ED Module 1

[Virtual Presenter] As entrepreneurs, we are essential drivers of economic growth and national asset. Our creativity, innovation and ambition are key components of a thriving market economy. We create new products and services, stimulate job creation and provide opportunities for those without specific skills. It is thus increasingly important that we are adequately rewarded and supported in our endeavors..

[Virtual Presenter] Entrepreneurship is an influential engine for economic progression and advancement. They open up new products, services and technologies, resulting in large-scale creation of jobs and new markets. Furthermore, they encourage invention and advancement of existing products and services which can raise people's living standards. These entrepreneurs are agents of social transformation and have the tenacity to create novel systems and technologies, thus boosting economic transformation. They add extra ideas, generate wealth and spark economic modification. They visibly bring about progressive social evolution and augment economic choice. Its influence is far-reaching and can be seen in the growth of national assets, way of life and morale..

[Audio] Entrepreneurship is a powerful force for driving economic growth and improving the standard of living for people in vulnerable communities. Entrepreneurs create new job opportunities, push technological and industrial progress and revive existing enterprises, creating solutions that make a tangible difference for those in need. They are dedicated to finding solutions for challenges such as menstrual health and hygiene, efforts that are essential for creating a more equitable world. Investing in and supporting entrepreneurs is paramount for constructing a better, brighter future..

[Audio] Entrepreneurs play a crucial role in economic growth, as they come up with innovative products and services, while also creating job opportunities. To gain a more complete comprehension of their role in economic development, economists and theorists have presented a variety of theories, focusing on the three main aspects of entrepreneurship: opportunities, entrepreneurs, and decision making frameworks. Notable theories include the innovation theory, need for achievement theory, and status withdrawal theory, among others. Each theory delivers greater insight into the characteristics of an entrepreneur and how they drive economic progress..

[Audio] Entrepreneurship is a key element for economic development. It is the one that takes risks and works with the unknown. Although there are different theories on entrepreneurship, the innovation theory proposed by J A Schumpeter says that entrepreneurs are the creators of new products, services, and business opportunities that may lead to a better quality of life, a higher level of economic growth, and improved living conditions..

[Audio] Entrepreneurship is an important part of economic growth, affecting not only individual entrepreneurs but also the activities of large corporate houses. It gives people the ability to create economic growth through the production of new products, services, and job opportunities, resulting in higher standards of living and increased economic prosperity. Schumpeter's new combination theory outlines five ways entrepreneurs can drive this economic activity, such as introducing a new product, introducing new production methods, entering new markets, gaining access to new raw materials or half-manufactured goods, and creating or breaking monopolies. Moreover, entrepreneurship is a concept that encompasses not just individual entrepreneurs but also the activities of large corporates..

[Audio] Understanding the drivers of entrepreneurship is key to promoting economic growth and better living standards. Schumpeter's theory on economic growth has some limitations such as excluding individuals who merely operate an established business without performing innovative functions and not taking into account the risk-taking and organizing aspects of entrepreneurship. David C. McClelland has explored the "Need for Achievement Theory", which is aimed at understanding the internal factors that stimulate entrepreneurial behavior. This theory provides a better understanding of the factors that motivate and stimulate entrepreneurial behavior, which is essential for creating jobs, new products and services, and ultimately improving the standards of living of people..

[Audio] Entrepreneurship is driven by an inner motivation to do well and create something new. We make decisions that can improve the quality of our lives and the lives of those around us, even in the face of uncertainty. This drive to strive for success is essential for achieving economic growth and lies at the heart of entrepreneurship..

[Audio] Entrepreneurship is highly important for economic growth and progress. E. Hagen proposed the Status Withdrawal Theory, which argues that when individuals experience a loss of status, they may seek innovative solutions to regain their status. This may take the form of rejection of change, or conforming to the new order, or they may even pursue aggressive or passive entrepreneurship initiatives. Creative innovation, driven by an interest in technological and practical solutions, is another type of entrepreneurial spirit that is gaining ground in traditional societies. With the right resources and the courage to take risks, entrepreneurs can create economic wealth, improved standards of living and lasting, positive social impacts..

