Key components and implications of entrepreneurship: A 4-P framework |
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Affiliation: | 1. Department of Management, Louisiana State University, Baton Rouge, LA 70803, United States;2. College of Business Administration, University of Tennessee, Knoxville, TN 37996, United States;3. School of Business, Indiana University Kokomo, Kokomo, IN 46904, United States |
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Abstract: | Entrepreneurship has been gaining increasing respect from the research community as a field of scholarly study as well as practical application worldwide as a means to achieve wealth creation and personal fulfillment. Yet, entrepreneurship, as a theoretical construct and practical phenomenon, remains poorly defined and its interpretation fragmented. This article attempts an eclectic account of the major ingredients of entrepreneurship and dissects the entrepreneurship process through a parsimonious 4-P framework: pioneer, perspective, practice, and performance. It is expected that this framework will help us better understand the essence of entrepreneurship: its theoretical underpinnings as well as its practical implications. |
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