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id="mw-head-base" class="noprint"></div> <div id="content" class="mw-body" role="main"> <a id="top"></a> <div id="siteNotice"></div> <div class="mw-indicators"> </div> <h1 id="firstHeading" class="firstHeading" lang="en">Entrepreneurship</h1> <div id="bodyContent" class="mw-body-content"> <div id="siteSub">From Wikipedia, the free encyclopedia</div> <div id="contentSub"> (Redirected from <a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneur&redirect=no" title="Entrepreneur">Entrepreneur</a>)</div> <div id="jump-to-nav" class="mw-jump"> Jump to: <a href="#mw-head">navigation</a>, <a href="#p-search">search</a> </div> <div id="mw-content-text" lang="en" dir="ltr" class="mw-content-ltr"><div class="hatnote">"Co-founder" redirects here. For someone who cultivates a startup, see <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Startup_company#Co-founders" title="Startup company">Startup company § Co-founders</a>.</div> <div class="thumb tright"> <div class="thumbinner" style="width:302px;"><a href="/web/20150508142512/http://en.wikipedia.org/wiki/File:Schmidt-Brin-Page-20080520.jpg" class="image"><img alt="" src="//web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/6/69/Schmidt-Brin-Page-20080520.jpg/300px-Schmidt-Brin-Page-20080520.jpg" width="300" height="228" class="thumbimage" srcset="//web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/6/69/Schmidt-Brin-Page-20080520.jpg/450px-Schmidt-Brin-Page-20080520.jpg 1.5x, //web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/6/69/Schmidt-Brin-Page-20080520.jpg/600px-Schmidt-Brin-Page-20080520.jpg 2x" data-file-width="2916" data-file-height="2217"/></a> <div class="thumbcaption"> <div class="magnify"><a href="/web/20150508142512/http://en.wikipedia.org/wiki/File:Schmidt-Brin-Page-20080520.jpg" class="internal" title="Enlarge"></a></div> Left to right, <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Eric_Schmidt" title="Eric Schmidt">Eric Schmidt</a>, <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Sergey_Brin" title="Sergey Brin">Sergey Brin</a> and <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Larry_Page" title="Larry Page">Larry Page</a> of <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Google" title="Google">Google</a>, which is sometimes cited as an example of entrepreneurship and <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Disruptive_innovation" title="Disruptive innovation">disruptive innovation</a>.[<a href="/web/20150508142512/http://en.wikipedia.org/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>]</div> </div> </div> Entrepreneurship is the process of starting a business or other organization. The entrepreneur develops a <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Business_plan" title="Business plan">business plan</a>, acquires the human and other required resources, and is fully responsible for its success or failure.[<a href="/web/20150508142512/http://en.wikipedia.org/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] Entrepreneurship operates within an <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Entrepreneurship_ecosystem" title="Entrepreneurship ecosystem">entrepreneurship ecosystem</a>. <div id="toc" class="toc"> <div id="toctitle"> <h2>Contents</h2> </div> <ul> <li class="toclevel-1 tocsection-1"><a href="#Background">1 Background</a></li> <li class="toclevel-1 tocsection-2"><a href="#History">2 History</a> <ul> <li class="toclevel-2 tocsection-3"><a href="#Etymology_and_historical_usage">2.1 Etymology and historical usage</a></li> <li class="toclevel-2 tocsection-4"><a href="#Historical_barriers_to_entrepreneurship">2.2 Historical barriers to entrepreneurship</a></li> </ul> </li> <li class="toclevel-1 tocsection-5"><a href="#What_an_entrepreneur_is">3 What an entrepreneur is</a></li> <li class="toclevel-1 tocsection-6"><a href="#Skill_set">4 Skill set</a> <ul> <li class="toclevel-2 tocsection-7"><a href="#Joseph_Schumpeter">4.1 Joseph Schumpeter</a></li> <li class="toclevel-2 tocsection-8"><a href="#Frank_Knight_and_Peter_Drucker">4.2 Frank Knight and Peter Drucker</a></li> <li class="toclevel-2 tocsection-9"><a href="#Individual.2Fopportunity_nexus">4.3 Individual/opportunity nexus</a></li> <li class="toclevel-2 tocsection-10"><a href="#Entrepreneurship_and_piracy">4.4 Entrepreneurship and piracy</a></li> </ul> </li> <li class="toclevel-1 tocsection-11"><a href="#Psychological_make-up">5 Psychological make-up</a></li> <li class="toclevel-1 tocsection-12"><a href="#Project_entrepreneurship">6 Project entrepreneurship</a> <ul> <li class="toclevel-2 tocsection-13"><a href="#Innate_ability_vs._public_perception">6.1 Innate ability vs. public perception</a></li> <li class="toclevel-2 tocsection-14"><a href="#Entrepreneurial_styles">6.2 Entrepreneurial styles</a></li> </ul> </li> <li class="toclevel-1 tocsection-15"><a href="#Financing">7 Financing</a> <ul> <li class="toclevel-2 tocsection-16"><a href="#Bootstrapping">7.1 Bootstrapping</a></li> <li class="toclevel-2 tocsection-17"><a href="#External_financing">7.2 External financing</a></li> </ul> </li> <li class="toclevel-1 tocsection-18"><a href="#Predictors_of_entrepreneurial_success">8 Predictors of entrepreneurial success</a></li> <li class="toclevel-1 tocsection-19"><a href="#Predictors_of_entrepreneurial_failure">9 Predictors of entrepreneurial failure</a></li> <li class="toclevel-1 tocsection-20"><a href="#See_also">10 See also</a></li> <li class="toclevel-1 tocsection-21"><a href="#References">11 References</a></li> <li class="toclevel-1 tocsection-22"><a href="#Further_reading">12 Further reading</a></li> </ul> </div> <h2>Background[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=1" title="Edit section: Background">edit</a>]</h2> <div class="thumb tleft"> <div class="thumbinner" style="width:222px;"><a href="/web/20150508142512/http://en.wikipedia.org/wiki/File:Ambassador_Verveer_Greets_African_Womens_Entrepreneurship_Program_Participants.jpg" class="image"><img alt="" src="//web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/d/d8/Ambassador_Verveer_Greets_African_Womens_Entrepreneurship_Program_Participants.jpg/220px-Ambassador_Verveer_Greets_African_Womens_Entrepreneurship_Program_Participants.jpg" width="220" height="147" class="thumbimage" srcset="//web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/d/d8/Ambassador_Verveer_Greets_African_Womens_Entrepreneurship_Program_Participants.jpg/330px-Ambassador_Verveer_Greets_African_Womens_Entrepreneurship_Program_Participants.jpg 1.5x, //web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/d/d8/Ambassador_Verveer_Greets_African_Womens_Entrepreneurship_Program_Participants.jpg/440px-Ambassador_Verveer_Greets_African_Womens_Entrepreneurship_Program_Participants.jpg 2x" data-file-width="5184" data-file-height="3456"/></a> <div class="thumbcaption"> <div class="magnify"><a href="/web/20150508142512/http://en.wikipedia.org/wiki/File:Ambassador_Verveer_Greets_African_Womens_Entrepreneurship_Program_Participants.jpg" class="internal" title="Enlarge"></a></div> In 2012, Ambassador-at-Large for Global Women's Issues <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Melanne_Verveer" title="Melanne Verveer">Melanne Verveer</a> greeted participants in an African Women's Entrepreneurship Program at the State Department in Washington, D.C.</div> </div> </div> In recent years, "entrepreneurship" has been extended from its origins in business to include social and political activity.[<a href="/web/20150508142512/http://en.wikipedia.org/wiki/Wikipedia:Avoid_weasel_words" title="Wikipedia:Avoid weasel words" class="mw-redirect">according to whom?</a>] Entrepreneurship within an existing firm or large organization has been referred to as <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Intrapreneurship" title="Intrapreneurship">intrapreneurship</a> and may include corporate ventures where large entities spin off subsidiary organizations.<a href="#cite_note-1">[1]</a> Entrepreneurs are leaders willing to take risk and exercise initiative, taking advantage of market opportunities by planning, organizing, and employing resources,<a href="#cite_note-FOOTNOTEDeakinsFreel2012-2">[2]</a> often by innovating new or improving existing products.<a href="#cite_note-3">[3]</a> More recently, the term entrepreneurship has been extended to include a specific <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Mindset" title="Mindset">mindset</a> (see also <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Entrepreneurial_mindset" title="Entrepreneurial mindset" class="mw-redirect">entrepreneurial mindset</a>) resulting in entrepreneurial initiatives, e.g. in the form of <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Social_entrepreneurship" title="Social entrepreneurship">social entrepreneurship</a>, <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Political_entrepreneur" title="Political entrepreneur">political entrepreneurship</a>, or <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Knowledge_entrepreneurship" title="Knowledge entrepreneurship">knowledge entrepreneurship</a>. According to Paul Reynolds, founder of the <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Global_Entrepreneurship_Monitor" title="Global Entrepreneurship Monitor">Global Entrepreneurship Monitor</a>, "by the time they reach their retirement years, half of all working men in the United States probably have a period of self-employment of one or more years; one in four may have engaged in self-employment for six or more years. Participating in a new business creation is a common activity among U.S. workers over the course of their careers."<a href="#cite_note-4">[4]</a> In recent years, entrepreneurship has been claimed as a major driver of <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Economic_growth" title="Economic growth">economic growth</a> in both the United States and Western Europe. Entrepreneurial activities differ substantially depending on the type of organization and creativity involved. Entrepreneurship ranges in scale from solo, part-time projects to large-scale undertakings that create many jobs. Many "high value" entrepreneurial ventures seek <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Venture_capital" title="Venture capital">venture capital</a> or <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Angel_investor" title="Angel investor">angel funding</a> (<a href="/web/20150508142512/http://en.wikipedia.org/wiki/Seed_money" title="Seed money">seed money</a>) in order to raise <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Capital_(economics)" title="Capital (economics)">capital</a> for building the business.<a href="#cite_note-5">[5]</a> Many organizations exist to support would-be entrepreneurs, including specialized government agencies, <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Business_incubator" title="Business incubator">business incubators</a>, <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Science_park" title="Science park">science parks</a>, and some <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Non-governmental_organization" title="Non-governmental organization">NGOs</a>. Beginning in 2008, an annual "<a href="/web/20150508142512/http://en.wikipedia.org/wiki/Global_Entrepreneurship_Week" title="Global Entrepreneurship Week">Global Entrepreneurship Week</a>" event aimed at "exposing people to the benefits of entrepreneurship" and getting them to "participate in entrepreneurial-related activities".[<a href="/web/20150508142512/http://en.wikipedia.org/wiki/Wikipedia:Manual_of_Style/Words_to_watch#Unsupported_attributions" title="Wikipedia:Manual of Style/Words to watch">who?</a>] <h2>History[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=2" title="Edit section: History">edit</a>]</h2> <h3>Etymology and historical usage[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=3" title="Edit section: Etymology and historical usage">edit</a>]</h3> First used in 1723, today the term entrepreneur implies qualities of leadership, initiative and innovation in business. Economist <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Robert_Reich" title="Robert Reich">Robert Reich</a> has called team-building, leadership, and management ability essential qualities for the entrepreneur.