Malaysia Economy And Relationship Of Fiscal Policy Economics Essay

Malaysia Economy And Relationship Of Fiscal Policy Economics Essay Our study investigates the importance of fiscal policy in economy of any country. There are a lot of variables that have relationship with fiscal policy and shows impact on economical growth. In our paper we have analyze the fiscal policy of Malaysia (Asian country) from 2010-2012 by referencing the past of Malaysia economy late in 1970s. Executive summary Fiscal policy describes two governmental actions by the government. The first is taxation and second action is government spending. This paper explores the stabilization properties of fiscal policy in Malaysia using a model incorporating nonlinearities into the dynamic relationship between fiscal policy and real economic activity over the growth cycle.  Government of Malaysia participation in the economy expanded further in 1980-82 as it pursued an expansionary countercyclical fiscal policy aimed at stimulating economic activity and sustaining growth to ride out the effects of the global recession. The countercyclical policy led to twin deficits in the governments fiscal position and the balance of payments. Malaysia ran persistent fiscal deficits throughout the 2000s, averaging just above  5% of GDP from 2000-05. By 2007, the fiscal deficit had fallen below 4%, but with the onset of the financial crisis, the collapse in growth and the ensuing fiscal stimulus measures, the defici t shot back up to 7.1% of GDP  in 2009 and  5.8% in 2010. In 2011 and 2012 Malaysia fiscal policy will help them to construct better options for rural areas development and their major income for government revenue is income taxes. our findings are supported by past literature on Malaysia economy and relationship of fiscal policy to other variables. Literature review Fiscal policy, the government decides how much to spend , what to spend , what to spend for and how to finance its spending (Abel et, al ; 2001). Fiscal policy is defined as change in federal taxes and purchases that are intended to achieve macroeconomics policy objectives (hubbard O Brien; 2010) There are two models imply regarding fiscal policy of a country in economic point of view. Standard Keynesian model imply that fiscal policy should be countercyclical when bad times hits the government spending should increases and lower taxes by government to help economy spend it way out of recession. If policy makers following Keynesian model then there will be business cycle a positive correlation between taxes and output and negative relation between government spending and output. the second models tax smoothing imply that fiscal policy should be neutral all over business cycle and only respond to anticipated changes that affect the government budget constraints. by following this model all correlation will essentially zero Barro (1979). The equilibrium approach to fiscal policy summarize by David Aschauer (1988) and Robert Barro (1989). The macroeconomics analysis effects of fiscal policy on economical growth because fiscal policy effects aggregate demand, the distribution of wealth and economy capacity to produces services and goods. Neoclassical approach emphasize on short term effect of different instruments of fiscal policy. Secondly, steady rate growth is driven by exogenous factor which are dynamics of population and technological progress. In Asian courtiers the growth performance observation viewed as: growth declined and become stagnant significantly since 1985 and government expenditures are not inhibits full exploitation of growth potential of Asian countries. Researched on theory and empirical literature shows effects of fiscal policy variables that are government expenditure programs and taxes on economic growth Gerson (1998). Survey focused that there is robust positive contribution of government expenditure ratio to growth Caseli et, al (1996). Abdullah et, al (2008) focused on Pedroni Cointrgartion method to show a long run relationship between fiscal policy and economic growth. Several studies examined effectiveness of fiscal policy and argued in Keynesian times that fiscal policy will increases disposable income ad raise the private consumption but some studies emphasize that fiscal policy can have non Keynesian effects. Feldstein Giavazzi Pangano (1982) give that idea and purpose that permanent government expenditure reduction may increase in income , thus increase current consumption and aggregate demand. With reference to Ireland and Denmark studies they found that contractionary fiscal policy may have expansionary results. Blanchard (1990) finds that the initial debt level has an important influence on fiscal policy effect. Sargent (1999) argues monetary policy can be constrained by fiscal policy, if fiscal deficits grow large enough to require monetization of government debt. This argument emphasize that monetary policy is not independent of fiscal policy decision of government. By tight fiscal policy holds by government we can easy run a non inflationary monetary policy but with persistent budget deficit spending it is not possible to run a non- inflationary monetary policy. Some researchers confirmed that there is relationship between fiscal policy and stock market (Arin et, al; 2009 , Afonso et, al ; 2011, silvia iqbal ;2011). Regarding this Malaysia the relationship between fiscal policy and stock market index analyzed. This study was concluded by using co integration test to detect the existence of long run relationship and also need VECM vector error construction model for short run existence. the finding indicates that fiscal policy tools plays an important role in accelerating financial performance in Malaysia. In the 1970s Malaysia government played a key role in economy. Malaysia economics performance was impressive in late 1980s as well as 1990s with real growth of 8% per annum. This growth was due to expansionary monetary and fiscal policies compounded by FDI. Malaysia economy was in financial crisis in 1997/98 and faced minus 4% in growth with fast depreciating domestic currency and liquidity. By stabilization measures the real output lifted an post annually of 5% 6% in 1998. As global economic constrained continued to persist the 1999-2003 budgets maintained an expansionary stance, with authoritys conscious of the need to maintain debt sustainability. The countercyclical fiscal policy implemented was effective in supporting economic recovery and sustaining domestic demand in 2001. Malaysia was able to record a positive growth rate by supporting effective fiscal policy. Federal government expenditure in Malaysia was allocated for 2 major purposes namely operation purposes and developm ent purposes. Operation purposes are for upgrading and improve productivity as well as for long term economic growth. The largest component of operating expenditure is emoluments, subsidies, supplies and services. By improving subsidies is to reduce of burden of society to poor and disadvantages groups. Allocating budgets for development purpose to upgrade rural areas and low income households which have significant role in sustaining growth. The government development expenditure growth is faster than operating which is 7.1 % compare to 8.5% for development expenditures. the main source of government revenue is tax collection and non- tax revenue to finance its expenditure to improvement for prospect of country as well. The income tax is major tax in Malaysia (economic report ministry of finance 2010-2011). In September 2011 the Malaysia credit rating slipping from A+ to A by providing an ominous sign. The Malaysia does not have track record of practicing fiscal discipline, as in two last decades the Malaysia gas had federal budget deficits even in good times of growth. Malaysias continually large government investments, spanning over more than a decade, are a rating constraint. In 2011 the second quarter was unhappy one for Malaysia as manufacturing sector growth rate of 2.1% against growth rate of 5.5% in the first half of 2011. Manufacturing sector was dealing in slumping demands for Malaysia exports from the US, Japanese and Europeans markets. Globally growth was expected to drop by 3.1% for 2011 and china was by 0.2%, under all situation Malaysia decision to increase approvals for manufacturing investment of MYR 16.4 million. For 2nd quarter of 2011 and it is stinking when comparing to 2nd quarter of 2010. Malaysia forecasted a growth rate of 5-6% for 2011 but it was 4-5% in 2011. The consequences of lack of fiscal discipline will surface should the global economy take a turn for a worse. First victim will be federal government deficit that is started from 2008 crisis in Malaysia. At that time debt to GDP ratio was 54%. Following the strong expansion in 2011, the growth of both private consumption and investment is projected to soften in 2012, as both income and capital expenditure in the external-related sectors of the economy are affected by the slower global growth. 