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90-446: Originally called The Balboa Bay Club and Resort, the facility opened in May 2003 as a waterfront hotel, resort, and separate private members yacht club. Over its history the club has seen many changes and additions to its structures. The club today features a hotel, as well as short and long term apartments, located on the oceanfront. A restaurant, "The First Cabin", a bar, "Duke's Place", and

180-658: A business owner who is affiliated with millennials (also known as Generation Y), those people born from approximately 1981 to 1996. The offspring of baby boomers and early Gen Xers , this generation was brought up using digital technology and mass media. Millennial business owners are well-equipped with knowledge of new technology and new business models and have a strong grasp of its business applications. There have been many breakthrough businesses that have come from millennial entrepreneurs, such as Mark Zuckerberg , who created Facebook. However, millennials are less likely to engage in entrepreneurship than prior generations. Some of

270-429: A college or university), science parks and non-governmental organizations, which include a range of organizations including not-for-profits, charities, foundations and business advocacy groups (e.g. Chambers of commerce ). Beginning in 2008, an annual " Global Entrepreneurship Week " event aimed at "exposing people to the benefits of entrepreneurship" and getting them to "participate in entrepreneurial-related activities"

360-406: A cultural authority and leverage it to create and sustain various cultural enterprises"; "tycoons", defined as "entrepreneurs who buil[d] substantial clout in the cultural sphere by forging synergies between their industrial, cultural, political, and philanthropic interests"; and "collective enterprises", organizations which may engage in cultural production for profit or not-for-profit purposes. In

450-447: A focus on opportunities other than profit as well as practices, processes and purpose of entrepreneurship. Gümüsay suggests a three pillars model to explain religious entrepreneurship: The pillars are the entrepreneurial, socio-economic/ethical, and religio-spiritual in the pursuit of value, values, and the metaphysical . A feminist entrepreneur is an individual who applies feminist values and approaches through entrepreneurship, with

540-416: A level of risk is a necessity. Fourth, the entrepreneurial process requires the organization of people and resources. An entrepreneur uses their time, energy, and resources to create value for others. They are rewarded for this effort monetarily and therefore both the consumer of the value created and the entrepreneur benefit. The entrepreneur is a factor in and the study of entrepreneurship reaches back to

630-489: A library/lounge were revised in 2014 and renamed "Waterline" & "A&O Kitchen + Bar" respectively within the Resort/BBR. The Resort underwent renovations that were completed in 2016. The Resort provides 11 meeting and board rooms. The Resort and Club each have their own pools. A 17,000-square-foot spa and fitness center is located in the members’ clubhouse. The Residences also has a pool located in its complex. In May 2012,

720-491: A period of self-employment of one or more years; one in four may have engaged in self-employment for six or more years. Participating in a new business creation is a common activity among U.S. workers over the course of their careers". In recent years, entrepreneurship has been claimed as a major driver of economic growth in both the United States and Western Europe. Entrepreneurial activities differ substantially depending on

810-410: A price system). In this treatment, the entrepreneur was an implied but unspecified actor, consistent with the concept of the entrepreneur being the agent of x-efficiency . For Schumpeter, the entrepreneur did not bear risk : the capitalist did. Schumpeter believed that the equilibrium was imperfect. Schumpeter (1934) demonstrated that the changing environment continuously provides new information about

900-404: A profitable manner. But before such a venture is actually established, the opportunity is just a venture idea. In other words, the pursued opportunity is perceptual in nature, propped by the nascent entrepreneur's personal beliefs about the feasibility of the venturing outcomes the nascent entrepreneur seeks to achieve. Its prescience and value cannot be confirmed ex ante but only gradually, in

990-517: A public awards dinner and auction. Also a key viewing area for the Beer Can Races , a summer weekly event among sailors in the Newport Beach harbor for decades. In the 1970s the club's main beach area rented small sailboats and offered sailing instruction during the summer. A small boat dry storage area provided a crane service for launching that was removed during the 2003 renovation when the area

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1080-609: A public board of directors and many Newport Beach residents served on the board. Tennis tournaments were held at the resort, beginning in 1958. The Balboa Bay Resort can accommodate up to 150 boats of all sizes in its waterfront marina. Over the years the club has hosted such well known vessels as the Primadonna , the Mojo — owner Frank Muller, the sailing yacht Sirius II , and the Viking Princess — owners Reed and Rita Sprinkle. In 1996

