1.4 - Making Entrepneurs- Attitudes and Context Flashcards
What is the central role of entrepreneurship in market economies according to the presentation?
Entrepreneurship is not just a business term but a central pillar to the functioning of market economies. Entrepreneurs serve as catalysts for change, stimulating economic growth by generating, disseminating, and applying innovative ideas. They also expand the boundaries of economic activity and willingly assume risks in the pursuit of new ventures.
What is the OECD’s stance on the role of entrepreneurs in market economies?
According to the Organisation for Economic Cooperation and Development (OECD), entrepreneurs play a crucial role and are central to the prosperity of market economies.
How does Schumpeter’s theories influence the characteristics that are commonly attributed to entrepreneurship?
Schumpeter’s influence is especially evident in how entrepreneurship is understood today. His theories paint entrepreneurs as agents of innovation who disrupt existing systems and bring about change.
How do theories about economics and entrepreneurship shape public dialogue and institutional decisions?
Theories of entrepreneurship influence not just academic discourse but also how the public perceives entrepreneurship. These theories shape government policies and educational programs aimed at fostering entrepreneurial skills.
How significant are SMEs to the UK’s private sector according to statistics?
In the UK, Small and Medium-sized Enterprises (SMEs) have a significant impact on the private sector, accounting for around 60% of employment. Furthermore, their numbers have been steadily increasing year over year.
Can entrepreneurship be considered to have roles and responsibilities beyond the economic sphere?
Yes, entrepreneurship is not just about business creation and economic gain. It has a broader social role and responsibility, including job creation and solving societal issues through innovation.
What insight does the Global Entrepreneurship Monitor (GEM) offer about the importance of attitudes and framework conditions in entrepreneurship?
According to the GEM, the attitudes of a society towards entrepreneurship and the framework conditions, such as regulation and access to capital, are essential elements for a vibrant entrepreneurial ecosystem.
How does the entrepreneurial activity in the UK compare to the global average according to GEM data?
GEM data indicate that entrepreneurial activity in the UK either meets or exceeds the global average, making the UK one of the more entrepreneurial countries.
What efforts are governments and other organizations making to encourage entrepreneurship?
Governments and various organizations are actively encouraging entrepreneurship by implementing educational programs, providing funding opportunities, and offering mentorship, among other initiatives.
What are some of the various factors that affect the level of entrepreneurial engagement in a community?
Entrepreneurial engagement is influenced by a multitude of factors including cultural attitudes, access to resources, governmental policies, and individual motivations.
How is the Total Early-stage Entrepreneurial Activity (TEA) calculated according to the presentation?
The presentation shows a flowchart that outlines how TEA is calculated, incorporating various stages and elements like idea generation, planning, and initial operations.
What portion of the global population is currently engaged in starting a new business?
Approximately 6% of the global population is actively engaged in setting up new businesses on an annual basis, highlighting the widespread nature of entrepreneurial activities.
What happens to many nascent entrepreneurs five years into their entrepreneurial journey?
Many nascent entrepreneurs are still in the process of establishing their businesses even after five years, indicating the long-term commitment and challenges involved in entrepreneurship.
How does the UK’s entrepreneurial environment fare when compared to global standards according to GEM’s Entrepreneurial Framework Conditions?
GEM’s Entrepreneurial Framework Conditions indicate that the UK performs near or better than the global average in factors like financing, governmental policies, and cultural attitudes towards entrepreneurship.
What is the focus and significance of Baumol’s typology in understanding entrepreneurial behavior?
Baumol’s typology zeroes in on the behavior of entrepreneurs and argues that the “rules of the game,” such as laws and societal norms, significantly influence entrepreneurial activities.
