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The document discusses several theories of entrepreneurship including economic, sociological, psychological, innovation, and motivation theories. The economic theory states that entrepreneurship is influenced by economic conditions and incentives. The sociological theory argues that culture and social values impact entrepreneurial behavior. Psychological theory suggests individuals with characteristics like achievement motivation and vision are more likely to become entrepreneurs. Innovation theory proposed by Schumpeter sees entrepreneurs as innovative and creative drivers of economic development through new products, processes, markets and organizations. Motivation theory by McClelland emphasizes the role of achievement motivation in successful entrepreneurship. [/SUMMARY]
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The objectives of entrepreneurship development programs (EDPs) are to develop entrepreneurial qualities, analyze small industry environments, reduce unemployment, promote industrial growth, assist underdeveloped regions, and teach entrepreneurial skills like project selection, formulation, sourcing, and management. EDPs have three phases - first, second and third - and provide support for new business establishment, financing, infrastructure, materials, and counseling. They are evaluated based on the number of businesses created, investments made, jobs generated, and behavioral changes in planning, achievement, expansion, and management orientations. Studies found that about 26% of EDP trainees went on to start their own businesses.
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- Traditional models include the economic, learning, psychological, and sociological models.
- Contemporary models include the Howard-Sheth model, Nicosia model, Engle-Kollat-Blackwell model, EBM model, and organizational buying models.
- The Nicosia model explains consumer behavior as a system with stimuli as input and behavior as output across four fields: consumer/firm attributes, search/evaluation, purchase, and post-purchase.
Business ethics and its scope
Business ethics refers to the moral principles and values that guide business policies and behavior. It applies to how businesses operate, make decisions, treat employees, and serve customers. There are several aspects of business where ethics play an important role:
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- Human resource practices to promote fair treatment and good employee relations
- Financial practices to prevent issues like improper accounting, insider trading, and bribery
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EVALUATION THE PERFORMANCE OF ENTREPRENEURSHIP DEVELOPMENT PROGRAM
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The document discusses the economic environment and its impact on business. It defines the economic environment as factors such as economic conditions, economic system, policies, and international economic factors that influence business operations. It describes the primary, secondary, tertiary and quaternary stages of economic activity and how environmental factors like economic, social, political, technological, and demographic conditions affect businesses.
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- EDII has helped establish 12 state-level entrepreneurship centers and institutes. It also runs a research center for entrepreneurship education.
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A manager, on the other hand, is not an owner of an enterprise. Instead, he is the one that is responsible for the management and administration of a group of people or a department of the organization. His day to day job is to manage his employees and ensure the organization runs smoothly.
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Ajay
This document discusses different theories of entrepreneurship, including sociological, economical, cultural, and psychological theories. It notes that entrepreneurship and economic development are interdependent, and that entrepreneurial activities are motivated by favorable economic conditions and incentives like taxation policy, sources of financing, and infrastructure availability. Additionally, entrepreneurship thrives when a society has individuals with psychological traits like a need for achievement and a vision. Finally, the document states that entrepreneurship stems from cultural values and systems, and that cultural minorities can act as "spark-plugs" for entrepreneurial and economic development.
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Entrepreneurial Culture
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EDP is a programme meant to develop entrepreneurial abilities among the people. In other words, it refers to inculcation, development, and polishing of entrepreneurial skills into a person needed to establish and successfully run his / her enterprise.
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- It offers postgraduate programs in entrepreneurship as well as development studies, and an open learning entrepreneurship program.
- EDII has helped establish 12 state-level entrepreneurship centers and institutes. It also runs a research center for entrepreneurship education.
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This document discusses ethical issues in Indian business. It begins by defining ethics and business ethics. It then outlines several common ethical issues in Indian business such as bribery, gifts/hospitality, conflict of interest, confidentiality/insider trading, tax evasion, and political support. It also discusses reasons for unethical practices like a lack of spiritual values, government regulation, illiteracy, defective education, and conflicting cultural influences. The document proposes ways to promote ethical culture like codes of conduct, training, and communication. It briefly summarizes some major corporate scams in India and identifies Tata and Wipro as India's most ethical companies.
