that strive to improve organizational performance. Darwin (2003) showed the role played by knowledge; it provides an orderliness to our lives which allows us to conceptualize goals, to anticipate and perceive events, and to respond in accordance with the changing needs, purposes and desires. Andrea (2011) affirmed that intelligence increases business survival while self-confidence increases business creation.

Vantilborgh, Joly and Pepermans (2015) introduced personality traits that determined entrepreneurial orientation of firms and constitute the difference between entrepreneur and non-entrepreneur: entrepreneurs’ tendency to desire autonomy, take risks, be innovative, take a competitive stance, and be proactive. Jelenc, Pisapia and Ivanusic (2016), found that demographic variables such as age, gender, education abroad and previous experience have an impact on entrepreneurial orientation represented in risk-taking, innovation, and proactiveness. Norris (2014) identified a numbers of natural characteristics that constitute the source of the differences among entrepreneurs: numbers and density of dopamine receptors in their cerebral cortex; the reaction of central nervous system to risk and the functional magnetic resonance imaging reveals that neural correlates of risky stimuli or decisions in various brain regions including the striatum, insula, inferior frontal gyrus, lateral orbitofrontal cortex, and anterior cingulate cortex. All these factors help to explain how entrepreneur goes about perceiving and assessing knowledge differently from other entrepreneurs.



ISBN (eBook)
Entrepreneurship Individual Sience Knowledge



Titel: Entrepreneurship as an Individual Science. Different Perceptions of Knowledge