2012 budget of Malaysia economy will support private consumption. The public sector will remain supportive with higher capital expenditure by both federal government and non financial public enterprise NFPEs on 2012. Fiscal policy in 2012 is geared towards stimulating domestic economic activity and providing support to the economic transformation plan. A challenge for the Government in 2012 is to continue providing support to domestic demand by aiming the weakening external sector while ensuring that the fiscal position remains sustainable. In this regard, greater emphasis has been placed in the 2012 Budget on generating growth through private sector investment and consumption. RM2.5 billion is allocated in the 2012 Budget under the PPP Facilitation Fund to facilities the private sector in initiating various catalytic projects. Secondly it wills Introduction of various tax incentives to facilitate the development of high-impact projects in targeted sectors. These incentives are provided for projects in Kuala Lumpur International Financial District (KLIFD), Iskandar Development Region (IDR) and other regional corridors which are expected to have large multiplier effects on economic activity. The t hird initiative involves attracting foreign investments and participation in the economy through further liberalization of the 17 services sub-sectors that allow up to 100% foreign ownership. This initiative is expected to enhance the competitiveness of the domestic services sector which has been identified as one of the key drivers of economic growth. The Federal Government fiscal deficit is expected to narrow from 5.0% in 2011 to 4.7% of GDP in 2012. Revenue collection is expected to improve and thus supported by better tax administration and higher compliance in tax submission and collection. Total expenditure continues to remain supportive of growth with an allocation of RM181.6 billion for operating expenditure and RM49.2 billion for development expenditure. With respect to fiscal policy of Malaysia, The Government continues to face the challenging task of striking a balance between fiscal consolidation and the need to support initiatives to transform the country into a high-income economy. The Government will remain committed to fiscal consolidation. A successful implementation of the ETP economic transformation programs and all other reform initiatives are expected to ensure sustainable growth which will enhance tax revenues, thus contributing to the efforts to strengthen the fiscal position of the Government. Conclusion This study examined some of the fiscal policy issues and challenges confronted by developing countries like Malaysia in using countercyclical fiscal policy to ameliorate the impact of the global financial crisis and revealed a rich diversity both in terms of the size and composition of fiscal stimulus and the challenges which are confronted.We concluded that fiscal policy is one of the most important instruments of government economic policy. The long run impacts of fiscal policy are not o theorical perspectives but also for implication of policy makers. A strong commitment to fiscal sustainability is very critical for macroeconomics stability as well to ensure a long term run growth for economy. By emphasizing its fiscal position Malaysia continuing enjoys the fiscal policy flexibility. Malaysia may not be maximizing the bang for buck of fiscal policy through policy ill discipline during boom times by expanding fiscal expenditures. The government, as part of the fiscal prudence poli cy, will closely monitor its spending. Over the medium term, its fiscal position will be consolidated as the economy recovers and is able to expand at its own momentum. The pace of consolidation will be guided by developments in external demand and domestic economic developments, with a focus on medium-term public debt sustainability considerations. The electoral-economic connection in Malaysia is strong, and elections are accordingly important determinants of fiscal policy choice in this rapidly developing nondemocratic state.

Sample work

A postal scale for products weighing up to 2 pounds. Because of the specific words used that sentence they would have to use a direct distribution method. B. Children's toys: (1) radio controlled model airplanes costing $80 or more, (2) small rubber balls. Usually with children toys you are able to use an indirect distribute channel, because you can house all of the supplies for the distribution of those toys. The small rubber balls would be a prime example of this because you would need a facility to house these items for retail.But in the case of the radio controlled airplane hat is a specific item were there would be no need for storage of this item due to not knowing the quantities needed for sale. This would benefit to be a direct distribution method. C. Heavy-duty, rechargeable, battery-powered nut tightness for factory production lines. This would have be an item that would need a storage facility near that production plant; because until they are established and understanding of the demand of this product you would need to know if to stock up on this certain item or is it going to be a product that will sit shelved for a while.D. Fiberglass fabric used in making roofing shingles. Because fiberglass is a product that needs to be handled with care it could become damaged during the shipping and storing of the product even before it would reach the consumer. Since this valued product is need to make the final end product this would have to be a direct method of distribution for the fiberglass. Chapter 12 Question 6: In my community I see with the retailers is also seen across the nation, because the one problem that is developed in these retail stores is taught at all of them.They all use the same approach and utilize the same concept at every store whether it be on the east coast or the west coast. This method is good to cover all spectrums but what now people are doing is seeking out those online retailers to get the specifics for their areas since the r etailers are not adapting their surroundings. I believe that if the retailers want to survive even the cyber wave that is going on now they need to adapt their policy, maybe even reach out their approach into the online markets move With the times and stop trying to fix a broken record.New retailers are developing every day and are becoming just as or more successful than the tradition stores because the online retailers saw the need coming and established the eating for them. Chapter 13 Question 2 The integrated marketing concept will ensure that all forms of communications and messages are carefully linked together; you would need to use all the promotional tools by integrating them all together and making sure they are working are their peak performance.With a good firm that is in their promotional blend there can be certain aspects of the marketing and the selling that can fall through the cracks. So with the consistent and complete use of the communications even during those pr omotional blends there isn't any form of communications that is going unheard or countryside. All the forms of the sales and marketing efforts need to work at their peak performance also to make the thriving sales. Marketing Strategy The HAVE marketing strategy for the veterinary services is used within a 10 mile radius of Wellington.The campaigning objective is to get the information out there about their products and business. There biggest strategy for promotion is the lighted sign right outside their business. The HAVE will have giveaways of smaller items with the company logos on it (I. E. Magnets, business, leashes, bandannas and food bowls). They had even gone as far as appearing the annually parade held in December where everyone in the community was able to see their promotional campaign of the business.