[Audio] Entrepreneurs are the creative force behind economic growth, as creativity and innovation are essential for it. They have a knack for recognizing problems in society and developing solutions to them, creating new products, services, and jobs, as well as improving people's quality of life. Gaining an understanding of how entrepreneurs pinpoint opportunities and bring forth new goods and services can ultimately lead to positive economic growth and a higher standard of living for all..

[Audio] Motivation to work hard is not only due to economic gain, but also spiritual gain. Max Weber's theory is accurate in recognizing the importance of ethical values in stimulating entrepreneurship and economic development. Within society, those with stronger ethical values tend to be more inclined to work diligently and put effort into creating and expanding businesses, leading to more job opportunities, increased production of goods and services, and better living conditions for everyone..

[Audio] Entrepreneurship has a significant impact on economic growth. By launching new products and services, entrepreneurs can improve the living conditions of people everywhere. Max Weber and Kunkel's theories on the role of entrepreneurs show that economic growth is not the only benefit. In Weber's Theory of Social Change, certain assumptions can limit its effectiveness. However, Kunkel's Theory of Social Behavior provides a broader understanding of entrepreneurship, taking into account the social, political and economic context. By analyzing the incentives and accepted behaviors within a society, the potential for entrepreneurial activity is increased and brings both economic and social advantages..

13. entrepreneurial by manipulating certain selected components of the demand structure. (iii) Opportunity Structure – It consists of the availability of capital, management and technological skills, information concerning production methods, labor and markets. (iv) Labor Structure – It is concerned with the supply of competent and willing labor. The supply of labor is governed by several factors such as available alternative means of livelihood, traditionalism and expectations of life. Critical Evaluation:.

14. commodity and its acceptability is uncertain. Therefore, the entrepreneur assumes more risk as compared to a trader or a money lender..

[Audio] Cocharn's theory suggests that entrepreneurs are not extraordinary individuals, but instead are ideal personalities for their particular society. This is because their behaviour is linked to their attitude towards the occupation, the role expectations of the sanctioning groups and the operational requirements of the role. The values of the society should be taken into consideration when applying the theory. However, it does not account for the importance of profit and managerial functions. To this end, Drucker proposed the theory of systematic innovation, proposing that organised and purposeful searching for opportunities for economic and social innovation could be carried out within an industry, service sector or an enterprise, which are reliable indicators of changes that can be made..

[Audio] Entrepreneurs are essential to a dynamic oculture environment which is subject to trial and error. They strive to reimagine and reinvent our societies and their products and services, creating new jobs and opportunities that lead to improved standards of living. Entrepreneurs take risks, combining their knowledge of the market and technology in pursuit of profitable solutions, thus creating value and opportunity that help our societies thrive. They are the drivers of economic growth, creating sustainable development and fuelling progress..

[Audio] Entrepreneurs are vital for the functioning of a healthy economy, as they are responsible for generating new products and services, thus stimulating economic growth and providing job opportunities. This results in improved standards of living for both individuals and communities. The two fundamental theories of entrepreneurship are discovery and creation, both of which allow entrepreneurs to identify and create solutions to new problems. This enables the economy to continue growing and improving, which ultimately benefits everyone within society..

18. This theory approaches three assumptions in entrepreneurship, which are as follows: a. Opportunities have an objective component and their existence does not depend on whether the individual identifies these opportunities or not. b. Every individual is different from others. Therefore, different individual has different ability of recognizing opportunities. In addition, according to the discovery theory, individuals are always alert to the existing opportunities and this alertness is not a deliberate search, but the constant scanning of environment by individuals. c. Risk bearing is an essential part of the entrepreneurial process. The first and second assumptions of the discovery theory also support the risk bearing condition of entrepreneurship. As per these two assumptions, individuals can only discover and avail opportunities, but cannot create opportunities. They apply a unique combination of resources, means they do things differently to bring innovation. As there is no certainty about the success of discovered opportunity, entrepreneurs bears risks by availing opportunity on the estimated probability of its success. Thus, the discovery theory states that opportunities are objectives, individuals are unique, and entrepreneurs are risk bearers. 2. Creation Theory: Creation theory focuses on entrepreneurs and the creation of enterprises. Similar to the individual/opportunity nexus, the creation theory also approaches three assumptions in entrepreneurship. The three assumptions are as follows: a. Opportunities are subjective in nature. The creation theory also emphasizes that opportunities are created through a series of decisions to exploit a potential opportunity. This theory asserts that opportunities do not have an existence without the actions of entrepreneurs. The creation theory is opposite to I/O nexus. The I/O model asserts that opportunities are discovered by scanning the business environment and analyzing the market and industry structure. On.

