Entrepreneurship as the Creation of the New Capital

  • Vladimir P. SMIRNOV Department of Management Far Eastern Federal University, Russia


The article discusses various approaches to the study of entrepreneurship. The most significant characteristics of the entrepreneurship identified. Integrative approach was applied in the study of entrepreneurship. On this basis it was concluded that entrepreneurship is an innovative, accompanied by the risk activity of economic agents aimed at the creation of new capital and to receive of various forms of entrepreneurial income on this basis. The new capital is created in various forms of productive, financial and intellectual types of capital. The new capital in a variety of types and forms is both a factor and a result of the development of entrepreneurship. Intellectual capital is becoming the dominant form of capital in the post-industrial society. New knowledge about entrepreneurship allowed to bring together different ideas about it. They allowed defining more precisely the process of creating entrepreneurial organizations to measure and evaluate the level of development of entrepreneurship in different sectors of the economy. It is shown that the efforts of specialists should be directed to study ways to create various forms of new capital.


[1] Acs, Z.J. and D. B. Audretsch, 1990. Innovation and Small Firms. Cambridge, MA MIT University Press.
[2] Aidis, R., Estrin, S., and Mickiewicz, T. 2008. Institutions and entrepreneurship development in Russia: A comparative perspective. Journal of Business Venturing, 23(6): 656–672.
[3] Aldrich, H. E., 1999. Organizations Evolving. Thousand Oaks: Sage.
[4] Aldridge, T.T., and D., Audretsch. 2011. The Bayh-Dole Act and scientist entrepreneurship. Research Policy, 40 (8): 1058–1067. October
[5] Alvarez, S. and L., Busenitz, 2001. The entrepreneurship of resource-based theory. Journal of Management, 27: 755-775.
[6] Baumol, W.J., 2002. The Free-Market Innovation Machine: Analyzing the Growth Miracle of Capitalism. Princeton, NJ: Princeton University Press. The Journal of Economic History 62(3): 912-913, DOI: https://doi.org/10.1017/S002205070200150X
[7] Becattini, G., 1991. The Industrial District as a Creative Milieu. Industrial Change and Regional Development: the Transformation of New Indusrial Spaces. Eds G. Benko, M. Dunford, London: Belhaven Press.
[8] Birch, D.L., and J., Medoff, 1994. Gazelles. Labor Markets, Employment Policy, and Job Creation, in L.C. Solomon, A.R. Levenson (eds), Labor Markets, Employment Policy and Job Creation, Boulder, CO: Westview Press, pp. 159-68
[9] Cooper, A.C., 1973. Technical Entrepreneurship: What Do We Know?. R&D Management. 3(2): 59-64.
[10] Cooper, A.C., J.F. Gimeno-Gascon and C.Y. Woo, 1994. Initial Human and Financial Capital as Predictors of New Venture Performance. Journal of Business Venturing. 9 (5): 371-395.
[11] Davidson, P., F., Delmar, and, J., Wiklund 2006. Entrepreneurship as growth; growth as entrepreneurship. In: Davidson, P., Delmar, F., Wiklund, J. (eds.). Entrepreneurship and the Growth of the Firms. Edward Elgar Publishing: Cheltenham, UK; Northampton: MA, USA, pp: 21-35.
[12] Etzkowitz, H., Leydesdorff, L. 1995. The Triple Helix University-Industry-Government Relations: A Laboratory for Knowledge Based Economic Development. EASST Review, vol. 14, no. 1, pp. 14–19.
[13] Flaschel, P. 2009. The macrodynamics of capitalism: elements for a syntehesis of Marx, Keynes and Shumpeter. Second Edition Springer Verlag Berlin Heidelberg, ISBN: 978-3-540-87931-2, Available at: https://books.google.ro/books?isbn=3540879323
[14] Gafforova, E., N. Merkushova, V. Smirnov, V. Batalova and Y. Merkushova, 2015. Using Crowdsourcing to Expand the Resource Base of Business. Asian Social Science, 11(7): 91-97.
[15] Gartner, W., 1988. “Who is an entrepreneur?” Is the wrong question. American Journal of Small Business, 12 (4): 11-32.
[16] Gartner, W.B., 2004. The Edge Defined the (W) hole: Saying What Entrepreneurship Is (Not). Narrative and Discursive Approaches in Entrepreneurship. Eds D. Hjorth, Ch. Steyaert. Cheltenham: Edward Elgar, pp: 245-254.
[17] Gartner, W.B., and S.A., Shane, 1995. Measuring entrepreneurship over time. Journal of Business Venturing, 10 (4), July: 283–301.
[18] Granovetter, M. 2004. Economic institutions as social constructs: a framework of analysis. Journal of Sociology and Social Anthropology, VII (1): 76-89.
[19] Johannisson, B., 1995. Entrepreneurial. Networking in the Scandinavian Context: Theoretical and Empirical Positioning. Entrepreneurship and Regional Development, 7 (3): 189-192;
