On Some of the Misconceptions about Entrepreneurship

Notes and References

Notes and References

[1] Business schools tend to employ a narrative of positivism about entrepreneurship within a spirit of optimism, painting a picture of an entrepreneur as a ‘mythical person’ with exceptional qualities that can be reproduced over and over again. See: Steyaert, C. (2007), of course that is not the whole (toy) story: entrepreneurship and the cat’s cradle, Journal of Business Venturing, Vol. 22, pp. 733-751. Entrepreneurship is framed in a way that can deal with all societal problems that individuals need to deal with through a new social entity called the entrepreneurial self. See: du Gay, P. (2004), Against ‘Enterprise’ (but not against ‘enterprise’, for that would make no sense), Organization, Vol. 11, pp. 37-57.

[2] Entrepreneurship is suggested as the engine of growth for an economy. There is a great amount of literature on entrepreneurship and regional where much of it claims that entrepreneurship, 1) promotes capital formation, 2) creates regional development, 3) promotes balanced regional development, 4) reduces the concentration of economic power, 5) creates wealth and distributes it more evenly, 6) increases gross national product and per capita incomes, 7) induces backward and forward linkages, 8) facilitates overall development, and 9) acts as a catalytic agent for change. Audretsch, D., B., Keilbach, M., C., & Lehmann, E.,E., (2006), Entrepreneurship and Economic Growth, Oxford, Oxford University Press, Miles, R., E., Miles, G., & Snow, C., C., (2005), Collaborative Entrepreneurship: How Communities of networked Firms Use Continuous Innovation to create Economic Wealth, Palo Alto, CA, Stanford University Press.

[3] Shane, S., (2008), The Illusions of Entrepreneurship: The costly myths that entrepreneurs, investors, and policy makers live by, New Haven, Yale University Press.

[4] An entrepreneurial mindset could be made up of a number of socio-psycho factors which influence opportunity recognition and behavior. These facets or personal paradigms include a person’s alertness, motivation, prior knowledge, strategic outlook, creativity, propensity to action, talents and abilities, and interpersonal skills. These are interrelated to a person’s sense of self, ego, encoded assumptions, beliefs, and values, expectations, goals, and other restraints. These facets will be influenced by external events, perceptions, feedback from current actions, and motivational triggers based upon the strength of the gap between a person’s present situation and vision. For a deeper explanation see: Hunter, M. (2012), Opportunity, Strategy, & Entrepreneurship: A Meta-Theory, Vol. 1, New York, Nova Scientific Publishers, pp. 322-327.

[5] Peter Drucker describes entrepreneurship as a behavior due to the inability of personality traits to accurately describe an entrepreneur. See: Drucker, P., F., (1984), Innovation & Entrepreneurship, New York, Harper Business, P. 26.

[6] It is not uncommon for shareholders to dismiss a founder CEO from his/her position, even where the company was formed from this person’s ideas and they were responsible for the company’s early successes. One example is in Australia where Jim Penman, the founder of the highly successful Jim’s Mowing Group, which owned 28 different franchises, faced being forced out of the company through a franchisee referendum, resulting from a class action.

[7] This can be clearly seen in countries like Australia, New Zealand, Britain, Italy, US Congress majorities and the Presidency. In East Asia the KMT Government was defeated a few years ago by the opposition, only to return again in another election. In Japan the LDP Government which ruled for the last 50 years was defeated by the opposition.

[8] Bardwick. J. M. (1995). Danger in the Comfort Zone: From the Boardroom to the Mailroom – How to Break the Entitlement Habit That’s Killing American business, New York, American Management Association, P. 25.

[9] Bardwick ibid., (P. 27) explains pseudowork as forming committees to examine issues, holding meetings, where the appearance of being busy is all that is important. Long reports which nobody reads are prepared and follow up rarely occurs. People lose sight of what is important and success in the marketplace is of secondary importance. Pseudowork is preoccupied with meeting schedules, rules and procedures.

[10] Bardwick ibid., P. 41.

[11] Kotter, J. (2008). A Sense of Urgency, Boston, Harvard Business Press.