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Culture and consumer behaviour
Core values define how products are used in societies and influence acceptable market relationships and behaviors. Culture includes learned beliefs, values, customs, and responses that direct consumer behavior. Cultural characteristics are learned and shared within groups. Marketers must understand how culture affects consumer pre-purchase activities like information search and post-purchase activities like product use. Culture also influences social classes that are hierarchical groups distinguished by factors like occupation, income, education, and prestige. Understanding differences in subcultures and cross-cultural groups is important for marketers to effectively target various national markets.
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Entrepreneurial vs. Managerial Approach & Emergence of Entrepreneurship
The meaning of entrepreneurship involves an entrepreneur who takes action to make a change in the world. Whether start-up entrepreneurs solve a problem that many struggle with each day, bring people together in a way no one has before, or build something revolutionary that advances society, they all have one thing in common: action.
A manager, on the other hand, is not an owner of an enterprise. Instead, he is the one that is responsible for the management and administration of a group of people or a department of the organization. His day to day job is to manage his employees and ensure the organization runs smoothly.
A manager must possess some of the same.
Jehangir Ratanji Dadabhoy Tata was the fourth chairman of the Tata group, and was known for steering it through the trying times and the dizzying possibilities that came with India’s independence.
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There are several ways to classify types of entrepreneurs based on factors like the type of business, use of technology, ownership structure, gender, size of enterprise, and behavior. Some of the main types include trading entrepreneurs, manufacturing entrepreneurs, agricultural entrepreneurs, technical entrepreneurs, non-technical entrepreneurs, private entrepreneurs, state entrepreneurs, joint entrepreneurs, men entrepreneurs, women entrepreneurs, small-scale entrepreneurs, medium-scale entrepreneurs, large-scale entrepreneurs, solo operators, active partners, inventors, challengers, buyers, and life-timers. An entrepreneur is ultimately someone who creates a product or service that people will buy by building an organization to support sales of that product or service.
Corporate Governance
Corporate governance is the mechanism, process and relations by which corporations are controlled. It involves balancing the interests of shareholders through decision making that benefits the company. Good corporate governance includes principles like accountability, fairness, transparency, independence, participation, equity and consensus orientation. It ensures management is accountable to the board and board is accountable to shareholders. Benefits include protecting investors' interests, higher market valuations, strong capital markets and commitment from management.
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The document discusses corporate entrepreneurship, which involves pursuing new opportunities within an organization without regard to existing resources. It describes how entrepreneurial managers can link technical knowledge to customer needs to create new businesses or transform existing companies. The objectives, characteristics, components, forms, factors influencing, and limitations of corporate entrepreneurship are outlined.
finance and institutional support for entreprenurship
This document discusses various aspects of financing an enterprise, including financial planning, estimating capital needs, classifying financial needs, and identifying sources of finance. It covers the importance of financial planning, factors to consider in estimating money needed, ways to classify financial needs based on use and permanence, and internal and external sources of finance. Institutional support for entrepreneurs from organizations like NSIC, SIDO, SSIB, and industrial estates is also summarized. The document provides an overview of financing considerations and support structures for new enterprises.
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Family is defined as two or more related individuals living together. There are two types of households - family households consisting of related individuals, and institutional households like hostels. Families provide economic support, emotional support, social relationships, morals/values, and more. There are traditional family types like nuclear families and extended families, as well as new types like blended families and single parent families. A family's purchasing decisions are influenced by its stage in the family life cycle, which includes stages like newly married, parenthood, and post-parenthood. Roles in family decision making include influencers, deciders, buyers, and users. Decisions are made through processes like bargaining, authority, or reasoning.
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This document discusses different theories of entrepreneurship, including sociological, economical, cultural, and psychological theories. It notes that entrepreneurship and economic development are interdependent, and that entrepreneurial activities are motivated by favorable economic conditions and incentives like taxation policy, sources of financing, and infrastructure availability. Additionally, entrepreneurship thrives when a society has individuals with psychological traits like a need for achievement and a vision. Finally, the document states that entrepreneurship stems from cultural values and systems, and that cultural minorities can act as "spark-plugs" for entrepreneurial and economic development.
