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Entrepreneurship in the Global Environment - Literature review Example

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This exploration and comparison of Lemann and Page concerning their similarities and differences as entrepreneurs used the four theories of Say, Knight, Marshall, and Schumpeter to look at these individuals from a broad array of characteristics and identifying factors…
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Entrepreneurship in the Global Environment Comparing Entrepreneurs from different Industries Introduction The subject posed by looking into the comparison of Brazilian Jorge Paulo Lemann and American Larry Page is a study in contrasts in terms of the field of entrepreneurship. By this, it is meant that the path these two have taken concerning their approach differs. Stokes et al (2010) help to clarify the above by advising that there are many different definitions of the term entrepreneur. His assessment compares favourably with that of Wickham (2006) and Oviatt and McDougall (2005) who state that there are no agreed upon universal definition of the term (entrepreneur). Wickham (2006) adds that entrepreneurship differs in terms of definition as it represents a management style that seeks to pursue opportunities and invoke change. As an explanation that will aid in furthering this study Howorth et al (2005) explain that despite the lack of a universally agreed upon definition for the term (entrepreneur), it has come to be accepted that it represents those types of individuals that develop, as well as initiate and lead, a company. McKenzie et al (2007) add that an entrepreneur seeks out opportunities that others have yet to identify or put into action, and then they gather the needed resources under an organisational framework to focus and lead a team in a specific direction. In furthering the discussion of the term entrepreneur, McKenzie et al (2007) help to clarify the direction and purpose of this study as they refer to an article by Gartner (1988) who claimed that prior definitions of an entrepreneur lead to numerous disagreements. Gartner (1988, p. 1) proposed the solution that used the term entrepreneurship instead as it represents “… the creation of new organisations”. The above explanations have been included as they represent the foundation for this comparison of Jorge Paulo Lemann and Larry Page. As shall be developed in this examination, these two individuals represent differing aspects of the entrepreneurial spectrum, which will be explained herein. Theoretical Frameworks In order to provide a foundation for looking into the similarities and differences of Jorge Paulo Lemann and Larry Page, an exploration of entrepreneurship theories will aid in the assessment of these two individuals. Interestingly, one of the first theories was offered by Jean Baptiste Say, around 1800 (Dana, 2007). He stated that entrepreneurs bring individuals together and that they build productive items. This represents a trait found in both Jorge Paulo Lemann and Larry Page that shall be explored in subsequent segments. Frank Knight adds to the entrepreneurship theory information base used in this study as he introduced the risk-bearing theory in the 1950s (Holton, 2004). His theory considers the uncertainties associated with undertaking a new venture and that profit represents the reward for risk-taking. These are common attributes that will be developed in the review of Jorge Paulo Lemann and Larry Page. Alfred Marshall’s theory of entrepreneurship uncovered that there are similarities held by these two individuals. He states that successful entrepreneurs have characteristics that include an understanding of their industry, and leadership skills along with the foresight to act on risks versus rewards (Metcalfe, 2007). Schumpeter’s innovation theory adds to Marshall’s list of characteristics by stating that they exhibit foresight, creativity, and innovation (Rumelt, 2005). He adds that entrepreneurship occurs when an entrepreneur creates or develops a new product or service, discovers a new market for a product or service, or finds new ways of producing things (Rumelt, 2005). Interestingly, Schumpeter’s innovation theory does not mention the risk-taking aspect entrepreneurs to engage in, and their organisational skills. As shall be developed in the ensuing sections, the choice of Jorge Paulo Lemann and Larry Page represent selections from two different approaches or applications of entrepreneurial skills, industry sectors, and entrepreneurship, yet there are similarities. Jorge Paulo Lemann is a financier who founded the private equity firm GP Investimentos in Sao Paulo that is now headquartered in Hamilton Bermuda (Ramamurti and Singh, 2009). The firm also has offices in New York as