<a href="#cite_note-Entrepreneurship-6">[6]</a><a href="#cite_note-7">[7]</a> An entrepreneur is a factor in <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Microeconomics" title="Microeconomics">microeconomics</a>, and the study of entrepreneurship reaches back to the work in the late 17th and early 18th centuries of <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Richard_Cantillon" title="Richard Cantillon">Richard Cantillon</a> and <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a>, which was foundational to <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Classical_economics" title="Classical economics">classical economics</a>. In the 20th century, entrepreneurship was studied by <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Joseph Schumpeter</a> in the 1930s and other <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Austrian_school" title="Austrian school" class="mw-redirect">Austrian economists</a> such as <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Carl_Menger" title="Carl Menger">Carl Menger</a>, <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Ludwig von Mises</a> and <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Friedrich_von_Hayek" title="Friedrich von Hayek" class="mw-redirect">Friedrich von Hayek</a>. The term "entrepreneurship" was coined around the 1920s, while the loan from French of the word entrepreneur dates to the 1850s. Initially, economists made the first attempt to study the entrepreneurship concept in depth<a href="#cite_note-Landstrom2007-8">[8]</a> <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Richard_Cantillon" title="Richard Cantillon">Richard Cantillon</a> (1680-1734) considered the entrepreneur to be a risk taker who deliberately allocates resources to exploit opportunities in order to maximize the financial return.<a href="#cite_note-Cantillon.2C_R._1931-9">[9]</a><a href="#cite_note-10">[10]</a> Cantillon emphasized the willingness of the entrepreneur to assume risk and to deal with uncertainty. Thus, he draws attention to the function of the entrepreneur, and distinguishes clearly between the function of the entrepreneur and the owner who provides the money.<a href="#cite_note-Cantillon.2C_R._1931-9">[9]</a><a href="#cite_note-Landstr.C3.B6m.2C_H._2005-11">[11]</a> Alfred Marshall viewed the entrepreneur as a multi-tasking capitalist. He observed that in the equilibrium of a completely competitive market, there was no spot for “entrepreneurs” as an economic activity creator.<a href="#cite_note-12">[12]</a> <h3>Historical barriers to entrepreneurship[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=4" title="Edit section: Historical barriers to entrepreneurship">edit</a>]</h3> Rooting back to the times of the medieval <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Guilds" title="Guilds" class="mw-redirect">Guild</a>, in Germany craftsmanship a special permission to operate as an entrepreneur was the small proof of competence (Kleiner Befähigungsnachweis), which restricted training of apprentices to craftsmen who held a <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Meister" title="Meister">Meister</a> certificate. This institution was introduced in 1908 after a period of so-called freedom of trade (Gewerbefreiheit, introduced in 1871) in the <a href="/web/20150508142512/http://en.wikipedia.org/wiki/German_Reich" title="German Reich">German Reich</a>. However, the small proof of competence was not required to start a business. In 1935 and in 1953, the greater proof of competence was reintroduced (Großer Befähigungsnachweis Kuhlenbeck) and required that craftsmen obtain a <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Meister" title="Meister">Meister</a> certificate to train apprentices and before being permitted to set up a new business.<a href="#cite_note-13">[13]</a> <h2>What an entrepreneur is[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=5" title="Edit section: What an entrepreneur is">edit</a>]</h2> Entrepreneur (<a href="//web.archive.org/web/20150508142512/http://upload.wikimedia.org/wikipedia/commons/0/03/En-us-entrepreneur.ogg" title="Listen"><img alt="Listen" src="//web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/3/3b/Speakerlink-new.svg/11px-Speakerlink-new.svg.png" width="11" height="11" srcset="//web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/3/3b/Speakerlink-new.svg/17px-Speakerlink-new.svg.png 1.5x, //web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/3/3b/Speakerlink-new.svg/22px-Speakerlink-new.svg.png 2x" data-file-width="11" data-file-height="11"/></a><a href="/web/20150508142512/http://en.wikipedia.org/wiki/File:En-us-entrepreneur.ogg" title="File:En-us-entrepreneur.ogg">i</a><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Help:IPA_for_English" title="Help:IPA for English">/</a><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Help:IPA_for_English#Key" title="Help:IPA for English">ˌ</a><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Help:IPA_for_English#Key" title="Help:IPA for English">ɒ</a><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Help:IPA_for_English#Key" title="Help:IPA for English">n</a><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Help:IPA_for_English#Key" title="Help:IPA for English">t</a><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Help:IPA_for_English#Key" title="Help:IPA for English">r</a><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Help:IPA_for_English#Key" title="Help:IPA for English">ə</a><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Help:IPA_for_English#Key" title="Help:IPA for English">p</a><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Help:IPA_for_English#Key" title="Help:IPA for English">r</a><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Help:IPA_for_English#Key" title="Help:IPA for English">ə</a><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Help:IPA_for_English#Key" title="Help:IPA for English">ˈ</a><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Help:IPA_for_English#Key" title="Help:IPA for English">n</a><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Help:IPA_for_English#Key" title="Help:IPA for English">ɜr</a><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Help:IPA_for_English" title="Help:IPA for English">/</a>), is a <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Loanword" title="Loanword">loanword</a> from <a href="/web/20150508142512/http://en.wikipedia.org/wiki/French_language" title="French language">French</a>.<a href="#cite_note-sobel-14">[14]</a> It is defined as an individual who organizes or operates a business or businesses. Credit for coining the term entrepreneur generally goes to the French economist <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Jean-Baptiste Say</a>, but in fact the Irish-French economist <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Richard_Cantillon" title="Richard Cantillon">Richard Cantillon</a> defined it first<a href="#cite_note-15">[15]</a> in his Essai sur la Nature du Commerce en Général, or Essay on theNature of Trade in General, a book <a href="/web/20150508142512/http://en.wikipedia.org/wiki/William_Stanley_Jevons" title="William Stanley Jevons">William Stanley Jevons</a> considered the "cradle of political economy"<a href="#cite_note-16">[16]</a> Cantillon used the term differently. Biographer Anthony Breer noted that Cantillon saw the entrepreneur as a risk-taker while Say considered the entrepreneur a "planner". Cantillon defined the term as a person who pays a certain price for a product and resells it at an uncertain price: "making decisions about obtaining and using the resources while consequently admitting the risk of enterprise." The word first appeared in the French dictionary entitled "Dictionnaire Universel de Commerce" compiled by Jacques des Bruslons and published in 1723.<a href="#cite_note-17">[17]</a> Successful entrepreneurs have the ability to lead a business in a positive direction by proper planning, to adapt to changing environments and understand their own strengths and weakness.<a href="#cite_note-18">[18]</a> <h2>Skill set[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=6" title="Edit section: Skill set">edit</a>]</h2> <div class="thumb tright"> <div class="thumbinner" style="width:222px;"><a href="/web/20150508142512/http://en.wikipedia.org/wiki/File:Karen_Brady_-Wolverhampton_-14March2008.jpg" class="image"><img alt="" src="//web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Karen_Brady_-Wolverhampton_-14March2008.jpg/220px-Karen_Brady_-Wolverhampton_-14March2008.jpg" width="220" height="185" class="thumbimage" srcset="//web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Karen_Brady_-Wolverhampton_-14March2008.jpg/330px-Karen_Brady_-Wolverhampton_-14March2008.jpg 1.5x, //web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Karen_Brady_-Wolverhampton_-14March2008.jpg/440px-Karen_Brady_-Wolverhampton_-14March2008.jpg 2x" data-file-width="1888" data-file-height="1590"/></a> <div class="thumbcaption"> <div class="magnify"><a href="/web/20150508142512/http://en.wikipedia.org/wiki/File:Karen_Brady_-Wolverhampton_-14March2008.jpg" class="internal" title="Enlarge"></a></div> British entrepreneur <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Karren_Brady" title="Karren Brady">Karren Brady</a> has an estimated net worth of $123 million<a href="#cite_note-19">[19]</a></div> </div> </div> The entrepreneur is commonly seen as an innovator — a generator of new ideas and business processes.<a href="#cite_note-20">[20]</a> Management skill and strong team building abilities are often perceived as essential leadership attributes for successful entrepreneurs.<a href="#cite_note-Forbes-21">[21]</a> Political economist <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Robert_Reich" title="Robert Reich">Robert Reich</a> considers leadership, management ability, and <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Team-building" title="Team-building" class="mw-redirect">team-building</a> to be essential qualities of an entrepreneur.<a href="#cite_note-22">[22]</a><a href="#cite_note-23">[23]</a> <h3>Joseph Schumpeter[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=7" title="Edit section: Joseph Schumpeter">edit</a>]</h3> According to Schumpeter, an entrepreneur is willing and able to convert a new idea or <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Invention" title="Invention">invention</a> into a successful innovation.