There are so many sources on entrepreneurship-books, articles, online tools, publications…Let’s make the entrepreneurial theory simple! If you have not read any theoretical resource on entrepreneurship, here is a quick summary of the schools of thoughts, split into six groups. To learn more and to find out how these are applicable to the arts and culture sector, subscribe to one of the online masterclasses on strategies and entrepreneurship in the arts! Learn and share in an online collaborative environment and advance professionally as managers, leaders and entrepreneurs in the arts and the creative sector!
1. Entrepreneur as a Risk-taker. Richard Cantillon (1680-1734) was the first author who defined entrepreneurs as those who are ready to risk in order to receive future profit.
2. Entrepreneur as a Key Factor for Economic Development. Jean-Baptiste Say (1767-1832) described entrepreneurs as those who transfer economic resources in areas with higher productivity and organize production process by combining diverse factors of production with information and experience.
3. Entrepreneur: Innovator and Change-maker. Joseph Shumpeter (1883-1950) defined the entrepreneur as a leader and contributor to the process of “creative destruction”.
4. Entrepreneur: Shaped by Personality Traits and Characteristics such as: high need for achievement, motivation to excel, strong self-confidence, being optimistic, innovative, creative, imaginative, restless, and proactive.
5. Entrepreneur: Shaped by the External Environment. External factors include family background, employment history, education, social networks, culture, or prior management experience.
6. Entrepreneur as Leader and Manager. As every enterprise grows with the time, the entrepreneur becomes leader and manager at a certain stage of organisational growth and this is why the management skills and competences are very important.
Read more in the book International Entrepreneurship in the Arts (Routledge, 2016).
The drawings/images are from our creative classes on entrepreneurship in many corners of the world: credit paid to all participants! Subscribe for one of our online masterclass “Move Out of the Frame” to learn more about entrepreneurship in the arts and culture sector!