Parametric and algorithmic design

Architecture is frequently practiced in a universe dominated by the many, the client or the public and in many instances merely understood by the few. Architecture has been comparatively unsuccessful at traveling frontward with the universe frequently neglecting to associate and pass on with cultural displacements, altering ways of life and the promotion of engineering. Where other design related patterns such as the automotive industry have blossomed, rhenium seeded, re adult and regenerated with displacements in the manner people live and the engineering of the present, architecture seems to hold floundered. As a consequence designers presently work in an environment using century old engineerings, with a client market which avoids hazards to personal addition at all cost and a populace which frequently still sees the president seen in architectural history as the really signifier of a relevant architectural hereafter. The multitudes seem bewildered by the possibilities presented b y the possibilities of the present. Even fellow practicians and faculty members within the architectural subject would look to be somewhat taken aback by the possibilities now available to us. Not merely on a technological degree, but the impact that these new techniques moms have on the very rudimentss of architectural theory and signifier. This brings me to my inquiry†¦ †¦ Parametric and Algorithmic Design: Fake Forms or a Relevant Architecture? Computer aided design changed many design orientated professions such as the automotive and aeronautical industries as far back as the 1980 ‘s when they were foremost decently developed. A digital revolution if you will. Compare this to architecture where production and design still utilize techniques, theory and cognition developed during the industrial revolution. Although the bulk, if non all designers do utilize some signifier of computing machine aided design techniques the boundaries can still be pushed farther. Procedures such as BIM ( constructing information modeling ) are get downing to go a existent force in architectural design in topographic points such as the USA. BIM is a procedure where the designer does non merely pull a line as with traditional pulling techniques or with plans such as AutoCAD ( which to an extent, is merely a digital version of a traditional drawing ) but alternatively when an designer draws a line, he draws a wall, with the possibility to uni te this information with a illimitable choice of belongingss be they size, cost, structural or how they relate to other members in a design. BIM begins to manus back the rubric of â€Å" Master Craftsman † to the designer, where the designer can see how design develops as a whole and do alterations consequently. Parametric and algorithmic architectures are presently at the head of the BIM architectural thought, they are the merchandises of the few created utilizing advanced computing machine scripting techniques and separately written pieces of package. Using the latest design engineerings available to us, uniting this with the modern stuffs and production techniques frequently developed in Fieldss which have embraced the digital revolution more openly, parametric and algorithmic design can get down to dispute cultural, technological and historical boundaries which designers have possibly failed to to the full dispute in the recent yesteryear. Parametric design is a procedure based non n fixed metric measures such as traditional design but alternatively, based a consistent web of relationships between single objects, the bricks are different but they are connected with the same bond. This allows alterations to a individual component whilst working with other constituents within a system. In a similar manner to that of parametric design, developments in scripting have allowed for algorithmic design processes to progress. These allow complex signifiers to be grown from simple methods while continuing specific qualities. In the most basic sense, a user defines a set of regulations, and the package would set up the signifier harmonizing to the regulations. If parametric design is a method for control and use of design elements within a web of any graduated table, algorithmic design is a system and objects bring forthing complex signifier based on simple constituent regulations. With the combination of these methods, rules, modern production techniques and stuffs parametric and algorithmic architectures have the possible to force architecture, beyond uncertainty into the twenty-first century. Age old architectural jobs and theory such as â€Å" signifier vs. stuff † and â€Å" signifier vs. map † can get down to be solved in new ways, building times can be reduced, stuffs can be managed more expeditiously, and edifice qualities can be improved significantly. In the analysis and comparing of two undertakings using parametric and algorithmic architectural design rules, I aim to to the full understand how relevant these signifiers and methods of bring forthing architecture truly are when compared to their traditional opposite numbers. I have selected my illustrations from opposite terminals of the architectural graduated table size wise, but from a similar household of traditional public architectural type signifier, analyzing how relevant the parametric signifiers are in relation to different state of affairss and scenes. My first probe, looks at a impermanent theater located within the site of Corbusier ‘s Carpenter Centre – A coaction between architecture Firm MOS studios and creative person Pierre Huyghe, selected for its truly alone location and it ‘s modern-day drama on the more traditional theater / marquee / outdoor stage signifier. Theaters are traditionally really expansive edifices, for 1000s of old ages they have been portion of human civilization with signifiers as far back as antediluvian Greece still found in theatre design. This coupled with its set base / park marquee like size associated with formal marquees form around the Victorian age made the undertaking peculiarly interesting. The challenge for MOS studios was to bring forth a return on the theater whilst responding suitably to its location in what is an highly outstanding topographic point. The design in basic signifier is similar to that of any regular theater with raked seating, unhampered screening and high-quality acoustics but it was with the usage of parametric procedures that a theater which corresponds to the single conditions of the site has been produced. The theatre sits in the underbelly of the Carpenter Centre by Le Corbusier, commissioned to mark the fortieth day of remembrance of the edifice. Corbusier ‘s Carpenter Centre is the Centre for the ocular humanistic disciplines at Harvard University, MA. Completed in 1942 the edifice is the lone edifice of all time completed by Corbusier in the United States of America and the last to be completed during his life clip although he ne'er really visited the edifice due to ill wellness. The edifice corresponds with Corbusier ‘s five points of architecture ( as seen in the Villa Savoye, France ) with interior elements such as the incline, a dominant characteristic, detonating out from the interior of th e edifice supplying an s – shaped walkway go oning into the environment. Curved dividers besides extend through the chief walls of the edifice in to the environing countries singing to and from the pilotis which back up them. This creates a series of permeating interior and exterior events running along the promenade incline. Within the design of the Carpenter Centre you can see the elements of undertakings crossing the full calling of Corbusier modified and adapted into this edifice. The marionette theatre itself, like Corbusier ‘s Carpenter Centre, was designed with a set of parametric quantities or architectural regulations if will. These parametric quantities were derived from a given brief and restrictions of the infinite created by the Carpenter Centre itself. To avoid damaging the Carpenter Centre no contact with either the ceiling or the edifices back uping structural systems was permitted. Therefore, suiting the marionette theater in between these of import structural barriers became cardinal. The designer has described the theater as â€Å" an organ placed in a new host † , it has a feel similar but non precisely that of a parasitic construction. Is seems non to be taking off, leaching from the Carpenter, but adding to it, giving it new life as though it truly is a new organ, a new bosom. This imagination is reinforced in the pick of stuffs for the theater, farther showing the feel of new life. The chief ego back uping construction is a poly carbonate, clad on the exterior with a moss. The moss adds heat and noise insularity, absorbing sound from the nearby street with sound quality being of paramount importance in practicality of a working theater. At dark visible radiation from within the theater glows through the light polycarbonate & A ; moss giving a green freshness, as if it truly is a new organ, a new hub from which life stems into the Carpenter Centre. The rounded signifier of the theater was produced though the parametric use of elongated diamond molded panel units, each one person in signifier, each one connected through the same set of parametric quantities. This parametric use was created through the restrictions of site, the demand for ego back uping structural unity, the usage and the limitations of fiction procedures during production. The ultimate signifier is hence created through a system of analysis where the most efficient signifier was deduced utilizing the parametric system. Most of the theater was prefabricated and assembled off site. The extended diamonds were designed to