<a href="#cite_note-Schumpeter1976-24">[24]</a> Entrepreneurship employs what Schumpeter called "the gale of <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Creative_destruction" title="Creative destruction">creative destruction</a>" to replace in whole or in part inferior offerings across markets and industries, simultaneously creating new products and new <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Business_model" title="Business model">business models</a>. Thus, creative destruction is largely responsible for long-term <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Economic_growth" title="Economic growth">economic growth</a>. The idea that entrepreneurship leads to economic growth is an interpretation of the residual in <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Endogenous_growth_theory" title="Endogenous growth theory">endogenous growth theory</a>[<a href="/web/20150508142512/http://en.wikipedia.org/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify">clarification needed</a>] and as such continues to be debated in academic economics. An alternate description by <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Israel_Kirzner" title="Israel Kirzner">Israel Kirzner</a> suggests that the majority of innovations may be incremental improvements such as the replacement of paper with plastic in the construction of a drinking straw that require no special qualities. For Schumpeter, entrepreneurship resulted in new industries and in new combinations of currently existing inputs. Schumpeter's initial example of this was the combination of a steam engine and then current wagon making technologies to produce the horseless carriage. In this case the innovation, the car, was transformational, but did not require the development of dramatic new technology. It did not immediately replace the horse-drawn carriage, but in time, incremental improvements reduced the cost and improved the technology, leading to the modern auto industry. Despite Schumpeter's early 20th-century contributions, traditional <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Microeconomic" title="Microeconomic" class="mw-redirect">microeconomic</a> theory did not formally consider the entrepreneur in its theoretical frameworks (instead assuming that resources would find each other through a price system). In this treatment the entrepreneur was an implied but unspecified actor, consistent with the concept of the entrepreneur being the agent of <a href="/web/20150508142512/http://en.wikipedia.org/wiki/X-efficiency" title="X-efficiency" class="mw-redirect">x-efficiency</a>. For Schumpeter, the entrepreneur did not bear risk: the capitalist did. Schumpeter believed that the equilibrium ideal was imperfect Schumpeter (1934) demonstrated that changing environment continuously provides new information about the optimum allocation of resources to enhance profitability some individuals acquire the new information before others, recombine the resources to gain an entrepreneurial profit. Schumpeter was of the opinion that entrepreneurs shift the <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Production_Possibility_Curve" title="Production Possibility Curve" class="mw-redirect">Production Possibility Curve</a> to a higher level using innovations.<a href="#cite_note-Schumpeter1934-25">[25]</a> <h3>Frank Knight and Peter Drucker[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=8" title="Edit section: Frank Knight and Peter Drucker">edit</a>]</h3> <div class="thumb tright"> <div class="thumbinner" style="width:222px;"><a href="/web/20150508142512/http://en.wikipedia.org/wiki/File:Computer_industry_entrepreneur_workshop.jpg" class="image"><img alt="" src="//web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/4/48/Computer_industry_entrepreneur_workshop.jpg/220px-Computer_industry_entrepreneur_workshop.jpg" width="220" height="146" class="thumbimage" srcset="//web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/4/48/Computer_industry_entrepreneur_workshop.jpg/330px-Computer_industry_entrepreneur_workshop.jpg 1.5x, //web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/4/48/Computer_industry_entrepreneur_workshop.jpg/440px-Computer_industry_entrepreneur_workshop.jpg 2x" data-file-width="3000" data-file-height="1997"/></a> <div class="thumbcaption"> <div class="magnify"><a href="/web/20150508142512/http://en.wikipedia.org/wiki/File:Computer_industry_entrepreneur_workshop.jpg" class="internal" title="Enlarge"></a></div> <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Dell" title="Dell">Dell</a> Women's Entrepreneur <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Business_networking" title="Business networking">Network</a> event in New York City, May 2013</div> </div> </div> For <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Frank_H._Knight" title="Frank H. Knight" class="mw-redirect">Frank H. Knight</a><a href="#cite_note-26">[26]</a> and <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Peter_Drucker" title="Peter Drucker">Peter Drucker</a>, entrepreneurship is about taking risk. The entrepreneur is willing to put his or her career and financial security on the line and take risks in the name of an idea, spending time as well as capital on an uncertain venture. Knight classified three types of uncertainty: <ul> <li>Risk, which is measurable statistically (such as the probability of drawing a red color ball from a jar containing 5 red balls and 5 white balls).</li> <li>Ambiguity, which is hard to measure statistically (such as the probability of drawing a red ball from a jar containing 5 red balls but with an unknown number of white balls).</li> <li>True Uncertainty or Knightian Uncertainty, which is impossible to estimate or predict statistically, such as the probability of drawing a red ball from a jar whose number of red balls is unknown as well as the number of other colored balls.</li> </ul> Entrepreneurship is often associated with true uncertainty, particularly when it involves something really novel, whose market did not already exist. However, even if a related market already exists, nothing guarantees that room exists for a particular new entry. The place of the entrepreneur in traditional economic <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Theory" title="Theory">theory</a> presents theoretic quandaries. <a href="/web/20150508142512/http://en.wikipedia.org/wiki/William_Baumol" title="William Baumol">William Baumol</a> has added greatly to this area and was recently honored for this work at the 2006 annual meeting of the <a href="/web/20150508142512/http://en.wikipedia.org/wiki/American_Economic_Association" title="American Economic Association">American Economic Association</a>.<a href="#cite_note-Econ-27">[27]</a> <h3>Individual/opportunity nexus[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=9" title="Edit section: Individual/opportunity nexus">edit</a>]</h3> According to Shane and Venkataraman, entrepreneurship comprises two "enterprising individuals" and "entrepreneurial opportunities", and researchers should study the nature of the individuals who respond to these opportunities when others do not, the opportunities themselves and the nexus between individuals and opportunities.<a href="#cite_note-28">[28]</a> <h3>Entrepreneurship and piracy[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=10" title="Edit section: Entrepreneurship and piracy">edit</a>]</h3> Recent research ventures embarked on striking links between entrepreneurship and piracy. In this context, the claim is made for a nonmoral approach to piracy as a source of inspiration for entrepreneurship education<a href="#cite_note-29">[29]</a> as well as for research in entrepreneurship<a href="#cite_note-30">[30]</a> and business model generation.<a href="#cite_note-31">[31]</a> <h2>Psychological make-up[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=11" title="Edit section: Psychological make-up">edit</a>]</h2> <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Stanford_University" title="Stanford University">Stanford University</a> economist <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Edward_Lazear" title="Edward Lazear">Edward Lazear</a> found in a 2005 study that variety in education and work experience was the most important trait that distinguished entrepreneurs from non-entrepreneurs<a href="#cite_note-32">[32]</a> A 2013 study by Uschi Backes-Gellner of the <a href="/web/20150508142512/http://en.wikipedia.org/wiki/University_of_Zurich" title="University of Zurich">University of Zurich</a> and Petra Moog of the <a href="/web/20150508142512/http://en.wikipedia.org/wiki/University_of_Siegen" title="University of Siegen">University of Siegen</a> in Germany found that a diverse social network was also important in distinguishing students who would go on to become entrepreneurs<a href="#cite_note-33">[33]</a><a href="#cite_note-34">[34]</a> Studies show that the psychological propensities for male and <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Female_entrepreneur" title="Female entrepreneur">female entrepreneurs</a> are more similar than different. <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Empirical_studies" title="Empirical studies" class="mw-redirect">Empirical studies</a> suggest that female entrepreneurs possess strong negotiating skills and consensus-forming abilities.<a href="#cite_note-Entrepreneurship-6">[6]</a> Jesper Sørensen wrote that significant influences on the decision to become an entrepreneur are workplace peers and social composition. Sørensen discovered a correlation between working with former entrepreneurs and how often these individuals become entrepreneurs themselves, compared to those who did not work with entrepreneurs.<a href="#cite_note-sorensen-35">[35]</a> Social composition can influence entrepreneurialism in peers by demonstrating the possibility for success, stimulating a “He can do it, why can’t I?” attitude. As Sørensen stated, “When you meet others who have gone out on their own, it doesn’t seem that crazy.”<a href="#cite_note-sorensen_interview-36">[36]</a> As per Cattell’s personality framework, both personality traits and attitudes are thoroughly investigated by psychologists. However, in case of entrepreneurship research, these notions are employed by academics too, but vaguely. According to Cattell, personality is a system that is related to the environment. He further adds that the system seeks explanation to the complex transactions conducted by both - traits and attitudes. This is because both of them bring about change and growth in a person. So, personality is that which informs what an individual will do when faced with a given situation. Simply put, a person’s response is triggered by his/her personality and the situation faced.<a href="#cite_note-37">[37]</a> Innovative entrepreneurs may be more likely to experience what psychologist, <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Mihaly_Csikszentmihalyi" title="Mihaly Csikszentmihalyi">Mihaly Csikszentmihalyi</a> calls <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Flow_(psychology)" title="Flow (psychology)">flow</a>. Flow occurs when an individual forgets about the outside world given a powerful insight. Csikszentmihalyi suggested that breakthrough innovations occur at the hands of individuals in that state.<a href="#cite_note-38">[38]</a> Other research has concluded that a strong internal motivation is a vital ingredient for breakthrough innovation.<a href="#cite_note-ChristensenJohnson2008-39">[39]</a> Flow can be compared to <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Maria_Montessori" title="Maria Montessori">Maria Montessori</a>'s concept of normalization, a state that includes a child’s capacity for joyful and lengthy periods of intense concentration.<a href="#cite_note-40">[40]</a> Csikszentmihalyi acknowledged that Montessori’s prepared environment offers children opportunities to achieve flow.<a href="#cite_note-41">[41]</a> Thus quality and type of early education may influence entrepreneurial capability. <h2>Project entrepreneurship[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=12" title="Edit section: Project entrepreneurship">edit</a>]</h2> Project entrepreneurs are individuals who are engaged in the repeated assembly of temporary organizations.<a href="#cite_note-Ferriani2009-42">[42]</a> These are organizations that have limited lives devoted to producing a singular objective or goal and get disbanded very rapidly when the project ends. Industries where project-based enterprises are widespread include: music, movies, software, television, construction, and new media.<a href="#cite_note-Faulkner1987-43">[43]</a> What makes project-entrepreneurs distinctive from a theoretical standpoint is that they have to rewire these temporary ventures whenever new project opportunities emerge. As a result, they are exposed repeatedly to problems and tasks typical of the entrepreneurial process.<a href="#cite_note-DeFillippi2004-44">[44]</a> 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 effectively. 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. <h3>Innate ability vs. public perception[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=13" title="Edit section: Innate ability vs. public perception">edit</a>]</h3> Individuals use what is described[<a href="/web/20150508142512/http://en.wikipedia.org/wiki/Wikipedia:Avoid_weasel_words" title="Wikipedia:Avoid weasel words" class="mw-redirect">weasel words</a>] as "an innate ability" or <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Spiral_of_silence#Quasi-statistical_sense" title="Spiral of silence">quasi-statistical sense</a> to gauge <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Public_opinion" title="Public opinion">public opinion</a>.