[12] Foster and Kaplan showed in their study, the turnover rate of S&P companies is nearly 10% where a firm may survive in the S&P 500 list for no more than 10 years. Therefore by 2020 around 75% of companies on the S&P list will consist of companies we don’t know today. These will be new companies that have aligned themselves with newly discovered opportunities. Thus competitive advantage in an industry will depend upon how well a company’s goals, strategies, networks, organization and business models, skills, competencies and technologies and resources are aligned with the identified opportunity. Older companies formed around an opportunity identified in the past will tend to be aligned with that past opportunity. But the opportunity itself slowly drifts as consumer tastes evolve, demographics change, and technologies evolve, etc. Foster, R. and Kaplan, S. (2001). Creative Destruction, New York, Currency.

[13] Markets and industries are changing so rapidly that 40% of the Fortune 500 companies that existed in 1975 do not exist in 1995. Griffin, A., (1997), The Drivers of NPD Success: The PDMA Report, Chicago, Product Development & Management Association.

[14] On average, new products (those introduced into the market within the last 5 years) represent 33% of a company’s sales. In some markets, mobile phones, televisions, white goods, automobiles, etc., this figure is 100%. Foster, R., N., (2000), ‘Managing Technological Innovation for the Next 25 Years’, Research-Technology Management, 43, 1., Jan/Feb., P. 20.

[15] Drucker, P., F., (1984), op. cit.

[16] Johnson, D. and Tilley, F., (1999), ‘HEI and SME Linkages: Recommendations for the Future’, International Small Business Journal, Vol. 17., No. 4., pp. 66-81.

[17] Kelley, D., D., J., Singer, S., & Herrington, M., (2012), Global Entrepreneurship Monitor 2011 Global Report, Global Entrepreneurship Research Association, P. 18, http://www.gemconsortium.org/docs/download/2201

[18] Kelley, D., D., J., Singer, S., & Herrington, M., (2012), ibid., P. 20.

[19] Pratt, J. (2000), Homebased Business: The Hidden Economy, Small Business Summary, (Reported in Shane, S., (2008), op. cit. P. 68.).

[20] Wang, C., Walker, E., A., Redmond, J., & Breen, J., (2008), Home-based business: Australia’s Hidden Economic Engine, Monash Business Review, Vol. 4, No. 2, pp. 1-13.

[21][21] Johnson, P., (2004), Differences in Regional Firm Formation Rates: A Decomposition Analysis, Entrepreneurship Theory and Practice, Vol. 28, No. 5, pp. 431-445.

[22] Hunter, M., (2012), Opportunity, Strategy, & Entrepreneurship: A meta-Theory, Vol. 1, New York, Nova Scientific Publishers, P. 4.

[23] Reynolds, P. (2005), Entrepreneurship in the United States, Miami, Florida, International University. Accessed at: http://serempreendedor.files.wordpress.com/2008/05/entrepreneurship-in-the-us_2004.pdf

[24] Headd, B., (2003), Redefining Business Success: Distinguishing between closure and Failure, Small Business Economics, Vol. 21, pp. 51-61.

[25] Audretsch, D., (1991), New Firm Survival and the Technological Regime, Review of Economics and Statistics, Vol. 73, No. 3, pp. 441-450.

[26] See: Van Gelderen, M., Thurik, R., & Bosma, N., (2006), Success and Risk Factors in the Pre-Start-up phase, Small Business Economics, Vol. 26, pp. 319-335.

[27] Hamilton, B., (2000), Does Entrepreneurship pay? An Empirical Analysis of the returns to Self Employment, Journal of Political Economy, Vol. 3, pp. 604-631.

[28] McClelland, D. C. (1961). The achieving society, Princeton, D. Van Nostrand.

[29] McClelland, D. C. (1967). The Achieving Society, New York, Free Press.

[30] Begly, T. M. and Boyd, D. P. (1987). A comparison of entrepreneurs and managers of small business firms, Journal of management, Vol. 13, No. 1, pp. 99-108, Johnson, B. R. (1990). Toward a multidimensional model of entrepreneurship: The case of achievement motivation and the entrepreneur, Entrepreneurship: Theory & Practice, Vol. 14, No. 3, pp. 39-48.

[31] Chell, E., Haworth, J. M., and Brearley, S. (1991). The Entrepreneurial personality: concepts, cases, and categories, London, Routledge.