be produced from a individual level piece of polycarbonate understating both fabricating times and otiose stuffs. Each of the 500 pieces was CAM cut, before being folded into three dimensional signifiers with points drilled to link each of the diamond signifiers. The full construction could so be assembled by linking the panels utilizing simple too ls. The usage of simple manus tools meant that the theater could quickly be assembled and dissembled, suited to the impermanent nature of the construction, it was imperative that the construction could non merely be dissembled, but left no lasting hint of its building on the carpenter Centre. This once more was made possible through the usage of parametric design. Each panel is 3 † in deepness and spans over 15 † at the Centre ; they were stiffened with a froth insert to assist with rigidness with the combination of strategic panels being placed inside out, therefore moving as cardinal rocks. These strategic interior out anchor panels besides act as fanlights, leting visible radiation to go both in to and out of the theater. When assembled the panels dissipate forces around the tegument of the theater, making the ego back uping monocoque construction. The monocoque construction mean that mo lasting ingredients or structural supports had to be made with the Carpenter Cent re, hence the marionette theater became connected through its relevancy as a design but remained separate as a structural object. With the marionette theater sitting in a deep-set exterior courtyard underneath the Carpenter Centre, the alteration in degree of 1.25m between the street side and the courtyard had to be addressed, and so this became one of the cardinal parametric quantities in the design. This was overcome by integrating the 1.25m alteration in degree in to the raked theater seating, with the existent public presentation phase sitting at the lower degree of the courtyard. As you enter the marionette theater at street degree, the extended diamond signifiers combine with the alteration in tallness and about phantasmagoric size of the marionette theatre itself to making a ocular semblance, a false position. This invites the visitant into the theater with a sense of thaumaturgy and wonder, pulling the eyes towards the phase terminal where the parametric boundary lines of the diamond signifiers stop suddenly with the debut of the phase. The usage of this optical semblance helps to reenforce the sense of theater, a sense of thaumaturgy that I experience could be easy have been missed or overlooked with the usage of other stuffs or building techniques. You could maybe state that similar signifiers could hold been created in concrete or wood, but so the all of import drama of visible radiation created by the polycarbonate panels chosen would hold been missed. With the combination of stuff and parametric design â€Å" theater † is really incorporated into the design of the construction. The Glossy polycarbonate panels besides reflect light, making an ambient radiance visible radiation during public presentations, with the lone illuming coming from the marionette show itself, this transforms the theater into a glowing lantern at dark, projecting it ‘s energy onto the au naturel bare concrete surfaces of the Carpenter Centre. It seems to work good in a apposition between the hi-tech nature of the design and the connexion created with what is a really ancient signifier of amusement, connected by illuming which would look to pull you in a similar manner to that of a candle visible radiation. During the twenty-four hours the coefficient of reflection is reversed when the natural visible radiation brings the exterior milieus into the marionette theater, this focuses the attending on what is go oning in the outside universe, the walls about become the walls of an Aboriginal cave, stating the narratives of the exterior universe as they are go oning. This connexion to the outside universe through the coefficient of reflection of visible radiation is reinforced by the framing of a individual tree which sits beyond the entryway of the theater. It frames the position with some purpose whilst making a sense that the tree could perchance inquire as some barrier, a bound to the boundary of the theaters threshold. Through extended analysis and research this theater and its host edifice, the carpenter Centre I believe that this truly is a singular signifier, an first-class piece of design. The theater works with and replies to every one of its parametric challenges. Through the usage of parametric design I feel that a signifier has been created that would otherwise ne'er have been imagined or realised. The organic signifier of the theater, created utilizing really non organic production techniques replies to the brief on so many degrees. It creates this new bosom, new hub for the Carpenter Centre. It does non seek and mime the great modernist architecture used by Corbusier himself, but in no respect does it contend against it, it somehow moves in to an architecture beyond, with each single member of the theater being really geometric, but arranged in an intelligent manner, produce a signifier which is more organic. Neither structures the same but they do work together. The marionette theater de sign speaks of the Carpenter Centre today ; it speaks non of the architecture and the Carpenter Centre of the past, but the architecture, the people and the Carpenter Centre of the hereafter. The designers could hold chosen so many different attacks to bring forthing a marquee of kind on this site but I ‘m positive they would hold struggled to bring forth a design that overall worked more responsively with the entireness of the design challenge presented. The 2nd illustration of parametric architecture that I have analysed is the Mercedes Benz Museum, Un Studio, Stuttgart 2005 – with parametric and algorithmic working by Designtoproduction. This illustration of parametric design was selected non for its evidently parametric visual aspect but for the manner in which parametric modeling combined with BIM was used in the building and design of what can merely be seen as a truly radical edifice. Today the bulk of the universes exceeding historical, cultural and artistic pieces of are all in topographic point, the hereafter of the museum, as seen with this, the Mercedes Benz museum, lies with those who can to the full pass on a specializer aggregation, what they are about and where they came from. They have the capableness to excite a civilization much more than a generalist aggregation, the plants, the autos in the museum coud be seen to talk much more of the people that the bulk of today ‘s art. This is where the usage of pa rametric design can be seen to act upon and wholly pass on the work of Mercedes in a new manner. The importance of museum design has been at the head of architectural thought since Frank Lloyd Wright foremost challenged the program of the museum with the design of the Solomon R. Guggenheim Museum in New York, 1969. Since so museum has been challenged once more and once more by a battalion of designers such as Renzo Piano & A ; Richard Rodgers with The Pompidou Centre, Paris, 1977 and Daniel Libeskind with the Jewish Museum, Berlin, opened 2001. The Mercedes Benz Museum can be seen to associate to all of these illustrations in its chase to step frontward off from the regular, to dispute the infinites, circulation waies and signifiers of a museum, to make a museum of intent. The success of a museum depends upon the ingeniousness of its internal agreement, infinites created and its ability to exhibit artifacts within these infinites in a relevant manner. The museum will / has become ce lebrated non merely in the go oning line of disputing museum architecture get downing with edifices such as Frank Lloyd Wright ‘s Guggenheim in New York but for seting the digital design procedure steadfastly on the map. Stuttgart is place of the Mercedes Benz trade name, and so with the demand of a new museum, UN studios were chosen to redesign a new museum on a new site close to the chief gateway to the metropolis, where the old museum had antecedently been located in a dedicated edifice within the existent Mercedes mill. The design is based on a construct affecting the over laying of three round signifiers in program with the remotion of the cardinal infinite making a triangular shaped constructing tallness atrium country. In subdivision the edifice raises over eight floors in a dual spiral signifier, maximizing infinite and supplying 16,500 square metres of functional infinite on a comparatively little footmark. Originally the brief brought to UN studio suggested that the edifice should be no more than two floors high with concerns that any more tallness in the edifice may do complications with exhibits, for illustration the manoeuvring and exhibiting of lorries, circulation jobs around such big pieces and structural unity of the edifice with highly heavy exhibit tonss. With the site being situated so near to a major expressway it was shortly suggested by UN studios that the edifice should be taller associating to the close state of affairs to the expressway, seeing that jobs such as circulation and weight of exhibits could be overcome with the correct cognition and attitude towards the undertaking. The circulation system used in the Mercedes Benz Museum s similar to that used in the pompidou Centre Paris, with the circulation running around the external frontage of the edifice. In a similar manner, the circulation can be seen to pull clear links with the incline like circulation of the Guggenheim New York. The chief difference with both of these edifices is that the Mercedes Benz museum has, through advanced building techniques combined with the usage of parametric