Edited by Peter Nijkamp, Jacques Poot and Mediha Sahin
Chapter 7: Economic performance of migrant entrepreneurs in the high-tech sector: design and application of the GALAXY model
Entrepreneurship is a creative process that depends on the decisions that people make about how to engage in business (Shane et al., 2003). Segal et al. (2005) define entrepreneurship as being self-employed in one’s own business. Ahmad and Hoffmann’s (2008) definition considers three components: entrepreneurs; entrepreneurial activity; and entrepreneurship. Entrepreneurs are those persons (business owners) who seek to generate value, through the creation or expansion of economic activity, and by identifying and exploiting new products, processes or markets. Entrepreneurial activity is enterprising human action in pursuit of the generation of value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets, while entrepreneurship is the phenomenon associated with entrepreneurial activity (Ahmad and Hoffmann, 2008; Shane and Venkataraman, 2007; van Praag and Versloot, 2007). Shane et al. (2003) explicitly assume that entrepreneurship is not solely the result of human action based on both motivational and cognitive factors, but that external factors also play a critical role. The external environment includes: (1) political factors (e.g. legal restrictions, quality of law enforcement, political stability and currency stability); (2) market forces (e.g. structure of industry, technology regime, potential barriers to entry, market size and population demographics); and (3) resources (e.g. availability of investment capital, labour market including skill availability, transportation infrastructure and complementary technology).
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