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June 2018 (published: 21.06.2018)
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The theory of entrepreneurship and valuation practices
Shapiro N.A., Perekhozheva K.V.
The ambiguity and complexity of the interpretation of entrepreneurship or business is reflected in competing theoretical concepts, on the one hand, and expanding business valuation practices, on the other. As the authors of the article believe, the alternatives to theoretical interpretations of entrepreneurship and the development of applied tools for the evaluation of entrepreneurship practices, such as business valuation and evaluation of business competitiveness, determine the relevance of the study of entrepreneurship in modern conditions. The aim of the study is to find the value of the business within the advanced concept of the company or to ensure its competitiveness. The advanced concept is not limited to the study of short-term opportunities of the company in making a profit, but seeks to ensure competitiveness on the long-term horizon. The methodological basis of this study is the corpus of theoretical concepts of entrepreneurship and well-known applied methods of business valuation and competitiveness. The results of the study showed that alternative concepts of entrepreneurship currently coexist; there are two niches of entrepreneurial valuation practices: valuation and competitiveness. However, at the strategic level, the assessment of competitiveness is reduced to the assessment of business value. The ability to manage the value in the direction of its growth is considered as ensuring the strategic competitiveness of the enterprise or business. But the criterion for assessing competitiveness can probably be not only the growth of the business value or growth relative to other firms in the industry, but the growth of the business value in the industries that supply alternative products and services. The findings of the study may be useful for the further development of the theory of entrepreneurship, as well as the development of options for assessing the value of entrepreneurship and its competitiveness.
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Keywords: entrepreneurship, competing concepts, social phenomenon, valuation, business value, business competitiveness.
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