1170-511: A recent statistical analysis of U.S. census data shows that whites are more likely than Asians, African-Americans and Latinos to be self-employed in high prestige, lucrative industries. Religious entrepreneurship refers to both the use of entrepreneurship to pursue religious ends as well as how religion impacts entrepreneurial pursuits. While religion is a central topic in society, it is largely overlooked in entrepreneurship research. The inclusion of religion may transform entrepreneurship including

1260-527: A tendency towards risk-taking that makes them more likely to exploit business opportunities . "Entrepreneur" ( / ˌ ɒ̃ t r ə p r ə ˈ n ɜːr , - ˈ nj ʊər / , UK also /- p r ɛ -/ ) is a loanword from French. The word first appeared in the French dictionary entitled Dictionnaire Universel de Commerce compiled by Jacques des Bruslons and published in 1723. Especially in Britain,

1350-507: A theoretical standpoint is that they have to "rewire" these temporary ventures and modify them to suit the needs of new project opportunities that emerge. A project entrepreneur who used a certain approach and team for one project may have to modify the business model or team for a subsequent project. Project entrepreneurs are exposed repeatedly to problems and tasks typical of the entrepreneurial process. Indeed, project-based entrepreneurs face two critical challenges that invariably characterize

1440-494: A variety of organizations with different sizes, aims, and beliefs. For-profit entrepreneurs typically measure performance using business metrics like profit , revenues and increases in stock prices , but social entrepreneurs are either non-profits or blend for-profit goals with generating a positive "return to society" and therefore must use different metrics. Social entrepreneurship typically attempts to further broad social, cultural, and environmental goals often associated with

1530-668: Is best known for producing The Lone Ranger , Sergeant Preston of the Yukon , and Lassie television series in the 1950s as well as marrying actress Bonita Granville . His daughter, Linda Wrather appeared in one of the last episodes of the Lone Ranger, The Angel and the Outlaw. Wrather was born in Amarillo, Texas on ( 1918-05-24 ) May 24, 1918 to Mazie (Cogdell) and John Devereaux Wrather. They moved to Tyler , where he grew up and graduated from

1620-423: Is largely responsible for long-term economic growth. The idea that entrepreneurship leads to economic growth is an interpretation of the residual in endogenous growth theory and as such continues to be debated in academic economics. An alternative description by Israel Kirzner (born 1930) suggests that the majority of innovations may be incremental improvements – such as the replacement of paper with plastic in

1710-509: Is the process by which either an individual or a team identifies a business opportunity and acquires and deploys the necessary resources required for its exploitation. In the early 19th century, the French economist Jean-Baptiste Say provided a broad definition of entrepreneurship, saying that it "shifts economic resources out of an area of lower and into an area of higher productivity and greater yield". Entrepreneurs create something new and unique—they change or transmute value. Regardless of

1800-643: The Disneyland Hotel in Anaheim . Walt Disney asked Wrather to build the hotel when Disney exhausted his credit line building the Disneyland theme park. The hotel was completed in 1955, and immediately shared the success of Disneyland. When Disney later attempted to buy the hotel, Wrather refused to sell. In 1954, Wrather-Alvarez purchased the complete rights to the Lone Ranger character and took over production of

1890-682: The German Reich . However, proof of competence was not required to start a business. In 1935 and in 1953, greater proof of competence was reintroduced ( Großer Befähigungsnachweis Kuhlenbeck ), which required craftspeople to obtain a Meister apprentice-training certificate before being permitted to set up a new business. In the Ashanti Empire , successful entrepreneurs who accumulated large wealth and men as well as distinguished themselves through heroic deeds were awarded social and political recognition by being called "Abirempon" which means big men. By

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1980-602: The RMS ; Queen Mary in Long Beach, California . Over the years, he created or purchased many companies for his businesses and investments, including Evansville Refining Co., Overton Refining Co., Jack Wrather Pictures, Inc., Freedom Productions Corporation, Western States Investment Corporation, Wrather-Alvarez Broadcasting, Inc., General Television Corporation, Jack Wrather Productions, Wrather Hotels, Lone Ranger Inc., Lone Ranger Television, Lone Ranger Pictures, Lassie Television,

2070-678: The San Diego television and radio stations KFMB-TV and KFMB in 1953 and New York City radio station WNEW in 1955. Television station KOTV was sold in 1954 when Alvarez relocated to the San Diego station. Wrather-Alvarez also owned WJDW-TV in Boston , and donated it in 1965 to the WGBH Educational Foundation , which operates it as the PBS station WGBX-TV . Wrather-Alvarez also financed and owned