[32] Smith-Hunter, A., Kapp, J. & Yonkers, V. (2003). A psychological model of entrepreneurial behavior, Journal of Academy of Business and Economics, Vol. 2, No. 2, pp. 180-192.

[33] Sexton, D. L. & Bowman-Upton, N. (1985). The entrepreneur: A capable executive and more, Journal of Business Venturing, Vol. 1, pp. 129-140.

[34] Chen, C. C., Greene, P., and Crick, A. (1998). Does entrepreneurial self-efficacy distinguish entrepreneurs from managers?, Journal of Business Venturing, Vol. 13, No. 4., pp. 295-317, Sexton, D. L. & Bowman-Upton, N. (1985), op. cit.

[35] However people with an internal locus of control may believe that fate and luck have a great influence in their lives and take action based on these beliefs. Likewise a person with a strong internal locus of control may undertake strategies that have little or no realistic chances of success due to overwhelming competition and other odds against success. Therefore locus of control cannot necessarily predict behavior and reactions of people.

[36] Rotter, J. B. (1966). Generalized expectancies for internal verses external control of reinforcements, Psychological Monographs, Vol. 80, No. 609.

[37] Hull, D., Bosley, J. and Udell, G. (1980). Renewing The Hunt for the Heffalump: Identifying Potential Entrepreneurs by Personality Characteristics, Journal of Small Business, Vol. 18, No. 1., pp. 11-18, Chen, C. C., Greene, P., and Crick, A. (1998), op. cit., Sexton, D. L. And Bowman-Upton, N. (1985), op. cit.

[38] Bowen, D. D. and Hisrich, R. D. (1986). The female entrepreneur: A career development perspective, Academy of Management Review, Vol. 11, No. 2, pp. 393-407.

[39] Hull, D., Bosley, J. and Udell, G. (1980), op. cit.

[40] Sexton, D. L. and Smilor, R. W. (1986). The Art and Science of Entrepreneurship, Cambridge, MA, Ballinger Publishing Company.

[41] Amit, R., Glostent, L. and Muller, E. (1993). Challenges to theory development in entrepreneurship research, Journal of Management Studies, Vol. 30, No. 5, pp. 815-834.

[42] Kent, C., Sexton, D. and Vesper, K.( 1982). Encyclopedia of Entrepreneurship, Englewood Cliffs, NJ, Prentice-Hall Inc.

[43] Sexton, D. L. And Bowman-Upton, N. (1985), op. cit.

[44] There are in fact about 5000 traits that make up a person’s personality. Not more than half a dozen of these traits have been examined about causality with entrepreneurship. Personalities are very complex and most psychological profiling methods measure them simply missing much of the depth of a personality. Thus personalities really cannot be accurately understood through a 5 or 7 point scale, etc, as a personality is made up of thousands of traits or attributes which vary in influence according to time of day, mood and situational occurrences. What even makes personality more difficult to understand is that a person’s ‘self-view’ may be very different to what they portray to the world, i.e., an attention seeker shows grandiosity but may have a very low self-esteem. Our general surface observation of a person can only see what that person wants us to see and what they want to be, rather than whom they are.

[45] Gartner, W. B. (1988). “Who Is an Entrepreneur?” Is the wrong question, American Journal of Small Business, Vol. 12, No. 4, pp. 11-32, Ardichvili, A., Cardozo, R., and Ray, S. (2003). A theory of entrepreneurial opportunity identification and development, Journal of Business Venturing, Vol. 18, pp. 105-123, Smith-Hunter, A., Kapp, J. & Yonkers, V. (2003), op. cit.

[46] Vinchur, A. J., Schippmann, J. S., Switzer III, F, S., and Roth, P. L. (1998). A meta-analytical view of job performance for salespeople, Journal of Applied Psychology, Vol. 84, No. 4., pp. 586-597.

[47] Epstein, S. and O’Brien, E. J. (1985). The person-situation debate in historical and current perspective, Psychological Bulletin, Vol. 98, No. 3, P. 532.

[48] Shaver, K. G. and Scott, L. R. (1991). Person, Process, Choice: The psychology of new venture creation, Entrepreneurship, Theory and Practice, Vol. 16, No. 2, pp. 23-45.