well as Zurich (Ramamurti and Singh, 2009). As shall be developed, Lemann’s brand of entrepreneurship consists more of the Frank Knight risk bearing theory in combination with Marshall’s characteristics of successful entrepreneurs (meaning having an understanding of his industry, leadership skills and the foresight to act on risks). Whilst Lemann’s attributes also include elements of Schumpeter’s innovation theory regarding foresight, Page represents a more complete example as he also demonstrates the other Schumpeter characteristics of creativity and innovation. Page’s entrepreneurial characteristics also include Frank Knight’s risk-bearing theory in terms of paving new ground with Google (Langville and Meyer, 2011). In terms of Marshall’s entrepreneur characteristics, Lemann exhibits the understanding of his industry, foresight and leadership skills under his theory. The above summary introduction to these two entrepreneurs has been conducted to provide an understanding of why both have been selected. They are from two completely different industry spectrums (financier versus Internet code creation and developer), and are therefore interesting examples to compare. The theories of Jean Baptiste Say, Frank Knight, Alfred Marshall, and Joseph Schumpeter has been selected as they represent foundational characteristics of entrepreneurs yet there are differences within these theories. These proved useful in understanding and explaining the different fields these two individuals are in, yet these theories also reveal the similarities of these two entrepreneurs across different industry sectors. In terms of contributions or economic positioning, these two entrepreneurs occupy different parts of the spectrum as Page’s vision, foresight and efforts have helped to forge an Internet company that serves millions of people and created thousands of jobs (Langville and Meyer, 2011). The field that Lemann operates in differs considerably from Page. Investment banking and finance are wealth based creation endeavours where the objective is to maximise the return on invested funds in the shortest possible time frame (Pearl and Rosenbaum, 2013). Whilst there are jobs and economics involved, the profession is more beneficial to the financier in the end. The building aspect of entrepreneurs The very brief introduction to these two individuals was undertaken to provide an understanding of the fields they operate in as opposed to any in-depth exploration of their entrepreneurial characteristics and attributes. This was done so that these factors could be developed using theoretical areas. The approach to the comparison of the entrepreneurship styles of Jorge Paulo Lemann and Larry Page will use the preceding four theoretical areas explored in the prior section. In describing one of the basic theories of entrepreneurship, Frenchman Jean Baptiste Say in the early 1800s is credited with coining the term entrepreneur (Hollander, 2005). In describing an entrepreneur, Jean Baptiste Say stated that they are individuals who “shift economic resources out of an area of lower and into an area of higher productivity and greater yield,” (Martin and Osberg, 2007, p. 14). In order to better understand Say’s entrepreneurial theory, a brief understanding of his background provides information concerning his suitability concerning providing a theoretical foundation. Say was an economist and businessman who devised Say’s Law that espoused “that supply creates its own demand” (New World Encyclopedia, 2013, p. 1). Say stated that entrepreneurs “organize and direct the factors of production so as to achieve the satisfaction of human wants” (New World Encyclopedia, 2013, p. 1). He added that they are also “forecasters, project appraisers, and risk-takers who either finance enterprises from their own capital, funds that are borrowed or that “they advance funds to the owners of labor, natural resources (land), and machinery (tools)” (New World Encyclopedia, 2013, p.1). The above represent clear foundations that apply to both Jorge Paulo Lemann and Larry Page. In the case of the former (Jorge Paulo Lemann), his field of investment banking and finance represents fostering production and resources by seeking firms that have promising foundations and then acquiring them to infuse new management and capital to aid them in achieving heightened results (Correa, 2014). This represents the advancement of funds aspect of entrepreneurism mentioned by Jean Baptiste Say, along with forecasting, project appraiser and risk-taking factors. Lemann’s noteworthy deal was the 2008 acquisition of the American brewery firm Anheuser-Busch for $46 billion (Leonard, 2012). He used the larger financial resources of the Belgium based InBev that owns Becks and Stella Atrvois beers that distributes Pepsi in Brazil as the means to increase