2160-423: The voluntary sector in areas such as poverty alleviation, health care and community development . At times, profit-making social enterprises may be established to support the social or cultural goals of the organization but not as an end in itself. For example, an organization that aims to provide housing and employment to the homeless may operate a restaurant, both to raise money and to provide employment for

2250-439: The "capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit ". The people who create these businesses are often referred to as "entrepreneurs". In the field of economics, the term entrepreneur is used for an entity that has the ability to translate inventions or technologies into products and services. In this sense, entrepreneurship describes activities on

2340-440: The "cradle of political economy". Cantillon defined the term as a person who pays a certain price for a product and resells it at an uncertain price, "making decisions about obtaining and using the resources while consequently admitting the risk of enterprise". Cantillon considered the entrepreneur to be a risk taker who deliberately allocates resources to exploit opportunities to maximize the financial return. Cantillon emphasized

2430-572: The 1930s and other Austrian economists such as Carl Menger , Ludwig von Mises and Friedrich von Hayek . According to Schumpeter, an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation . Entrepreneurship employs what Schumpeter called "the gale of creative destruction" to replace in whole or in part inferior innovations across markets and industries, simultaneously creating new products, including new business models . Extensions of Schumpeter's thesis about entrepreneurship have sought to describe

2520-622: The 2000s, story-telling has emerged as a field of study in cultural entrepreneurship. Some have argued that entrepreneurs should be considered "skilled cultural operators" that use stories to build legitimacy, and seize market opportunities and new capital. Others have concluded that we need to speak of a 'narrative turn' in cultural entrepreneurship research. The term "ethnic entrepreneurship" refers to self-employed business owners who belong to racial or ethnic minority groups in Europe and North America. A long tradition of academic research explores

2610-501: The 2000s, the term "entrepreneurship" has been extended to include a specific mindset resulting in entrepreneurial initiatives, e.g. in the form of social entrepreneurship , political entrepreneurship or knowledge entrepreneurship . According to Paul Reynolds, founder of the Global Entrepreneurship Monitor , "by the time they reach their retirement years, half of all working men in the United States probably have

2700-589: The 2000s, usage of the term "entrepreneurship" expanded to include how and why some individuals (or teams) identify opportunities, evaluate them as viable, and then decide to exploit them. The term has also been used to discuss how people might use these opportunities to develop new products or services, launch new firms or industries, and create wealth. The entrepreneurial process is uncertain because opportunities can only be identified after they have been exploited. Entrepreneurs exhibit positive biases towards finding new possibilities and seeing unmet market needs, and

2790-542: The 2010s, ethnic entrepreneurship has been studied in the case of Cuban business owners in Miami, Indian motel owners of the U.S. and Chinese business owners in Chinatowns across the U.S. While entrepreneurship offers these groups many opportunities for economic advancement, self-employment and business ownership in the U.S. remain unevenly distributed along racial/ethnic lines. Despite numerous success stories of Asian entrepreneurs,

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2880-507: The British ITC company. Wrather later (about 1959–60) sold his shares of Independent Television Corporation to ITC. He was also the founder of Los Angeles public television station KCET . Wrather is known as the man that "sued the mask off the Lone Ranger". When a new theatrical movie version of the Lone Ranger was being produced during the late 1970s, Wrather obtained a court order requiring Clayton Moore to quit making public appearances as

2970-592: The Disneyland Hotel in 1987, when it purchased half share ownership in the Wrather Corporation and the other half in 1988. Disney has retained the hotel but sold off most of the other assets. Most of the Wrather franchises are now owned by DreamWorks Classics . Various documents related to Wrather, Bonita Granville, and the Wrather company are archived at Loyola Marymount University as part of its Center for

3060-554: The Dock Masters office. Visiting yachtsmen are asked to contact the club's dockmaster to arrange for accommodation. 33°36′56″N 117°54′50″W  /  33.6156097°N 117.9138863°W  / 33.6156097; -117.9138863 Jack Wrather John Devereaux Wrather Jr. (May 24, 1918 – November 12, 1984), was an entrepreneur and petroleum businessman who became a television producer and later diversified by investing in broadcast stations and resort properties. He

3150-422: The Lone Ranger. This resulted in a great deal of negative publicity, and The Legend of the Lone Ranger , released in 1981, was not well received. Before Wrather died, he gave Moore permission to resume making public appearances in costume. Wrather further diversified his holdings by building or buying resort hotels and other properties throughout the United States. In addition to the Disneyland Hotel, he owned

