The Importance Of Entrepreneurship

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Entrepreneurship or entrepreneurs exist through the interpretations made by individuals, groups of individuals and different cultures in a society. Story telling can be traced back since the birth of the human beings. Robin Bruce 2017, in her article on the importance of entrepreneurial storytelling quoted the view of Howard Gardner, “Stories are the single most powerful weapon in a leader arsenal”. The most significant story one will ever tell to its stakeholders or investors is one entrepreneurial story. When people invest either in the shape of money or time in a company or in a product, they are investing at least a part in storytelling. Companies are not just snapshot in time, they are positioned with in a narrative. One
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C. (1995) in his article of “Managing Legitimacy: Strategic and Institutional Approaches”, “outlined legitimacy is a generalized perception that the actions of an entity are desirable, proper or appropriate within socially constructed system of norms”. He defined the legitimacy broadly in three main branches: pragmatic which is related to self-interest, moral which focus on the activity is collectively deemed to be right and proper, and cognitive which is connected to collective, cultural and social assumptions. Entrepreneurship research is centrally focused with understanding to bring opportunities into future existence, related to goods and services which are discovered (Lounsbury at el (2001)). However, currently the focus of entrepreneurship on a relatively narrow compared to this rich domain. Entrepreneurship is a context-dependent social process, despite this fact, entrepreneurship researchers have largely neglected the broader social and cultural dynamics that embed start-ups (Lounsbury at et (2001). Entrepreneurship contains several different basic perspective and schools. To build the entrepreneurship theory, one of the originator, Schumpeter 1947, went into different disciplines such as economic history, sociology and …show more content…
Culture has been traditionally theorized as a force that constrains rather than enables action. Researcher have studied the relationship between organizational culture and performance, in the field of strategy, but have generally neglected meaning-making aspect of culture having to do with identity formation and legitimacy. Entrepreneurs face the challenges associated with lack of legitimacy and external validation due to uniqueness and novelty of their business. Stories play an important role, to cop-up this problem of legitimacy and validation. Stories that are told by entrepreneurs create possibilities for newly established business in ways that can lead favorable interpretation of wealth creation possibilities of the venture. This enables resources flow to new enterprises. It clearly shows that; the origin of entrepreneurship comes from social interaction between different individuals and it also gives the idea of social constructivism. The basis of social constructionist perspective is clearly on assumption of ontology, epistemology and ideology (Steyaert, (1997) Chell and Pittaway, (1998); chell et al ). Ontology position of social constructionism is that entrepreneurship and entrepreneurs are subjectively and