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This document discusses several theories of entrepreneurship and entrepreneurial motivation from economic, sociological, and psychological perspectives. It outlines McClelland's theory of achievement motivation which found that individuals with a high need for achievement are more likely to become entrepreneurs. It also summarizes McClelland's acquired needs theory that entrepreneurs have the highest need for achievement compared to the needs for power or affiliation. Finally, it discusses McClelland's Kakinada experiment which showed training can induce achievement motivation and positively impact entrepreneurial performance.
263539 633925704903692500
The document discusses various theories of entrepreneurship from sociological, economic, cultural, and psychological perspectives. It summarizes Max Weber's theory of religious beliefs which argues that entrepreneurial spirit is influenced by religious beliefs. It also outlines Everett Hagen's social change theory that entrepreneurial creativity drives social transformation. The document examines Joseph Schumpeter's theory of innovation which defines entrepreneurship as introducing new combinations. It discusses Peter Drucker's view of the entrepreneur as someone who responds to change by exploiting opportunities through innovation and recognizing resources.
Entrepreneurship Development- Unit 2
This document discusses several theories of entrepreneurship, including:
1. Joseph Schumpeter's innovation theory which argues that entrepreneurship involves introducing new products, production methods, markets, raw materials, or forms of organization.
2. David McClelland's theory of high achievement which proposes that individuals with a high need for achievement are more likely to succeed as entrepreneurs and that this drive can promote economic growth.
3. Harvey Leibenstein's X-efficiency theory which suggests that entrepreneurship can reduce inefficiencies within firms by motivating greater effort.
4. Frank Knight's theory of profit which distinguishes between risk, which can be insured against, and uncertainty, which cannot. He argues that profit
Theories of-entrepreneurship
An economic theory
Risk bearing theory of Knight
Innovation theory of Schumpeter
Leibenstein X-efficiency theory
Harvard School theory
Theory of Market Equilibrium by Hayek
McClelland’s Achievement Motivation Theory
Theory of Change
Theory of Adjustment of Price
Theory of Entrepreneurial Supply
Theory of Personal Resourcefulness
Theory of Cultural Values
3. theories of-entrepreneurship
This document outlines several theories of entrepreneurship, including:
- Risk bearing theory of Knight which sees entrepreneurs earning profits by undertaking risk and uncertainty.
- Innovation theory of Schumpeter which views entrepreneurs as innovators who introduce new products, processes etc.
- Leibenstein's X-efficiency theory which examines the role of entrepreneurs in improving efficiency.
- McClelland's achievement motivation theory which proposes that individuals with a strong need for achievement are more likely to become entrepreneurs.
- Cultural values theory of Cochran which argues that entrepreneurial performance is influenced by societal attitudes and expectations.
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This document discusses entrepreneurship and provides examples of entrepreneurs from Bangladesh and around the world. It profiles entrepreneurs like Bill Gates, Warren Buffett, Mark Zuckerberg, Steve Jobs, as well as Bangladeshi entrepreneurs from companies like Square Group, Akij Group, Transcom Group, and Partex Group. The document also outlines the evolution of the concept of entrepreneur, defines what an entrepreneur is, and discusses different types and levels of entrepreneurs.
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The document introduces entrepreneurship and discusses its importance as a solution to challenges facing Oman's economy. It outlines Oman's rapid development through oil exports but notes upcoming challenges like a growing youth population and declining oil resources. Entrepreneurship can help address these by generating jobs, diversifying industries, and reducing oil dependence through new businesses and products. Examples of creativity and innovation are given through inventions like Post-it notes and developments in cell phone technology. Students are assigned an activity to identify creative products.
OIGP 2015 presentation_entrepreneurial personality_Mandy Wheadon
This document discusses how research and language focusing on intrinsic "entrepreneurial personality traits" can negatively impact women's motivation and intent to pursue entrepreneurship. It provides examples of trait-focused research that presents entrepreneurial characteristics as innate and masculine. This implies entrepreneurial ability is determined by biology rather than being learnable skills. As a result, women may see entrepreneurship as incompatible with their identities and be less likely to consider it as a career. The document argues for a skills-based framework that presents entrepreneurship as accessible to anyone willing to develop the necessary capacities through training.