<a href="#cite_note-Miller_2005:278-45">[45]</a> People assume they can sense and figure out what others are thinking.<a href="#cite_note-FOOTNOTEScheufele2007-46">[46]</a>[<a href="/web/20150508142512/http://en.wikipedia.org/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">page needed</a>] <blockquote class="templatequote"> The <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Mass_media" title="Mass media">Mass media</a> play a large part in determining what the dominant opinion is, since our direct observation is limited to a small percentage of the population. The mass media have an enormous impact on how public opinion is portrayed, and can dramatically impact an individual's perception about where public opinion lies, whether or not that portrayal is factual.<a href="#cite_note-Scheufele_and_Moy_1999-47">[47]</a> </blockquote> The ability of entrepreneurs to <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Innovation" title="Innovation">innovate</a> relates to innate traits, including <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Extroversion" title="Extroversion" class="mw-redirect">extroversion</a> and a proclivity for <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Risk-taking" title="Risk-taking" class="mw-redirect">risk-taking</a>.[<a href="/web/20150508142512/http://en.wikipedia.org/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] According to <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Joseph Schumpeter</a>, the capabilities of innovating, introducing new technologies, increasing efficiency and productivity, or generating new products or services, are characteristic qualities of entrepreneurs.[<a href="/web/20150508142512/http://en.wikipedia.org/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] Also, many scholars maintain that entrepreneurship is a matter of genes, and that it is not everyone who can be an entrepreneur.<a href="#cite_note-48">[48]</a> It has, however, been argued that entrepreneurs are not that distinctive; and that it is essentially poor conceptualizations of "non-entrepreneurs" that maintain laudatory portraits of "entrepreneurs." <a href="#cite_note-49">[49]</a><a href="#cite_note-50">[50]</a> <h3>Entrepreneurial styles[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=14" title="Edit section: Entrepreneurial styles">edit</a>]</h3> Differences in entrepreneurial organizations often partially reflect their founders' <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Heterogenous" title="Heterogenous" class="mw-redirect">heterogenous</a> identities. Fauchart and Gruber have classified entrepreneurs into three main types: Darwinians, Communitarians and Missionaries. These types of entrepreneurs diverge in fundamental ways in their self-views, social motivations, and patterns of new firm creation.<a href="#cite_note-51">[51]</a> <h2>Financing[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=15" title="Edit section: Financing">edit</a>]</h2> <h3>Bootstrapping[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=16" title="Edit section: Bootstrapping">edit</a>]</h3> Entrepreneurs may attempt to "<a href="/web/20150508142512/http://en.wikipedia.org/wiki/Bootstrapping_(corporate_finance)" title="Bootstrapping (corporate finance)" class="mw-redirect">bootstrap</a>" a company rather than seeking external <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Investor" title="Investor">investors</a>. One consensus definition of bootstrapping sees it as "a collection of methods used to minimize the amount of outside debt and equity financing needed from banks and investors".<a href="#cite_note-52">[52]</a> Most commonly, entrepreneurs engaging in bootstrapping incur personal <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Credit-card" title="Credit-card" class="mw-redirect">credit-card</a> debt, but they may utilize a wide variety of methods. While bootstrapping involves increased risk for entrepreneurs, the absence of any other <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Stakeholder_(corporate)" title="Stakeholder (corporate)">stakeholder</a> gives the entrepreneur more freedom to develop the company. Many successful companies - including <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Dell" title="Dell">Dell</a> Computer and <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Facebook" title="Facebook">Facebook</a> - started by bootstrapping. Types of bootstrapping include:<a href="#cite_note-NarayananO.27Connor2010-53">[53]</a> <ul> <li>owner financing</li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Sweat_equity" title="Sweat equity">sweat equity</a></li> <li>minimization of <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Accounts_payable" title="Accounts payable">accounts payable</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Joint_utilization&action=edit&redlink=1" class="new" title="Joint utilization (page does not exist)">joint utilization</a></li> <li>delaying payment</li> <li>minimizing inventory</li> <li><a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Subsidy_finance&action=edit&redlink=1" class="new" title="Subsidy finance (page does not exist)">subsidy finance</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Personal_debt" title="Personal debt" class="mw-redirect">personal debt</a></li> </ul> <h3>External financing[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=17" title="Edit section: External financing">edit</a>]</h3> <table class="metadata plainlinks ambox ambox-style ambox-No_footnotes" role="presentation"> <tr> <td class="mbox-image"> <div style="width:52px"><img alt="" src="//web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Text_document_with_red_question_mark.svg/40px-Text_document_with_red_question_mark.svg.png" width="40" height="40" srcset="//web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Text_document_with_red_question_mark.svg/60px-Text_document_with_red_question_mark.svg.png 1.5x, //web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Text_document_with_red_question_mark.svg/80px-Text_document_with_red_question_mark.svg.png 2x" data-file-width="48" data-file-height="48"/></div> </td> <td class="mbox-text">This section includes a <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">list of references</a>, related reading or <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Wikipedia:External_links" title="Wikipedia:External links">external links</a>, but the sources of this section remain unclear because it lacks <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Wikipedia:Citing_sources#Inline_citations" title="Wikipedia:Citing sources">inline citations</a>. Please <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Wikipedia:WikiProject_Fact_and_Reference_Check" title="Wikipedia:WikiProject Fact and Reference Check">improve</a> this article by introducing more precise citations. (July 2014)</td> </tr> </table> Many businesses need more capital than can be provided by the owners themselves, and in this case, a range of options is available including: <ul> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Angel_investor" title="Angel investor">Angel investors</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Venture_capital" title="Venture capital">Venture capital</a> investors.</li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Crowdfunding" title="Crowdfunding">Crowdfunding</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Hedge_fund" title="Hedge fund">Hedge funds</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Alternative_investment" title="Alternative investment">Alternative Asset Management</a></li> </ul> Some of these sources provide not only funds, but also financial oversight, accountability for carrying out tasks and meeting milestones, and in some cases business contacts and experience – in many cases in return for an equity stake. <h2>Predictors of entrepreneurial success[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=18" title="Edit section: Predictors of entrepreneurial success">edit</a>]</h2> Factors that may predict entrepreneurial success include the following:<a href="#cite_note-Shane2008-54">[54]</a> Market <ul> <li>Business-to-business (B2B) model, not business-to-consumer (B2C)</li> <li>High growth market</li> <li>Target customer's missed by others</li> </ul> Industry <ul> <li>Growing industry</li> <li>High technology impact on the industry</li> <li>Low capital intensity</li> <li>Small average incumbent firm size</li> </ul> Team <ul> <li>Large, diverse venture team, not individual entrepreneurs</li> <li>Graduate degrees</li> <li>Management experience</li> <li>Work experience in the start-up industry</li> <li>Employed full-time prior to new venture, as opposed to unemployed</li> <li>Prior successful entrepreneurial experience</li> <li>Full-time involvement in the new venture</li> <li>Motivated by high profits, not independence</li> <li>Number and diversity of individual's social ties</li> </ul> Company <ul> <li>Written business plan</li> <li>Activity focused on a single product or service</li> <li>Competition based on a dimension other than price</li> <li>Early, frequent and intense marketing</li> <li>Tight financial controls</li> <li>$100,000+ start-up capital</li> <li>Corporation, not sole proprietorship</li> </ul> Status <ul> <li>Wealth</li> <li>Dominant Race, Ethnicity, or Gender in a Socially Stratified Culture <a href="#cite_note-55">[55]</a></li> </ul> <h2>Predictors of entrepreneurial failure[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=19" title="Edit section: Predictors of entrepreneurial failure">edit</a>]</h2> <ul> <li>Low Business Acumen, failing to add value in consumers’ lives.</li> </ul> <ul> <li>Jack of all Trade, doing many things okay, but nothing as good as one possibly can.</li> </ul> <ul> <li>Short-sightedness, failing to create long lasting solutions for today’s vices.</li> </ul> <ul> <li>Extravagance, satisfying unnecessary wants and misuse of resources at hand.</li> </ul> <ul> <li>Insecurity, not building an efficient team.<a href="#cite_note-56">[56]</a></li> </ul> <h2>See also[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=20" title="Edit section: See also">edit</a>]</h2> <div class="noprint portal tright" style="border:solid #aaa 1px;margin:0.5em 0 0.5em 1em"> <table style="background:#f9f9f9;font-size:85%;line-height:110%;max-width:175px"> <tr style="vertical-align:middle"> <td style="text-align:center"><a href="/web/20150508142512/http://en.wikipedia.org/wiki/File:Emblem-money.svg" class="image"><img alt="Portal icon" src="//web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/28px-Emblem-money.svg.png" width="28" height="28" class="noviewer" srcset="//web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/42px-Emblem-money.svg.png 1.5x, //web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/56px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48"/></a></td> <td style="padding:0 0.2em;vertical-align:middle;font-style:italic;font-weight:bold"><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Portal:Economics" title="Portal:Economics" class="mw-redirect">Economics portal</a></td> </tr> </table> </div> <table class="metadata mbox-small" style="border:1px solid #aaa;background-color:#f9f9f9"> <tr> <td class="mbox-image"><img alt="Book icon" src="//web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/a/a8/Office-book.svg/30px-Office-book.svg.png" width="30" height="30" srcset="//web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/a/a8/Office-book.svg/45px-Office-book.svg.png 1.5x, //web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/a/a8/Office-book.svg/60px-Office-book.svg.png 2x" data-file-width="48" data-file-height="48"/></td> <td class="mbox-text plainlist"> <ul style="font-weight: bold"> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Book:Entrepreneurship" title="Book:Entrepreneurship">Book: Entrepreneurship</a></li> </ul> </td> </tr> </table> <div class="div-col columns column-count column-count-3" style="-moz-column-count: 3; -webkit-column-count: 3; column-count: 