[Audio] Entrepreneurs are widely considered to be the driving force of economic growth. They create and develop innovative products, services, and job opportunities that lead to improved standards of living. Arton School professor Oppenheimer suggested that the Creation Theory, which suggests that these opportunities are created by individuals and not simply recognized, is more applicable in developed countries. Companies like Samsung have become powerful economic forces by testing new products and improving profitability, demonstrating the subjective nature of opportunities and the ability of entrepreneurs to bear uncertainty. To further foster and nurture a culture of entrepreneurship, it is important to examine the psychological, cultural, and economic theories associated with it. By doing so, the goal of building a strong, entrepreneurial economy can be achieved, and everyone can benefit from it..

20. numbers of persons having the same psychological characteristics in the society, then there are bright chances of development of entrepreneurship. 2. Sociological Theory – Entrepreneurship is a sociological concept and process. According to this concept, the sociological factors are the secondary source of entrepreneurship development. As such, the social factors like social attitudes, values and institutions significantly influences the entrepreneurial supply in a society. 3. Economic Theory – According to this theory, an entrepreneur executes all activities due to economic incentives. The main aim of this theory is profit motive. Theory # 1. Psychological Theories:.

[Audio] Entrepreneurs are a driving force behind economic growth as they introduce new products, services and job opportunities, thus creating a cycle of economic growth and improved standards of living. Joseph A. Schumpeter, a renowned economist, developed the innovation theory which suggests certain psychological abilities such as willpower, self-intuition and tolerance capacity as essential traits of an entrepreneur. Other components of the theory include risk taking, supervision and coordination. The theory postulates that an entrepreneur is someone who strives to create a psychological power and build an industrial empire through innovation. It is important to remember that entrepreneurship is not simply about being a technician or a capitalist, but about introducing something original and revolutionary. To sum up, entrepreneurs are creative individuals who drive economic development and bring about a positive transformation in people's lives, by stimulating economic growth and elevating the standards of living..

[Audio] Entrepreneurs are a vitally important element in the functioning of an economy. They promote economic development by developing new products, services, and job openings, eventually improving living conditions. Theorists such as Joseph Schumpeter and David McClelland both proposed their own concepts relating to entrepreneurs and the forces that drive them. Schumpeter distinguished between inventors and innovators, stating that inventors find new techniques or resources, while innovators apply inventions and develop new combinations which create higher quality products. McClelland declared that having an "achievement orientation" is the basis for the development of entrepreneurial spirit, claiming that aspiring to reach ambitious goals is the key factor for becoming an entrepreneur. Both theories highlight the importance of entrepreneurs in the stimulation of economic growth..

[Audio] Entrepreneurship is an important factor in achieving economic growth and improving standards of living. To be successful, one must demonstrate an achievement orientation, strive for excellence, and come up with creative solutions to obstacles. David McClelland studied the relationship between achievement motivation and entrepreneurial behavior and found that those with a higher need for achievement were more likely to take risks and pursue uncertain tasks; and were more likely to be motivated by success rather than monetary rewards. McClelland's findings have shown that success as an entrepreneur is dependent on the combination of achievement orientation, excellence, and creative problem-solving. A drive to influence, the ability to receive feedback, and using profit as an indication of success are all important components of McClelland's work in the development and success of entrepreneurial ventures..

[Audio] Entrepreneurship is a key contributor to economic growth, as entrepreneurs are motivated by their ambition for influence, control and success. New products, services and job opportunities are developed so that living standards can be improved. McClelland and Hagen's theories both emphasize the necessity to match individual and job requirements, with those with higher achievement needs looking for stimulating work and those with lower needs seeking stable employment. Additionally, these theorists affirm the importance of providing an encouraging environment for children to flourish, as well as the creative abilities of disadvantaged minorities that are often a catalyst for entrepreneurial activity..