Chapter 1
This chapter introduces the theory of entrepreneurship and key dimensions of entrepreneurship. It discusses two main approaches to defining entrepreneurship - the functional approach that describes what entrepreneurs do and the indicative approach that describes their characteristics. It also outlines three key individual characteristics of entrepreneurs - the need for achievement, an internal locus of control, and a higher risk-taking propensity. The objectives are to understand entrepreneurship principles and theory and gain a better understanding of entrepreneurial concepts and traits.
Opportunity, Strategy, & Entrepreneurship: A Meta Theory Vol. 1
This document provides an overview of a multi-volume book about opportunity, strategy, and entrepreneurship. Volume 1 contains 4 chapters that discuss the nature of opportunity, the importance of time and space in opportunity identification, developing a vision platform to recognize opportunities, and the role of creativity in making connections between ideas and opportunities. The book aims to develop a meta-theory of entrepreneurial opportunity by drawing on theories from different disciplines and case studies of companies over time. It examines why some entrepreneurs succeed in identifying and exploiting opportunities while others fail.
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This document summarizes key topics from an introduction to entrepreneurship theory lecture:
1) Entrepreneurship is discussed from different perspectives including opportunity recognition and value creation. No single accepted theory of entrepreneurship exists.
2) Major contributors to entrepreneurship theory are discussed, including Schumpeter's theory of creative destruction and Knight's view of entrepreneurs bearing uncertainty.
3) Core themes in entrepreneurship research are identified as uncertainty, innovation, opportunity recognition, and firm creation. Entrepreneurship draws from many fields without a unified theory.
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1) The document discusses entrepreneurial motivation and competencies. It explains McClelland's theory of motivation, which identifies three general social motives - need for achievement, power, and affiliation. High need for achievement is seen as critical for entrepreneurship.
2) It then discusses characteristics of achievement-oriented entrepreneurs like drive to achieve, calculated risk-taking, internal locus of control, and tolerance for failure. Personal entrepreneurial competencies identified include initiative, opportunity recognition, persistence, information seeking and more.
3) The document also summarizes the Kakinada experiment conducted by McClelland in 1964 to instill motivation and encourage entrepreneurship through training in goal-setting, feedback, and converting ideas into opportunities. The training
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This document discusses the need for an interdisciplinary theory of entrepreneurship. It reviews how entrepreneurship has been discussed and defined across various economic theories over time. Entrepreneurs have been described as risk-bearers, innovators, and discoverers of new information. More recently, researchers have taken behavioral and systems approaches. However, the document concludes that developing a unified theory remains difficult due to unsolved problems and the field still being in its early stages. Future research should focus on better understanding the activities and decision-making processes of entrepreneurs.
Knowledge Transfer Offices in the Context of Knowledge Spillover Theory of En...
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Nirma Etp Theories Of Ent.
The document discusses theories and concepts of entrepreneurship. It provides definitions of entrepreneurship over time as innovation, achievement, organization building, and managerial skills. Six factors are described as stimulating entrepreneurial activity: capital formation, technology development, government programs, training, technology transfer, and an innovative environment. Entrepreneurship is analyzed in economic systems like capitalism, socialism, and mixed economies. The modern concept of entrepreneur emerged in the 18th century with industrial innovators taking on development risks to generate profits through new combinations of production factors.
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The document discusses various theories and concepts of entrepreneurship from an Islamic perspective. It outlines definitions of entrepreneurship from scholars throughout history. Key concepts discussed include:
- Entrepreneurship involving setting up and expanding business, and is concerned with entrepreneurial behavior and business dynamics.
- Islamic entrepreneurship should operate within the framework of Islamic economic systems and be guided by principles from the Quran and Hadith.
- Successful Muslim entrepreneurs are motivated to fulfill religious duties and gain blessings from Allah, not just profits. Their ethics and conduct are based on Prophet Muhammad.
