Entrepreneurship is about new value creation
Ronstad (1984: 28) introduced and summarised this stream of research as follows: Entrepreneurship is the dynamic process of creating incremental wealth. This wealth is created by individuals who assume the major risks in terms of equity, time, and/or career commitment of providing value for some product or service. The product or service itself may or may not be new or unique but value must somehow be infused by the entrepreneur by securing and allocating the necessary skills and resources. Entrepreneurship is often considered as a source of wealth and employment, and therefore, globally, as a source of value. Its economic and social impacts have been acknowledged for a long time (see Fayolle 2003), and for several years the international research programme GEM (Global Entrepreneurship Monitor), initiated by Paul Reynolds, has endeavoured to demonstrate the existence of strong links between entrepreneurial activities and economic growth in numerous countries.