personal resource based enterprenuership
TRANSCRIPT
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Personal resource bases of entrepreneurship
Fahim akhtar
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Bases of entrepreneurship
• Resources • Personal resources
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Personal resource bases
Extend the boundaries of resource-based theory to include the cognitive ability of individual and entrepreneurs working together
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Psychological approaches to entrepreneurial success• Need for achievement• Risk-taking• Locus of control
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Need for achievement• Praise and rewards for success• Association of achievement with positive feelings• Association of achievement with one's own competence
and effort, not luck• A desire to be effective or challenged• Intrapersonal Strength• Desirability• Feasibility• Goal Setting Abilities
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Risk-takingRisk is the potential of gaining or losing something of value. Values
(such as physical health, social status, emotional well-being or financial wealth) can be gained or lost when taking risk resulting from a given action or inaction, foreseen or unforeseen. Risk can also be defined as the intentional interaction with uncertainty.
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Risk-taking
• Be a risk taker motivational
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Locus of controlA person with an internal locus of control believes that he or she can influence events and their outcomes, while someone with an external locus of control blames outside forces for everything. This concept was brought to light in the 1950's by Julian Rotter.
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Sociological Approach• Negative displacement• Positive pull• Positive push• Between things
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Negative displacement• Individual displaced in negative way may become
entrepreneurs• Individuals or groups not fitting in may deliver• In USA Vietnamese and Korean doing and delivering
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Positive pull
• Positive indicators• Environments, opportunities• Mentor, teacher, guide• Mentor raises the self esteem and confidence
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Positive push
• Situation that provide impetus and momentum • Career path • Industry path • Knowledge about system, people and process
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Between thingsNational Group 1982 % 1987 %
Korean 6.8 10.2
Asian Indians 6.6 7.6
Japanese 4.9 6.3
Vietnamese 1.5 4.5
Filipino 1.4 2.3
Mexican 1.7 1.9
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Situational characteristics• Perception of desirability• Perception of feasibility
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Perception of desirability
• Culture, family, peer• Glassman Jewish family
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Perception of feasibility
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Women entrepreneurs • Personal difference• Organizational differences• Environmental differences
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Process model• Strategic orientation• Commitment to the opportunity• Commitment of resources• Control of resources• Management structure• Reward philosophy
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Strategic orientation
Strategic Orientation (SOR) is a specific method to develop strategies. It is a method based on the analysis of strengths, weaknesses, opportunities and threats (SWOT).
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Commitment to the opportunity
• Exploitable set of circumstances with uncertain outcome, requiring commitment of resources and involving exposure to risk.
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Commitment of resources
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Control of resources
• Resources are scare • Resources needs commitment in right time
and right price
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Management structure
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Reward philosophy