...FACTORS LEADING TO ENTREPRENEURSHIP 1 FACTORS LEADING TO ENTREPRENEURSHIP Psychological Factors Sociological Factors Personality Traits/Factors Cultural Factors Economic Factors Legal-political Factors Technological Factors 2 PSYCHOLOGICAL FACTORS Need for achievement Propensity for risk taking Self confidence will be driven into engaging in successful entrepreneurial activities Locus of control construct 3 PSYCHOLOGICAL FACTORS (cont’d.) Locus of control construct High self esteem with high internal locus of control exhibiting initiative commitment and perseverance with a high tolerance for ambiguity Individuals differ on perceived locus of control It is perceived to be intentional Individuals with greater internal locus of control take responsibility for rewards following success An individual with a greater locus of control is not affected greatly by either success or failure The involvement results from personal needs regulated by their values beliefs &attitudes 4 PSYCHOLOGICAL FACTORS (cont’d.) Need for achievement High need for achievement – setting goals strategies and working for the attainment of the goal 5 PSYCHOLOGICAL FACTORS (cont’d.) Propensity for risk taking Propensity to take moderate, calculated and controllable risks be it psychic, financial etc Self confidence An individual will be driven into engaging in successful entrepreneurial activities ...
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...UNIVERSITY OF MODERN SCIENCES COURSE SYLLABUS TITLE: Management for the Entrepreneur CODE: BENT 415 CREDITS: 3-0-3 LEVEL: BBA COLLEGE: BUSINESS PRE-REQUISITES: BENT 301, MARK 201 CO-REQUISITES: NONE LEARNING HOURS: Approx. 45 contact hours, the exact nature of which is specified in the course syllabus LEARNING OUTCOMES On successful completion of this course the learner will be able to: Knowledge K1. Understand the basic concept of entrepreneurship. K2. Identify the misconception and importance of entrepreneurship. K3. Describe various types of business venture. Skill S1. Analyze various market opportunities. S2. Develop effective leadership’s and risk taking skill. S3. Develop an effective communication plan. Competence Autonomy & Responsibility C1. Develop and implement a business plan. Self-Development C2. Develop Vision, Mission, Goals & Objective of Startup Company. Role in Context C3. Interpret various small business opportunities available in UAE. Course Learning Outcomes V.S. Program Learning Outcomes |||||||||||||||||| |||||||||||||||Competence|| |FIN 350|||Knowledge||||Skill||||Autonomy &|Self|Role in| |Investment Analysis|||||||||||||Responsibility|Development|context| |Course|Learning||PLO1|PLO2|PLO3||||PLO4|PLO5||||PLO6|PLO7|PLO8| |Outcomes (CLOs)|||||||||||||||| |Knowledge K1|||x|||||||||||||| |Knowledge K2||||x||||||||||||| |||||||||||||||||| |Knowledge K3|||||x|||||||||||| |||||||||||||||||| |Skill S1|||||||||x||||||||...
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...The past thirty years have witnessed the most powerful emergence of entrepreneurial activity in the world. Entrepreneurs are now described as aggressive catalysts for change in the world of business; individuals who recognize opportunities where others see chaos, contradiction, or confusion. They have been compared to Olympic athletes challenging themselves to break new barriers, to longdistance runners dealing with the agony of the miles, to symphony orchestra conductors who balance the different skills and sounds into a cohesive whole, or to top-gun pilots who continually push the envelope of speed and daring. The U.S. economy has been revitalized because of the efforts of entrepreneurs, and the world has turned now to free enterprise as a model for economic development. The passion and drive of entrepreneurs move the world of business forward as they challenge the unknown and continuously create the future (Kuratko, 2002). Several methods have been used to measure the impact of entrepreneurial ventures on the economy—for example, efforts to start a firm (which may not be successful), incorporation of a firm (which may never go into business), changes in net tax returns filed (reflecting new filings minus filings no longer received), and a substantial amount of full-time and part-time self-employment. According to the Small Business Administration, 672,000 new businesses were created in 2005; the largest in US history (even 12% higher than the...