the global markets for Anheuser-Busch that was highly dependent on the U.S. market (Leonard, 2012). The foresight and ability to forecast the broader market reach and appeal for Anheuser-Busch demonstrates the entrepreneurial skill of Lemann who saw a larger market and value for the resources of the company that he developed by envisioning and carrying out the acquisition. Larry Page, the co-founder of Google, represents a different application of Say’s resource/productivity theory. Page’s contribution to Google was his computer programming skills and foresight in the creation of a search engine algorithm that is known as PageRank (Xing and Ghorbani, 2004). The algorithm permits Google to handle user search requests using a ranking system based on relevance as well as speed (Jing and Baluja, 2008). Page’s algorithm provided Google with a means to increase the efficiency of its server resources along with providing the users of the service with faster access to website search requests (Jing and Baluja, 2008). These two areas increased the productivity resources of the company that launched it into the position of being the number one search engine portal and it also increased productivity for its users (Xing and Ghorbani, 2004). These two examples of Say’s entrepreneurial resource and productivity theory using Jorge Paulo Lemann and Larry Page are different applications represented by the nature of what they do and the industry sectors they are in. Salerno (2008) expands on this by advising that entrepreneurs earn profits through the discovery of opportunities and then seizing the initiative. He adds that the above cannot be separated from the factors of production and the use of resources to accomplish successful ends. The Risk Bearing Theory The second entrepreneurial theory to be explored in this analysis is that of Frank Knight. His risk bearing theory goes further than the brief exploration of Say as Knight’s was developed in the 1950s as opposed to the economic principles of Say’s that were devised in the 1800s (MacMinn et al, 2006). Knight stated that there are two types of risks, insurable and non-insurable (Barreto, 2013). Under the first type (insurable) this is a risk where their statistical probability can be calculated (Brooke, 2010). Theft, fire, and accidents are the types of risks this category represents. The uncertainties that can arise in the operation of a business or in production processes are termed as non-insurable risks (Brooke, 2010). The fact that they cannot be seen or calculated in advance and guarded against from a statistical probability standpoint represents the reason they are non-insurable (Brooke, 2010). Lemann operates in a field (investment banking/finance) where there is a broad range of potential unforeseen variables that can negatively impact an acquisition or merger (Rajan, 2006). In the book “Dream Big” Correa (2014, p. 100) discusses Lemann’s firm and accomplishments and stated that he achieved success through “… and ethos of careful consideration of options, followed by deliberate and decisive decisions”. In terms of dealing with uncertainty and risk bearing, she added that Lemann understood the importance of acting quickly when opportunities presented themselves and that in spite of the best efforts to obtain a positive outcome there are a broad range of areas that are outside of the ability of a person to foresee (Correa, 2014). The hostile takeover Lemann initiated entailed a multitude of finance, economic, post-acquisition issues along with a reliance on the fact that the foresight and rationales for the merger would produce results to justify the cost (Correa, 2014). The above are only a small set of the potential pitfalls (risks) that accompany transactions of this type. This is what separates the successful finance entrepreneurs from the rest. The downside of the transaction is that Lemann’s firm could have been branded as lacking the expertise, foresight, and wisdom to operate in the rarified area of multibillion-dollar mergers where failure signifies doom for the firm arranging them. In terms of Google, Larry Page faced the risks that his search engine software would not supplant Yahoo, which at the time was the world’s leading search engine portal (Jacso, 2008). The risks undertaken by Page and his partner, Sergey Brin, entailed understanding the capabilities of their rivals and believing that their competitors could not invent an algorithm to outperform theirs (Pasquinelli, 2009). Their gamble in basing a firm on a search engine algorithm in the face of strong competition represented a risk to the founders as well as the investment firms that funded their operation (Pasquinelli, 2009). The rewards represented a piece of the millions of page searches conducted daily and thus the advertising and search engine