Enterpreneurship Theories and Practice - 5458 Words

1. Introduction This article highlights key issues / factors that motivated MrJohnston to start his business. These key issues will be analysed using the external and internal factors of entrepreneurship. The internal factors will include theories such as personality theories, behavioural theories and sociological and cognitive approaches studied by various individuals and groups. We will also apply the Krueger Model which is an integrated approach to entrepreneurship. We will briefly examine certain external factors that could contribute to / influence the behavioural characteristics of an enterprising individual, especially the cultural, political and economic conditions. We will also discuss Mr Johnston’s views and practices on†¦show more content†¦3. Internal Influences Formation of an enterprise depends on enterprising individuals. There have been many studies and approaches to analyse what makes some individuals more enterprising than others. We will first look at some of the internal factors and related studies to explore what makes Mr Johnston an enterprising individual. 3.1 Personality Theories Trait theories These theories of enterprise consider that it is the personality / traits of the entrepreneur that defines their actions. The traits most often proposed by various approaches are achievement motivation, risk-taking behaviour and the desire for control. However there are traits such as need for autonomy, determination, initiative, creativity, self-confidence and trust, which have also been observed. Mr Johnston particularly displays the achievement motivation trait. He strives to be the best at what he does and likes the challenge of being in that position. He was very sporty and competitive as a child and always wanted to win. As an adult he always wanted to be the best at any job he did and as an entrepreneur he wants to be best in the industry. He thrives on competition and winning. Although the content theories suggest that individuals have basic needs and when a particular need is not satisfied, an enterprising person experiences unease. They then attempt to satisfy this need by attaining goals that have the capacity to meet the need. It has been suggested that this isShow MoreRelatedEffects of Social Networking on Business Growth Development3775 Words   |  16 PagesGrolier: Marketing management is faced with the necessity of studying price and price reactions more deeply than has been done in the past. Consumer income and demand will be watched with special care to determine reaction to price both in theory and in practice in the market. Much more will have to be known concerning geographic differences in demand. The regionalizing of magazine advertising is only a beginning in the direction of sectionalizing markets. 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