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Entrepreneurial-Input-2

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25 views

Entrepreneurial-Input-2

Uploaded by

chaqairah03
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Entrepreneurial Input

Learning Outcomes
Discuss the
significance of
Entrepreneurial
input to
Entrepreneurship.
Entrepreneurial
- Is a process with inputs and outputs that can
be thought about series of steps.
- It characterized by actions such as launching
new businesses, inventing, exploring
opportunities, taking risks, managing and
creating value.
Several Entrepreneurial Inputs
that Influence Entrepreneurship
1. Economic Inputs

➢ Capital
➢ Labor
➢ Raw Material
➢ Market
➢ Infrastructure
➢ Capital
➔ Is one of the most significant requirements for starting a business.
➔ Capital is viewed as lubricant for the industrial process.
➢ Labor
➔ It is the quality of labor rather than amount of labor.
➔ Entrepreneurship thrives in an environment where workers are mobile and
adaptable.
➢ Raw Material

➔ is a basic material that is used to produce goods, finished goods, energy,


or intermediate materials that are feedstock for future finished products.
➢ Market

➔ a place where buyers and sellers can meet to facilitate the


exchange or transaction of goods and services.
➢ Infrastructure
➔ the basic physical systems of a business, region, or nation and often involves
the production of public goods or production processes.
2. Social Inputs

➢ Caste Factor
➢ Family Background
➢ Education
➢ Attitude of the Society
➢ Caste Factor

➔ form of social stratification characterised by


endogamy, hereditary transmission of a style of
life which often includes an occupation, ritual
status in a hierarchy, and customary social
interaction and exclusion based on cultural
notions of purity and pollution.
➢ Family Background

➔ A family history of manufacturing


provides a springboard for industrial
entrepreneurship. Mobility was
influenced by the family’s occupational
and social position.
➢ Education

➔ A collection of formalized teachings that informs, trains, and


educates anyone interested in participating in socioeconomic
development through a project to promote entrepreneurship
awareness, business creation, or small business development.
➢ Attitude of the Society

➔ Entrepreneurial attitudes are behavioral traits that


can help an entrepreneur grow and succeed in
business. There are so many attitudes an
entrepreneur should possess that will build and
promote their business. Without these
entrepreneurial attitudes, it may be challenging to
grow in business.
3. Cultural Values

➔ The culture of the society influences the strength


of these motivations.
➔ If society was economically or monetarily
oriented, entrepreneurship would be appreciated
and rewarded, and money creation as a way of
life would valued.
4. Psychological Inputs

A. Need Achievement
B. Withdrawal of Status Respect
a. Retreatist
b. Ritualist
c. Reformist
d. Innovator
C. Motives
A. Need Achievement

➔ An individual's desire for significant


accomplishment, mastering of skills, control, or
high standards.
➔ David McClelland defined the “need achievement”
a social motivation to succeed that is common
among successful Entrepreneurs, especially when
reinforced by cultural influences.
B. Withdrawal of Status Respect

➔ occurs when members of some social group perceive that


their purposes and values in life are not respected by the
groups in the society they respect, and whose esteem
they value.
➔ Everett Hagen is one such person who emphasizes the
psychological effects of social transformation.
Four Different Personality Types according to Hagen

➢ Retreatist- He continues to work in a society but remains


different to his work and position.
➢ Ritualist- He adopts a kind of defensive behavior and acts in a
the way accepted and approved in his society but no hopes of
improving his position.
➢ Reformist- He foments a rebellion and attempts to establish a
new society and
➢ Innovator- He is a creative individual and is likely to be an
entrepreneur.
C. Motives

➔ Other entrepreneurship psychological theories focus on the


entrepreneurs motivation or objectives.
● Arthur Harrison Cole- seek power, status, security and societal service
in addition to riches.
● Stepanek- emphasizes non- monetary factors such as a person’s
independence, self- esteem, power and social respect.
● Evans- distinguishes motive by 3 kinds of Entrepreneurs.
➔ Managing entrepreneurs whose chief motive is security.
➔ Innovating entrepreneurs, who are interested only in
excitement.
➔ Controlling entrepreneurs.
Exercise

Discuss the significance of entrepreneurial input to entrepreneurship.


Write it on a yellow paper.

Thank you!!!!!

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