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2.3 Entrepreneurship Essay

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2.3 Entrepreneurship
Entrepreneurship is a complex phenomenon which is used in three one-dimensional concepts; the entrepreneurial individual, the entrepreneurial phenomenon and the firm. Various authors define entrepreneurship as an economic phenomenon that can help an organisation in developing those products or services which did not exist before (Gartner, 1985; Solymossy, 1998).
Solymossy (1998) presents a model of entrepreneurship which is based in the three elements; the environmental influence, the characteristics of the firm and the individual’s attitudinal orientation. The environment consists of four dimensions, namely turbulence, hostility, complexity and generosity while the firm’s characteristics comprises of the firm’s competitive …show more content…

Various authors agree that there is neither comprehensive literature nor any empirical research on BSC for small businesses and startups (Andersen, Cobbold & Lawrie, 2001; Afonso & Cunha, 2010; Hakola, 2010; Rompho, 2011; Giannopoulos, Holt, Khansalar & Cleanthous, 2013; Watts, Baard & McNair, 2009).

However, Andersen, Cobbold & Lawrie, (2001) claim that there are various strategic management issues which are very similar in small organizations as well as in large organizations such as the need of direction from the seniors, Focus and ability to prioritise and the balance between long term planning and short term operational measures. Also, they list understanding of the business model of the company to do the “right things”, flexibility to integrate new knowledge in the operational and strategic processes and the need for the identification, implementation and achievement of strategic

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