3;"> <ul> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/List_of_entrepreneurs" title="List of entrepreneurs">List of entrepreneurs</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Business_opportunity" title="Business opportunity">Business opportunity</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Corporate_social_entrepreneurship" title="Corporate social entrepreneurship">Corporate social entrepreneurship</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Entrepreneurship_ecosystem" title="Entrepreneurship ecosystem">Entrepreneurship ecosystem</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/University_spin-off" title="University spin-off">University spin-off</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Spiral_of_silence" title="Spiral of silence">Spiral of silence</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Small_Business_Administration" title="Small Business Administration">Small Business Administration</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Business_Administration" title="Business Administration" class="mw-redirect">Business Administration</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Innovation" title="Innovation">Innovation</a></li> </ul> </div> <h2>References[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=21" title="Edit section: References">edit</a>]</h2> <div class="reflist columns references-column-width" style="-moz-column-width: 25em; -webkit-column-width: 25em; column-width: 25em; list-style-type: decimal;"> <ol class="references"> <li id="cite_note-1"><a href="#cite_ref-1">^</a> Shane, Scott Andrew (2000). <a rel="nofollow" class="external text" href="//web.archive.org/web/20150508142512/http://books.google.com/books?id=0FxO_Wsh30kC">A General Theory of Entrepreneurship: The Individual-opportunity Nexus</a>. Edward Elgar Publishing. <a href="/web/20150508142512/http://en.wikipedia.org/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</a> <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Special:BookSources/978-1-78100-799-0" title="Special:BookSources/978-1-78100-799-0">978-1-78100-799-0</a>.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.aufirst=Scott+Andrew&rft.aulast=Shane&rft.au=Shane%2C+Scott+Andrew&rft.btitle=A+General+Theory+of+Entrepreneurship%3A+The+Individual-opportunity+Nexus&rft.date=2000&rft.genre=book&rft_id=%2F%2Fbooks.google.com%2Fbooks%3Fid%3D0FxO_Wsh30kC&rft.isbn=978-1-78100-799-0&rft.pub=Edward+Elgar+Publishing&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"> </li> <li id="cite_note-FOOTNOTEDeakinsFreel2012-2"><a href="#cite_ref-FOOTNOTEDeakinsFreel2012_2-0">^</a> <a href="#CITEREFDeakinsFreel2012">Deakins & Freel 2012</a>.</li> <li id="cite_note-3"><a href="#cite_ref-3">^</a> Johnson, D. P. M. (2005). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150508142512/https://libraries.ucsd.edu/info/resources/glossary-political-economy-terms">"A Glossary of Political Economy Terms, 2005"</a>. Auburn University.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.au=Johnson%2C+D.+P.+M.&rft.aulast=Johnson%2C+D.+P.+M.&rft.btitle=A+Glossary+of+Political+Economy+Terms%2C+2005&rft.date=2005&rft.genre=book&rft_id=https%3A%2F%2Flibraries.ucsd.edu%2Finfo%2Fresources%2Fglossary-political-economy-terms&rft.pub=Auburn+University&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"> </li> <li id="cite_note-4"><a href="#cite_ref-4">^</a> Paul D. Reynolds (30 September 2007). <a rel="nofollow" class="external text" href="//web.archive.org/web/20150508142512/http://books.google.com/books?id=gPBP7oP9-p4C">Entrepreneurship in the United States: The Future Is Now</a>. Springer. <a href="/web/20150508142512/http://en.wikipedia.org/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</a> <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Special:BookSources/978-0-387-45671-3" title="Special:BookSources/978-0-387-45671-3">978-0-387-45671-3</a>.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.aulast=Paul+D.+Reynolds&rft.au=Paul+D.+Reynolds&rft.btitle=Entrepreneurship+in+the+United+States%3A+The+Future+Is+Now&rft.date=30+September+2007&rft.genre=book&rft_id=%2F%2Fbooks.google.com%2Fbooks%3Fid%3DgPBP7oP9-p4C&rft.isbn=978-0-387-45671-3&rft.pub=Springer&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"> </li> <li id="cite_note-5"><a href="#cite_ref-5">^</a> Mark Van Osnabrugge, Robert J. Robinson (2000). Angel Investing. John Wiley & Sons. <a href="/web/20150508142512/http://en.wikipedia.org/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</a> <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Special:BookSources/0-7879-5202-8" title="Special:BookSources/0-7879-5202-8">0-7879-5202-8</a>.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.aulast=Mark+Van+Osnabrugge%2C+Robert+J.+Robinson&rft.au=Mark+Van+Osnabrugge%2C+Robert+J.+Robinson&rft.btitle=Angel+Investing&rft.date=2000&rft.genre=book&rft.isbn=0-7879-5202-8&rft.pub=John+Wiley+%26+Sons&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"> </li> <li id="cite_note-Entrepreneurship-6">^ <a href="#cite_ref-Entrepreneurship_6-0">a</a> <a href="#cite_ref-Entrepreneurship_6-1">b</a> Muljadi, Paul (ed.). <a rel="nofollow" class="external text" href="//web.archive.org/web/20150508142512/http://books.google.com/books?id=eNy7hA-rvOUC">Entrepreneurship</a>. Paul Muljadi.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.btitle=Entrepreneurship&rft.genre=book&rft_id=%2F%2Fbooks.google.com%2Fbooks%3Fid%3DeNy7hA-rvOUC&rft.pub=Paul+Muljadi&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"> </li> <li id="cite_note-7"><a href="#cite_ref-7">^</a> <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Stuart_Crainer" title="Stuart Crainer">Crainer, Stuart</a>; <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Des_Dearlove" title="Des Dearlove">Dearlove, Des</a> (2000). Generation Entrepreneur. FT Press. p. 202.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.au=Crainer%2C+Stuart&rft.au=Dearlove%2C+Des&rft.aufirst=Stuart&rft.aulast=Crainer&rft.btitle=Generation+Entrepreneur&rft.date=2000&rft.genre=book&rft.pages=202&rft.pub=FT+Press&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"> </li> <li id="cite_note-Landstrom2007-8"><a href="#cite_ref-Landstrom2007_8-0">^</a> Landstrom, H. (31 December 2007). <a rel="nofollow" class="external text" href="//web.archive.org/web/20150508142512/http://books.google.com/books?id=oSjccQt5zTsC">Pioneers in Entrepreneurship and Small Business Research</a>. Springer. <a href="/web/20150508142512/http://en.wikipedia.org/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</a> <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Special:BookSources/978-0-387-23633-9" title="Special:BookSources/978-0-387-23633-9">978-0-387-23633-9</a>.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.aufirst=H.&rft.au=Landstrom%2C+H.&rft.aulast=Landstrom&rft.btitle=Pioneers+in+Entrepreneurship+and+Small+Business+Research&rft.date=31+December+2007&rft.genre=book&rft_id=%2F%2Fbooks.google.com%2Fbooks%3Fid%3DoSjccQt5zTsC&rft.isbn=978-0-387-23633-9&rft.pub=Springer&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"> </li> <li id="cite_note-Cantillon.2C_R._1931-9">^ <a href="#cite_ref-Cantillon.2C_R._1931_9-0">a</a> <a href="#cite_ref-Cantillon.2C_R._1931_9-1">b</a> <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Richard_Cantillon" title="Richard Cantillon">Cantillon, Richard</a> (1755). Essai sur la nature du commerce en général. London: MacMillan.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.au=Cantillon%2C+Richard&rft.aufirst=Richard&rft.aulast=Cantillon&rft.btitle=Essai+sur+la+nature+du+commerce+en+g%C3%A9n%C3%A9ral&rft.date=1755&rft.genre=book&rft.place=London&rft.pub=MacMillan&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"> </li> <li id="cite_note-10"><a href="#cite_ref-10">^</a> Stevenson, H.; Jarillo, J. (26 May 2007). Cuervo, Álvaro; Ribeiro, Domingo; Roig, Salvador, eds. <a rel="nofollow" class="external text" href="//web.archive.org/web/20150508142512/http://books.google.com/books?id=2v-aWpdgoPQC&pg=5">A Paradigm of Entrepreneurship: Entrepreneurial Management, in</a>. Entrepreneurship: Concepts, Theory and Perspective (Springer Science Business Media). pp. 5–. <a href="/web/20150508142512/http://en.wikipedia.org/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</a> <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Special:BookSources/978-3-540-48543-8" title="Special:BookSources/978-3-540-48543-8">978-3-540-48543-8</a>.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.atitle=A+Paradigm+of+Entrepreneurship%3A+Entrepreneurial+Management%2C+in&rft.aufirst=H.&rft.au=Jarillo%2C+J.&rft.aulast=Stevenson&rft.au=Stevenson%2C+H.&rft.date=26+May+2007&rft.genre=article&rft_id=%2F%2Fbooks.google.com%2Fbooks%3Fid%3D2v-aWpdgoPQC%26pg%3D5&rft.isbn=978-3-540-48543-8&rft.jtitle=Entrepreneurship%3A+Concepts%2C+Theory+and+Perspective&rft.pages=5-&rft.pub=Springer+Science+Business+Media&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal" class="Z3988"> </li> <li id="cite_note-Landstr.C3.B6m.2C_H._2005-11"><a href="#cite_ref-Landstr.C3.B6m.2C_H._2005_11-0">^</a> • Landström, H. & SpringerLink 2005, Pioneers in entrepreneurship and small business research, Springer Science+Business Media, New York, N.Y.</li> <li id="cite_note-12"><a href="#cite_ref-12">^</a> <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall, Alfred</a>; Guillebaud, C. W. (1961). <a rel="nofollow" class="external text" href="//web.archive.org/web/20150508142512/http://books.google.com/books?id=97iZXwAACAAJ">Principles of Economics. 9th (variorum) Ed</a>. Macmillan.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.aufirst=Alfred&rft.au=Guillebaud%2C+C.+W.&rft.aulast=Marshall&rft.au=Marshall%2C+Alfred&rft.btitle=Principles+of+Economics.+9th+%28variorum%29+Ed&rft.date=1961&rft.genre=book&rft_id=%2F%2Fbooks.google.com%2Fbooks%3Fid%3D97iZXwAACAAJ&rft.pub=Macmillan&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"> </li> <li id="cite_note-13"><a href="#cite_ref-13">^</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150508142512/http://link.springer.com/article/10.1007/s00181-013-0773-7">Rostam-Afschar, D. 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Research Directions 1 (4). <a href="/web/20150508142512/http://en.wikipedia.org/wiki/International_Standard_Serial_Number" title="International Standard Serial Number">ISSN</a> <a rel="nofollow" class="external text" href="//web.archive.org/web/20150508142512/http://www.worldcat.org/issn/2321-5488">2321-5488</a>.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.atitle=Developing+Entrepreneur+Skills+for+Corporate+Work&rft.aufirst=Ashok+Bhanudas&rft.aulast=Navale%2C&rft.au=Navale%2C%2C+Ashok+Bhanudas&rft.date=October+2013&rft.genre=article&rft_id=http%3A%2F%2Fresearchdirection.org%2FUploadArticle%2F48.pdf&rft.issn=2321-5488&rft.issue=4&rft.jtitle=Research+Directions&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.volume=1" class="Z3988"> </li> <li id="cite_note-18"><a href="#cite_ref-18">^</a> Driessen, Martyn P.; Zwart, Peter S. 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Retrieved 1 August 2013.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.atitle=Top+10+Qualities+That+Make+A+Great+Leader&rft.aufirst=Tanya&rft.aulast=Prive&rft.au=Prive%2C+Tanya&rft.date=19+December+2012&rft.genre=article&rft_id=http%3A%2F%2Fwww.forbes.com%2Fsites%2Ftanyaprive%2F2012%2F12%2F19%2Ftop-10-qualities-that-make-a-great-leader&rft.jtitle=Forbes&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal" class="Z3988"> </li> <li id="cite_note-22"><a href="#cite_ref-22">^</a> Cantillon, Richard (1755). Essai sur la Nature du Commerce en Général.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.au=Cantillon%2C+Richard&rft.aufirst=Richard&rft.aulast=Cantillon&rft.btitle=Essai+sur+la+Nature+du+Commerce+en+G%C3%A9n%C3%A9ral&rft.date=1755&rft.genre=book&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"> </li> <li id="cite_note-23"><a href="#cite_ref-23">^</a> Drucker, Peter F. (1985). 