Contemporary era (since 1980)
In this era, along with the new movement of starting minor businesses, economic growth, and knowing entrepreneurship as a booster for this mechanism, a massive attraction has been drawn to this field. So far, entrepreneurship was only analyzed by economic researchers, but recently, socialists and psychologists start focusing on this field. The main issues are the characteristics of entrepreneurs and reasons that push people toward entrepreneurship.
One of the well-known definitions of this era is as follows:
Entrepreneurship is a dynamic approach toward starting and growing wealth, and this is handled by those who accept the risk of losing time and other job opportunities for creating value for a product or service.
Nowadays, the term “entrepreneurship” evokes the following concepts:
– Innovation
– Riskiness
– Create or re-establish the structure of an economic or social unit
Self-satisfaction and independency
Entrepreneurs find ideas and turn them into economic opportunities. In business, an opportunity is an innovative idea that has the potential to be commercialized. Dominating the environment, market, customers’ demands, and the attitude of the entrepreneurs help them to find the chance and flourish it. Then, entrepreneurs design a commercial plan in which issues such as the market of a product or service, legal matters of the company, providing funds for establishment and development, and business management and organization are included.
In fact, entrepreneurs are as same as conductors. They are responsible for gathering skills and abilities and presenting a written plan. As the necessity of a pleasant voice, the final design of the entrepreneurs must be beautiful. There are two different approaches toward entrepreneurship: personal and behavioral approaches. In a personal approach, the focus is on the entrepreneurs and detecting their characteristics. In fact, this approach discusses the reasons why entrepreneurs had existed before the advent of an independent concept of entrepreneurship. In the behavioral approach, we rely on the entrepreneurs’ behaviors during the process of running a business. Note that these days, entrepreneurs are only a piece of the puzzle of entrepreneurship.
Finally, the best definition that one can suggest is that entrepreneurship is a combination of the innovation process, taking advantage of opportunities, making efforts, having determination, embracing financial, mental, and social risks with having the motivation to make financial profits, seeking success, self-satisfaction, and independence. In addition to personal entrepreneurship, in recent decades, two other terms of “intra-corporate entrepreneurship” and “corporative entrepreneurship” have been added to the entrepreneurial literature. The reason behind the advent of such concepts is the variety of social and economic environments. Pingat defines intra-corporate entrepreneurship as follows. An intra-corporate entrepreneur is a dreamer who accepts the responsibility of flourishing an innovation inside an organization. He added: intra-corporate entrepreneurs might be creative or inventors, but they have always known how to turn an idea into a real profit.