3240-841: The Muzak Corporation, and the A.C. Gilbert Company . In 1961, he combined his various holdings into the Wrather Corporation. Wrather died of cancer at age 66 on November 12, 1984, at St. John's Hospital in Santa Monica, California . His funeral was held at the Roman Catholic Church of the Good Shepherd in Beverly Hills and he was buried at the Holy Cross Cemetery , in Culver City, California . Disney finally acquired

3330-532: The Newport Beach Country Club. The original, private Balboa Bay Club was owned by Jack Wrather from 1960 until 1971, when he sold it to William Ray. In 1988, William Ray was inducted into the International Hall of Fame for his conservation efforts. Ray died in 1991, and his widow, Beverly Ray Parkhurst owned the club until 2012. The 160-room hotel opened to the public on May 14, 2003. In 2011

3420-641: The Sheraton Park Hotel at the Anaheim Resort. In 1957, Wrather purchased the Muzak corporation, a company providing " elevator music " for business environments. The company owned an extensive library of easy listening music and one of the world's largest recording plants. Wrather sold the company in 1972. In the early 1980s, Wrather purchased, restored and made tourist attractions of the Spruce Goose and

3510-590: The Study of Los Angeles collection, and at the Harry Ransom Center . Entrepreneur Entrepreneurship is the creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk (assumed by a traditional business), and potentially involving values besides simply economic ones. An entrepreneur ( French: [ɑ̃tʁəpʁənœʁ] ) is an individual who creates and/or invests in one or more businesses, bearing most of

3600-879: The Twin Lakes Lodge in Las Vegas , the L'Horizon Hotel in Palm Springs, California , the Balboa Bay Club & Resort in Newport Beach , and the Inn at the Park in Anaheim. In the 1970s, there was talk of the Disneyland-Alweg monorail being expanded to stop at the Inn at the Park, but it never came to fruition. The Inn at the Park has changed ownership frequently, and is currently operated as

3690-424: The barriers to entry for entrepreneurs are the economy, debt from schooling, and the challenges of regulatory compliance. A nascent entrepreneur is someone in the process of establishing a business venture. In this observation, the nascent entrepreneur can be seen as pursuing an opportunity , i.e. a possibility to introduce new services or products, serve new markets, or develop more efficient production methods in

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3780-544: The changes and "dynamic economic equilibrium brought on by the innovating entrepreneur [were] the norm of a healthy economy". While entrepreneurship is often associated with new, small, for-profit start-ups, entrepreneurial behavior can be seen in small-, medium- and large-sized firms, new and established firms and in for-profit and not-for-profit organizations, including voluntary-sector groups, charitable organizations and government . Entrepreneurship may operate within an entrepreneurship ecosystem which often includes: In

3870-481: The club was sold to Winston Chung, a Hongkongese businessman. It was later reported that the sale to Chung fell out of escrow as Chung was having difficulty moving funds out of China to pay for the purchase. In June 2012, the BBC was sold to Richard H. Pickup and his family members, Eagle Four Partners and Pacific Hospitality Group, LLC The Resort & Club is now fully independent and owned by Eagle Four Partners, making up

3960-659: The club was visited by the America's Cup J-class racing yacht Endeavour , under charter to the Sprinkles. The Balboa Bay Club is well known as a prime viewing location for the annual Newport Beach Christmas boat parade , hailed as "one of the top ten holiday happenings in the nation" by the New York Times . In 2011 the Balboa Bay Club honoured the winners of the 102nd annual Newport Beach Christmas Boat Parade and Ring of Lights at

4050-515: The collective nature of entrepreneurship. She mentions that in modern organizations, human resources need to be combined to better capture and create business opportunities. The sociologist Paul DiMaggio (1988:14) has expanded this view to say that "new institutions arise when organized actors with sufficient resources [institutional entrepreneurs] see in them an opportunity to realize interests that they value highly". The notion has been widely applied. The term "millennial entrepreneur" refers to

4140-431: The construction of a drinking straw – that require no special qualities. For Schumpeter, entrepreneurship resulted in new industries and in new combinations of currently existing inputs. Schumpeter's initial example of this was the combination of a steam engine and then current wagon-making technologies to produce the horseless carriage . In this case, the innovation (i.e. the car) was transformational but did not require

