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reactions and create four different (a) bring greater understanding of
personality types: entrepreneurship behaviour exhibited
(a) Retreat: Entrepreneur who continues by different entrepreneurs;
to work in society but remains (b) enable one to understand the need
indifferent to his work or status; for entrepreneurship and the reasons
(b) Ritualist: One who works as per the on why some people are more
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norms in the society with no hope entrepreneurial than others;
of improvement in the working (c) explain various approaches and
conditions or his status; perceptions held by entrepreneurs;
(c) Reformist: One who is a rebellion and and
tries to bring in new ways of working (d) show that desire for entrepreneurship
and new society; and is innate as well as environmentally
(d) Innovator: An entrepreneur who is determined.
creative and tries to achieve his goals
set by himself. Exercise 2.4
Economic theory of entrepreneurship During the inter-school competition, you
Many economists admitted that when met Form One students from Akilinyingi
economic conditions are in favour of the Secondary School arguing on whether
business environment the entrepreneurship entrepreneurs are made or born. Based
and economic growth will take place. on the theories of entrepreneurship
Papanek and Harris in 1970, as the key you learnt, help them understand about
advocates of this theory, revealed that entrepreneurship.
economic incentives are the main forces
for entrepreneurial activities in any country. Out of class activity
They insisted that some of the economic Visit any entrepreneur in the local
factors which promote entrepreneurship in area, study the business skills he or she
any country are: bank credit availability; possesses. Then assess the following:
high capital formation; loanable funds at (a) Whether he or she keeps business
lower rate of interest; high demand for records or not; and
consumer goods and services; productive (b) How he or she identifi es the customers.
resources availability; effi cient economic
policies; communication and transportation Skills lab activity
facilities.
Following the knowledge you have
Importance of entrepreneurship theories acquired on entrepreneurial skills,
The following are some of the importance which skills do you think local traders
of entrepreneurship theories: are not familiar with?
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