Entrepreneurship management

http://www.autoresmillionaire.com
Theories of entrepreneurship and entrepreneurial motivation Economic, sociological and psychological Entrepreneurship Innovation theory Theory of Achievement Motivation Motivation theory by McClelland (Acquired Needs theory) The Kakinada Experiment Motivating factors for entrepreneur- Internal and external
Entrepreneurship Management
Economic Theory• Entrepreneurship and economic growth take place when the economic conditions are favourable • 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
Entrepreneurship Management
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
Entrepreneurship Management
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
Entrepreneurship Management
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 organisation in any industry
Entrepreneurship Management
• The theory emphasises on innovation, ignoring the risk taking and organising abilities of an entrepreneur • Schumpeter’s entrepreneur is a large scale businessman, who is rarely found in developing countries, where entrepreneurs are small scale businessmen who need to imitate rather than innovate
Entrepreneurship Management
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
Entrepreneurship Management
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
Entrepreneurship Management
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
Entrepreneurship Management

• Conclusions 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 realise the importance of EDP (Entrepreneurial Development Programme) to induce motivation and competence in young, prospective entrepreneurs
http://www.autoresmillionaire.com

RISK TAKERS RULE THE WORLD

www.worldbetzone.com
my name is odili emeke i am here to tell you something about what many people have not still grown to understand; that is the fact that this world is ruled by the risk takers in that, life it self is risk so anyone who says he or she does not want to take risk, is indirectly saying that he or she does not want to live anymore. In business the first word that comes to the business man's mind is risk and any business man that does not want to think or hear of that word is not ready t for the business yet and have already started failing; because today, as we can see, the most succefull people in the world are all risk takers yes! in that they all took one or two risk to reach where they are today for example, let me tell you about Warren Buffet and the risk he took in forex trading, before he became the world's richest in the year 2008. According to what i gardered about him, in the year 2005 he went in to forex trading business and for a very short period of time, he lost the some of $200millon dollars in the trade but he never quit the business but rather, he continued and grew stronger and stronger untill he started making stupendous income from the business ; in early 2008 he became the world's richest and today he is a success,and he has become so popular that people all over the world now know his name including me that has not seen him all my life i now know him so well from his biographies because he is a success. so the story of Warren Buffet, i believe should tell you that risk is a part of life and it is also a partway to success and you cannot to do without it if you really want to succeed in life and want to be one of the world's leaders.
however, risk taking is good but it should not be taking foolishly; you should take risk proffessionally and not stupidly such that you become a suicide candidate. Before you take any risk, [depending on the level of risk] ask someone for a proffessional advice before you take the risk and also, if you want to purchsase any business guide, you should look very carefully before you purchase the information so that you are not mis-guided you may try buying from two or three persons that have informations on the same business. So on this note, i wish to end my writing by saying that, for you to reach your eldorado in life, you need some elements of proffessional risks; thanks for reading see you at the very top. www.worlbetzone.com