Entrepreneurship and Business Growth
Entrepreneurship is the central factor to the business and economic growth of any nation.
Entrepreneurship fundamentally influences the designing, launching, and management of young
and established companies. The entrepreneurs have taken bold steps against all detrimental risks
to develop, organize and manage business ventures to large corporations. Entrepreneurship and
business growth in most of the world economies act as additional opportunities for regular
employment. In other economies, entrepreneurship and business growth act as the alternative
source of jobs and income for the citizens.
To the contemporary world society, the entrepreneurship and business growth
phenomenon has inadequate conceptual frameworks and theoretical perspectives. Considering
this fact, Scott Shane and Venkataraman authored "The Promise of Entrepreneurship as a Field
of Research" article to initiate the development of the conceptual framework and theoretical
perspectives of the phenomenon. To build the conceptual entrepreneurship and business growth
framework and theoretical perspectives, insights from the already established research on various
social science disciplines as well as applied business fields are highly recommended. A
conceptual framework for the entrepreneurship and business growth phenomenon will
significantly impact the economics of businesses and corporations around the world. With the
conceptual framework, entrepreneurs through the companies and corporations will address sets
of the empirical phenomenon as well as predict the possible outcomes that have never been
anticipated or explained. Therefore, with entrepreneurial conceptual frameworks and theoretical
perspectives, the field will be enhanced cognitively and decision for exploitation of the business
opportunities (Cardon, Wincent, Singh & Drnovsek, 2009).
ENTREPRENEURSHIP AND BUSINESS GROWTH 3
Business firms and corporations long to foster excellent performance. The possible means
of enhancing such performance of business firms and corporations is by incorporating
entrepreneurial orientation (EO) and business orientation (BO). Highlighting the relationship
between the EO and BO is of great significance to the business growth, especially in small
business ventures. As a result, Rodney Runyan, Cornelia Droge, and Jane Swinney authored the
article "Entrepreneurial Orientation versus Small Business Orientation: What Are Their
Relationships to Firm Performance?" The research investigated the relationship between the EO
and BO, the impacts of these orientations on the performance of small businesses and the
validity/magnitude of these effects (moderated by longevity). Basically, entrepreneurial
orientation and business orientation are closely related concepts that significantly influence the
success of business organizations. Adoption of EO in small business attracts a high competitive
advantage and encourages good performance (Runyan, Droge & Swinney, 2008).
The passion and attitude profoundly influence entrepreneurship and business growth
phenomenon. Regardless of deficiency of theoretical and conceptual frameworks on
entrepreneurship, it is clear that entrepreneurial passion and attitudinal perception plays a
significant role in the process of business growth and entrepreneurship course of action. Passion
is profoundly enclosed within the entrepreneurial folklore and practice. Affect, a form of attitude
impacts various entrepreneurial aspects leading to opportunity recognition and behavior
structure. Passion encourage the persistent and tenacity of the entrepreneurs. Active attitude and
passion drive entrepreneurs to acquire useful attributes like innovativeness, team-working and
pursuing positive emotions towards business ventures. The concept of entrepreneurial passion
has been addressed by Melissa S. Cardon, Joakim Wincent, Jagdip Singh and Mateja Drnovsek
in their article "The Nature and Experience of Entrepreneurial Passion." The report discussed
ENTREPRENEURSHIP AND BUSINESS GROWTH 4
fragmented as well as incongruent existing work with the aim of conceptualizing the nature of
entrepreneurial passion, affect and perception related to the salient role identities in
entrepreneurship. From the findings, the article concludes that entrepreneurial passion
experiences provide coherence in goal-oriented cognitions and behaviors in the entrepreneurial
effectiveness pursuit (Shane & Venkataraman, 2000).
In conclusion, entrepreneurship and business growth are critical aspects in business
economics. However, these business economics phenomena are affected by various factors such
as research (conceptual frameworks and theoretical perspectives), passion and EO and SBO.
There is less research about the conceptual frameworks and theoretical perspectives on
entrepreneurship and business growth. Therefore, more research ought to be conducted to
formulate these essential influencers. Business firms and corporations long to foster excellent
performance. Basically, entrepreneurial orientation and business orientation adoption in small
business attracts high competitive advantage and encourages good performance. The passion and
attitude profoundly influence entrepreneurship and business growth phenomenon.
Entrepreneurial passion experiences provide coherence in goal-oriented cognitions and behaviors
in the entrepreneurial effectiveness pursuit. Active attitude and passion drive entrepreneurs to
acquire useful attributes like innovativeness, team-working and pursuing positive emotions
towards business ventures.
ENTREPRENEURSHIP AND BUSINESS GROWTH 5
Cardon, M. S., Wincent, J., Singh, J., & Drnovsek, M. (2009). The nature and experience of
entrepreneurial passion. Academy of Management Review, 34(3), 511-532.
Management, 46(4), 567-588.
Runyan, R., Droge, C., & Swinney, J. (2008). Entrepreneurial orientation versus small business
orientation: what are their relationships to firm performance? Journal of Small Business
Shane, S., & Venkataraman, S. (2000). The promise of entrepreneurship as a field of research.
Academy of Management Review, 25 (1), 217-226.