4230-553: The context of the actions that the nascent entrepreneur undertakes towards establishing the venture as described in Saras Sarasvathy 's theory of Effectuation , Ultimately, these actions can lead to a path that the nascent entrepreneur deems no longer attractive or feasible, or result in the emergence of a (viable) business. In this sense, over time, the nascent venture can move towards being discontinued or towards emerging successfully as an operating entity. The distinction between

4320-410: The creation of a new venture: locating the right opportunity to launch the project venture and assembling the most appropriate team to exploit that opportunity. Resolving the first challenge requires project-entrepreneurs to access an extensive range of information needed to seize new investment opportunities. Resolving the second challenge requires assembling a collaborative team that has to fit well with

4410-540: The daughter of Democratic Governor and later U.S. Senator Wilbert Lee "Pappy" O'Daniel . They had two children before divorcing in 1945. Wrather served in the U.S. Marine Corps Reserve during World War II (1942–1945) in three campaigns, had the rank of Captain, and commanded a Marine air group in the Philippines. After the war, he met his old roommate, actor Don Castle , who was struggling in Hollywood, and bought

4500-527: The demands of the consumer revolution that helped drive the Industrial Revolution in Great Britain, Josiah Wedgwood , the 18th-century potter and entrepreneur and pioneer of modern marketing, which includes devising direct mail , money back guarantees , travelling salesmen and "buy one get one free" , was named by the historian Judith Flanders as "among the greatest and most innovative retailers

4590-451: The development of dramatic new technology. It did not immediately replace the horse-drawn carriage, but in time incremental improvements reduced the cost and improved the technology, leading to the modern auto industry . Despite Schumpeter's early 20th-century contributions, traditional microeconomic theory did not formally consider the entrepreneur in its theoretical frameworks (instead of assuming that resources would find each other through

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4680-535: The eighteenth and nineteenth centuries AD, the appellation "Abirempon" had formalized and politicized to embrace those who conducted trade from which the whole state benefited. The state rewarded entrepreneurs who attained such accomplishments with Mena(elephant tail) which was the "heraldic badge" In the 20th century, entrepreneurship was studied by Joseph Schumpeter in the 1930s and by other Austrian economists such as Carl Menger (1840–1921), Ludwig von Mises (1881–1973) and Friedrich von Hayek (1899–1992). While

4770-563: The entity of International Bay Clubs. In 2013, the Balboa Bay Club and Resort was renamed as two separate entities and opened its renovated resort 'Balboa Bay Resort' to the public. The club continues to be open for members only. The club has been host to many notable people over the years, including: presidents, politicians, business leaders and actors, including John Wayne , Humphrey Bogart , Robert Wagner , Lauren Bacall , Natalie Wood , John Travolta , Jerry Seinfeld , Jim Carrey , Russell Simmons , Barry Goldwater . For many years it had

4860-406: The entrepreneur . These scholars tend to focus on what the entrepreneur does and what traits an entrepreneur has. This is sometimes referred to as the functionalistic approach to entrepreneurship. Others deviate from the individualistic perspective to turn the spotlight on the entrepreneurial process and immerse in the interplay between agency and context. This approach is sometimes referred to as

4950-454: The entrepreneur as a multi-tasking capitalist and observed that in the equilibrium of a completely competitive market there was no spot for "entrepreneurs" as economic-activity creators. Changes in politics and society in Russia and China in the late 20th century saw a flowering of entrepreneurial activity, producing Russian oligarchs and Chinese millionaires . In the 2000s, entrepreneurship

5040-485: The entrepreneur typically aims to scale up the company by adding employees, seeking international sales and so on, a process which is financed by venture capital and angel investments . In this way, the term "entrepreneur" may be more closely associated with the term "startup". Successful entrepreneurs have the ability to lead a business in a positive direction by proper planning, to adapt to changing environments and understand their own strengths and weaknesses. Meeting

5130-570: The experiences and strategies of ethnic entrepreneurs as they strive to integrate economically into mainstream U.S. or European society. Classic cases include Jewish merchants and tradespeople in both regions, South Asians in the UK, Koreans, Japanese, and Chinese in the U.S. and the Turks and North Africans in France. The fish and chip industry in the UK was initiated by Jewish entrepreneurs, with Joseph Malin opening