[49] Peay, T. R. and Dyer, W. G. Jr. (1989). Power orientations of entrepreneurs and succession planning, Journal of Small Business Planning, January, pp. 47-52.

[50] Kidd, J. B. and Morgan, J. R. (1969). A Predictive information system for management, Operational Research Quarterly, June, pp. 149-170, Laurie, L. and Whittaker, W. (1977). Managerial Myopia: Self-serving biases in organizational planning, Journal of Applied Psychology, April, pp. 194-198.

[51] Solomon, G. T. and Winslow, E, K. (1988). Toward a descriptive profile of an entrepreneur, Journal of Creative Behavior, Vol. 22, No. 1., pp. 162-171.

[52] Kets de Vries, M. (1996). The anatomy of the entrepreneur, Human Relations, Vol. 49, pp. 853-884.

[53] Osbourne, M., (1991), The dark side of the entrepreneur, Long Range Planning, Vol. 24, No., 3, pp. 26-31.

[54] Kets de Vries, M. (1996), op. cit.

[55] Filion, L.J. (2004). Two types of self-employed in Canada, In: Dana, L.P. (Ed.), Handbook of Research on International Entrepreneurship, Cheltenham, UK, Edward Elgar Publishing, pp. 325.

[56] Miner, J. B. (1997). A Psychological Typology of Successful Entrepreneurs, Westport, CT, Quorum Books.

[57] Landau, R. (1982). The innovative milieu, In: Landstedt, S.B. & Colglarzion, E.W. Jr., (Eds.). Managing Innovation: The social dimensions of creativity, invention, and technology, New York, Pergamon Press.

[58] Woo, C.Y. & Cooper, A.C. (1991). The development and interpretation of entrepreneurial typologies, Journal of Business Venturing, Vol. 6, No. 2, pp. 93-114.

[59] Miner, J.B., Smith, N. R., & Bracker, J.S. (1992). Defining the inventor-entrepreneur in the context of established typologies, Journal of Business Venturing, Vol. 7, No. 2, pp. 103-113.

[60] Siu, W-S. (1996). Entrepreneur Typologies: The case of the owner managers in China, International Small Business Journal, Vol. 14, No. 1, pp. 53-64.

[61] Jones-Evans, D. (1995). A Typology of technical based entrepreneurs, International Journal of Entrepreneurial research and Behaviour, Vol. 1, No. 1, pp. 26-42.

[62] There is no agreed definition of entrepreneurship. For the purpose of these arguments we are interested in behavior towards exploiting opportunities through selected strategies.

[63] Kirzner, I. M. (1973). Competition and Entrepreneurship, Chicago, IL., University of Chicago Press.

[64] Ray, S. and Cardozo, R. (1996). Sensitivity and creativity in entrepreneurial opportunity recognition: a framework for empirical investigation, paper presented to the 6thGlobal Entrepreneurship Research Conference, Imperial College London.

[65] Shapero, A. (1975). The displaced, uncomfortable entrepreneur, Psychology today, Vol. 11, No. 9, pp. 83-88, Sathe, V. (1989). Fostering entrepreneurship in the large diversified firm, Organizational Dynamics, Vol. 18, No. 1, pp. 20-32, Hisrich, R. D. (1990). Entrepreneurship/intrapreneurship, American Psychologist, Vol. 45, No. 2, pp. 209-222, Gaglio, C. M. and Taub, R. P. (1992), Entrepreneurs and opportunity recognition, In: Churchill, N. C., Birly, S. Bygrave, W., Muzyke, D., Wetzel, W. E, (Eds.), Frontiers of Entrepreneurship Research, pp. 136-147.

[66] Larsen, R. J. and Buss, D. M. (2005). Personality Psychology, 2ndEd., New York, McGraw-Hill, P. 339.

[67] Barembaum, N. B. and Winter, D. G. (2003). Personality, In: Freedheim, D. K. (Ed.), Handbook of Psychology: History of Psychology, New York, John Wiley & Sons Inc., pp. 177-203.

[68] Kloosterman, R. and Rath, J. (Editors.), (2003). Immigrant Entrepreneurs: Venturing Abroad in the Age of Globalization, New York, Berg.

