Page 8 - UPthEM_Program_Final_December 2020
P. 8
- “the ability to marshal resources to seize new business opportunities…” (Fostering
Entrepreneurship);
- “an entrepreneur is anyone who works for himself or herself but not for someone else” (Youth
Entrepreneurship, 2001).
The cited definitions of entrepreneurship refer economic/ business activities that are innovative in
business sense and also focus on the figure of entrepreneur.
1
The OECD definitions of entrepreneurship has three pillars: Entrepreneurs, Entrepreneurial
Activity and Entrepreneurship.
o Entrepreneurs are those persons (business owners) who seek to generate value, through the
creation or expansion of economic activity, by identifying and exploiting new products,
processes or markets.
o Entrepreneurial activity is the creation and/ or explanation of economic activity (by
identifying and exploiting new products, processes or markets) in pursuit of generation of
value.
o Entrepreneurship is the phenomenon associated with entrepreneurial activity.
Clarifications of the definition
Central element of this definition of entrepreneurship, again, is the innovation or the creation and/
or identification of new processes, products or markets. The entrepreneurs are creative and
resourceful. An important focus in the concept is related to “value” as covering a set of diverse
monetary and non-monetary returns. The major social and economic objectives associated with
entrepreneurship in the context of this framework are job creation, economic growth,
environmental protection, social inclusion and poverty alleviation.
There are several points of clarification of OECD definition in order. First, it focuses on business
related entrepreneurship, and, consequently ignores the social entrepreneurship domain. Second,
the risk-taking characteristic of the entrepreneur is not essential as the entrepreneurial activity is
not dependent on the existence of the entrepreneur. Thus, the OECD definition recognizes that
individuals within businesses (in companies owned by shareholders or trust funds and managed
1 Draws on Nadim Ahmad and Anders Hoffman, A Framework for Addressing and Measuring Entrepreneurship.
Entrepreneurship Indicators Steering Group. Paris, 20 November 2007
Project 2019-1-BG01-KA204_062299
The content of this material does not necessary reflect the official position of the European Union.
