Entrepreneurship as an Individual Science. Different Perceptions of Knowledge

Essay from the year 2020 in the subject Business economics - Company formation, Business Plans, , language: English, abstract: 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 methods to understand the particularities of an entrepreneur, for example his characteristics, his particular traits, what he does and how he does it. Researchers analyze the entrepreneur in order to explain him, which shows that the entrepreneur as an individual, is an important aspect of research. This paper also shows that entrepreneurs differ among them based on their knowledge management, available information, the quantity of their dopamine and other characteristics, for example their intelligence and self-esteem, personality traits, demographic variables like age, experience and education. Osman and Murat 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 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 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.