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Retrieved 2014-07-29. <q>Bootstrapping has taken on many definitions in the literature, but there has been some recent consensus that it is a collection of methods used to minimize the amount of outside debt and equity financing needed from banks and investors (Winborg and Landstrom, 2001 and Harrison and Mason, 1997).</q><span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.atitle=Bootstrapping+in+small+firms%3A+An+empirical+analysis+of+change+over+time&rft.au=Ebbena%2C+Jay&rft.aufirst=Jay&rft.au=Johnson%2C+Alec&rft.aulast=Ebbena&rft.date=20061&rft.genre=article&rft_id=http%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FS0883902605000662&rft_id=info%3Adoi%2F10.1016%2Fj.jbusvent.2005.06.007&rft.issue=6&rft.jtitle=Journal+of+Business+Venturing&rft.pages=851-865&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.volume=21" class="Z3988">  Check date values in: <code style="color:inherit; border:inherit; padding:inherit;">|date=</code> (<a href="/web/20150508142512/http://en.wikipedia.org/wiki/Help:CS1_errors#bad_date" title="Help:CS1 errors">help</a>)</li> <li id="cite_note-NarayananO.27Connor2010-53"><a href="#cite_ref-NarayananO.27Connor2010_53-0">^</a> Narayanan, V. 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Yale University Press. <a href="/web/20150508142512/http://en.wikipedia.org/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</a> <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Special:BookSources/0-300-15006-7" title="Special:BookSources/0-300-15006-7">0-300-15006-7</a>.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.atitle=7&rft.aulast=Scott+A.+Shane&rft.au=Scott+A.+Shane&rft.btitle=The+Illusions+of+Entrepreneurship%3A+The+Costly+Myths+That+Entrepreneurs%2C+Investors%2C+and+Policy+Makers+Live+By&rft.date=1+October+2008&rft.genre=bookitem&rft_id=http%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DclePgiDAoGQC&rft.isbn=0-300-15006-7&rft.pub=Yale+University+Press&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"> </li> <li id="cite_note-55"><a href="#cite_ref-55">^</a> Perry-Rivers, P. (October 2014). "Stratification, Economic Adversity, and Entrepreneurial Launch: The Converse Effect of Resource Position on Entrepreneurial Strategy". Entrepreneurship Theory & Practice. <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Digital_object_identifier" title="Digital object identifier">doi</a>:<a rel="nofollow" class="external text" href="//web.archive.org/web/20150508142512/http://dx.doi.org/10.1111%2Fetap.12137">10.1111/etap.12137</a>.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.atitle=Stratification%2C+Economic+Adversity%2C+and+Entrepreneurial+Launch%3A+The+Converse+Effect+of+Resource+Position+on+Entrepreneurial+Strategy&rft.aulast=Perry-Rivers%2C+P.&rft.au=Perry-Rivers%2C+P.&rft.date=October+2014&rft.genre=article&rft_id=info%3Adoi%2F10.1111%2Fetap.12137&rft.jtitle=Entrepreneurship+Theory+%26+Practice&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal" class="Z3988"> </li> <li id="cite_note-56"><a href="#cite_ref-56">^</a> <a href="#http:.2F.2Fwww.naijapreneur.com.2Fwhy-entrepreneurs-fail.2F">7 Reasons Why Most Entrepreneurs Fail in Business</a>, Retrieved 17 December 2014.</li> </ol> </div> <h2>Further reading[<a href="/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Entrepreneurship&action=edit&section=22" title="Edit section: Further reading">edit</a>]</h2> <table class="mbox-small plainlinks sistersitebox" style="border:1px solid #aaa;background-color:#f9f9f9"> <tr> <td class="mbox-image"><img alt="" src="//web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/d/df/Wikibooks-logo-en-noslogan.svg/40px-Wikibooks-logo-en-noslogan.svg.png" width="40" height="40" srcset="//web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/d/df/Wikibooks-logo-en-noslogan.svg/60px-Wikibooks-logo-en-noslogan.svg.png 1.5x, //web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/d/df/Wikibooks-logo-en-noslogan.svg/80px-Wikibooks-logo-en-noslogan.svg.png 2x" data-file-width="400" data-file-height="400"/></td> <td class="mbox-text plainlist">Wikibooks has a book on the topic of: <a href="//web.archive.org/web/20150508142512/http://en.wikibooks.org/wiki/Entrepreneurship" class="extiw" title="wikibooks:Entrepreneurship">Entrepreneurship</a></td> </tr> </table> <ul> <li>Deakins, D.; Freel, M. S. (2009). "Entrepreneurial activity, the economy and the importance of small firms". <a rel="nofollow" class="external text" href="//web.archive.org/web/20150508142512/http://books.google.com/books?id=jXzNngEACAAJ">Entrepreneurship and small firms</a>. McGraw-Hill Education. <a href="/web/20150508142512/http://en.wikipedia.org/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</a> <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Special:BookSources/978-0-07-712162-4" title="Special:BookSources/978-0-07-712162-4">978-0-07-712162-4</a>.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.atitle=Entrepreneurial+activity%2C+the+economy+and+the+importance+of+small+firms&rft.au=Deakins%2C+D.&rft.aufirst=D.&rft.au=Freel%2C+M.+S.&rft.aulast=Deakins&rft.btitle=Entrepreneurship+and+small+firms&rft.date=2009&rft.genre=bookitem&rft_id=%2F%2Fbooks.google.com%2Fbooks%3Fid%3DjXzNngEACAAJ&rft.isbn=978-0-07-712162-4&rft.pub=McGraw-Hill+Education&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"> </li> <li>Dana, Leo Paul 2010, "Nunavik, Arctic Quebec: Where Co-operatives Supplement Entrepreneurship," Global Business and Economics Review 12 (1/2), January 2010, pp. 42–71.</li> <li>James W. Halloran. (2014). Your Small Business Adventure: Finding Your Niche and Growing a Successful Business. ALA/Huron Street Press. <a href="/web/20150508142512/http://en.wikipedia.org/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</a> <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Special:BookSources/978-1-937589-44-8" title="Special:BookSources/978-1-937589-44-8">978-1-937589-44-8</a>.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.au=James+W.+Halloran.&rft.aulast=James+W.+Halloran.&rft.btitle=Your+Small+Business+Adventure%3A+Finding+Your+Niche+and+Growing+a+Successful+Business&rft.date=2014&rft.genre=book&rft.isbn=978-1-937589-44-8&rft.pub=ALA%2FHuron+Street+Press&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"> </li> <li>Minniti, M.; Moren, L. (2010). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150508142512/http://econpapers.repec.org/article/eeejbvent/v_3a25_3ay_3a2010_3ai_3a3_3ap_3a305-314.htm">"Entrepreneurial types and economic growth"</a>. Journal of Business Venturing 25 (3): 305–314. <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Digital_object_identifier" title="Digital object identifier">doi</a>:<a rel="nofollow" class="external text" href="//web.archive.org/web/20150508142512/http://dx.doi.org/10.1016%2Fj.jbusvent.2008.10.002">10.1016/j.jbusvent.2008.10.002</a>.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.atitle=Entrepreneurial+types+and+economic+growth&rft.aufirst=M.&rft.aulast=Minniti&rft.au=Minniti%2C+M.&rft.au=Moren%2C+L.&rft.date=2010&rft.genre=article&rft_id=http%3A%2F%2Feconpapers.repec.org%2Farticle%2Feeejbvent%2Fv_3a25_3ay_3a2010_3ai_3a3_3ap_3a305-314.htm&rft_id=info%3Adoi%2F10.1016%2Fj.jbusvent.2008.10.002&rft.issue=3&rft.jtitle=Journal+of+Business+Venturing&rft.pages=305-314&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.volume=25" class="Z3988"> </li> <li>Shane, S.; Venkataraman, S. (2000). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150508142512/http://www.jstor.org/pss/259271">"The Promise of Entrepreneurship as A Field of Research"</a>. Academy of Management Review 25 (1): 217–226. <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Digital_object_identifier" title="Digital object identifier">doi</a>:<a rel="nofollow" class="external text" href="//web.archive.org/web/20150508142512/http://dx.doi.org/10.5465%2Famr.2000.2791611">10.5465/amr.2000.2791611</a>.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.atitle=The+Promise+of+Entrepreneurship+as+A+Field+of+Research&rft.aufirst=S.&rft.aulast=Shane&rft.au=Shane%2C+S.&rft.au=Venkataraman%2C+S.&rft.date=2000&rft.genre=article&rft_id=http%3A%2F%2Fwww.jstor.org%2Fpss%2F259271&rft_id=info%3Adoi%2F10.5465%2Famr.2000.2791611&rft.issue=1&rft.jtitle=Academy+of+Management+Review&rft.pages=217-226&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.volume=25" class="Z3988"> </li> <li>Shane, S. (2013). "The genetics of entrepreneurial performance". International Small Business Journal 31 (5): 473–495. <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Digital_object_identifier" title="Digital object identifier">doi</a>:<a rel="nofollow" class="external text" href="//web.archive.org/web/20150508142512/http://dx.doi.org/10.1177%2F0266242613485767">10.1177/0266242613485767</a>.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.atitle=The+genetics+of+entrepreneurial+performance&rft.aufirst=S.&rft.aulast=Shane&rft.au=Shane%2C+S.&rft.date=2013&rft.genre=article&rft_id=info%3Adoi%2F10.1177%2F0266242613485767&rft.issue=5&rft.jtitle=International+Small+Business+Journal&rft.pages=473-495&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.volume=31" class="Z3988">  <a class="external text" href="//web.archive.org/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Template:Cite_doi/10.1177.2F0266242613485767&action=edit&editintro=Template:Cite_doi/editintro2">edit</a></li> <li>Blackburn, Robert (2008). "Small Business and Entrepreneurship". <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Digital_object_identifier" title="Digital object identifier">doi</a>:<a rel="nofollow" class="external text" href="//web.archive.org/web/20150508142512/http://dx.doi.org/10.4135%2F9781446263433">10.4135/9781446263433</a>.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.au=Blackburn%2C+Robert&rft.aufirst=Robert&rft.aulast=Blackburn&rft.btitle=Small+Business+and+Entrepreneurship&rft.date=2008&rft.genre=book&rft_id=info%3Adoi%2F10.4135%2F9781446263433&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988">  <a class="external text" href="//web.archive.org/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Template:Cite_doi/10.4135.2F9781446263433&action=edit&editintro=Template:Cite_doi/editintro2">edit</a></li> <li>Zahra, Shaker A. (2009). "A typology of social entrepreneurs: Motives, search processes and ethical challenges". Journal of Business Venturing 24 (5): 519–532. <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Digital_object_identifier" title="Digital object identifier">doi</a>:<a rel="nofollow" class="external text" href="//web.archive.org/web/20150508142512/http://dx.doi.org/10.1016%2Fj.jbusvent.2008.04.007">10.1016/j.jbusvent.2008.04.007</a>.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.atitle=A+typology+of+social+entrepreneurs%3A+Motives%2C+search+processes+and+ethical+challenges&rft.aufirst=Shaker+A.&rft.aulast=Zahra&rft.au=Zahra%2C+Shaker+A.&rft.date=2009&rft.genre=article&rft_id=info%3Adoi%2F10.1016%2Fj.jbusvent.2008.04.007&rft.issue=5&rft.jtitle=Journal+of+Business+Venturing&rft.pages=519-532&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.volume=24" class="Z3988">  <a class="external text" href="//web.archive.org/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Template:Cite_doi/10.1016.2Fj.jbusvent.2008.04.007&action=edit&editintro=Template:Cite_doi/editintro2">edit</a></li> <li>Duening, Thomas N.; Hisrich, Robert A.; Lechter, Michael A. (21 October 2009). <a rel="nofollow" class="external text" href="//web.archive.org/web/20150508142512/http://books.google.com/books?id=747tKaSdtgkC">Technology Entrepreneurship: Creating, Capturing, and Protecting Value</a>. Academic Press. <a href="/web/20150508142512/http://en.wikipedia.org/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</a> <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Special:BookSources/978-0-08-092288-1" title="Special:BookSources/978-0-08-092288-1">978-0-08-092288-1</a>.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.au=Duening%2C+Thomas+N.&rft.aufirst=Thomas+N.&rft.au=Hisrich%2C+Robert+A.&rft.aulast=Duening&rft.au=Lechter%2C+Michael+A.