listing fees generated in conjunction with this activity (Austin, 2006). The risks faced by Lemann and Page, in a sense, were the same as they were basing their reputations, expertise, and industry standing on their ability to equate the various risks associated with their undertakings and convincing others that they had considered the variables. Despite their fields being totally dissimilar (investment banking/finance, and software), the entrepreneurial theory of risk-bearing applied in both instances. They both undertook business opportunities that saw gaps in the market and undertook the opportunity to create new value (Jones and Coviello, 2005). Alfred Marshall’s Theory of Entrepreneurship The preceding two theories revealed that despite the differences in the fields of endeavour for Lemann and Page, the theories discussed thus far indicate that they applied in both instances. Marshall’s theory states that successful entrepreneurs have varied characteristics that are similar (Holton, 2004). Marshall states that these characteristics consist of successful entrepreneurs having a unique or different understanding of their industry that permits them to see or exploit opportunities (West et al, 2007). He added that the other characteristics include leadership skills in convincing others to accept or follow their vision, along with to the foresight to act on their ideas by weighing the risks and rewards. All of the above are components that apply to an individual in the arena of investment banking and finance such as Lemann. In a book by Sennett (2011) he states that they need to have the understanding and foresight to see opportunities that will work which have been missed by others. In Lemann’s instance, he saw that Coors Light passed Anheuser-Busch’s Budweiser Light in America to become number one in that category (Leonard, 2012). He also noticed Anheuser-Busch’s market was comprised almost exclusively of the United States and that the name recognition of the brand was international (Leonard, 2012). Lemann translated this assessment into action (leadership) by convincing InBev to acquire Anheuser-Busch as its international distribution and markets (InBev) would provide the international exposure to increase the sales volume of the company (Leonard, 2012). These same characteristics, industry understanding, leadership along with the understanding of the potential risks and rewards also apply to Larry Page. As brought forth throughout this exploration of Page, his unique PageRank algorithm was developed to serve the search engine category based on the speed and search listing priority benefits and advantages it would provide Google (Chen et al, 2007). The risks taken by Page and his partner in terms of pursuing this course of action represents their understanding of the opportunities in the search engine segment. The leadership skills of Page were demonstrated by his taking over as the chief executive officer of Google as as along with his leadership skills in convincing venture capital firms to back his algorithm. Innovation Theory This segment of the comparative assessment regarding Lemann and Page involves Schumpeter’s innovation theory. As brought forth under the theoretical framework segment of this study, Schumpeter listed the characteristics of foresight, creativity, and innovation as components in his theory of innovation. As the characteristics of foresight have been dealt with a number of times in prior sections, this segment will look at innovation and creativity. One of the components of the innovation theory is product life cycle that set forth there are four stages (McMullen and Shepherd, 2006). Figure 1 - Product Life Cycle (Hofstra University, 2013, p.1) In the instance of Lemann he recognised that the products of Anheuser-Busch in the United States market were in intense competition with other brands that was leading to a decline in the brand’s sales volume overall (Leonard, 2012). His creativity was recognising that by expanding the distribution of the company’s brands internationally, the sales would increase (Leonard, 2012). In terms of Page, his creativity was the inventiveness in the creation and design of the PageRank algorithm. By understanding how to speed up search engine compilation Page saw an opportunity in this market. The above, along with market segmentation represented theories used by Lemann and Page helped them to equate the opportunities and quotients for success in their ventures. For clarity, market segmentation represents understanding the distinct attributes inherent in a market as a means to equate the opportunities that might be available (Acs and Armington, 2006). The product life cycle and market segmentation theories were components in Lemann’s and Page’s assessment of their respective fields as part of their overall