5220-718: The film rights to Cornell Woolrich 's short story "Two Men in a Furnished Room" and set up Jack Wrather Pictures Inc. to film it (as The Guilty (1947)), starring Castle and Wrather's new wife Bonita Granville . He bought a home in Hollywood and by 1955, he had produced six more movies, including High Tide , Perilous Waters , Strike It Rich and Guilty of Treason . The films were produced for Eagle-Lion Films , Warner Bros. , Monogram /Allied Artists and United Artists . He and Granville had two children. Wrather purchased 70% of television station KOTV in Tulsa, Oklahoma from fellow oil millionaire George Cameron. The other 30%

5310-417: The firm size, big or small, it can take part in entrepreneurship opportunities. There are four criteria for becoming an entrepreneur. First, there must be opportunities or situations to recombine resources to generate profit. Second, entrepreneurship requires differences between people, such as preferential access to certain individuals or the ability to recognize information about opportunities. Third, taking on

5400-775: The first mail order business, with the BBC summing up his legacy as "The mail order pioneer who started a billion-pound industry". A 2002 survey of 58 business history professors gave the top spots in American business history to Henry Ford , followed by Bill Gates ; John D. Rockefeller ; Andrew Carnegie , and Thomas Edison . They were followed by Sam Walton ; J. P. Morgan ; Alfred P. Sloan ; Walt Disney ; Ray Kroc ; Thomas J. Watson ; Alexander Graham Bell ; Eli Whitney ; James J. Hill ; Jack Welch ; Cyrus McCormick ; David Packard ; Bill Hewlett ; Cornelius Vanderbilt ; and George Westinghouse . A 1977 survey of management scholars reported

5490-455: The first fish and chip shop in London in the 1860s, while Samuel Isaacs opened the first sit-down fish restaurant in 1896 which he expanded into a chain comprising 22 restaurants. In 1882, Jewish brothers Ralph and Albert Slazenger founded Slazenger , one of the world's oldest sport brands, which has the longest-running sporting sponsorship in providing tennis balls to Wimbledon since 1902. In

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5580-466: The goal of improving the quality of life and well-being of girls and women. Many are doing so by creating "for women, by women" enterprises. Feminist entrepreneurs are motivated to enter commercial markets by desire to create wealth and social change, based on the ethics of cooperation, equality and mutual respect. These endeavours can have the effect of both empowerment and emancipation. The American-born British economist Edith Penrose has highlighted

5670-458: The inter-relationships between activities, between an activity (or sequence of activities) and an individual's motivation to form an opportunity belief, and between an activity (or sequence of activities) and the knowledge needed to form an opportunity belief. With this research, scholars will be able to begin constructing a theory of the micro-foundations of entrepreneurial action. Scholars interested in nascent entrepreneurship tend to focus less on

5760-634: The loan from French of the English-language word "entrepreneur" dates to 1762, the word "entrepreneurism" dates from 1902 and the term "entrepreneurship" also first appeared in 1902. According to Schumpeter, an entrepreneur is willing and able to convert a new idea or invention into a successful innovation . Entrepreneurship employs what Schumpeter called the "gale of creative destruction " to replace in whole or in part inferior offerings across markets and industries, simultaneously creating new products and new business models , thus creative destruction

5850-424: The local high school in 1935. He graduated cum laude with a Bachelor of Arts degree from The University of Texas at Austin in 1939. He worked in the oilfields of East Texas as a wildcatter and pipeline walker as his college summer job. When his father became ill in the early 1940s, he took over as president of his father's oil company, Overton Refining Company. On July 31, 1941 , he married Molly O'Daniel,

5940-492: The majority of innovations may be much more incremental improvements such as the replacement of paper with plastic in the making of drinking straws . The exploitation of entrepreneurial opportunities may include: The economist Joseph Schumpeter (1883–1950) saw the role of the entrepreneur in the economy as " creative destruction ", Which he defined as launching innovations that simultaneously destroy old industries while ushering in new industries and approaches. For Schumpeter,

6030-470: The new owners announced that plans to again renovate the club were under development and it went on the state that public meetings would be held to allow for input from the public. The Balboa Bay Club at one time had tennis courts onsite and also had an off-site tennis club, named the Balboa Bay Racquet Club located in the nearby Newport Center. The Balboa Bay Racquet Club is now The Tennis Club at

6120-435: The novice, serial and portfolio entrepreneurs is an example of behavior-based categorization. Other examples are the (related) studies by, on start-up event sequences. Nascent entrepreneurship that emphasizes the series of activities involved in new venture emergence, rather than the solitary act of exploiting an opportunity. Such research will help separate entrepreneurial action into its basic sub-activities and elucidate