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...through experience to perceive connections between seemingly unrelated events or trends in the external world. In other words, they use cognitive frameworks they possess to “connect the dots” between changes in technology, demographics, markets, government policies, and other factors. The patterns they then perceive in these events or trends suggest ideas for new products or services—ideas that can potentially serve as the basis for new ventures. This pattern recognition perspective on opportunity identification is useful in several respects. First, it helps integrate into one basic framework three factors that have been found to play an important role in opportunity recognition: engaging in an active search for opportunities; alertness to them; and prior knowledge of an industry or market. In addition, it also helps explain interrelations between these factors (e.g., the fact that active search may not be required when alertness is very high). Second, a pattern recognition perspective helps explain why some persons, but not others, identify specific opportunities. Third, a pattern recognition framework suggests specific ways in which current or would-be entrepreneurs can be trained to be better at recognizing opportunities. Future directions for research on a pattern recognition perspective are described, and its practical implications for entrepreneurship education are examined. he field of entrepreneurship strongly concurs with Shakespeare’s...
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...Reflection Vol. 2, No. 2, 2014 INTEGRATING STRATEGIES OF ENTREPRENEURSHIP-GOURMET PAKISTAN: CASE STUDY FROM PAKISTAN Dr. Fareeha Zafar University of derby, England & GCU, Lahore, Pakistan Email: dr.f.zafar@gcu.edu.pk Shakeel Ahmad, Muhammad Ali Zafar & Sara Sheikh Ms- Management, Institute of Business & Management, UET, Lahore, Pakistan Corresponding Author Email: alizafar123@hotmail.com ABSTRACT This paper aims to get to know how integrating strategies boost up entrepreneurship. The study has shown that the dynamics of prevailing market structure, Applying creativity to develop innovation, culture, entrepreneurial leadership, economic transition, networking structures its stages and management resources are key integrating strategies for entrepreneurship. Moreover, capital and tax polices play a vital role in boosting up entrepreneurship. Study of Gourmet Pakistan gives strong support that mentioned strategies boost up the entrepreneurial process. The research methodology used in this paper is face to face interview, financial reports & official website of Gourmet Pakistan. Keywords: Innovation, Entrepreneurial Leadership, Networking, Technology. INTRODUCTION The term entrepreneurship cover a broad range of activities and processes, including innovation and creation of an organization, creation of new visions exploration of opportunities and risk taking asserts the essence of entrepreneurship is innovation which aims to create economic value that provides...
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...ECONOMIC DEVELOPMENT IS CAUSED BY ENTREPRENEURSHIP AND INNOVATION HAS TO BE SUSTAINABLE Economic development is separate to entrepreneurship and innovation as it is usually the result of both products together. It refers to changes in living standards or welfare over time. Entrepreneurship and innovation are interlinked and if one of them is achieved, the other must also be. Entrepreneurship is defined as one who introduces “the carrying out of new combinations,” (Schumpeter, 1934, p.74) whereas, innovation is the introduction of a new good or service into the market and can be split into two types: “the first refers to a gradualistic movement as tastes and populations change and refinements in business are developed. The second refers to spontaneous, discrete or discontinuous, internally generated changes which cannot be progressively associated with other causes,” (Binks & Vale, 1990, p.23) therefore, the first is gradual and is described as incremental innovation and the second is spontaneous which would be regarded as radical innovation. Radical innovation is classed as more significant for economic development. It is the idea of a discrete product that changes living standards more so. For example, for the camera industry in 2004: “Kodak and Fuji were among the first to embrace digital imaging technology and currently dominate the digital camera industry. Polaroid, on the other hand, faltered in the introduction of a digital camera.” (Danneels, 2004, p.252) So, this...
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...thoughts about my audience and the format of this essay before I started, but as I haven’t done essays in a long time (business majors usually focus on projects, not essays), I decided that I wanted to write my first project in a straightforward fashion. I feel that I need to get the rust off my writing, so to speak I chose to write to the rest of the class because 1) They will be peer reviewing it, so it’s convenient for them that they are the target audience and 2) I could express my thoughts in a straightforward fashion that my audience can relate to very well, as they are in the same position as I am. I wrote this essay as if I was writing to an intellectual friend who is also taking this class, is very interested in English and entrepreneurship, and wanted to see how the two topics coincided through the lens of genre analysis. I assumed that the reader knew the definitions of materiality, genre and genre analysis, and discourse community, as the intended reader is in this class and has done the readings. Surprisingly, I learned a lot about my field through reading and writing for this unit. I really loved the challenging readings, as it seemed as if I were “getting smarter” reading them. Pushing my brain processing abilities is great for my brain’s capabilities, which I value. As I wrote, I would constantly think of new ideas about my field, such as the materiality of online articles in an entrepreneur’s life, and think hard. I appreciate English because it requires lots...
