Entrepreneurship

Entrepreneurship

#1 Toke Reichstein

Toke Reichstein's research interest in entrepreneurship investigates regularities at the individual level aiming to disentangle the premises that drives individual into elf-employment and under what circumstances the newly established firm tend to succeed. His work in technology licensing and innovation departs at the firm level and seek to marry contractual economics and management of open innovation in the pursuit of an more complete understanding of the best practices in terms of drawing on external partnering for retrieving information and knowledge beneficial in the firms innovation activities.

 
 
 
 
 
 
 
 
 
Professor
Tel: +45 38152382
E-mail: tr.ino@cbs.dk
Department of Innovation
and Organizational Economics

 
 
What is your understanding of entrepreneurship?
Entrepreneurship is a process of business establishment triggered by an individual’s choice to pursue a discovered business opportunity given the context in which he operates - either alone or as a member of a team. Accordingly, entrepreneurship regards the contextual, dispositional and opportunity-related mechanisms that hamper or trigger the establishment of new businesses or practices. 
What characterises an entrepreneur as an individual?
Characterizing the typical entrepreneur is a difficult task. Multiple research streams (psychology, sociology, economics, neurobiology, etc.) have found the entrepreneur interesting and worth studying. This is not least because the character is dynamic and often highly visible among peers. Yet, common across disciplines is that the typical entrepreneur is professionally footloose and relatively unconstrained by the established. From a management perspective, the entrepreneur thrives with challenges, seeks new opportunities and positions himself in the information corridor, allowing him to discover, develop and exploit opportunities. Such traits provide the entrepreneur with advantages in the context of entrepreneurship. But it also represents specific disadvantages.   
 What does this mean for university education, or education more generally?
Universities should offer educational opportunities that provide students insights into the stages and process of entrepreneurial venturing. Not only to feed the entrepreneurial process directly. But also to provide capabilities in assessing and evaluating entrepreneurial opportunities and ventures as a stakeholder or form useful and sustainable policies targeted at entrepreneurial activities. It will also feed the labour market with capacities and capabilities that may prove central in the further development of the population of organizations across economies. The aim should be to furnish an understanding of the advantages and disadvantages, so as to enable the individual to better manage entrepreneurship and the entrepreneurial individual.
What is the role and function of entrepreneurship for private companies and for
the public sector?

Many established organizations, private and public alike, are characterized by bureaucratic and formalised ways of operating. Accordingly, such organisations may often lack the qualities necessary for generating competitive advantages. The static and rigid organisation often fails to act in times of turmoil or economic shocks. And it is by far proactive in taking initiative for change and development. Unfortunately, the entrepreneurial individual does not consider such organisations attractive in the pursuit of a career. Indeed, they tend to leave relatively quickly for a more fitting environment if they for some reasons find themselves working for such organisations. This is a major challenge for the established and the public sector since such co-workers can be key for generating a more dynamic organisational environment. They may prove essential for innovation, development and ultimately performance. To harness these qualities, it is imperative to organize as to attract and retain the entrepreneurial individual. 
In what sense is entrepreneurship important for society?
Entrepreneurship is important for society since it challenges the existing hierarchies of markets and industries and rattles the ranking among firms as well as among individuals by redistributing wealth, profits and surplus. It upsets status quo by being an engine for change, challenging the traditional and entrenched ways of operating and the habitual perception of reality. It fosters Schumpeterian creative destruction where old and obsolete ways and assets are replaced by younger and more promising alternatives. Finally, recent research suggests that entrepreneurship plays a decisive role in offering high quality career alternatives to a subpopulation of individuals that otherwise accounts for a greater share of the costs and welfare loss associated with high employment turnover. Entrepreneurship thereby represents a major contributor to societal welfare and growth.
To whom do you pass on the baton?
Anders Sørensen

 

Sidst opdateret: Entrepreneurship Platform // 27/03/2015