modeling is able to convey the chief forces applied to the edifice to a structural nucleus through floor slab s instead than margin, hence to the full emancipating the frontage and program of the edifice. The visitant enters the edifice on the land floor where they are met by the huge graduated table of the unfastened atrium. This land floor is home to the general installations expected of a big museum ; response, gift store and coffeehouse but it is where the circuit begins that the signifier truly takes a leap forward. The museum is designed so the visitant is transported to the 8th and top floor of the edifice before working their manner down dual spiral signifier inclines on a circuit that would take about six hours to finish in entireness. Transportation system to the top floor is a jubilation in motion itself, the visitant is transported via a portal like lift with limited screening ; â€Å" flashes † of projected imagination are seen from the interior. Once at the top floor, two Tourss split from the get downing location each following one of the dual spiral inclines, each following a different side to Mercedes huge history. The two Tourss known as â€Å" Collection â⠂¬  and â€Å" Myth † vary in their exhibits with the â€Å" Collection † circuit being more of a historic timeline of Mercedes design and the â€Å" Myth † circuit taking more romantic, cultural return on Mercedes history, having some of the company ‘s greatest designs and autos antecedently owned by the likes of Ringo Starr. As a consequence the particular feel of the two Tourss h seen designed to change and accommodate to the assorted exhibitions tremendously. The â€Å" Collection † circuit is flooded with natural, true illuming whilst the â€Å" Myth † circuit is illuminated in a much more theatrical manner, miming the love affair and glorification associated with its exhibits. The tour waies do traverse at assorted points through the vertical of the infinite, leting the visitant to pick and take between the two Tourss. The eight degrees of the edifice are separated into regular and particular countries, based on their maps within the museum and their impact of the construction as a whole. The degrees alternate between individual and dual tallness infinites as they progress through the vertical of the edifice. Classical sculpturers such as Bernini and Brancusi knew the importance of the base, they were Masterss of this, one time once more the base has been utilized in this museum, making positions, foregrounding without blinding and concentrating the visitant ‘s attending where it is needed. Not merely have pedestals been used but with the employment the semi handbill inclines which hug the exterior boundaries of the edifice, positions have been produced, supplying new, interesting and invigorating positions of the exhibitions. Sing the foliage shaped, semi handbill, exhibition infinites from a battalion of highs as you descend through the edifice generates a series of bird's-eye overviews. Vi sitors see the exhibits from higher, lower, closer and more distant position points. No sing angle is of all time rather the same, and the normal caput on viewed attack is avoided, there is a sense that you will ne'er capture every position throughout the circuit, that the edifice is invariably altering, writhing about and beyond you, that you as the visitant ne'er rather to the full understand where you are within the edifice. Together the base, bird's-eye screening infinites and invariably writhing signifiers create a new particular complexness within the signifier of a museum. Never before has something been exhibited like this before. There is a changeless feel of motion within the exhibits and the signifier of the edifice. The museum â€Å" attempts to put the inactive in gesture † says one German architectural critic, â€Å" as if it wants to turn out that the architecture is still alive † , it has been said to research gesture in all of its possible looks. The w hole Acts of the Apostless as an gas pedal for the different, unpredictable and erstwhile inexplicable infinites presented to the visitant. The unfastened program has been achieved through the ability to convey perpendicular tonss to the cardinal distribution nucleuss via the floor slabs with the facade systems transporting limited perpendicular burden. The floor slabs within the exhibition countries cover an country of about 30m without intermediate structural columns, made possible through the usage of parametric modeling and advanced structural computation. In add-on to the existent exhibit weights and unrecorded tonss such as visitants to the museum the floor slabs besides have to reassign a important sum of the horizontal burden from the distorted exterior structural system to the immense cardinal tri column nucleus of the edifice. The floors little curvature and slope aid to make a truly dynamic infinite around the autos aswell as making the structural support for the edifice. The floor creases, becomes the wall before turn uping once more to go the ceiling. UN studios most recent plants have been described as associating to and remembering ways in which Baroque designers worked and diagrammed their work. Van Berkel, co laminitis of UN studio, amused by the comparing says † I have been truly fascinated by Bernini and Borromini. Not merely in their edifices but by their unbelievable ability to project their subject into inquiry with advanced representation techniques † . These techniques are imperative in the agencies of bridging the spread between the abstract of idea and the pragmatism of edifice building, they become indispensable when get downing to grok how a construction may work and how edifice may run. They open new skylines and give architecture a holistic dimension, a agency of making volu mes that respond straight to undertaking demands. As an ultimate statement: The Mercedes Benz Museum by UN studio could non hold been created without the aid and research offered by Designtoproduction and their parametric work. There was limited clip to plan what can merely be described as one of the most complicated constructions in modern clip, and so, over two hundred and 40 six different companies and technology houses were employed to assist with the production of the Mercedes Benz Museum. Designtoproduction were able to supply solutions to the spreads between dividing design and production. This was imperative as these stairss are interconnected, they extremely influence each other and with so many different squads working on the undertaking, strong design and production links were needed. Parametric design proved to be the key to the edifices success in this respect. â€Å" The lone solution was to command the geometry of the edifice every bit wholly as possible utilizing the latest computing machine engineering † Ben van Berkel, UN Studio ‘s carbon monoxide laminitis and manager. The entwining signifiers of the Mercedes Benz Museum meant that the signifiers could hardly be described utilizing standard programs and subdivisions, yet contractors needed working programs, subdivisions and inside informations to build the edifice. From the basic geometry of 2D parametric modeling, the borders were transformed in to constantly lifting 3D signifiers by layering degrees ; finally the 3D volumes of the construction began to lift from the layering of programs. For different edifice constituents the geometry was straight taken from the theoretical account, therefore shuting the concatenation of information from early design phases until the building and fiction. For illustration, the formwork for double curved surfaces was accurately developed into field boards taken from information in the parametric theoretical account. Interior designers do n't believe in Numberss, they think in relationships, in connexions, in the whole. CAD bundles do non believe in dealingss, they think strictly in Numberss, they do non care for relationships or what they represent within the signifier or design of edifice. The parametric CAD theoretical accounts that Designtoproduction produced combined these Numberss behind the developing edifice in a set of a parametric quantities, ordering what would work and what would non ; therefore 1000s of Numberss become simply a smattering of meaningful parametric quantities. The parametric theoretical account for the Mercedes Benz Museum was non lone portion of the design but key to the building. It linked the take parting trades in the edifice in a harmonic whole with the designer moving one time once more as the maestro craftsman at the helm, supervising the building as a whole. Unlike those who use digital architecture simply for aesthetic qualities, UN studios have gone beyond an yone else in the agencies of imaginatively pull offing a edifice through a design with a mathematical parametric theoretical account, without compromising the initial design rules, cramping the design with formal or preconceived solutions. The Guardians architecture critic Jonathan Glancy has described the edifice as â€Å" jet-age Baroque † . The usage of parametric design tools, the designer had been able to plan and make a edifice which seems as though it is a merchandise of or closely linked with the Mercedes Benz trade name. It screams motion, engineering, the hereafter, and the impossible. If you think about this edifice in any other sense, an exhibitioner of modern art, an exhibitioner of any other signifier of specialist aggregation or historical artifact it merely would non work. The edifice would look to be genuinely intentionally tailored to the client and intent, that of exhibiting the greatest plants of Mercedes Benz, with this, the museum is already seen by many as one of the individual most amazing edifices of the new century.