6210-435: The optimum allocation of resources to enhance profitability. Some individuals acquire the new information before others and recombine the resources to gain an entrepreneurial profit . Schumpeter was of the opinion that entrepreneurs shift the production-possibility curve to a higher level using innovations. Initially, economists made the first attempt to study the entrepreneurship concept in depth. Alfred Marshall viewed

6300-593: The part of both established firms and new businesses. In the 21st century the governments of nation states have tried to promote entrepreneurship, as well as enterprise culture , in the hope that it would improve or stimulate economic growth and competition . After the end of supply-side economics , entrepreneurship was supposed to boost the economy. As an academic field, entrepreneurship accommodates different schools of thought. It has been studied within disciplines such as management, economics, sociology, and economic history. Some view entrepreneurship as allocated to

6390-494: The particular challenges of the project and has to function almost immediately to reduce the risk that performance might be adversely affected. Another type of project entrepreneurship involves entrepreneurs working with business students to get analytical work done on their ideas. Social entrepreneurship is the use of the by start up companies and other entrepreneurs to develop, fund and implement solutions to social, cultural, or environmental issues. This concept may be applied to

6480-494: The physiocrats. Dating back to the time of the medieval guilds in Germany, a craftsperson required special permission to operate as an entrepreneur, the small proof of competence ( Kleiner Befähigungsnachweis ), which restricted training of apprentices to craftspeople who held a Meister certificate. This institution was introduced in 1908 after a period of so-called freedom of trade ( Gewerbefreiheit , introduced in 1871) in

6570-403: The processual approach, or the contextual turn/approach to entrepreneurship. Entrepreneurship includes the creation or extraction of economic value . It is the act of being an entrepreneur, or the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits. Entrepreneurs act as managers and oversee the launch and growth of an enterprise. Entrepreneurship

6660-454: The repeated assembly or creation of temporary organizations. These are organizations that have limited lifespans which are devoted to producing a singular objective or goal and get disbanded rapidly when the project ends. Industries where project-based enterprises are widespread include: sound recording , film production, software development , television production, new media and construction. What makes project-entrepreneurs distinctive from

6750-432: The risks and enjoying most of the rewards. The process of setting up a business is known as "entrepreneurship". The entrepreneur is commonly seen as an innovator , a source of new ideas, goods , services, and business/or procedures. More narrow definitions have described entrepreneurship as the process of designing, launching and running a new business, often similar to a small business , or (per Business Dictionary ) as

6840-556: The separate companies Wrather Hotels, Lone Ranger Inc., Lone Ranger Television, Lone Ranger Pictures, and Lassie Television. The Independent Television Corporation was formed as a joint venture between Jack Wrather and the British Incorporated Television Company in 1958. In September 1958, Independent Television Corporation purchased TPA for $ 11,350,000. The company operated primarily as a distribution service for syndicating television shows produced by Wrather or

6930-488: The short-term. These driving characteristics allude to the presence of serial entrepreneurship in the region. It has been argued, that creative destruction is largely responsible for the dynamism of industries and long-run economic growth. The supposition that entrepreneurship leads to economic growth is an interpretation of the residual in endogenous growth theory and as such is debated in academic economics. An alternative description posited by Israel Kirzner suggests that

7020-550: The single act of opportunity exploitation and more on the series of actions in new venture emergence, Indeed, nascent entrepreneurs undertake numerous entrepreneurial activities, including actions that make their businesses more concrete to themselves and others. For instance, nascent entrepreneurs often look for and purchase facilities and equipment; seek and obtain financial backing, form legal entities , organize teams; and dedicate all their time and energy to their business Project entrepreneurs are individuals who are engaged in

7110-700: The television series (1954–1957). The corporation also purchased the Lassie television series in 1956 and the Sergeant Preston of the Yukon television series in 1957. The Wrather-Alvarez relationship did not end well. Wrather discovered that "Miss" Alvarez had married former partner John Hill when he had been "bought out" and his shares given to Alvarez. Wrather unsuccessfully sued Alvarez and Hill for fraud . In 1958, Wrather bought Alvarez's shares of Wrather-Alvarez and became sole owner of its television and hotel assets. The Wrather-Alvarez holdings were distributed into

7200-535: The term "adventurer" was often used to denote the same meaning. The study of entrepreneurship reaches back to the work in the late 17th and early 18th centuries of Irish-French economist Richard Cantillon , which was foundational to classical economics . Cantillon defined the term first in his Essai sur la Nature du Commerce en Général , or Essay on the Nature of Trade in General , a book William Stanley Jevons considered

