Building the theoretical framework of entrepreneurship

Lately many companies regard entrepreneurial behavior as essential if they perceive to survive in a world increasingly driven by accelerating change. Both the academic and popular press suggests an inherently positive influence of entrepreneurial activity on the performance of a company. In parallel a positive and robust correlation between entrepreneurship and economic performance has been found in terms of growth, firm survival, innovation, employment creation, technological change, productivity increases and exports. Still the search for an appropriate basis for understanding and describing the phenomenon creates challenging problem for entrepreneurship researchers. Aiming to provide some clarification of the concept of entrepreneurship, its components, entrepreneurial process and nexus between them, the theoretical framework, based on resent research in the field of entrepreneurship, was built.