Minority Women Entrepreneurs by Mary Godwyn & Donna Stoddard

Author:Mary Godwyn & Donna Stoddard
Language: eng
Format: epub
Publisher: Taylor and Francis

A brief review of another major entrepreneurship text reveals a similar orientation. Entrepreneurship: Theory, Process and Practice (2007) is a popular college-level entrepreneurship text that, like New Venture Creation, is also in its seventh edition. Co-authors Donald Kuratko and Richard M. Hoggetts are seminal figures in entrepreneurship scholarship. Kuratko, a professor at the University of Indiana, has authored over 160 articles and 22 books on entrepreneurship. Kuratko and Hoggetts distinguish entrepreneurs from small business owners primarily by the size of their ambitions; that is to say, in their estimation, entrepreneurs focus on rapid growth and profit generation:

The terms entrepreneur and small-business owner are sometimes used interchangeably. Although some situation encompass both terms, it is important to note the differences in the titles. Small businesses are independently owned and operated, are not dominant in their fields, and usually do not engage in many new or innovative practices. They may never grow large, and the owners may prefer a more stable and less aggressive approach to running businesses. In other words, they manage the business by expecting stable sales, profits and growth … On the other hand, entrepreneurial ventures are those for which the entrepreneur’s principal objectives are innovation, profitability and growth … Entrepreneurs and their financial backers are usually seeking rapid growth and immediate profits. (Kuratko and Hoggetts 2007: 4)

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