[Audio] Entrepreneurs are often required to make bold actions to create economic growth, even if it means putting their own safety at risk. This is something that the Samurai community of Japan did centuries ago, as discussed by Hagen's concept of status withdrawal. According to Hagen, status withdrawal can take four forms: displacement of symbols of value, denigration of symbols of status, inconsistency of symbols of status or an absence of expected status when migrating to a new society. Entrepreneurs face disorder with enthusiasm and courage and can respond in one of four ways: retreatist, ritualist, reformist and innovator. To generate economic growth and improve living conditions, innovators are the best role models..

[Audio] Entrepreneurs are essential for stimulating economic growth and prosperity. Kunkel, Hagen and other experts have revealed how groundbreaking ideas and enterprising individuals can sustain the economy. To be effective in driving economic development, it is important to consider the social and economic advantages around. Although these are fundamental, they are not the only elements which determine the success of entrepreneurs. In addition to the aforementioned conditions, courage and ambition of the individual are necessary in order to bring about the circumstances for success..

[Audio] Entrepreneurs are essential for the health of our economy, significantly contributing to our quality of life. They establish demand and opportunity structures to introduce new resources and skills to the market. They also utilize labour and limitations structures to guarantee efficient production and compliance with social and cultural norms. These components are imperative for economic growth and improved living standards. Through their commitment and hard work, entrepreneurs make a lasting and meaningful impact on our world..

[Audio] Entrepreneurship is an essential component of the economy of any nation. It provides the building blocks for innovation and job creation, resulting in improved quality of life for all. J. A. Schumpeter, David C. McClelland, Everett E. Hagen and John H. Kunkel all agreed that entrepreneurship is driven by individual values, social structures, morals, and technological developments. Sociological theories also point to conditions such as social mobility, social standing and cultural beliefs, which influence the rise of entrepreneurs. By enabling economic growth and facilitating better standards of life, entrepreneurship plays a crucial role. For this reason, both governmental bodies and private individuals should encourage the growth of entrepreneurial activity and the entrepreneurial mindset..

[Audio] Entrepreneurship is an important factor for economic development and improving living standards. Frank W. Young and B F Hoselitz both have theories which display the unique contributions of entrepreneurship to society. Young claimed that when exposed to an unstable or minority social atmosphere, certain groups can take action and develop an entrepreneurial mindset. Hoselitz proposed that cultural marginality is a crucial factor, enabling individuals in this situation to adapt and make innovative adjustments. Both theories point to entrepreneurship as a form of economic growth and a way to create new opportunities..

[Audio] Entrepreneurs exist to generate economic growth, introducing new products and services and opening new job opportunities. In order to facilitate this growth, it is essential to comprehend the role of social and personal characteristics in successful entrepreneurial development. Hoselitz emphasized the importance of managerial skill and leadership qualities, alongside education, training and social values. Furthermore, Max Weber's speculation of the effect of communities, religions and conventions on professional life, resources and enthusiasm have been decisive in inspiring self-starters. It has even been discovered that marginalized communities possess the capacity to innovate, making them significant actors in the development process. By apprehending the contribution of social, personal and economic elements to entrepreneurship, we can acquire knowledge on how to construct a thriving business, thus being able to take advantage of the resultant economic growth..

[Audio] Entrepreneurship plays an essential role in propelling economic growth and improving standards of living. It does this by creating new products, services, and job opportunities. Weber emphasized that religious beliefs, moral values, and outlooks on trust, shape our attitudes, ways of thinking and career decisions. Similarly, Cochran's theory underlines the importance of cultural values, role expectations and social approval on the development of entrepreneurship. Successful entrepreneurs grasp the society's attitude towards their occupation, the role expectations of the permitting group, and the functioning necessities of the job. Ultimately, the success or downfall of entrepreneurship largely depends on the values, expectations and social approval of the environment..

[Audio] Entrepreneurialism is an important factor in improving living standards for all. It is achieved by creating new and innovative products and services, as well as providing job opportunities. Theories from various authors such as Frank Young, B F Hoselitz, Max Weber and Cochran place emphasis on the importance of context when it comes to entrepreneurialism. Young's theory suggests that changeable contexts can spur proactive behaviour. Hoselitz also claims that those on the fringes of society are usually well-positioned to adapt to new circumstances. Weber and Cochran state that those who are part of a certain group or community possess greater drive and ability when it comes to entrepreneurialism. Economists agree that financial gain is a leading factor in entrepreneurial behaviour and it is a necessity for the entrepreneur to exist. In conclusion, entrepreneurs contribute to economic growth and, in turn, improving the lives of everyone..

