Entrepreneurship: Definitions, opportunities, challenges, and future directions

Ratten, Vanessa

doi:10.1002/joe.22217

Cited by 44 publications

(16 citation statements)

References 48 publications

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“…The sixth article, "Entrepreneurship: Definitions, opportunities, challenges and future directions" by Ratten (2023), approaches entrepreneurship from various perspectives. This is crucial in understanding the different interpretations of entrepreneurship, depending on the context.…”

Section: Overview Of Articlesmentioning

confidence: 99%

“…Entrepreneurship as a business activity deals with creativity and innovation that can normally occur anywhere in the world (Albert et al., 2023). Entrepreneurship also involves the identification of business‐related opportunities and the process of using existing, new, or recombination of resources (Ratten, 2023). In this regard, the simplest definition of global entrepreneurship encompasses developing and implementing new business ideas that are creative, innovative, and scalable (Ratten, 2020a).…”

Section: Introductionmentioning

confidence: 99%

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Global entrepreneurship research and practice in the post‐pandemic world

Ratten

2023

Glob Bus Org Exc

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Some people have forgotten the recent COVID-19 pandemic, but for many, the memories are still vivid in terms of the effects of the health crisis on society. Globally, almost all parts of the world had significant changes made to their way of life due to the COVID-19 pandemic, which included social and economic effects.Many countries closed their international borders for a long period of time, which had a profound influence on the degree of internationalization occurring within these regions. Owing to the need for social distancing, there were rapid changes to digital business practices and the resulting increased usage of online communication platforms. The aim of this editorial is to highlight how global entrepreneurship research and practice in the post-COVID-19 world have changed in terms of research and practitioner practices. This is important as we seek to progress society through positive interaction in the business environment. Suggestions for future managerial and academic practices regarding global entrepreneurship are stated.

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Section: Overview Of Articlesmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Global entrepreneurship research and practice in the post‐pandemic world

Ratten

2023

Glob Bus Org Exc

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“…This mindset may lead to practices of cronyism and corruption, which may be entertained if the opportunity arises. One of the unintended consequences of this practice is the negative reputation entrepreneurship and business have throughout the world (Ratten, 2023). Countless individuals could make a positive impact in business and entrepreneurship yet are deterred by a few greedy examples.…”

Section: Distinction 2: the Triple Bottom Line Versus Profit-centric ...mentioning

confidence: 99%

“…Ethical entrepreneurs consciously and intentionally integrate their ethical standards into their business practices. Current research suggests that ethical entrepreneurship generates long-term business success, social acceptance, customer and employee loyalty (Ratten, 2023). Ethics can be viewed as the critical and normative reflection of morality, while morality is the practical implementation of ethics (Vallaster et al , 2019).…”

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Editorial: The distinctions between ethical and nonethical entrepreneurship

Vaduva

2023

JEET

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Humanity is facing challenges ranging from inflation, unemployment, population aging, government debt, immigration, disease, armed conflict, etc. Some experts claim that Western nations, with entrepreneurship and globalization as their "economic software," are declining. Powers in the East propose an alternative called "digital socialism with Asian characteristics" as they are speculating weaknesses such as social inequality and environmental damages.The Journal of Ethics in Entrepreneurship and Technology acknowledges the shortcomings of traditional entrepreneurial systems. However, this editor believes that entrepreneurship and globalization must be redeemed, not replaced. Over the past four centuries, in multiple cultural contexts, entrepreneurship has created prosperity and well-being. It has created jobs, lifted people out of poverty and generated products and services enjoyed by many. With this editorial, I would like to contribute to the redemption of entrepreneurship by outlining seven distinctions between ethical and nonethical entrepreneurship.Ethical entrepreneurship is based on principles and values that guide business decisions and is primarily concerned with value, not just profit. It places a strong emphasis on moral integrity, social responsibility and long-term sustainability. Ethical entrepreneurs consciously and intentionally integrate their ethical standards into their business practices. Current research suggests that ethical entrepreneurship generates long-term business success, social acceptance, customer and employee loyalty (Ratten, 2023). Ethics can be viewed as the critical and normative reflection of morality, while morality is the practical implementation of ethics (Vallaster et al., 2019). Nonethical entrepreneurship is primarily focused on profit maximization within legal boundaries. It typically views shareholders as the most important stakeholders, taking precedence over all others. Moral considerations are sometimes discounted in the quest of maximize profits. Studies have shown that exclusive profit-maximizing motives in entrepreneurship can lead to questionable, even harmful choices (Murnieks et al., 2014;Ratten, 2023). Distinction 1: purpose and motivationThe first distinction between ethical and nonethical entrepreneurship is its purpose and motivation. A sense of morality or altruism to all stakeholders drives ethical entrepreneurship. It is not an anti-profit approach, but it seeks to balance the quest for financial gain with social responsibility. Frequently, ethical entrepreneurship is infused with a strong sense of divine purpose or calling, and it can be associated with religious experiences. Ethical entrepreneurs view their businesses as instruments for advancing social, moral or environmental causes. They seem to have a higher calling which necessitate

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Minority entrepreneurs and start‐up financing

Robinson

2023

Glob Bus Org Exc

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There is a need for additional research on minority entrepreneurs need to access start‐up funding to grow and sustain their businesses. The problem is access to financial capital is a constraint for minority entrepreneurs and negatively impacts their ability to stay in business. Minority borrowers face more difficult borrowing conditions than Caucasian entrepreneurs. The results from this case study demonstrated the pecking order theory and the resource base theory, and that there is no relationship between the source of the funding and the success and failure of 11 minority‐owned small business startups. Case study is an excellent research design for this study because it allows a researcher to investigate the lived experiences of individuals who have shared experiences of a particular event or condition. The results from this case study showed a majority of the research participants indicated that avoidance of debt is a primary motivating factor to use personal savings as a primary choice in funding their respective businesses. This article is designed to assist policymakers at both the state and federal government levels in better understanding how to provide accessible financing to these entrepreneurs. Also, this article is designed for all individuals who have started a business or may be thinking about starting a business to get a better understanding of the obstacles and motivations minority entrepreneurs encounter when attempting to find financing to start their businesses.

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Entrepreneurship: Definitions, opportunities, challenges, and future directions

Cited by 44 publications

References 48 publications

Global entrepreneurship research and practice in the post‐pandemic world

Global entrepreneurship research and practice in the post‐pandemic world

Editorial: The distinctions between ethical and nonethical entrepreneurship

Minority entrepreneurs and start‐up financing

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