Views on Entrepreneurship

Lesson 2 : Views and Functional Process of Entrepreneurship

Views on Entrepreneurship

Views on entrepreneurship by experts of various fields like economists, sociologists, psychologists etc. has been given in the following.

  1. The economist’s view
    1. According to economist entrepreneurship and economic growth will take place in that situation where particular economic conditions are most favourable.
    2. Entrepreneur connects different markets; he is capable of gap filling. He is input completer and he creates or expands things.
    3. Small industry is a natural habitat of the entrepreneur where his role is like a striker who keeps the fire burning.
    4. The entrepreneurship development in a particular country largely depends upon the economic policy, programmes and economic environment of the country.

  2. The sociologist’s view : It emerges under a specific social culture.
    1. According to sociologists social sanctions, cultural values and role expectations are responsible for the emergence of entrepreneurship.
    2. Societal values are most important determinants of attitudes and role expectations. (delete)
    3. Sociologists consider the entrepreneur as a role performer corresponding to the role expected by the society.

  3. The psychologist’s view
    1. It is most likely to emerge when a society has sufficient supply of individuals possessing particular psychological characteristics.
    2. It is the high need for achievement which drives people towards entrepreneurial activities.
    3. Individuals with high achievement motive tend to take keen interest in situation of high risk, desire for responsibility and desire for task performance.
    4. Entrepreneurs possess three things i.e., an institutional capacity to see things in a way which later proves to be true, a kind of effort of will and mind to overcome fixed habits of thinking, lastly the capacity to overcome social opposition against doing something new.

  4. Managerial view
    1. This view gives more importance to the managerial aspects like perception of market opportunities, operational skills and qualities required to carry out an enterprise.
    2. Entrepreneurship is the outcome of complex and varying combination of socio-economic psychological and other factors such as
Last modified: Thursday, 5 January 2012, 9:44 AM