What is entrepreneurship Definitions and processes - Free Essay Example

Sample details Pages: 9 Words: 2754 Downloads: 2 Date added: 2017/06/26 Category Business Essay Type Narrative essay Did you like this example? What is entrepreneurship? Executive Summary Entrepreneurship has been defined as the process of creating value by bringing together a unique package of resources to exploit an opportunity (Stevenson, Roberts, and Grousbeck 1989). It results not only in the creation of new, growth oriented firms, but in the strategic renewal of existing firms (Morris and Kuratko 2001). The process includes the set of activities necessary to identify an opportunity, define a business concept, assess and acquire the necessary resources, and then manage and harvest the venture. This piece discusses some of the problems caused by researchersà ¢Ã¢â€š ¬Ã¢â€ž ¢ inability to agree on a definition of entrepreneurship. It also attempts to characterise the entrepreneurial process, and discusses further problems attempting to produce a general model of entrepreneurship. Finally, it reviews the concept of entrepreneurial marketing as a better understood theory, which can be more rigorously appli ed to marketing contexts than the other theories of entrepreneurship. Introduction All researchers recognize the importance of definitions, but entrepreneurship scholars have been embroiled in a never ending debate over the definition of an entrepreneur (Bygrave and Hofer, 1991). In the absence of a universally accepted definition of an entrepreneur, every researcher has been forced to state clearly what is meant when the term is used, and this has created similar problems, and a similar range of outcomes, in trying to define entrepreneurship. Indeed, since scholars have been unable to agree on a definition of an à ¢Ã¢â€š ¬Ã…“entrepreneurà ¢Ã¢â€š ¬Ã‚  since Schumpeter (1950) first stated the importance of entrepreneurship, it would be safe to say that this work will not find a comprehensive definition either. Instead, this piece will look at the importance of entrepreneurship in several different contexts. Various observers have suggested that entrepreneurship is the p rincipal agent of change operating from within an economic system (Timmons 2000). Such change comes in the form of new combinations of resources, or innovations, which eventually displace existing products and processes. Schumpeter (1950) used the term à ¢Ã¢â€š ¬Ã…“creative destructionà ¢Ã¢â€š ¬Ã‚  to describe the continual disruption of economic equilibrium brought on by entrepreneurial activity. An entrepreneurial perspective is reflected in Sony founder Akio Moritos conclusion that à ¢Ã¢â€š ¬Ã…“the nature of business is to make your own product obsoleteà ¢Ã¢â€š ¬Ã‚  (Morris and Sexton 1996). Entrepreneurship has also been viewed as an organisational orientation exhibiting three underlying dimensions: innovativeness, calculated risk-taking, and proactiveness (Covin and Slevin 1994). Innovativeness refers to the seeking of creative, unusual, or novel solutions to problems and needs. Calculated risk-taking involves the willingness to commit significant resources to opportu nities that have a reasonable chance of costly failure, but also creative attempts to mitigate, leverage or share the various risks. Finally, proactiveness is making things happen through whatever means are necessary. The more innovative, risk taking, and proactive the activities of the firm, the more entrepreneurial the firm can be said to be, thus entrepreneurship is not an either-or determination, but a question of degree. Lumpkin and Dess (1996) noted that a firms entrepreneurial orientation can be characterized by various combinations of these underlying dimensions. A growing body of evidence suggests the more successful firms over time are the ones that engage in higher levels of entrepreneurial activity. A positive relationship between entrepreneurial orientation and a number of measures of organizational performance has been substantiated in the work of Covin and Slevin (1994), Morris and Sexton (1996), and others. Indeed, entrepreneurial orientation is a longer-term pers pective that often entails intermediate failures. Stevenson et al. (1989) argue that the need for entrepreneurship is greatest when firms face diminishing opportunity streams, as well as rapid changes in technology, consumer needs, social values, and political roles. The same is true when firms are confronted with short decision windows, unpredictable resource needs, lack of long-term control over the environment, increased resource specialization, rapid resource obsolescence, and employee demands for independence. Entrepreneurial Events and the Entrepreneurial Process An Entrepreneurial Event involves the creation of a new organization to pursue an opportunity (Bygrave and Hofer, 1991). The Entrepreneurial Process involves all the functions, activities, and actions associated with the perceiving of opportunities and the creation of organizations to pursue them. Consider the examples of the entrepreneurship shown by easyJet, one of Europes leading low-cost airlines. When the E uropean Union liberalised air travel in the 1990s, a host of new entrants flocked in, with over 80 new airlines entering the market in 1995 and 1996 alone (Sull, 2004). The liberalisation and creation of new firms were all entrepreneurial events. When he founded easyJet, Stelios Haji-Ioannou was betting that European consumers would flock to low-price airlines and that he could quickly build a brand that would allow easyJet to capture a significant percentage of new customers. He focused his attention on a series of low-cost experiments in marketing, advertising and public relations to attract customers and build brand awareness. His entrepreneurial process around the low cost model meant that, whilst 17 of the 56 airlines that entered the market in 1995, for example, went bankrupt in their first year because they ran out of money (Sull, 2004), easyJetà ¢Ã¢â€š ¬Ã¢â€ž ¢s low cost approach meant it was able to survive long enough to attain profitability. As such, based on these de finitions and this example, it is then possible to define an entrepreneur as follows: an entrepreneur is someone who perceives an opportunity and creates an organization to pursue it. Note that this definition is deliberately vague because, as discussed above, a rigid definition of an entrepreneur is only possible under rigid circumstances. Hopefully, in the second part of this report, the interview data will identify the specific entrepreneurial event, and enable a stronger definition of entrepreneurship in that context. In a similar fashion, for now it may be useful to shift focus from à ¢Ã¢â€š ¬Ã…“the