[69] Adapted from Murray, H. A. (1938). Explorations in Personality, New York, Oxford University Press.

[70] Bolton, B. and Thompson, J. (2003). The Entrepreneur in Focus: achieve your potential, London, Thomson, P. 78.

[71] Von Hippel, E., (1994). “Sticky information” and the locus of problem solving: implications for innovation, Management Science, Vol. 40, No. 4, pp. 429-439.

[72] Shane, S. (1999). Prior knowledge and the discovery of entrepreneurial opportunities, Organizational Science, Vol. 11, No. 4, pp. 448-469.

[73] Kirzner, I. M. (1997). Entrepreneurial discovery and the competitive market process: an Austrian approach, J. Econ. Lit., Vol. 35, pp. 60-85.

[74] Hayek, F. (1945). The use of knowledge in society, Am. Econ. Rev., Vol. 35, No. 4, pp. 519-530, Ronstadt, R. (1988). The corridor principal, Journal of Business Venturing, Vol. 1, No. 3, pp. 31-40.

[75] Ardichvili, A., Cardozo, R., and Ray, S. (2003), op. cit.

[76] Sigrist, B. (1999). Entrepreneurial opportunity recognition, presented to the Annual UIC/AMA Symposium at Marketing/Entrepreneurship Interface, Sofia-Antipolis, France.

[77] Bolton, B. and Thompson, J. (2003), pp. 92-93.

[78] Peters, T. J. and Waterman, R. H. (1982). In Search of Excellence: Lessons from America’s Best-Run Companies, New York, Collins.

[79] Moon, S. M. (2003). Personal talent, High Ability Studies, Vol. 14, No. 1, pp. 5-21.

[80] Cattell, R. B. (1966). The Scientific Analysis of Personality, Baltimore, Penguin.

[81] Allen, B. P., (2003), Personality Theories: Development, Growth, and Diversity, 4thEdition, Boston, Allyn and Bacon, P. 388.

[82] However as we have seen the relationship between our traits, psych and behavior is extremely complex.

[83] Bolton, B. and Thompson, J. (2003), op. cit.

[84] Scarr, S. and McCartney, K. (1983). How children make there own environments: A theory of genotype environment effects, Child Development, Vo. 54, pp. 424-435.

[85] Mitchell, R. W. (1993). Mental Models of Mirror-Self-Recognition: Two Theories, New ideas in Psychology, Vol. 3, pp. 295-325.

[86] Larsen, R. J. and Buss, D. M. (2005), op. cit, P. 186.

[87] Kets de Vries, F. R. and Miller, D. (1984). The Neurotic Organisation, Diagnosing and Changing Counterproductive Styles of Management, San Francisco, Jossey-Bass, Inc.

[88] Gowda, M. V. R., (1999). Heuristics, biases and the regulation of risk, Policy Science, Vol. 32, pp. 59-78.

[89] This is one area where entrepreneurial thinking may be very different from management thinking. An entrepreneur without perfect information will act on intuition and hunch. Any analysis will be mental rather than through formal processes which managers in a company situation will tend to follow. Management analysis of new ideas will tend to frame the questions: What is wrong with the idea? Why should it not be exploited? What will be the potential problems?, etc. Thus analysis can become a very negative paradigm in management preventing new ideas emerging into new strategies.

[90] Tversky, A. and Kahneman, D. (1974). Judgment under Uncertainty: Heuristics and Biases, Science, Vol. 185, pp. 251-284.

[91] Mitchell, R. K, Busenitz, L, Lant, J, McDougall, P. P, Morse, E. A, and Smith, B. (2004). The distinctive and inclusive domain of entrepreneurial cognition research, Entrepreneurship, Theory and Practice, Vol. 28, No. 6, pp. 505-518.

[92] Wright, M., Hoskisson, R. E., Busenitiz, L. W. and Dial, J. (2000). Entrepreneurial Growth through Privatization: The Upside of Management Buyouts, Academy of Management Review, Vol. 25, No. 3, pp. 591-601.

[93] Baron, R. A. (1998). Cognitive mechanisms in entrepreneurship: why and when entrepreneurs think differently than other people, Journal of Business Venturing, Vol. 13, No. 3, pp. 275-294.

