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
Wednesday, May 27, 2009
Wednesday, March 25, 2009
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
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
Friday, February 13, 2009
THE WAYS TO SUCCEED AS A NEW ENTREPRENEUR
my name is odili emeke and I am an entrepreneur. Two years ago I decided to begin this journey. I was tired of my 9-5 job in an architects office in Copenhagen, Denmark and I felt like a slave. I had a desire to begin on my own and to be my own boss. Today less than two years after, I even have a few employees and I am actually making my own money. I do have a part-time job today, because I have played it safe and if you don´t want to take big risks and borrow a lot of money from the bank, then keep on reading. My part-time job is teaching, so lets see if not I can teach you the ”formula for having success as an entrepreneur”… The decision to quit my full-time job was the most difficult part and I think it is so for most people, because suddenly you don´t have a secure income or a flashy title and maybe, like me, you are not even working with something related to your education! This can make people wonder and often it makes them a bit uncomfortable, but if you believe it is right for you – then that is your truth. Do what you believe in, stand up for your right to choose what to do and don´t just do what everybody else wants you to do. Put like Michael Jackson would sing it: ”…if you wanna be startin´ something, you gotta be startin´ somthing!” After making the decision, where to go and how to start up? Well, put very simple, the start up is based on three necessary steps to get success:
1. Find your product or service that you want to sell 2. Get known and let your prospects hear about you and see your product/service 3. Deliver your product/service.
Thats it!
The Problem for most entrepreneurs: What most people forget is the middle part, step 2 – the selling process. And partly because of this more than 90% of all start-ups cease to exist within the first two years! The problem is that most
entrepreneurs do not know anything about marketing or selling. They might be experts on their products or services (step 1) and they sure can deliver (step 3), when the phone rings……..but will it ever? Why should people call your company, when you are new and unexperienced and maybe they don´t even know that you exist. My first advice to you beginning the journey as an entrepeneur is this: FOCUS ON STEP 2! Of course you should also master step 1 and 3, but most people tend to keep on developing their skills in producing/knowing about their product or service and never really get into step 2 – the selling and marketing part. For instance, I am actually an architect educated at The Royal Danish Academy of Fine Arts – School of Architecture and that meant I did not know anything about ’selling’ or ’marketing’ when I started my own 3D-company called Artlab. What was worse, was that I did not even know that I needed to know anything about selling and marketing – I simply thought that if my service was excellent, then the world would find out sooner or later and the customers would start calling. Boy, was I wrong! But I learned quickly and I now constantly read books and study these can´t-get-success-without-them-topics. Please do your self that favor and study! Study step 2, STUDY SELLING and MARKETING. You don´t have to start big, just start small. Like you are doing right now – you are studying ”how to get success as an entrepreneur”. My compliments to you! The most powerful and cheap way to master step 2 is what I will show you now. You need to be visible to other people, if you want them to act and order your service or product, right? Maybe you can´t afford to rent or buy a shop on mainstreet and maybe you do not want to risk your little money on expensive advertising?
The Solution for most entrepeneurs: Don´t worry, you can begin getting known by a worldwide audience for as little as Euros €25 a month. 5€ a month for having a website and 20€ for having an ad on Google. Beware – having a website alone is not going to get you results, because a website is practically invisible unless it appears on Google/Yahoo or other socalled ”search-engines” on the Internet. I invested my time and a bit of money in ”Google AdWords” and today I am so happy I did! Unless your website is very professional and expensive, your website will most certainly not appear on Google, but if you use Google AdWords also called ”sponsored links” on Google, then you can pay to have your website shown on Google and even appear on page 1 in the
searchresults! You actually only pay when people click on your ad and not when it is just displayed –that is called free branding. Also, you can choose how much you want to pay – the more you pay the better results of course, but don´t take my word for it, visit www.google.dk (.dk is my target audience) and search for ”3d visualisering” (3d visualization) and most often my own ad (”3D visualiseringer sælger” – www.artlab3d.net) appears as NR. 1 on Google. Being displayed on a website that 70 of all people visits daily, has given me a great ROI (Return on Investment), a lot of customers and I even receive job-applications monthly!
This is where your ad can be seen on Google, if you use Google AdWords. Now you are probably thinking, ok – how do I get started? It is easy – visit Google.com and click on the link in the botton left corner called ”advertising programs” and it takes you to Google AdWords, where you can set up an account and create an ad and have it online in just 30 minutes. If you are a tech-freak like me, then you will be able to do this yourself. If you are not, then don´t waste your time trying to understand all the technical terms you need to know in order to master Google AdWords. Simply order your ad from an online advertising agency and they will quickly do it for you. Usually you will pay the advertising agency about 15% and the rest goes to Google. Now I will reveal a secret to you…… I actually have another company called ”Internetlab” ( www.internetlab.dk ) that does master Google AdWords. I have started up this company, because of the success I had with my advertising for www.artlab3d.net on Google wih AdWords. So, do it yourself, if you are a tech-geek like me or call an online advertising agency that provides ”AdWords”.