7290-662: The top five pioneers in management ideas were: Frederick Winslow Taylor ; Chester Barnard ; Frank Bunker Gilbreth Sr. ; Elton Mayo ; and Lillian Moller Gilbreth . According to Christopher Rea and Nicolai Volland, cultural entrepreneurship is "practices of individual and collective agency characterized by mobility between cultural professions and modes of cultural production", which refers to creative industry activities and sectors. In their book The Business of Culture (2015), Rea and Volland identify three types of cultural entrepreneur: "cultural personalities", defined as "individuals who buil[d] their own personal brand of creativity as

7380-698: The traits of an entrepreneur using various data sets and techniques. Looking at data from the Global Entrepreneurship Monitor (GEM), entrepreneurial traits specific to the Association of Southeast Asian Nations (ASEAN) are: experience in managing or owning a business, pursuit of an opportunity while being employed, and self-employment. In the decision to establish a new business, the ASEAN entrepreneur depends especially on their own long-term mental model of their enterprise, while scanning for new opportunities in

7470-531: The type of organization and creativity involved. Entrepreneurship ranges in scale from solo, part-time projects to large-scale undertakings that involve a team and which may create many jobs. Many "high value" entrepreneurial ventures seek venture capital or angel funding ( seed money ) to raise capital for building and expanding the business. Many organizations exist to support would-be entrepreneurs, including specialized government agencies, business incubators (which may be for-profit, non-profit, or operated by

7560-540: The willingness of the entrepreneur to assume the risk and to deal with uncertainty, thus he drew attention to the function of the entrepreneur and distinguished between the function of the entrepreneur and the owner who provided the money. Jean-Baptiste Say also identified entrepreneurs as a driver for economic development, emphasizing their role as one of the collecting factors of production allocating resources from less to fields that are more productive. Both Say and Cantillon belonged to French school of thought and known as

7650-407: The work of Richard Cantillon and Adam Smith in the late 17th and early 18th centuries. However, entrepreneurship was largely ignored theoretically until the late 19th and early 20th centuries and empirically until a profound resurgence in business and economics since the late 1970s. In the 20th century, the understanding of entrepreneurship owes much to the work of economist Joseph Schumpeter in

7740-410: The world has ever seen". Another historian Tristram Hunt called Wedgwood a "difficult, brilliant, creative entrepreneur whose personal drive and extraordinary gifts changed the way we work and live." Victorian-era Welsh entrepreneur Pryce Pryce-Jones , who would capitalise on the railway network created during the Industrial Revolution and the modern postal system that also developed in the UK, formed

7830-412: Was converted to a private members only pool and outdoor bar. The club now provides access to rental of small electric boats, as well as paddle boards and kayaks. The club's B dock now hosts the rental fleet. Today the club and resort's marina facilities primarily accommodates power boats and large motor yachts. The club provides a Guest Dock for visiting yachtsmen and the guest dock also serves as home to

7920-683: Was extended from its origins in for-profit businesses to include social entrepreneurship , in which business goals are sought alongside social, environmental or humanitarian goals and even the concept of the political entrepreneur . Entrepreneurship within an existing firm or large organization has been referred to as intrapreneurship and may include corporate ventures where large entities "spin-off" subsidiary organizations. Entrepreneurs are leaders willing to take risk and exercise initiative, taking advantage of market opportunities by planning, organizing and deploying resources, often by innovating to create new or improving existing products or services. In

8010-604: Was launched. The term "entrepreneur" is often conflated with the term " small business " or used interchangeably with this term. While most entrepreneurial ventures start out as a small business, not all small businesses are entrepreneurial in the strict sense of the term. Many small businesses are sole proprietor operations consisting solely of the owner—or they have a small number of employees—and many of these small businesses offer an existing product, process or service and they do not aim at growth. In contrast, entrepreneurial ventures offer an innovative product, process or service and

8100-468: Was owned by station manager Maria Helen Alvarez and commercial manager John Hill. Wrather knew nothing about the management of a station and offered to increase Alvarez and Hill to 50% of the stock in exchange for their services. Hill wanted to move on to real estate, so Wrather agreed to purchase his shares and increase Alvarez to 50% owner in the new Wrather-Alvarez Television and Wrather-Alvarez Broadcasting companies. Wrather-Alvarez went on to purchase

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