Entrepreneurship Flashcards

1
Q

What is the definition of entrepreneurship?

A

The transformation of innovation to market change by an individual. Innovation is the tool of entrepreneurs.

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2
Q

What are the 4 schools of theory on entrepreneurship?

A
  1. Economic.
  2. Psychological.
  3. Sociological.
  4. Opportunity-based.
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3
Q

Expand on economic theory:

A

J. Schumpeter described entrepreneurship as a driver of market based systems. Typically creativeness that is temporarily destructive (Netflix). Kirzner and Knight.

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4
Q

How did Kirzner define entrepreneurship?

A

Creativity and alertness to opportunity. Not necessarily the invention of something new but someone who can allocate resources to take advantage of an opportunity.

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5
Q

How did Kirzner define entrepreneurs?

A

Believes they are calculated risk takers.

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6
Q

Who were the main psychologists in the field?

A

McClelland, Rotter.

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7
Q

What did McClelland believe?

A

Type A behaviour, high self motivation and a positive attitude.

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8
Q

What did Rotter believe?

A

Strong internal locus of control (You make things happen). Self confident.

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9
Q

What do psychologists now believe?

A

Place more emphasis on how entrepreneurs think and antecedent influences shape entrepreneurs attitudes.

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10
Q

What is Ajzen’s theory of planned behaviour?

A

Combination of behavioural attitudes, how much they value others opinions and self confidence. These may or may not lead to entrepreneurial behaviour in day to day life.

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11
Q

What is attitude theory and how does it link with entrepreneurship?

A

Attitudes are open to change and change more over time than personality. It is believed entrepreneurs have a positive attitude to change which helps them innovate.

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12
Q

What do sociologists believe?

A

See entrepreneurs as a ‘practitioner’ seeking to navigate the world around them. They believe entrepreneurs can navigate a changing environment and tolerate uncertainty.

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13
Q

What is ‘entrepreneurial action’?

A

Behaviour in response to a judgement decision under uncertainty about a possible opportunity or profit.

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