A very special offer from me to you for showing your interesst in my article:
Get 1000 clicks on your ad on Google and pay just 0,5 € per click!*
*1000 clicks = €500,- Excl. VAT (This could mean you will have ad on Google.com for 6-12 months. Call us and we will explain it in greater detail). (Remember you do not pay when your ad is shown on Google – only when people click on it and hereby visit your website. You could easily have your ad seen by more than 10.000 people, before somebody clicks on it and that is free branding for you!) This offer is 20% off normal price per click and usually we only sell at least 2000 clicks or more. In order to get this discount, just send me a mail to dck@internetlab.dk and name subject: ”Entrepreneur Discount”. Why this offer? Well, a lot of kind people has helped me getting started with my business, so I want to give something back and also, I want to support other entrepreneurs, because they are just like me – brave enough to try! So, if you decide to grab this offer, I can assure you that your product or service WILL get known! Then it is only up to you, to be sure your website converts, that it looks nice, that its trustworthy etc, so people decide on calling your company! If you have any questions or comments related to AdWords or to this article, please send me a mail and I will get back to you asap. Thank you for reading!
1. Find your product or service that you want to sell 2. Get known and let your prospects hear about you and see your product/service 3. Deliver your product/service.
Thats it!
The Problem for most entrepreneurs: What most people forget is the middle part, step 2 – the selling process. And partly because of this more than 90% of all start-ups cease to exist within the first two years! The problem is that most
entrepreneurs do not know anything about marketing or selling. They might be experts on their products or services (step 1) and they sure can deliver (step 3), when the phone rings……..but will it ever? Why should people call your company, when you are new and unexperienced and maybe they don´t even know that you exist. My first advice to you beginning the journey as an entrepeneur is this: FOCUS ON STEP 2! Of course you should also master step 1 and 3, but most people tend to keep on developing their skills in producing/knowing about their product or service and never really get into step 2 – the selling and marketing part. For instance, I am actually an architect educated at The Royal Danish Academy of Fine Arts – School of Architecture and that meant I did not know anything about ’selling’ or ’marketing’ when I started my own 3D-company called Artlab. What was worse, was that I did not even know that I needed to know anything about selling and marketing – I simply thought that if my service was excellent, then the world would find out sooner or later and the customers would start calling. Boy, was I wrong! But I learned quickly and I now constantly read books and study these can´t-get-success-without-them-topics. Please do your self that favor and study! Study step 2, STUDY SELLING and MARKETING. You don´t have to start big, just start small. Like you are doing right now – you are studying ”how to get success as an entrepreneur”. My compliments to you! The most powerful and cheap way to master step 2 is what I will show you now. You need to be visible to other people, if you want them to act and order your service or product, right? Maybe you can´t afford to rent or buy a shop on mainstreet and maybe you do not want to risk your little money on expensive advertising?
The Solution for most entrepeneurs: Don´t worry, you can begin getting known by a worldwide audience for as little as Euros €25 a month. 5€ a month for having a website and 20€ for having an ad on Google. Beware – having a website alone is not going to get you results, because a website is practically invisible unless it appears on Google/Yahoo or other socalled ”search-engines” on the Internet. I invested my time and a bit of money in ”Google AdWords” and today I am so happy I did! Unless your website is very professional and expensive, your website will most certainly not appear on Google, but if you use Google AdWords also called ”sponsored links” on Google, then you can pay to have your website shown on Google and even appear on page 1 in the
searchresults! You actually only pay when people click on your ad and not when it is just displayed –that is called free branding. Also, you can choose how much you want to pay – the more you pay the better results of course, but don´t take my word for it, visit www.google.dk (.dk is my target audience) and search for ”3d visualisering” (3d visualization) and most often my own ad (”3D visualiseringer sælger” – www.artlab3d.net) appears as NR. 1 on Google. Being displayed on a website that 70 of all people visits daily, has given me a great ROI (Return on Investment), a lot of customers and I even receive job-applications monthly!
This is where your ad can be seen on Google, if you use Google AdWords. Now you are probably thinking, ok – how do I get started? It is easy – visit Google.com and click on the link in the botton left corner called ”advertising programs” and it takes you to Google AdWords, where you can set up an account and create an ad and have it online in just 30 minutes. If you are a tech-freak like me, then you will be able to do this yourself. If you are not, then don´t waste your time trying to understand all the technical terms you need to know in order to master Google AdWords. Simply order your ad from an online advertising agency and they will quickly do it for you. Usually you will pay the advertising agency about 15% and the rest goes to Google. Now I will reveal a secret to you…… I actually have another company called ”Internetlab” ( www.internetlab.dk ) that does master Google AdWords. I have started up this company, because of the success I had with my advertising for www.artlab3d.net on Google wih AdWords. So, do it yourself, if you are a tech-geek like me or call an online advertising agency that provides ”AdWords”.
A very special offer from me to you for showing your interesst in my article:
Get 1000 clicks on your ad on Google and pay just 0,5 € per click!*
*1000 clicks = €500,- Excl. VAT (This could mean you will have ad on Google.com for 6-12 months. Call us and we will explain it in greater detail). (Remember you do not pay when your ad is shown on Google – only when people click on it and hereby visit your website. You could easily have your ad seen by more than 10.000 people, before somebody clicks on it and that is free branding for you!) This offer is 20% off normal price per click and usually we only sell at least 2000 clicks or more. In order to get this discount, just send me a mail to dck@internetlab.dk and name subject: ”Entrepreneur Discount”. Why this offer? Well, a lot of kind people has helped me getting started with my business, so I want to give something back and also, I want to support other entrepreneurs, because they are just like me – brave enough to try! So, if you decide to grab this offer, I can assure you that your product or service WILL get known! Then it is only up to you, to be sure your website converts, that it looks nice, that its trustworthy etc, so people decide on calling your company! If you have any questions or comments related to AdWords or to this article, please send me a mail and I will get back to you asap. Thank you for reading!
Subscribe to:
Posts (Atom)
