The Art and Science of Entrepreneurship

This book presents the papers delivered at a conference, State-of-the-Art in Entrepreneurship Research, sponsored by the RGK Foundation, the IC2 Institute at the University of Texas, Austin, and the Center for Entrepreneurship at Baylor University, in February 1985. The book attempts to increase an understanding of entrepreneurship as both an art and a science by presenting state-of-the-art work by leading scholars. The volume addresses the key theoretical and practical issues in five parts. Papers in Part I emphasize the social and psychological dimensions of entrepreneurship, including its social context and aspects of female entrepreneurs. Part II demonstrates the important roles risk and venture capital financing play in supporting entrepreneurial activity. Part III explores the emerging field of high-technology entrepreneurship, including factors relating to founding of high-tech firms, interrelationships between innovation, technology transfer, and entrepreneurship, and need for a technological innovation champion in the innovation cycle. In Part IV, papers examine issues associated with corporate entrepreneurship and maintaining the benefits of entrepreneurial approaches as a firm enlarges, including identifying forces in creating fast-growth, high-potential ventures, the strategic and management factors affecting venture success, and need to theorize factors affecting corporate entrepreneurship ventures. Part V emphasizes emerging developments in, and important needs in entrepreneurship research and education. Needed are developments in methodology, longitudinal studies, development of models and a comprehensive theoretical framework, as well as research in a number of specific fields, including models to identify entrepreneurial success, definition and tests for entrepreneurship, the small business/entrepreneurship interface, and high-tech entrepreneurship and technology transfer. Four conclusions about the state of entrepreneurship research in 1985 were apparent: it is in the early stages of a rapid growth cycle; not all areas have progressed at the same rate; convergent theories to provide an overall understanding of the whole entrepreneurial process are needed; and study of entrepreneurship has an important function beyond satisfying intellectual curiosity. (TNM)