[94] Wilson, T. D., Houston, C., Etling, K. M. and Brekke, N., (1996). A new look at anchoring effects: Basic anchoring and its antecedents, Journal of Experimental Psychology: General, Vol. 4, pp. 387-402.

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[96] Gilbert, D. T. and Osborne, R. E. (1989). Thinking Backward: Some curable and incurable consequences of cognitive busyness, Journal of Personality and Social Psychology, Vol. 57, pp. 940-949.

[97] Chapman, G. B, and Johnson, E. J, (2003). Incorporating the Irrelevant: Anchors in Judgments of Belief and Value, In: Gilovich, T, Griffin, D, and Kahneman, D, (Eds.), Heuristics and Biases: The Psychology of Intuitive Judgment, Cambridge, UK, Cambridge University Press.

[98] Arabsheibani, D., De Meza, J., Maloney, J., & Pearson, B., (2000), And a vision appeared unto them of great profit: Evidence of self-deception among the self-employed, Economic Letters, Vol. 67, pp. 35-41.

[99] Cooper, A., Woo, C., & Dunkelberg, W., (1988), Entrepreneurs’ perceived chances for success, Journal of Business Venturing, Vol. 3, pp. 97-108.

[100] Tversky, A. and Kahneman, D. (1982). Judgment under Uncertainty: Heuristics and Biases, In: Kahneman, D., Slovic, P., and Tversky, A., (Eds.), Judgment under uncertainty: Heuristics and Biases, Cambridge, Cambridge University Press, pp. 3-20.

[101] Clement, J. (1987). The use of analogies and anchoring intuitions to remediate misconceptions in mechanics, Paper presented to the Annual Meeting of AERA, Washington, DC.

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[104] Priming occurs when an earlier stimulus influences a response to a later stimulus. For example, a person watches a television program the night before on conservation of forests. The next day someone asks the person for their views on conservation. It is likely the person will give views and ideas that originated from the program on conservation the night before. This is assuming the person does not already have any strong views on the subject.

[105] Chodorow, N. (1999). The Power of Feeling: Personal Meaning in Psychoanalysis, Gender, and Culture, New Haven, Yale University Press.

[106] Hunter, M. (2012), op. cit., P. 250.

[107] Root-Bernstein, R. S., & Root-Bernstein, M., M., (2001). Sparks of Genius: The thirteen thinking tools of the world’s most creative people, Boston, Houghton Mifflin Company.

[108] Many people mistake their aspirations for opportunity. For example people put their money and effort into a boutique, restaurant, or spa for the wrong reasons because they like fashion, shopping, food and cooking, or aromatherapy and massage, only to close down a few months later because there was no real opportunity.

[109] However a future orientation in imagination may be the actual position that a science fiction writer may cherish.

[110] Maccoby, M. (2000). Narcissistic Leaders: The Incredible Pros, The Inevitable Cons, Harvard Business Review, Vol. 78, pp. 68-78.

[111] Kramer, R. M. (2003). The Harder They Fall, Harvard Business Review, Vol. 81, No. 10, pp. 58-66, 136.

[112] Expansion often requires a firm to take risks and enter parts of the market that have marginal revenue potential than the current areas the firm occupies. This can be seen in the expansion of many Malaysian family owned supermarket groups where a financially solid group of 3 or 4 supermarkets can come under cash-flow strain because the family opened another outlet in a marginal market. If this problem is not quickly remedied by closing the new outlet, the cost of overheads eats heavily into the cash-flow of the financially healthy outlets.

[113] Walters, J., S., (2002), Big Vision, Small business, San Francisco, Bennett-Koehler Publishers, Inc., P. 3.

[114] Van Gelderen, P., Thurik, R., & Bosma, N., (2005), Success and risk factors in the pre-start-up phase, Small Business Economics, Vol. 24, pp. 365-380.

[115] Abbing, H. (2002), Why are Artists Poor? The exceptional economy of the arts, Amsterdam, Amsterdam University Press.

[116] Reynolds, P. & White, S., (2007), The Entrepreneurial Process: Economic Growth, Men, Women, and Minorities, Westport Conn, Greenwood.

