Entrepreneurship & Innovation Theories Quiz
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Questions and Answers

What is a theory primarily defined as?

  • An opinion about people's behavior
  • A set of propositions explaining phenomena (correct)
  • A collection of unrelated facts
  • A systematic method of predicting financial outcomes

Which theory focuses on the social aspects influencing entrepreneurship?

  • Economic theory of entrepreneurship
  • Psychological theory of entrepreneurship
  • Sociological theory of entrepreneurship (correct)
  • Opportunity theory of entrepreneurship

What do all entrepreneurship theories aim to do?

  • Create laws governing business practices
  • Define job roles in businesses
  • Establish economic guidelines for corporations
  • Explain and predict phenomena related to entrepreneurship (correct)

Which factor is associated with the psychological theory of entrepreneurship?

<p>Perceptions and attitudes (D)</p> Signup and view all the answers

What type of factors does the external factor theory consider?

<p>External influences such as politics and technology (D)</p> Signup and view all the answers

Which of the following is NOT a component of the economic theory of entrepreneurship?

<p>Social acceptance (B)</p> Signup and view all the answers

What defines the opportunity theory of entrepreneurship?

<p>Identification and exploitation of market gaps (C)</p> Signup and view all the answers

Which concept relates to the psychological theory of entrepreneurship?

<p>Need for achievement (C)</p> Signup and view all the answers

Flashcards

What is a Theory?

A system of propositions that explains patterns or relationships between people, things, or objects. It aims to provide explanations for observed phenomena.

Economic Theory of Entrepreneurship

A theory that focuses on the economic factors influencing entrepreneurial activity, including government policies, market conditions, and access to resources.

Sociological Theory of Entrepreneurship

A theory that emphasizes the role of social factors, like cultural beliefs, social norms, and social networks, in shaping entrepreneurial behavior.

Psychological Theory of Entrepreneurship

A theory that examines the psychological characteristics and motivations of entrepreneurs, such as their need for achievement, risk tolerance, and personal values.

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Opportunity Theory of Entrepreneurship

A theory that focuses on the identification and exploitation of opportunities in the market. It emphasizes recognizing gaps in the market and creating solutions.

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External Factor Theory of Entrepreneurship

A theory that focuses on external factors like government policies, technological advancements, and political events that impact entrepreneurial activity.

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Interplay of Theories of Entrepreneurship

This theory recognizes the interplay between various factors, including economic, social, psychological, and external factors, in influencing entrepreneurial activity.

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Importance of Understanding Different Theories of Entrepreneurship

These perspectives highlight the diverse factors driving entrepreneurship, providing a comprehensive understanding of the entrepreneurial process.

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Study Notes

Course Information

  • Course title: Entrepreneurship & Innovation (ENT 211)
  • Institution: Nile University of Nigeria
  • Offered by: Dr. Yusuf Salami
  • Date: October 2024

Definition of Theory

  • A theory is a set of propositions that explain phenomena and patterns of relationships among people, objects, and things.
  • It provides a systematic way of explaining phenomena.
  • Igbokwe (2018) defines a theory as a set of interconnected constructs, definitions, and propositions.
  • These propositions offer a systematic view of phenomena by explaining and predicting phenomena.
  • A theory is a set of principles that helps in understanding how things work.

Theories of Entrepreneurship

  • The theories of entrepreneurship encompass different perspectives:
    • Sociological theory of entrepreneurship
    • Opportunity theory of entrepreneurship
    • Economic theory of entrepreneurship
    • Psychological theory of entrepreneurship
    • External factor theory of entrepreneurship

Economic Theory of Entrepreneurship

  • Elements influenced by economic theory include:
    • Export promotion programs
    • Free market policies
    • Exchange rate policy
    • Low inflation rate
    • Low interest rates for exporters
    • Lifted tariff barriers

Psychological Theory of Entrepreneurship

  • This theory links to factors like:
    • Need for achievement
    • Perceptions
    • Attitudes
    • Fear

Sociological Theory of Entrepreneurship

  • This theory encompasses factors like:
    • Social beliefs, customs, and taboos
    • Social acceptance and social status of entrepreneurs
    • Social attitudes

External Factor Theory of Entrepreneurship

  • Environmental factors impacting entrepreneurship include:
    • Technology
    • Politics
    • Natural causes
    • Local & global wars
    • Government Policies

Opportunity Theory of Entrepreneurship

  • This theory relates to:
    • Business opportunities and their identification.

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Related Documents

Nile University of Nigeria Entrepreneurship & Innovation (ENT 211) PDF

Description

Test your knowledge on the theories of entrepreneurship with this quiz. Explore various perspectives including sociological, economic, and psychological theories. Gain a deeper understanding of how these theories explain entrepreneurial phenomena.

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