characteristics and functions of the entrepreneurà ¢Ã¢â€š ¬Ã‚  and the myriad definitions of what constitutes an entrepreneur, and to focus, instead, on the nature and characteristics of the à ¢Ã¢â€š ¬Ã…“entrepreneurial processà ¢Ã¢â€š ¬Ã‚ . The entrepreneurial process is at the heart of defining entrepreneurship as, if researchers could develop a model or theory to exp lain entrepreneurial processes, they would have the key that unlocks the mystery of entrepreneurship. Such a model or theory must be deterministic, in the sense that a given set of antecedents results in a single, specific outcome (Bygrave and Hofer, 1991). Unfortunately, such a model doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t exist, as if it did it would be able to predict the exact outcome of every decision taken in the economy, thus enabling perfect controlled economic growth. However, despite the inability of researchers to define the entrepreneurial process, some of the important characteristics of the entrepreneurial process have been defined. The process is always initiated by an act of human volition, involving both a change of state and a discontinuity. It occurs at the level of the individual firm and is a holistic and dynamic process, which is entirely unique to the situation. Finally, it involves numerous antecedent variables, and its outcomes are extremely sensitive to the initial con ditions of these variables (Morris and Kuratko, 2001). Taken together, these characteristics create a set of parameters and criteria that will have to be met by any model of entrepreneurship. The Impossibility of Modelling Entrepreneurship The characteristics of the entrepreneurial process are extremely, but it is important to recognise that first and foremost, the essence of entrepreneurship is the entrepreneur (Gartner, 1988). So any attempt to model entrepreneurship must recognize the importance of choice and free will, ruling out mathematical approaches, because of the randomness inherent in conscious human action (Shane and Venkataraman, 2000). The act of becoming an entrepreneur involves changing the external environment from a state without the entrepreneurial venture, to another with the venture in place, representing a basic discontinuity in the competitive structure of the industry involved. Sometimes it even involves the creation of the industry itself; resulting in both the venture, and the industry of which it is a part, evolving rapidly over a short space of time. Regardless of the state of the industry at the time, entrepreneurship is inherently unique, since no other industry or competitive situation will be exactly like it or evolve in exactly the same way. However, the example of Sir Richard Branson, the billionaire entrepreneur and founder of the Virgin Group, an empire of 200 companies in industries as diverse as air and rail travel, mobile phones, finance, insurance, beverages, hotel, Internet, and modeling ventures, spanning 30 countries, shows that a successful entrepreneurial style can span several industries His latest entrepreneurial activities included lobbying the Canadian government to speed up number portability for mobile phones and pushing his solution to high oil prices by building a $2 billion oil refinery and taking Virgin into the field of oil exploration: an industry which no one believed could be made à ¢Ã¢â€š ¬Ã ‹Å"entrepreneurialà ¢Ã¢â€š ¬Ã¢â€ž ¢ (Business Week Online, 2005). However, the entire entrepreneurial process is incredibly sensitive to a multitude of antecedent variables: the number, strength, and positioning of competitors; the resources, positioning, and strategy of the venture; the size, growth, and needs of current and future customers, etc. In total, these specifications are more than enough to make it impossible for anyone to produce a conclusive model of entrepreneurship through social sciences; and yet truly successful entrepreneurs, like Branson, are able to read, influence and control these variables in a multitude of industries. Despite this, any theory of entrepreneurship must be rooted in the social sciences, such as anthropology, psychology, sociology, economics, and politics, because these are the sciences that describe the key variables that underlie the process of venture creation (Stevenson et al, 1989). Entrepreneurial Marketing The term à ¢Ã¢â€š ¬Ã… “entrepreneurial marketingà ¢Ã¢â€š ¬Ã‚  has been used in various ways, and often somewhat loosely (Kotler 2001). It has been most frequently associated with marketing activities in firms which are small and resource constrained, and therefore must rely on creative and often unsophisticated marketing tactics that make heavy use of personal networks. Alternatively, the term has been employed to describe the unplanned, non-linear, visionary marketing actions of the entrepreneur. Leading universities, including Stanford and Harvard in the USA, have built entrepreneurial marketing courses around the act of market creation by high growth, high-technology firms (Shane and Venkataraman, 2000). Entrepreneurial marketing as a theory is of particular relevance to people working purely in the marketing industry, as they will need to have the most dynamic and unique strategies available to them in order to succeed in the modern, competitive context. Indeed, Kotler (2001) suggests that eff ective marketing today requires different strategies at different stages and makes a distinction between à ¢Ã¢â€š ¬Ã…“entrepreneurial marketingà ¢Ã¢â€š ¬Ã‚  or guerrilla, grassroots marketing in the early stages of company development, and à ¢Ã¢â€š ¬Ã…“intrapreneurial marketingà ¢Ã¢â€š ¬Ã‚  or creative, non-formulaic marketing in the later stages. In spite of these various uses of the term, as with the rest of entrepreneurial theory, a consistent definition has not been agreed upon, nor have the underlying components been rigorously specified. Entrepreneurial marketing is often proposed as an integrative construct for conceptualizing marketing in an era of change, complexity, chaos, contradiction, and diminishing resources, and one that will manifest itself differently as companies age and grow (Morris, Schindehutte and LaForge, 2002). It fuses key aspects of recent developments in marketing thought and practice with those in the entrepreneurship area into one theoretical model. Entrepreneurial marketing is defined, again loosely, as à ¢Ã¢â€š ¬Ã…“the proactive identification and exploitation of opportunities for acquiring and retaining profitable customers through innovative approaches to risk management, resource leveraging and value creationà ¢Ã¢â€š ¬Ã‚  (Morris, Schindehutte and LaForge, 2002). Entrepreneurial marketing represents an opportunistic perspective wherein the marketer