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[118] Haynes, G., (2010), Wealth and Income: How did small businesses fare from 1998 to 2007? Report for US Small Business Administration, http://archive.sba.gov/advo/research/rs357tot.pdf

[119] For a general picture see Figure 9 in Kelley, D., Bosma, N., & Amorós, J., E., (2011), Global Entrepreneurship Monitor, 2010 Global Report, Global Entrepreneurship Research Association, P. 32, accessed at http://www.gemconsortium.org/docs/download/266

[120] Hunter, M. (2009), Essential Oils: Art, Science, Agriculture, Industry & Entrepreneurship: A Focus on the Asia-Pacific Region, New York, Nova Scientific Publications, P. 22.

[121] Blanchflower, D., & Oswald, A., (1998), What makes an entrepreneur? Journal of Labor Economics, Vol. 16, No. 1, pp. 26-60.

[122] Kim, P., Aldrich, H., & Keister, L., (2006), Access (not) denied: The impact of financial, human, and cultural capital on entrepreneurial entry in the United States, Small Business Economics, Vol. 26, pp. 5-22.

[123] According to Kleinschmidt and Cooper, about 10% of new products launched are new to the world products, which increases to around 18% in moderate to high tech industries. New product lines are about 26% of new products, but much higher at 37.6% in moderate to high tech industries. Additions to product lines are around 26%, but dropping to 18% in high tech industries. Product changes and improvements are around 26% of new products, 19.8% in moderate to high tech industries and product repositionings are 7%, but almost non-existent in moderate to high tech industries. Thus, the majority of new products are developments and variations based on existing products. Kleinschmidt, E., J. and Cooper, R., G., (1991), ‘The Impact of Product Innovativeness on Performance’, Journal of Product Innovation Management, 8, pp. 240-251.

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[135] The process of extrapolation can deliver wide and varied results depending on the methods and assumptions used. Forecasting methods although will tend to bring similar results heavily depend upon the assumptions used. For, example, how far does one go back in history? What part of the growth is extrapolated? – the average rate of growth? – the increase in the rate of growth? Or – the annual increment of growth in absolute terms? What is used is a matter of judgment.

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[142]Balanced Score Card captured the imagination of the business community, but didn’t guarantee the right variables were selected to improve the company. In addition events in the external environment will influence the results of Balanced Score Card. See: Schneiderman, A., M., (1999), Why Balanced Scorecards fail, Journal of Strategy Performance Measurement, Special Edition, pp. 6-9.Blue Ocean Strategy is an excellent descriptive method to explain successes in the past, however its use as a prescriptive theory has been limited. Read a number of critiques here: http://twoscenarios.typepad.com/citizen_strategist/3_a_critical_look_at_blue_ocean_strategy/index.html

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[189] The author must declare that he is talking from the perspective of his domicile within the developing ASEAN region although many of the above comments are also relevant to entrepreneurship education in post industrial societies.

[190] Kirby, D., A., (2004), Entrepreneurship Education: can business schools meet the challenge? Education & Training, Vol. 46, No. 8/9, pp. 510-519.

[191] For a discussion about entrepreneurship verses management curriculums see: Mintzberg, H., (2004), Managers Not MBAs: A hard look at the soft practices of managing and management development, San Francisco, Berrett-Koehler Publishers, Inc. and Kao, R. W. Y., Kao, R. R., and Jing, Y. (2006). An Entrepreneurial Approach to Corporate Management, 2ndEdition, Singapore, Pearson-Prentice-Hall.

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[202] Larry Schweikart and Lynne Pierson Doti’s book on the role entrepreneurs played in the development of the United States is excellent reading. Schweikart, L., & Pierson Doti, L. (2010), American Entrepreneur: The fascinating stories of the people who defined business in the United States, New York, AMACON.

[203] Signs of the corporate century could include; the concentration of retailing, the concentration of banking, corporations that are financially larger than sovereign nations, many industries now dominated by multinational corporations, the concentration of brand ownership, and heavy emphasis on firm control of the supply chain.

[204] Heinberg, R., (2011), The End of Growth: Adapting to our new economic reality, Gabriola Island, Canada, New Society Publishers.

[205] Schumacher, E.F. (1974), op. cit.