Each one has its own definition and requirements.
Entrepreneurship The Design school resembles to the entrepreneurial school of thought to some extent. The extent being that it took central leadership as important, making the CEO- the architect of strategy.
The difference however lies that it stopped short of working around that leadership and emphasized on conceptual framework and dismissed intuition. Entrepreneurial School of thought has however focused on the leader and the mental processes that the leader goes through such as Intuition, Experience, Insight, wisdom, and judgement.
Entrepreneurial school states that one leader has the say that makes the mare go. The organization and all the constituents of his business empire are responsive to his dictates. He moves carefully within the environment creating his own territory in the niche segment.
The most central concept of this school is the vision that the leader creates. This image is broad and the guiding star in the pursuit of which the leader takes the organization along.
This may never The entrepreneurial school of thought fulfilled and along the pursuit many other rewards are received such as expansion, profits, market share, etc. The Entrepreneur may adapt the strategies according to the changing environment but the overall vision may remain to be unchanged.
This makes the strategy both deliberate in the broader sense and the direction and emergent in its details that can be adopted and adapted according to the requirement of the route that the organization is on.
Origin in economics The Origin of the entrepreneurial school can be traced back to the neo classical era of economics.
The concept of what to produce, how to produce, how to distribute and on what price, was attached to the birth of entrepreneurship. Different economists held different views of the entrepreneurs.
Karl Marx praised entrepreneurs as agents of economic and technological change. Joseph Schumpeter on the other hand brought into light other than profit maximization perspective of entrepreneurship.
To which he related that it is also about creating new structures, destroying current ones, and solving problems creatively. He introduced the notion of creative destruction which meant that entrepreneurs challenge the current status quo in the search of change for the better.
They do things better with creativity and innovation. This he explained as entrepreneurs making good things happen Better and unique products by employing current resources in a different way. He went to the extent that entrepreneurship ends where creativity and innovation comes to a halt.
Knight on the other hand related entrepreneurship with bearing of heavy risks and a handling of uncertainty. Peter Drucker explained entrepreneurship in the light of management explaining that central to business enterprise is the activity of entrepreneurship which means economic risk taking.
What can be concluded is the fact that an entrepreneur can be, Founder of an organization. The manager of a self owned business. Innovative leader of an organization owned by others.
This requires the leader to be able to see things that are normally missed and from multiple perspectives going back and forth and in many directions. This framework is taken from the work of Nasi It explains how the leader who makes the strategy must be able to see through multiple dimensions while making the strategy.
His ability to see forward into the future creating a mental construct of how things would be done differently creating a discontinuity of the current practices, must come from having a look behind in his past understanding how things have progressed, the trends, capabilities etc.
This framework requires also for the leader to be able to see the big picture i. It is also crucial while the entrepreneur is moving through this process he should be creative by looking at things that others missed, challenge the conventional practices and wisdom, unveil capabilities that can bring the required change, this is called seeing beside.
However the leader is also required to be able to fit in this newly found brilliant idea or capability or creativity into the environment weighing its possible outcomes i. It creates the future in other words it constructs the world which would otherwise not be, this is called seeing beyond.
The final requirement of this framework is related to the drive to get the job done strategy or in other words it means that the leader should to be able to see it through.
Literature Review At the start, Entrepreneurship was referred as creation of own business but now it is a personalized, proactive, single-minded leadership, in other words we called it visionary leadership. Now we relate it with the literature review.
Entrepreneurs are great leader: Entrepreneur is great leader having personalized and visionary leadership which became the success of business biweekly, fortune Personality of Entrepreneur:Entrepreneur, business - School of Thought - rutadeltambor.com No matter what you studied, your education can help guide you.
This school of thought views the entire entrepreneurial venture from a financial management standpoint. values if a middle manager experiences the freedom and support to develop ideas. whereas other sources tend to treat it as but one segment of the entrepreneurial process/5(3).
The Entrepreneurial Trait School of Thought – This approach focuses on researches about successful entrepreneurs and recognising similar traits and characteristic that if copied could increase success opportunities for the emulators.
ENTREPRENEURIAL SCHOOLS-OF-THOUGHT APPROACH There are six proposed school of thoughts/ kinds of entrepreneurship. Each one has its own definition and requirements. I) Environmental School of Though This school of thought is related with the external factors that affect a probable entrepreneur's standards of living.
Here are the 10 school of thoughts of Strategy formulation. 1) The design school. In this thought process of strategy formulation, the focus is on conception of ideas and to design new ideas. The potential entrepreneur has the ability to direct or adjust the outcome of each major influence.
The Venture Opportunity School of Thought – Opportunity aspect of venture development is the main focus in this school of thought and the interest areas are the search for idea sources. or unique resources.5/5(16).