proactively seeks novel ways to create value for desired customers and build customer equity. The marketer is not constrained by resources currently controlled, and product/market innovation represents the core marketing responsibility and the key means to sustainable competitive advantage. However, while many researchers have attempted to distinguish entrepreneurial marketing, in reality a continuum exists from a more responsive, risk avoidant, control-oriented approach to one that is highly entrepreneurial. Hence, a spectrum of marketing approaches exists, with the differences lying in the concepts of à ¢Ã¢â€š ¬Ã‹Å"frequencyà ¢Ã¢â€š ¬Ã¢â€ž ¢ and à ¢Ã¢â€š ¬Ã‹Å"degreeà ¢Ã¢â€š ¬Ã¢â€ž ¢ (Kotler, 2001) For instance, while both approaches to marketing might exhibit an element of innovation or resource leveraging, entrepreneurial marketing implies innovation or leveraging efforts that are more frequent and that represent greater departures from current norms or standards (Morris, Schindehutte and LaForge, 2002). A companys position on this spectrum is context specific, reflecting the firms particular circumstances and environment. The context for entrepreneurial marketing is more fragmented, dynamic, hostile and/or emerging markets where the marketer must act as innovator and change agent. Indeed, it is fair to conclude that an entrepreneur starting a new venture in the field of marketing would be forced to market said venture using entrepreneurial marketing This conclusion is consistent with empirical evidence suggesting entrepreneurial a ctions become especially relevant under conditions of environmental turbulence (Davis, Morris and Allen 1992). Alternatively, the context for traditional marketing is more stable or established markets, where the marketer has a known brand, and is principally concerned with the efficiency and effectiveness of the marketing mix. These differences also suggest that an entrepreneurial marketing approach requires changes not only in behaviour, but in the underlying attitudes held by those responsible for marketing activities. Engaging in actions that are innovative, entail risks, or are more proactive implies that managers understand and have a positive affect towards such behaviours, and that they develop skills sets to support these activities ((Morris, Schindehutte and LaForge, 2002). Thus, entrepreneurial marketing is more than simply an examination of the role of marketing in entrepreneurship or the role of entrepreneurship in marketing. It entails a shift from the use of the wo rd à ¢Ã¢â€š ¬Ã…“entrepreneurialà ¢Ã¢â€š ¬Ã‚  as an adjective (Lodish et al. 2001), or as the marketing efforts of an entrepreneurial company, to entrepreneurial marketing as a central concept that integrates the two disciplines of marketing and entrepreneurship. It represents an alternative approach to marketing under certain conditions. Conclusion Despite prolonged efforts, over a number of years, researchers have been unable to provide a rigorous definition of entrepreneurs or entrepreneurship. This is part of the allure of entrepreneurs, and helps explain why so many successful entrepreneurs, such as Bill Gates and Richard Branson, are admired and held up as role models. However, despite this inability to define entrepreneurship, several academics have identified characteristics of the entrepreneurial process which, combined with knowledge of the entrepreneurial event, can help define individual examples of entrepreneurship, although even these characteristics are of l imited use in attempts to model the process. The concept of entrepreneurial marketing is also of great use in defining the role of entrepreneurship in marketing, and new marketing organisations, and, when combined with knowledge of the individual entrepreneurial process and event, should facilitate a description of the entrepreneurship encountered in this case. References: Andrews, K. R. (1971) The concept of corporate strategy. Homewood, IL: Dow Jones-Irwin. Business Week Online (2005) Richard Branson, Oil Tycoon? 20th September 2005. Bygrave, W. D. and Hofer, C. W. (1991) Theorising about Entrepreneurship. Entrepreneurship Theory and Practice; Vol. 16, Issue 2, p. 13. Chandler, A. D. Jr. (1962) Strategy and structure: Chapters in the history of American industrial enterprise. Cambridge, MA: MIT Press. Covin, J. G. and Slevin, O. P. (1994) Corporate Entrepreneurship in High and Low Technology Industries: A Comparison of Strategic Variables, Strategy Patterns and Performance in Global Markets. Journal of Euro-Marketing, Vol. 3, Issue 3, p. 99. Davis, D. Morris, M. and Allen. J. (1991) Perceived Environmental Turbulence and its Effect on Selected Entrepreneurship, Marketing and Organizational Characteristics in Industrial Firms Journal of Academy of Marketing Science, Vol. 19, Spring Issue, p. 43. Gartner, W. B. (1988) à ¢Ã¢â€š ¬Ã…“Who is the Entrepreneur?à ¢Ã¢â€š ¬Ã‚  is the Wrong Question. American Journal of Small Business; Vol. 12, Issue 4, p. 11. Kotler, P. (2001) A Framework for Marketing Management. Englewood Cliffs, N.J.: Prentice Hall. Lodish, L. Morgan, H. L. and Kallianpur, A. (2001) Entrepreneurial Marketing: Lessons from Whartonà ¢Ã¢â€š ¬Ã¢â€ž ¢s Pioneering MBA Course New York: John Wiley and Sons. Lumpkin, G. T and Dess, G. G. (1996) Enriching the entrepreneurial orientation construct-a reply to Entrepreneurial Orientation or Pioneer Advantage. The Academy of Management Review, Vol. 21, Issue 3, p. 114. Morris, M. H. Schindehutte, M. LaForge, R. W. (2002) Entrepreneurial Marketing: A Construct for Integrating Emerging Entrepreneurship and Marketing Perspectives. Journal of Marketing Theory Practice; Vol. 10, Issue 4, p. 1. Morris, M. H. and Kuratko, D. (2001) Corporate Entrepreneurship: Entrepreneurial Development Inside Organizations. Dallas: Harcourt Publishers. Morris, M. H. and Sexton, D. L. (1996) The Concept of Entrepreneurial Intensity: Implications for Firm Performance. Journal of Business Research, Vol. 36, Issue 1, p. 5. Schumpeter, J. (1950) Capitalism, Socialism, and Democracy New York: Harper and Row. Shane, S. and Venkataraman, S. (2000) The Promise of Entrepreneurship as a Field of Research. Academy of Management Review. Vol. 25, Issue 1, p. 217. Stevenson, H. H. Roberts, M. J. and Grousbeck, H. I. (1989) Business Ventures and the Entrepreneur. Homewood, IL: Richard D Irwin Publishing. Sull, D. N. (2004) Disciplined Entrepreneurship. MIT Sloan Management Review, Vol. 46, Issue 1, p. 71. Timmons, J. (2000) New Venture Creation: Entrepreneurship in the 21st Century Homewood, IL: Richard D. Irwin Publishing. Don’t waste time! Our writers will create an original "What is entrepreneurship? Definitions and processes" essay for you Create order