analysis. The enterprise life cycle theory (Hoy, 2006) closely approximates the product life cycle theory as it represents innovation to either supply a new product or service (Page), or using an acquisition to serve as a competitive advantage (Lemann). Figure 2 - Enterprise Life Cycle (Morris, 2007, p. 5) Creativity is a characteristic identified by Schumpeter along with foresight and innovation (Rumelt, 2005). In terms of innovation, York and Venkataraman (2010) add to Schumpeter’s discussion of this as an entrepreneurial characteristic as they state it leads to new products, new distribution routes, improved service, and new production approaches. In the instance of Lemann, the acquisition and financing of companies represent a type of innovation that recognises the inherent value in businesses overlooked by others (Leonard, 2012). The acquisition of Anheuser-Busch by AB In Bev that was engineered by Lehmann opened the firm to new global markets under the established distribution network of InBev (Leonard, 2012). Larry Page’s search engine algorithm, termed PageRank, was the innovation that provided Google with the needed technology to enter the search engine portal segment (Fernandez, 2008). The innovation aspect provided Google with the ability to offer a service that was superior to its rivals and permitted the company to build relationships with advertisers based on the capabilities of the portal in attracting users (Agarwal and Round, 2011). Conclusion This exploration and comparison of Lemann and Page concerning their similarities and differences as entrepreneurs used the four theories of Say, Knight, Marshall, and Schumpeter to look at these individuals from a broad array of characteristics and identifying factors. The learning outcomes contained in the module for this examination included a broad array of areas. These consisted of learning what an entrepreneur is and does (function), the entrepreneurial process, along with understanding the relationship of innovation, foresight, creativity and risk/reward to the entrepreneurial process. It was these components that provided a foundation for understanding the types of theories to seek out that would best develop the comparison of Lemann and Page. Say’s resource and productivity entrepreneurial theory was a reoccurring theme as it brought into the discussion the risk-bearing theory of Knight. The connection to Say was found in the fact that when engaging in the shift of economic resources to “… an area of higher productivity and greater yield” (Martin and Osberg, 2007, p. 14). The risk-bearing theory of Knight helped to explain the significance of the decisions and approaches used by Leman and Page who had the foresight to see the rewards versus the risks involved. Despite the fact that Lemann’s field of finance and investment banking representing a different arena than the creative innovation of Page’s search engine algorithm, both endeavours entailed significant risk and reward. Marshall’s theory of entrepreneurship explained that there are common characteristics (unique understanding of their industry, leadership skills and foresight) attributable to entrepreneurs (Holton, 2004). The assessment of Lemann and Page in this study uncovered that all three of these characteristics applied to these entrepreneurs as they both saw new opportunities and had the leadership skills to convince others to back their vision. Schumpeter’s innovation theory also included foresight; along with creativity and innovation as the characteristics he utilised to explore the attributes of entrepreneurs. Lemann’s acquisition of Anheuser-Busch saw the increased markets and distribution that would benefit the firm by aligning it with InBev (Leonard, 2012). Larry Page’s algorithm was his creative contribution that enabled Google to become the leading search engine portal due to its advanced capabilities to find and rank searches (Agarwal and Round, 2011). The four theories used provided a comparative base to determine that although Lemann and Page are engaged in entirely different fields, the theoretical attributes and characteristics of these two individuals are remarkably similar. References Acs, Z., Armington, C. (2006) Entrepreneurship, Geography, and American Economic Growth. Cambridge: Cambridge University Press. Agarwal, M., Round, D. (2011) The Emergence of Global Search Engines: Trends in History and Competition. Competition Policy International. 7(115). pp. 34-37. Austin, D. (2006) How Google Finds Your Needle in the Web's Haystack. (online) Available at (Accessed on 19 November 2014) Barreto, H. (2013) The Entrepreneur in Microeconomic Theory: Disappearance and Explanation. New York: Routledge. Brooke, G. (2010) Uncertainty, profit and entrepreneurial action. Journal of the History of Economic Thought. 