&rft.btitle=Technology+Entrepreneurship%3A+Creating%2C+Capturing%2C+and+Protecting+Value&rft.date=21+October+2009&rft.genre=book&rft_id=%2F%2Fbooks.google.com%2Fbooks%3Fid%3D747tKaSdtgkC&rft.isbn=978-0-08-092288-1&rft.pub=Academic+Press&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"> </li> <li>Lundstrom, Anders; Stevenson, Lois A. (30 March 2005). <a rel="nofollow" class="external text" href="//web.archive.org/web/20150508142512/http://books.google.com/books?id=4Wkr2h4xqMEC">Entrepreneurship Policy: Theory and Practice</a>. Springer. <a href="/web/20150508142512/http://en.wikipedia.org/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</a> <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Special:BookSources/978-0-387-24140-1" title="Special:BookSources/978-0-387-24140-1">978-0-387-24140-1</a>.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.aufirst=Anders&rft.aulast=Lundstrom&rft.au=Lundstrom%2C+Anders&rft.au=Stevenson%2C+Lois+A.&rft.btitle=Entrepreneurship+Policy%3A+Theory+and+Practice&rft.date=30+March+2005&rft.genre=book&rft_id=%2F%2Fbooks.google.com%2Fbooks%3Fid%3D4Wkr2h4xqMEC&rft.isbn=978-0-387-24140-1&rft.pub=Springer&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"> </li> <li>Swedberg, Richard (1998). <a rel="nofollow" class="external text" href="//web.archive.org/web/20150508142512/http://books.google.com/books?id=pu1DpwAACAAJ">Entrepreneurship: The Social Science View</a>. Stockholm University.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.aufirst=Richard&rft.aulast=Swedberg&rft.au=Swedberg%2C+Richard&rft.btitle=Entrepreneurship%3A+The+Social+Science+View&rft.date=1998&rft.genre=book&rft_id=%2F%2Fbooks.google.com%2Fbooks%3Fid%3Dpu1DpwAACAAJ&rft.pub=Stockholm+University&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"> </li> <li>Leitão, João; Baptista, Rui (10 June 2009). <a rel="nofollow" class="external text" href="//web.archive.org/web/20150508142512/http://books.google.com/books?id=YkVF7Jr_KwkC">Public Policies for Fostering Entrepreneurship: A European Perspective</a>. Springer Science Business Media. <a href="/web/20150508142512/http://en.wikipedia.org/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</a> <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Special:BookSources/978-1-4419-0249-8" title="Special:BookSources/978-1-4419-0249-8">978-1-4419-0249-8</a>.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.au=Baptista%2C+Rui&rft.aufirst=Jo%C3%A3o&rft.aulast=Leit%C3%A3o&rft.au=Leit%C3%A3o%2C+Jo%C3%A3o&rft.btitle=Public+Policies+for+Fostering+Entrepreneurship%3A+A+European+Perspective&rft.date=10+June+2009&rft.genre=book&rft_id=%2F%2Fbooks.google.com%2Fbooks%3Fid%3DYkVF7Jr_KwkC&rft.isbn=978-1-4419-0249-8&rft.pub=Springer+Science++Business+Media&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"> </li> <li>Sobel, Russell S. (2008). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150508142512/http://www.econlib.org/library/Enc/Entrepreneurship.html">"Entrepreneurship"</a>. In <a href="/web/20150508142512/http://en.wikipedia.org/wiki/David_R._Henderson" title="David R. Henderson">David R. Henderson</a> (ed.). <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Concise_Encyclopedia_of_Economics" title="Concise Encyclopedia of Economics" class="mw-redirect">Concise Encyclopedia of Economics</a> (2nd ed.). Indianapolis: <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Library_of_Economics_and_Liberty" title="Library of Economics and Liberty">Library of Economics and Liberty</a>. <a href="/web/20150508142512/http://en.wikipedia.org/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</a> <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Special:BookSources/978-0-86597-665-8" title="Special:BookSources/978-0-86597-665-8">978-0-86597-665-8</a>. <a href="/web/20150508142512/http://en.wikipedia.org/wiki/OCLC" title="OCLC">OCLC</a> <a rel="nofollow" class="external text" href="//web.archive.org/web/20150508142512/http://www.worldcat.org/oclc/237794267">237794267</a>.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.atitle=Entrepreneurship&rft.aufirst=Russell+S.&rft.aulast=Sobel&rft.au=Sobel%2C+Russell+S.&rft.btitle=Concise+Encyclopedia+of+Economics&rft.date=2008&rft.edition=2nd&rft.genre=bookitem&rft_id=http%3A%2F%2Fwww.econlib.org%2Flibrary%2FEnc%2FEntrepreneurship.html&rft_id=info%3Aoclcnum%2F237794267&rft.isbn=978-0-86597-665-8&rft.place=Indianapolis&rft.pub=Library+of+Economics+and+Liberty&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"> </li> <li>Bowman, Erik (July 2011). <a rel="nofollow" class="external text" href="//web.archive.org/web/20150508142512/http://books.google.com/books?id=_-ewZwEACAAJ">Entrepreneur Training Manual, Third Edition: Certified Entrepreneur Workbook</a>. Guanzi Institute Press. <a href="/web/20150508142512/http://en.wikipedia.org/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</a> <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Special:BookSources/978-0-9837862-9-0" title="Special:BookSources/978-0-9837862-9-0">978-0-9837862-9-0</a>.<span title="ctx_ver=Z39.88-2004&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEntrepreneurship&rft.au=Bowman%2C+Erik&rft.aufirst=Erik&rft.aulast=Bowman&rft.btitle=Entrepreneur+Training+Manual%2C+Third+Edition%3A+Certified+Entrepreneur+Workbook&rft.date=July+2011&rft.genre=book&rft_id=%2F%2Fbooks.google.com%2Fbooks%3Fid%3D_-ewZwEACAAJ&rft.isbn=978-0-9837862-9-0&rft.pub=Guanzi+Institute+Press&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook" class="Z3988"> </li> </ul> <table class="navbox" style="border-spacing:0"> <tr> <td style="padding:2px"> <table class="nowraplinks hlist collapsible collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"> <tr> <th scope="col" class="navbox-title" colspan="3"> <div class="plainlinks hlist navbar mini"> <ul> <li class="nv-view"><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Template:Private_equity_and_venture_capital" title="Template:Private equity and venture capital">v</a></li> <li class="nv-talk"><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Template_talk:Private_equity_and_venture_capital" title="Template talk:Private equity and venture capital">t</a></li> <li class="nv-edit"><a class="external text" href="//web.archive.org/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Template:Private_equity_and_venture_capital&action=edit">e</a></li> </ul> </div> <div style="font-size:110%"><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Private_equity" title="Private equity">Private equity</a> and <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Venture_capital" title="Venture capital">venture capital</a></div> </th> </tr> <tr style="height:2px"> <td colspan="2"></td> </tr> <tr> <th scope="row" class="navbox-group">Basic investment types</th> <td class="navbox-list navbox-odd" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px"> <div style="padding:0em 0.25em"> <ul> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Leveraged_buyout" title="Leveraged buyout">Buyout</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Venture_capital" title="Venture capital">Venture</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Growth_capital" title="Growth capital">Growth</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Private_equity_secondary_market" title="Private equity secondary market">Secondaries</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Equity_co-investment" title="Equity co-investment">Equity co-investment</a></li> </ul> </div> </td> <td class="navbox-image" rowspan="9" style="width:0%;padding:0px 0px 0px 2px"> <div><a href="/web/20150508142512/http://en.wikipedia.org/wiki/File:Chicklet-currency.jpg" class="image"><img alt="Chicklet-currency.jpg" src="//web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Chicklet-currency.jpg/90px-Chicklet-currency.jpg" width="90" height="81" srcset="//web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Chicklet-currency.jpg/135px-Chicklet-currency.jpg 1.5x, //web.archive.org/web/20150508142512im_/http://upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Chicklet-currency.jpg/180px-Chicklet-currency.jpg 2x" data-file-width="279" data-file-height="250"/></a></div> </td> </tr> <tr style="height:2px"> <td colspan="2"></td> </tr> <tr> <th scope="row" class="navbox-group"><a href="/web/20150508142512/http://en.wikipedia.org/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">History</a></th> <td class="navbox-list navbox-even" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px"> <div style="padding:0em 0.25em"> <ul> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">History of private equity and venture capital</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Early_history_of_private_equity" title="Early history of private equity">Early history of private equity</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Private_equity_in_the_1980s" title="Private equity in the 1980s">Private equity in the 1980s</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Private_equity_in_the_1990s" title="Private equity in the 1990s">Private equity in the 1990s</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Private_equity_in_the_2000s" title="Private equity in the 2000s">Private equity in the 2000s</a></li> </ul> </div> </td> </tr> <tr style="height:2px"> <td colspan="2"></td> </tr> <tr> <th scope="row" class="navbox-group">Terms and concepts</th> <td class="navbox-list navbox-odd" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px"> <div style="padding:0em 0.25em"></div> <table class="nowraplinks navbox-subgroup" style="border-spacing:0"> <tr> <th scope="row" class="navbox-group" style="padding-left:0;padding-right:0;"> <div style="padding:0em 0.75em;"><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Leveraged_buyout" title="Leveraged buyout">Buyout</a></div> </th> <td class="navbox-list navbox-odd" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px"> <div style="padding:0em 0.25em"> <ul> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Financial_sponsor" title="Financial sponsor">Financial sponsor</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Management_buyout" title="Management buyout">Management buyout</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Divisional_buyout" title="Divisional buyout">Divisional buyout</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Buy%E2%80%93sell_agreement" title="Buy–sell agreement">Buy–sell agreement</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Dividend_recapitalization" title="Dividend recapitalization">Dividend recapitalization</a></li> </ul> </div> </td> </tr> <tr style="height:2px"> <td colspan="2"></td> </tr> <tr> <th scope="row" class="navbox-group" style="padding-left:0;padding-right:0;"> <div style="padding:0em 0.75em;"><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Venture_capital" title="Venture capital">Venture</a></div> </th> <td class="navbox-list navbox-even" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px"> <div style="padding:0em 0.25em"> <ul> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Business_incubator" title="Business incubator">Business incubator</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Post-money_valuation" title="Post-money valuation">Post-money valuation</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Pre-money_valuation" title="Pre-money valuation">Pre-money valuation</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Seed_money" title="Seed money">Seed money</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Startup_company" title="Startup company">Startup company</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Venture_capital_financing" title="Venture capital financing">Venture capital financing</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Venture_debt" title="Venture debt">Venture debt</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Venture_round" title="Venture round">Venture round</a></li> </ul> </div> </td> </tr> <tr style="height:2px"> <td colspan="2"></td> </tr> <tr> <th scope="row" class="navbox-group" style="padding-left:0;padding-right:0;"> <div style="padding:0em 0.75em;">Structure</div> </th> <td class="navbox-list navbox-odd" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px"> <div style="padding:0em 0.25em"> <ul> <li>Private equity firms and <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Private_equity_fund" title="Private