[Audio] Entrepreneurship is a key factor for economic growth and success. It is the ability to identify an unmet need in the market, and to create a successful business model to satisfy the need. Entrepreneurs use their unique skills and drive to transform potential into lucrative products and services. This is why economists consider them as the fourth factor of production, as they fill the empty space left by the other three. To better comprehend the entrepreneurs of today, it is important to understand the different theories of entrepreneurship that have been established. These four theories - cultural, economic, psychological, and sociological - attempt to explain the various behaviors and motivations of entrepreneurs. They make up a valuable framework for analyzing the traits and actions of this group. Leonardo Da Vinci famously said that practice without theory is like a sailor without a rudder and compass. Similarly, entrepreneurs must understand and employ the above theories to be successful. Risk-taking and learning are essential traits of entrepreneurs, looking for innovation and economic benefit. By interacting with the four theories of entrepreneurship, entrepreneurs can acquire relevant knowledge for their projects, helping them reach their fullest potential..

[Audio] Entrepreneurship is widely recognized for its capacity to foster economic growth. It is acknowledged for its ability to create new products, services and job opportunities, ultimately leading to improved living standards. Multiple disciplines from the social sciences have yielded valuable theories, divided into categories of cultural, economic and psychological theories. Cultural theories consider the impact of imitation and social culture on entrepreneurship while economic ones look at the behaviour of entrepreneurs, incentives, prices and X-efficiency. Psychological theories emphasize the inner motives and external environment needed for entrepreneurship. Schumpeter's theory of innovation is one of the most enduring economic theories of entrepreneurship. His theories on the complexities of creativity and innovation have shaped the field and remain pertinent today. Research into the theoretical aspects of entrepreneurship is necessary to grasp the concept and its implications. This will help entrepreneurs to remain a key element in economic growth and the improvement of standards of living..

[Audio] Entrepreneurs are a driving force in our economy. Not only do they create economic growth and improve living standards, but they also bring new ideas, products, services, and jobs that benefit society. The work of sociologists such as Cochran, Weber and Hagen has delved into the motivations and culture that underpin entrepreneurship. Their theories of entrepreneurial supply and religious belief, and social change, link entrepreneurship to the culture in which it exists. The theories of Hoselitz and Stokes further demonstrate that entrepreneurship is part of the cultural environment and that individuals from minority and socio-economically disadvantaged groups often play a vital role in kick-starting economic progress. This can be seen in many countries and demonstrates the impact of entrepreneurs on society..

[Audio] Entrepreneurs are recognized as having an important role in promoting economic growth. They are credited with stimulating innovation, creating job opportunities, and developing new products, services, and technologies that can all contribute to improving standards of living. Through their creative and innovative thinking, entrepreneurs can discover new and novel solutions to problems, increasing the potential of an economy by enhancing competition and productivity. David Stoke's theory of entrepreneurship describes how entrepreneurs can take risks and launch new businesses despite the uncertain conditions of an economy. This theory also explains how entrepreneurs are enabled to emerge when supported by social sanctions, social culture and economic actions. Similarly, Mark Christopher Casson's Theory of Functional Behavior helps to explain the types of economic incentives that motivate entrepreneurial activities and how entrepreneurial firms are oser and less hierarchical compared to bureaucratic firms. These theories are essential when understanding the impact entrepreneurs have in creating economic growth..

[Audio] Entrepreneurs are essential for economic growth, providing new products, services and employment opportunities. These, in turn, lead to increased productivity and competitiveness. The Theory of Economic Incentives, the Theory of Adjustment of Price, the Theory of X-Efficiency and the Theory of Innovation have all demonstrated how entrepreneurs can have a positive impact on the economy. Entrepreneurs have a knack for spotting and taking advantage of openings in the market, as well as the capacity to marshal resources for the task. This drives up economic growth and living standards. All the theories referenced here back up the idea of entrepreneurs being vital for growth..