32(2). pp. 225-227. Chen, P., Xie, H., Maslov, S., Redner, S. (2007) Finding scientific gems with Google’s PageRank algorithm. Journal of Informetrics. 1(1). pp. 11-13. Correa, C. (2014) Dream Big: How Jorge Paulo Lemann, Marcel Telles and Beto Sicupira Acquired Anheuser-Busch, Burger King and Heinz and Revolutionized Brazilian Capitalism. New York: Primeira Pessoa. Dana, L. (2007) International Handbook of Research on Indigenous Entrepreneurship. In Dana, K., Anderson, R. International Handbook of Research on Indigenous Entrepreneurship. Chelterham: Edward Elgar Publishing. Fernandez, P. (2008) Google’s pagerank and beyond: The science of search engine rankings. The Mathematical Intelligencer. 30(1). pp. 68-69. Gartner, W. (1988) Who is an entrepreneur? is the wrong question. American Journal of Small Business. 12(4). p. 1. Hofstra University (2013) Product Life Cycle. (online) Available at (Accessed on 19 November 2014) Hollander, S. (2005) Jean-Baptiste Say and the Classical Canon in Economics. London: Routledge. Holton, G. (2004) Defining Risk. Financial Analysts Journal. 60(6). pp. 21-22 Howorth, C., Tempest, S., Coupland, C. (2005) Rethinking entrepreneurship methodology and definitions of the entrepreneur. Journal of Small Business and Enterprise Development. 12(1). pp. 24 – 40. Hoy, F. (2006) The Complicating Factor of Life Cycles in Corporate Venturing. Entrepreneurship Theory and Practice. 30(6) pp. 832-834. Jacso, P. (2008) Google Scholar revisited. Online Information Review. 32(1). pp.106 – 107. Jing, Y., Baluja, S. (2008) Pagerank for product image search. New York: Proceedings of the 17th international conference on World Wide Web Jones, M., Coviello, N. (2005) Internationalisation: conceptualising an entrepreneurial process of behaviour in time. Journal of International Business Studies. 36(3). pp. 293-295 Langville, A., Meyer, C. (2011) Google's PageRank and Beyond: The Science of Search Engine Rankings. Princeton: Princeton University Press. Leonard, D. (2012) The Plot to Destroy America's Beer. Bloomberg Businessweek. 25 October. MacMinn, R., Brockett, P., Blake, D. (2006) Longevity, Risk and Capital Markets. Journal of Risk and Insurance. 73(4). pp. 554-555. Martin, R., Osberg, S. (2007) Social Entrepreneurship: The Case for Definition. Stanford Social Innovation Review. Spring. p. 14 McKenzie, B., Ugbah, S., Smothers, N. (2007) Who is an entrepreneur? Is it still the wrong question? Academy of Entrepreneurship Journal. 13(1). pp. 23-24. McMullen, J., Shepherd, D. (2006) Entrepreneurial Action And The Role Of Uncertainty In The Theory Of The Entrepreneur. Academy of Management Review. 31(1). pp. 138-140. Metcalfe, J. (2007) Alfred Marshall and the general theory of evoluntary economics. History of Economic Ideas. 15(1). pp. 87-89. Morris, J. (2007) Best practices throughout the enterprise life cycle. (online) Available at (Accessed on 19 November 2014) New World Encyclopedia (2013) Jean-Baptiste Say. (online) Available at (Accessed on 19 November 2014) Oviatt, B., McDougall, P. (2005) Defining International Entrepreneurship and Modeling the Speed of Internationalization. Entrepreneurship Theory and Practice. 29(5) pp. 539-540. Pasquinelli, M. (2009) Google’s PageRank Algorithm: A Diagram of the Cognitive Capitalism and the Renter of the Common Intellect. (online) Available at (Accessed on 19 November 2014) Pearl, J., Rosenbaum, J. (2013) Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions. Hoboken: John Wiley & Sons. Rajan, R. (2006) Has Finance Made the World Riskier? European Financial Management. 12(4). pp. 502-503. Ramamurti, R., Singh, J. (2009) Emerging Multinationals in Emerging Markets. Cambridge: Cambridge University Press. Rumelt, R. (2005) Theory, Strategy, and Entrepreneurship. Handbook of Entrepreneurship Research. 2(4). pp. 14-16. Salerno, J. (2008) The Entrepreneur: Real and Imagined. The Quarterly Journal of Austrian Economics. 11(4). pp. 191-193 Sennett, R. (2011) The Corrosion of Character: The Personal Consequences of Work in the New Capitalism. New York: W.W. Norton & Company. Stokes, D., Wilson, N., Mador, M. (2010) Entrepreneurship. London: Cengage Learning. West, G., Bamford, C., Marsden, J. (2007) Contrasting Entrepreneurial Economic Development in Emerging Latin American Economies: Applications and Extensions of Resource-Based Theory. Entrepreneurship Theory and Practice. 32(1). pp. 17-19. Wickham, P. (2006) Strategic Entrepreneurship. London: Pearson Education. Xing, W., Ghorbani, A. (2004) Weighted PageRank algorithm. New York: Proceedings of the Second Annual Conference on Communication Networks and Services York, J., Venkataraman, S. (2010) The entrepreneur–environment nexus: Uncertainty, innovation, and allocation. Journal of Business Venturing. 25(5). pp. 451-452. Read More
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