equity fund">funds</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Limited_partnership" title="Limited partnership">Limited partnership</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Limited_liability_company" title="Limited liability company">Limited liability company</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Carried_interest" title="Carried interest">Carried interest</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Management_fee" title="Management fee">Management fee</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Publicly_traded_private_equity" title="Publicly traded private equity">Publicly traded private equity</a> <ul> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Business_Development_Company" title="Business Development Company">Business Development Company</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Venture_capital_trust" title="Venture capital trust">Venture capital trust</a></li> </ul> </li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Private_investment_in_public_equity" title="Private investment in public equity">Private investment in public equity (PIPE)</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Pledge_fund" title="Pledge fund">Pledge fund</a></li> </ul> </div> </td> </tr> </table> </td> </tr> <tr style="height:2px"> <td colspan="2"></td> </tr> <tr> <th scope="row" class="navbox-group">Investors</th> <td class="navbox-list navbox-even" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px"> <div style="padding:0em 0.25em"> <ul> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Corporate_venture_capital" title="Corporate venture capital">Corporations</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Institutional_investor" title="Institutional investor">Institutional investors</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Pension_fund" title="Pension fund">Pension funds</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Insurance#Insurance_companies" title="Insurance">Insurance companies</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Financial_endowment" title="Financial endowment">Endowments</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Private_foundation" title="Private foundation">Foundations</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Investment_banking" title="Investment banking">Investment banks</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Merchant_bank" title="Merchant bank">Merchant banks</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Commercial_bank" title="Commercial bank">Commercial banks</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/High-net-worth_individual" title="High-net-worth individual">High-net-worth individuals</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Family_office" title="Family office">Family offices</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">Sovereign wealth funds</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Crowdfunding" title="Crowdfunding">Crowdfunding</a></li> </ul> </div> </td> </tr> <tr style="height:2px"> <td colspan="2"></td> </tr> <tr> <th scope="row" class="navbox-group">Related financial terms</th> <td class="navbox-list navbox-odd" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px"> <div style="padding:0em 0.25em"> <ul> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Assets_under_management" title="Assets under management">AUM</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Capitalization_table" title="Capitalization table">Cap table</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Capital_call" title="Capital call">Capital call</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Capital_commitment" title="Capital commitment">Capital commitment</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Distribution_waterfall" title="Distribution waterfall">Distribution waterfall</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Earnings_before_interest,_taxes,_depreciation_and_amortization" title="Earnings before interest, taxes, depreciation and amortization" class="mw-redirect">EBITDA</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Envy_ratio" title="Envy ratio">Envy ratio</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Initial_public_offering" title="Initial public offering">IPO</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Internal_rate_of_return" title="Internal rate of return">IRR</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">M&A</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Public_Market_Equivalent" title="Public Market Equivalent">PME</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Taxation_of_private_equity_and_hedge_funds" title="Taxation of private equity and hedge funds">Taxation of private equity and hedge funds</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Undercapitalization" title="Undercapitalization">Undercapitalization</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Vintage_year" title="Vintage year">Vintage year</a></li> </ul> </div> </td> </tr> <tr style="height:2px"> <td colspan="2"></td> </tr> <tr> <td class="navbox-abovebelow" colspan="3"> <div> <ul> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Category:Private_equity_and_venture_capital_investors" title="Category:Private equity and venture capital investors">Private equity and venture capital investors</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Category:Private_equity_firms" title="Category:Private equity firms">Private equity firms</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Category:Venture_capital_firms" title="Category:Venture capital firms">Venture capital firms</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Category:Angel_investors" title="Category:Angel investors">Angel investors</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Category:Private_equity_portfolio_companies" title="Category:Private equity portfolio companies">Portfolio companies</a></li> </ul> </div> </td> </tr> </table> </td> </tr> </table> <table class="navbox" style="border-spacing:0"> <tr> <td style="padding:2px"> <table class="nowraplinks collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"> <tr> <th scope="col" class="navbox-title" colspan="2"> <div class="plainlinks hlist navbar mini"> <ul> <li class="nv-view"><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Template:Aspects_of_capitalism" title="Template:Aspects of capitalism">v</a></li> <li class="nv-talk"><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Template_talk:Aspects_of_capitalism" title="Template talk:Aspects of capitalism">t</a></li> <li class="nv-edit"><a class="external text" href="//web.archive.org/web/20150508142512/http://en.wikipedia.org/w/index.php?title=Template:Aspects_of_capitalism&action=edit">e</a></li> </ul> </div> <div style="font-size:110%">Aspects of <a href="/web/20150508142512/http://en.wikipedia.org/wiki/Capitalism" title="Capitalism">capitalism</a> (<a href="/web/20150508142512/http://en.wikipedia.org/wiki/Academic_perspectives_on_capitalism" title="Academic perspectives on capitalism">Academic views</a>)</div> </th> </tr> <tr style="height:2px"> <td colspan="2"></td> </tr> <tr> <th scope="row" class="navbox-group">General</th> <td class="navbox-list navbox-odd hlist" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px"> <div style="padding:0em 0.25em"> <ul> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Competition_(economics)" title="Competition (economics)">Competition</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Economic_bubble" title="Economic bubble">Economic bubble</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Economic_development" title="Economic development">Economic development</a></li> <li>Entrepreneurship</li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Globalization" title="Globalization">Globalization</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Industrial_Revolution" title="Industrial Revolution">Industrial Revolution</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Innovation" title="Innovation">Innovation</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Invention" title="Invention">Invention</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Market_failure" title="Market failure">Market failure</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Meritocracy" title="Meritocracy">Merit</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Multinational_corporation" title="Multinational corporation">Multinational corporation</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Oligopoly" title="Oligopoly">Oligopoly</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Privatization" title="Privatization">Privatization</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Property_rights_(economics)" title="Property rights (economics)">Property rights</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Regulation" title="Regulation">Regulation</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Wage_labour" title="Wage labour">Wage labour</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Wealth" title="Wealth">Wealth</a></li> </ul> </div> </td> </tr> <tr style="height:2px"> <td colspan="2"></td> </tr> <tr> <th scope="row" class="navbox-group">Ideology</th> <td class="navbox-list navbox-even hlist" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px"> <div style="padding:0em 0.25em"> <ul> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/American_Dream" title="American Dream">American Dream</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Bipartisanship" title="Bipartisanship">Bipartisanship</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Democracy" title="Democracy">Democracy</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Free_market" title="Free market">Free market</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Individualism" title="Individualism">Individualism</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Laissez-faire" title="Laissez-faire">Laissez-faire</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Libertarianism" title="Libertarianism">Libertarianism</a></li> </ul> </div> </td> </tr> <tr style="height:2px"> <td colspan="2"></td> </tr> <tr> <th scope="row" class="navbox-group">Cultural aspects</th> <td class="navbox-list navbox-odd hlist" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px"> <div style="padding:0em 0.25em"> <ul> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Advertising" title="Advertising">Advertising</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Consumerism" title="Consumerism">Consumerism</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Decentralization" title="Decentralization">Decentralization</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Economic_mobility" title="Economic mobility">Economic mobility</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Liberty" title="Liberty">Liberty</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Mainstream" title="Mainstream">Mainstream</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Philanthropy" title="Philanthropy">Philanthropy</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Private_foundation" title="Private foundation">Private foundation</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Rule_of_law#In_relation_to_economics" title="Rule of law">Rule of law</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Social_alienation" title="Social alienation">Social alienation</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Spontaneous_order" title="Spontaneous order">Spontaneous order</a></li> </ul> </div> </td> </tr> <tr style="height:2px"> <td colspan="2"></td> </tr> <tr> <th scope="row" class="navbox-group">Social aspects</th> <td class="navbox-list navbox-even hlist" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px"> <div style="padding:0em 0.25em"> <ul> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Economic_inequality" title="Economic inequality">Economic inequality</a></li> <li><a href="/web/20150508142512/http://en.wikipedia.org/wiki/Employment" title="Employment">Employment</a></li> <li><a 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