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...State situated in the northern part of the country It is bounded by Jammu and Kashmir in the North, Uttarakhand in the South East, Haryana on the South and Punjab on the West. In the East, it forms India’s border with Tibet. As per the population census of 2001, the total population of the State is 60, 77,900 persons. The density of population of H.P as per census 2001 has gone up to 109 persons per sq. km. from 93 persons per Sq. Km. recorded in the census of 1991. As per the population census of 2001 the literacy rate of the State was 76.5 %. The male literacy rate was 85.03 % and the female literacy was 67.04 percent. The literacy rate is constantly increasing in the state. GROSS STATE DOMESTIC PRODUCT IN ( 2008-09 Adv. ) i) Current Prices 43281(Rs. Crore) ii) Constant Price 35888 (Rs. Crore) TOURISM Tourism in HP has been recognized as one of the most important sector of the economy it is being realized as a major engine of growth for future. Himachal Pradesh is endowed with all the basic resources necessary for thriving tourism 10 activity, geographical and cultural diversity, clean monuments and the friendly and hospitable people. Tourism Industry in Himachal Pradesh has been given very high priority and the Govt. has developed an appropriate infrastructure for its development which includes provision of public utility services, roads, communication, network , airport, transport, facilities of water supply and civic amenities etc. Recently Govt. of...
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...The current issue and full text archive of this journal is available at www.emeraldinsight.com/1750-6204.htm Factors influencing entrepreneurial intensity in communities Sibylle Heilbrunn Department of Business Administration, Ruppin Academic Center, Israel Abstract Purpose – The purpose of this paper is to explore the factors influencing entrepreneurial intensity. More specifically the study addresses the following objectives: propose a way to measure entrepreneurial intensity within the community context in order to determine entrepreneurial activity over a period of ten years, detect the factors influencing the entrepreneurial intensity, and finally locate Kibbutz communities on the entrepreneurial grid. Design/methodology/approach – Kibbutz communities are the level of analysis. Using a comprehensive questionnaire, a sample of 60 Kibbutzim – constituting 22 percent of the population of Kibbutz communities in Israel – was investigated over a period of ten years. The same questionnaire was administered to the same sample Kibbutzim (Kibbutzim is the plural of Kibbutz) in 1994, 1997 and 2004. Collected data include number and types of enterprises, economic strength, organizational size and age, and features of organizational structure and culture. Findings – Quantitative data analysis revealed a significant increase of entrepreneurial activity of Kibbutz communities in terms of frequency, degree and intensity of entrepreneurship. Organizational size and age have an impact on...
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...>cases A GEM of a Study >Abstract The Global Entrepreneurship Monitor Entrepreneurial Assessment, a joint project of The Kauffman Center for Entrepreneurial Leadership at Babson College and The London Business School, has undertaken a long-term, large-scale project to prove the causal links between a government’s economic policies and initiatives, the resulting entrepreneurial activity and subsequent economic growth. This case describes multiplestage research, including thousands of interviews in several countries by established research firms. >The Scenario What government policies and initiatives are most likely to generate high levels of entrepreneurial activity? Which are positively correlated with the economic well-being of a country as measured by growth in GDP and job formation? Project directors of the Global Entrepreneurship Monitor (GEM), who define entrepreneurship as “Any attempt at new business or new venture creation, such as self-employment, a new business organization, or the expansion of an existing business, by an individual, a team of individuals, or an established business,” suggest the following: • Promoting entrepreneurship, especially outside the most active age group (25-44), with specific programs that support entrepreneurial activity. • Facilitating the availability of resources to women to participate in the entrepreneurial process. • Committing to long-term, substantial postsecondary education, including training programs designed to develop...