Schumpeter Theory
Schumpeter's theory discusses the role of entrepreneurship in economic development. He argues that development consists of reforming production equipment, outputs, marketing, and organizations. A key factor is innovative entrepreneurs who combine factors of production to make new products, markets, and production methods. This leads to periods of economic growth and boom, followed by recession as less competitive entrepreneurs fail, creating uncertainty. Overall, development raises the equilibrium level of income.
Theories of entrepreneurship
Schumpeter's theory of entrepreneurship defines the entrepreneur as an innovator who introduces new products, services, production methods, markets or sources of supply. Their innovations disrupt the existing economy and initiate economic development. McClelland's need for achievement theory sees entrepreneurs as driven by a need to achieve and take responsibility for solving problems rather than external incentives like money. Leibenstein's X-efficiency theory argues entrepreneurs improve resource allocation and reduce inefficiencies. Knight's risk bearing theory views profit as the reward entrepreneurs earn for taking on non-insurable risks.
Economic theories of wages
This document outlines 8 economic theories of wages: 1) Subsistence Theory, 2) Wages Fund Theory, 3) Residual Claimant Theory, 4) Surplus Value Theory, 5) Marginal Productivity Theory, 6) Bargaining Theory of Wages, 7) Employment Theory, and 8) Competitive Theory. It provides a brief description of each theory, including key assumptions and economists associated with each view of how wages are determined.
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OIGP 2015 presentation_entrepreneurial personality_Mandy Wheadon
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Opportunity, Strategy, & Entrepreneurship: A Meta Theory Vol. 1
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- 2. THEORY OF ENTREPRENEURSHIP • Economic Theory • Entrepreneurship and economic growth take place when the economic conditions are favorable • Economic incentives are the main motivators for entrepreneurial activities • Economic incentives include taxation policy, industrial policy, sources of finance and raw material, infrastructure availability, investment and marketing opportunities, access to information about market conditions, technology etc
- 3. • Sociological Theory • Entrepreneurship is likely to get a boost in a particular social culture • Society’s values, religious beliefs, customs, taboos influence the behaviour of individuals in a society • The entrepreneur is a role performer according to the role expectations by the society
- 4. • Psychological Theory • Entrepreneurship gets a boost when society has sufficient supply of individuals with necessary psychological characteristics • The psychological characteristics include need for high achievement, a vision or foresight, ability to face opposition • These characteristics are formed during the individual’s upbringing which stress on standards of excellence, self reliance and low father dominance
- 5. • ENTREPRENEURSHIP INNOVATION THEORY • Theory by Joseph Schumpeter who believes that entrepreneur helps the process of development in an economy • • He says that an entrepreneur is the one who is innovative, creative and has a foresight • • According to him, innovation occurs when the entrepreneur Introduces a new product Introduces a new production method Opens up a new market Finds out a new source of raw material supply Introduces new organization in any industry
- 6. Theory of High Achievement/Theory of Achievement Motivation • McClelland identified 2 characteristics of entrepreneurship – Doing things in a new and better way – Decision making under uncertainty • He stressed that people with high achievement orientation (need to succeed) were more likely to become entrepreneurs • Such people are not influenced by money or external incentives • They consider profit to be a measure of success and competency
- 7. Motivation theory by McClelland (Acquired Needs theory) According to McClelland, a person has three types of needs at any given time, which are: – Need for achievement (get success with one’s own efforts) – Need for power (to dominate, influence others) – Need for affiliation (maintain friendly relations with others) • The need for achievement is the highest for entrepreneurs
- 8. The Kakinada Experiment • Conducted by McClelland in America, Mexico and Mumbai • Under this experiment, young adults were selected and put through a three month training programme • The training aimed at inducing the achievement motivation. The course contents were Trainees were asked to control their thinking and talk to themselves, positively They imagined themselves in need of challenges and success for which they had to set planned and achievable goals They strived to get concrete and frequent feedback They tried to imitate their role models/those who performed well
- 9. Conclusion of the Experiment • Traditional beliefs do not inhibit an entrepreneur – Suitable training can provide necessary motivation to an entrepreneur • The achievement motivation had a positive impact on the performance of the participants • It was the Kakinada experiment that made people realize the importance of EDP (Entrepreneurial Development Programme) to induce motivation and competence in young, prospective entrepreneurs