[Audio] -equilibrium situation in the market as it disrupts the existing equilibrium. Answer: The theory of entrepreneurship developed by Joseph Schumpeter is an essential framework for understanding the role of entrepreneurs in economic growth. Schumpeter suggests that entrepreneurs are innovators, creative people with the foresight to recognize opportunities and the determination to turn them into successful outcomes. They bring about new products, services, and job opportunities that lead to improved standards of living. His theory also emphasizes innovation over risk taking and organizing abilities, since entrepreneurs in developing countries often need to imitate rather than innovate. Furthermore, Schumpeter makes a distinction between invention and innovation, recognizing invention as the creation of new things and innovation as applying new things to practical use. His theory also highlights the role of entrepreneurs in economic development, as they bring about a disruption of the existing market equilibrium..

[Audio] Entrepreneurs have an essential role in modern society, stimulating economic growth and creating job opportunities which lead to improved standards of living. Schumpeter's theory of innovation highlights the need for entrepreneurs to challenge the status quo and introduce new products, technologies, and methods. Harvard School's theory, however, emphasizes the individual qualities of successful entrepreneurs such as intelligence, skill, intuition, and know-how. The attitude and approach of entrepreneurs also set them apart; they are not content with simply doing the bare minimum and strive to find new and innovative ways to make an impact in the world. Ultimately, the success of entrepreneurs relies on the combination of both external and internal forces. Their ambition, determination, and creativity are what make them powerful agents of economic growth and development..

40. (i) Entrepreneurial functions like organization and combination of resources for creating viable enterprises, and.

[Audio] Entrepreneurs play a pivotal role in driving economic growth. Frank H. Knight's theory identified entrepreneurs as a distinct group of individuals who are willing to take risks and create something new despite the uncertainty of the outcomes. These entrepreneurs are motivated by the potential rewards of their endeavours, even if they face the possibility of losses. Hayek emphasized the importance of entrepreneurs in maintaining equilibrium in the markets. John H. Kunkel's psychological theory suggests that the level of entrepreneurship is dependent on local factors such as the labour and opportunity structures, as well as demand and limitation. All these theories demonstrate the important role entrepreneurs have in fostering economic growth and improving living standards..

[Audio] Entrepreneurship is essential for economic growth, creating products and services, and generating job opportunities to enhance the wellbeing of society. It derives from understanding the non-economic factors that drive entrepreneurial supply, such as cultural values, role expectations and social sanctions. Innovation, invention and resourcefulness are essential for uncovering the societal model personal qualities that are required for entrepreneurial success. As entrepreneurs, we have a responsibility to employ these skills and use our resources to create economic growth and improve the lives of those around us. With the right knowledge and capabilities, we can maximize our potential and create a brighter future..

[Audio] Entrepreneurship is a critical element in propelling economic growth. Thomas Cochran and Max Weber have enlightened us on the decisive components which allow entrepreneurs to generate growth. Cochran focused on culture, the expected roles and social regulations in providing entrepreneurs. Weber, on the contrary, concentrated on religion and spiritual convictions which influence entrepreneurial culture, such as the spirit of capitalism, the daring spirit, the Protestant ethic, and the motivation of revenue. Hagen's belief of social alteration enhances the need of creative thinking from entrepreneurs and can reveal how regular societies can become ones with economic improvement. Their theories in totality explain why and how entrepreneurs are crucial for economic progress..

[Audio] Kakinada Experiment demonstrated that, through suitable training and guidance, it is achievable to give the goal inspiration necessitated for becoming an entrepreneurial. This not only encourages the expansion of their own businesses, but also brings advantages to the general public, by way of economic growth and higher living standards. It is evident that the way to attain economic growth is to build up a favorable atmosphere which boos creativity and ambition, empowering entrepreneurs to generate novel ideas, products, and services which can be beneficial to all..

[Audio] Thank you for your attention. The Kakinada experiment demonstrated the potential of EDP programmes to directly shape the course of the next generation of entrepreneurs. It gave prospective businesspeople the tools and encouragement to pursue their goals and, in the long-term, resulted in increased economic growth and improved living standards, with the development of new products, services, and job opportunities..