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...people apart due to the external factors of readiness and restraint. (Peacock 2004, p. 46). Burns concludes that few people start up their own business due to the lack of capital and self-doubt, therefore a trigger such as unemployment or the desire to make money is needed (Burns 2002, p. 93). Therefore, readiness and restraint factors must be complimented with the cognitive characteristics identified by Peacock to define entrepreneurship. A person’s readiness requires a specific self-confidence, representing a feeling of mastery, gained through experience, exposure, specific skills, and industry knowledge (Peacock 2009, p. 44). Entrepreneurs must believe that their skillset can meet the perceived demands of the tasks expected in entrepreneurial activity (Gatewood, Shaver & Gartner 1995, p. 385). This suggests that individuals who are successful at getting into business might have skills and abilities that better match the opportunities they face (Gatewood, Shaver & Gartner 1995 p. 386). Therefore, readiness factors such as an individual’s current knowledge base as a result of experience, and exposure to others in the industry, increases the self-confidence to be able to set up a venture (De Clercq & Arenius 2006, p. 350). Restraint factors such as financial obligations increase for men over a life cycle, and the expenses of a mortgage, and...
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...Entrepreneurship Entrepreneurship is the act and art of being an entrepreneur or "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses (referred as Startup Company); however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. When entrepreneurship is describing activities within a firm or large organization it is referred to as intra-preneurship and may include corporate venturing, when large entities spin-off organizations.[1] According to Paul Reynolds, entrepreneurship scholar and creator of the Global Entrepreneurship Monitor, "by the time they reach their retirement years, half of all working men in the United States probably have a period of self-employment of one or more years; one in four may have engaged in self-employment for six or more years. Participating in a new business creation is a common activity among U.S. workers over the course of their careers." [2] And in recent years has been documented by scholars such as David Audretsch to be a major driver of economic growth in both the United States and Western Europe. "As well, entrepreneurship may be defined as the pursuit of opportunity without regard to resources currently controlled...
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...MCSER-CEMAS-Sapienza University of Rome Vol 2 No 5 July 2013 Challenges and Prospects of Entrepreneurship in Nigeria Okezie A. Ihugba Alex Odii Asoluka C. Njoku Department of Economics, Alvan Ikoku Federal College of Education, Owerri-Imo State, Nigeria Doi:10.5901/ajis.2012.v2n5p25 Abtsract The success of generating income for majority of rural and urban dwellers with no formal paid employment highly depends on Entrepreneurship. They are the backbone of economic development all over the world and play important role for employment, income and societal changes, particularly in transition economies like Nigeria. This paper is concerned with the nature and the extent to which entrepreneurship in Nigeria has been developed so far, and outlines the initiative by government and also the main current and future challenges and perspectives for the development of entrepreneurship. The study revealed that such initiatives by government failed abysmally due to over bearing bureaucracies, corruption, inadequate and inefficient infrastructural facilities and maladministration. The paper concludes that entrepreneurship miracle in other country is an engine for job creation; innovation and diversity and Nigeria’s entrepreneurs have a long way to go before they can effectively drive changes in the economy and recommends that Government (policy makers) should genuine recognize the essence of entrepreneurship to economic development by providing the enabling environment for private sector led investment...
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...businesses and have achieved success. His visit opened my eyes to the world of entrepreneurship, especially with regards to innovation. Since then, I began to pay attention to domestic startups, as they are brimming with creative, innovative energy. Their successes motivated me to develop my own entrepreneurial qualities in preparation for the real world. However, I realized that in order to make more significant contributions to the field, I would need to gain...
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...Analysis of current training programs of practicing MSEs owners with the aim of enhancing their entrepreneurship aspects. A case study of Roysambu. N. JORAM NGA’NG’A A research proposal submitted to the School of Human resource and development in partial fulfillment of the requirement for the degree of Masters of Science in Entrepreneurship of Jomo Kenyatta University of Agriculture and Technology. March, 2011 Declaration This research proposal is my original work and has not been presented for a degree in other University. Signature……………… Date……………….. N. Joram Nga’ng’a HD313-0402/2009 This research proposal has been submitted for examination with my approval as the university supervisor. Signature……………… Date……………….. Bwisa H.M.. Phd Acknowledgement I owe my family a debt of gratitude for where I am education-wise especially my mum. Am also very thankful to my supervisor for the guiding me through this tough moment. Any other person who has made an impact on my life: my friends, relatives and lecturers should also receives my thanks. TABLE OF CONTENT Declaration ii Acknowledgement iii Definition of terms. vi Abbreviations vi Abstract vii CHAPTER 1: INTRODUCTION 1 1.0. Background 1 1.2. Problem statement 3 1.3. Objectives 4 1.4. Research questions 4 1.5. Significance of the study 5 1.6. Justification of the study. 5 1.7. Assumption of the study. 6 1.8. Limitations and delimitations: 6 Limitations...
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