Ethnic
The
term “ethnic entrepreneurship” refers to self-employed business owners
who belong to racial or ethnic minority groups in the United States and
Europe……
A long tradition of
academic research explores the experiences and strategies of ethnic
entrepreneurs as they strive to integrate economically into mainstream
U.S. or European society. Classic cases include Jewish merchants and
tradespeople in large U.S. cities in the 19th and early 20th centuries
as well as Chinese and Japanese small business owners (restaurants,
farmers, shop owners) on the West Coast. In the 2010s, ethnic
entrepreneurship has been studied in the case of Cuban business owners
in Miami, Indian motel owners of the U.S. and Chinese business owners in
Chinatowns across the United States.
While
entrepreneurship offers these groups many opportunities for economic
advancement, self-employment and business ownership in the United States
remain unevenly distributed along racial/ethnic lines. Despite numerous
success stories of Asian entrepreneurs, a recent statistical analysis
of U.S. census data shows that whites are more likely than Asians,
African-Americans and Latinos to be self-employed in high prestige,
lucrative industries.
Institutional
The American-born British economist Edith Penrose has highlighted the collective nature of entrepreneurship. She mentions that in modern organizations, human resources need to be combined in order to better capture and create business opportunities. The sociologist Paul DiMaggio (1988:14) has expanded this view to say that “new institutions arise when organized actors with sufficient resources [institutional entrepreneurs] see in them an opportunity to realize interests that they value highly”.The notion has been widely applied.
Cultural
According
to Christopher Rea and Nicolai Volland, cultural entrepreneurship is
“practices of individual and collective agency characterized by mobility
between cultural professions and modes of cultural production”, which
refers to creative industry activities and sectors. In their book The
Business of Culture (2015), Rea and Volland identify three types of
cultural entrepreneur: “cultural personalities”, defined as “individuals
who buil[d] their own personal brand of creativity as a cultural
authority and leverage it to create and sustain various cultural
enterprises”; “tycoons”, defined as “entrepreneurs who buil[d]
substantial clout in the cultural sphere by forging synergies between
their industrial, cultural, political, and philanthropic interests”; and
“collective enterprises”, organizations which may engage in cultural
production for profit or not-for-profit purposes.
Feminist
A
feminist entrepreneur is an individual who applies feminist values and
approaches through entrepreneurship, with the goal of improving the
quality of life and well-being of girls and women. Many are doing so by
creating “for women, by women” enterprises. Feminist entrepreneurs are
motivated to enter commercial markets by desire to create wealth and
social change, based on the ethics of cooperation, equality and mutual
respect.
Social
Social
entrepreneurship is the use of the by start up companies and other
entrepreneurs to develop, fund and implement solutions to social,
cultural, or environmental issues. This concept may be applied to a
variety of organizations with different sizes, aims, and beliefs.
For-profit entrepreneurs typically measure performance using business
metrics like profit, revenues and increases in stock prices, but social
entrepreneurs are either non-profits or blend for-profit goals with
generating a positive “return to society” and therefore must use
different metrics.
Social
entrepreneurship typically attempts to further broad social, cultural,
and environmental goals often associated with the voluntary sector in
areas such as poverty alleviation, health care and community
development. At times, profit-making social enterprises may be
established to support the social or cultural goals of the organization
but not as an end in itself. For example, an organization that aims to
provide housing and employment to the homeless may operate a restaurant,
both to raise money and to provide employment for the homeless people.
Nascent
A
nascent entrepreneur is someone in the process of establishing a
business venture.[54] In this observation, the nascent entrepreneur can
be seen as pursuing an opportunity, i.e. a possibility to introduce new
services or products, serve new markets, or develop more efficient
production methods in a profitable manner. But before such a venture is
actually established, the opportunity is just a venture idea.
In
other words, the pursued opportunity is perceptual in nature, propped
by the nascent entrepreneur’s personal beliefs about the feasibility of
the venturing outcomes the nascent entrepreneur seeks to achieve.Its
prescience and value cannot be confirmed ex ante but only gradually, in
the context of the actions that the nascent entrepreneur undertakes
towards establishing the venture,[61] Ultimately, these actions can lead
to a path that the nascent entrepreneur deems no longer attractive or
feasible, or result in the emergence of a (viable) business. In this
sense, over time, the nascent venture can move towards being
discontinued or towards emerging successfully as an operating entity.
The distinction between the novice, serial and portfolio entrepreneurs is an example of behavior-based categorization. Other examples are the (related) studies by,on start-up event sequences. Nascent entrepreneurship that emphasizes the series of activities involved in new venture emergence, rather than the solitary act of exploiting an opportunity. Such research will help separate entrepreneurial action into its basic sub-activities and elucidate the inter- relationships between activities, between an activity (or sequence of activities) and an individual’s motivation to form an opportunity belief, and between an activity (or sequence of activities) and the knowledge needed to form an opportunity belief. With this research, scholars will be able to begin constructing a theory of the micro-foundations of entrepreneurial action.
Scholars interested in nascent entrepreneurship tend to
focus less on the single act of opportunity exploitation and more on the
series of actions in new venture emergence, Indeed, nascent
entrepreneurs undertake numerous entrepreneurial activities, including
actions that make their businesses more concrete to themselves and
others. For instance, nascent entrepreneurs often look for and purchase
facilities and equipment; seek and obtain financial backing, form legal
entities, organize teams; and dedicate all their time and energy to
their business
Project-based
Project entrepreneurs are individuals who are engaged in the repeated assembly or creation of temporary organizations.These are organizations that have limited lifespans which are devoted to producing a singular objective or goal and get disbanded rapidly when the project ends. Industries where project-based enterprises are widespread include: sound recording, film production, software development, television production, new media and construction. What makes project-entrepreneurs distinctive from a theoretical standpoint is that they have to “rewire” these temporary ventures and modify them to suit the needs of new project opportunities that emerge. A project entrepreneur who used a certain approach and team for one project may have to modify the business model or team for a subsequent project.
Project entrepreneurs are exposed repeatedly
to problems and tasks typical of the entrepreneurial process. Indeed,
project-entrepreneurs face two critical challenges that invariably
characterize the creation of a new venture: locating the right
opportunity to launch the project venture and assembling the most
appropriate team to exploit that opportunity.
Resolving
the first challenge requires project-entrepreneurs to access an
extensive range of information needed to seize new investment
opportunities. Resolving the second challenge requires assembling a
collaborative team that has to fit well with the particular challenges
of the project and has to function almost immediately to reduce the risk
that performance might be adversely affected. Another type of project
entrepreneurship involves entrepreneurs working with business students
to get analytical work done on their ideas.
Millennial
The term “millennial entrepreneur” refers to a business owner who is affiliated with the generation that was brought up using digital technology and mass media—the products of Baby Boomers, those people born during the 1980s and early 1990s. Also known as Generation Y, these business owners are well equipped with knowledge of new technology and new business models and have a strong grasp of its business applications. There have been many breakthrough businesses that have come from millennial entrepreneurs such as Mark Zuckerberg, who created Facebook.
Despite the expectation of millennial success, there have been recent studies that have proven this to not be the case. The comparison between millennial’s who are self-employed and those who are not self-employed shows that the latter is higher. The reason for this is because they have grown up in a different generation and attitude than their elders. Some of the barriers to entry for entrepreneurs are the economy, debt from schooling and the challenges of regulatory compliance.
Globe Chamber Business Times 