[20] Kirzner, I.M. 1982. The Teory of Entrepreneurship in Economic Growth. in C.A. Kent, D.L. Sexton, K.H. Vesper (eds), Encyclopedia of Entrepreneurship, Englewood Cliffs, NJ: Prentice Hall, 272-277.
[21] Kirzner, I.M. 1997. Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach. Journal of Economic Literature, 35 (1): 60-85.
[22] Kortum, S. and J. Lerner, 2000. Assessing the Contribution of Venture Capital to Innovation. Rand Journal of Economics, 31 (4): 674-692.
[23] Low, M. and I. MacMillan, 1988. Entrepreneurship: Past research and future challenges. Journal of Management, 14: 141.
[24] MacMillan, I.C., R. Siegel and P.N. Subba Narasimha, 1985a. Criteria used by Venture Capitalists to Evaluate New Venture Proposals. Journal of Business Venturing, 1 (1): 119-128
[25] MacMillan, I.C., R. Siegel and P.N. Subba Narasimha, 1985b. Criteria used by Venture Capitalists to Evaluate New Venture Proposals. Frontiers of Entrepreneurship Research. Wellesley, MA: Center for Entrepreneurial Studies, Babson College, pp: 126-141.
[26] Miles, R., and C., Snow. 1978. Organizational Strategy, Structure and Process, McGraw-Hill, New York, NY - 1984, Fit, Failure and the Hall of Fame, California Management Review 26(3): 10-28
[27] Mortazavi, S.H., and M., Bahrami. 2012. Integrated Approach to Entrepreneurship – Knowledge based Economy: A Conceptual Model Procedia. Social and Behavioral Sciences, 41: 281–287.
[28] Naudé, W. 2013. Entrepreneurship and Economic Development: Theory, Evidence and Policy UNU-MERIT and MGSoG, University of Maastricht, MsM and IZA. 20 p.
[29] Piore, V.J. and C. F. Sabel, 1984. The Second Industrial Divide: Possibilities for Prosperity. New York: Basic Book.
[30] Reynolds, P. and E. Autio, 2005. Global Entrepreneurship Monitor: Data collection, design and implementation 1998–2003. Small Business Economics, 24 (3): 205–231.
[31] Reynolds, P.D., Bygrave W.D., Autio E. et al., 2004. Global Entrepreneurship Monitor: 2003 Summary Report Babson Park, MA: Babson College.
[32] Scase, R., 2003. Entrepreneurship and proprietorship in transition: policy implication for the SME sector. McIntyre R., Dallago R. (eds.). Small and Medium Entreprises in Transition Economies. McMillan: London, pp: 64-77.
[33] Shane, S. 2003. A General Theory of Entrepreneurship: The Individual-Opportunity Nexus. Cheltenham, UK: Edward Elgar.
[34] Shane, S., and S., Venkataraman 2000. The promise of entrepreneurship as a field of research. Academy of Management Review. 25 (1): 217-226.
[35] Shirokova, G., and A., Shatalov 2010. Factors of new venture performance in Russia. Research Review, 33 (5): 484-498.
[36] Shirokova, G.V. 2011. Management of entrepreneurial firms: the textbook. Graduate school of management. - SPb: Publishing House of the ‘Graduate School of Management’, pp: 384.
[37] Smirnov, V., and V., Belkin 2015. Experience in the Application of the Principle of Methodological Pluralism in the Study of Entrepreneurship. Asian Social Science, 11 (7): 122-127.
[38] Smirnov, V.P. 2014. Using scientific reflection in the study of entrepreneurship. Life Science Journal, 11(9s): 303-306.
[39] Storey, D.J., 1982. Entrepreneurship and the New Firm. London: Routledge.
[40] Storey, D.J., 1994. Understanding the Small Business Sector. London: Routledge.
[41] Storey, D.J., 2000. Six Steps to Heaven Evaluting the Impact of Public Policies to Support Small Businesses in Developed Economies. The Blackwell Handbook of Entrepreneurship. Eds D.L.Sexton, H. Landstrom. Oxford: Blackwell.
[42] Toma, S-G., A-M., Grigore, and P., Marinescu. 2014. Economic Development and Entrepreneurship. Procedia Economics and Finance, 8: 436–443.
[43] Venkataraman, S, I.C. MacMillan and R.G. McGrath, 1991. Progress in Reseach on Corporate Venturing. The State of the Art of Entrepreneurship. Eds D.L. Sexton, J.D. Kasarda, Boston: PWS-Kent, p. 488.
[44] Venkataraman, S. 1997. The distinctive domain of entrepreneurship research: An editor’s perspective. Katz, J., Brockhaus, J. (eds). Advances in Entrepreneurship, Firm Emergence, and Growth. Vol. 3. JAI Press: Greenwich, CT, p. 132.
[45] Woodford, M. 2009. Convergence of views in macroeconomics: elements of the new synthesis, American Economic Journal Macroeconomics, 1(1): 267-279
[46] Zhokhova, V. 2013. Model of Competitiveness of Eco-Tourism Product (By the Example of Tourism Organizations in Primorsky Krai). Middle-East Journal of Scientific Research, 14 (12): 1581-1585.
How to Cite
SMIRNOV, Vladimir P.. Entrepreneurship as the Creation of the New Capital. Journal of Advanced Research in Law and Economics, [S.l.], v. 7, n. 8, p. 2192-2200, may 2017. ISSN 2068-696X. Available at: <https://journals.aserspublishing.eu/jarle/article/view/1027>. Date accessed: 14 apr. 2024.