Does personal and social background matter in entrepreneurship?

okay thank you very much guys uh for attending this short Workshop basically today we will try to explore if there is any link between entrepreneurial statistics and social background of successful entrepreneurs so what are the learning outcomes the London will be able to develop and Advance a systematic understanding of entrepreneur Behavior and the trade theory of Entrepreneurship at the end of this Workshop the student will be able to and hence their critical awareness of the link between entrepreneur statistics and influence of personal and social background there also be able to deal with complex issues both systematically and creatively and show originality in tackling and solving problem so what is entrepreneurship entrepreneurship as a field of business seeks to understand how individuals create opportunity to get something new for example a new product a new service a new business operations a new technology any any innovation in in existing business or the prospective business and then they use various means to exploit or Advanced them thus producing a wide range of effects this effect could be in business world could be solving social problem in social life insurance entrepreneurship is the pursuit of opportunity Beyond resources you currently controlled and it's a very favorable definition by Harvard Stevenson the very famous name in the field of Entrepreneurship and I encourage all the students please do read this book and a perspective of a perspective on entrepreneurship is a professor Harvard University very big name in the field of Entrepreneurship so when we say entrepreneurship is the pursuit of opportunity but this Pursuit depends upon certain Behavior the entrepreneur Behavior determined is pursued so what is entrepreneur Behavior entrepreneurial behavior is basically and ability to identify possibilities and opportunities in the market or society and to turn them into profitable business are to solve social problem so in short the entrepreneur Behavior it depends upon how the individual division they create they find out they explore possibilities and opportunities and then turn them into profitable business or if they are social entrepreneur their objective is to solve the social problem but how this entrepreneurial behavior is determined there are certain factors that influence entrepreneur Behavior according to the prevailing literature on entrepreneurship entrepreneurial behavior of any city is determined by three Factor social demographic environmental and personal it means the behavior of the entrepreneur can influence or is affected by these three factors so first of all we look at the social and demographic factors sex whether you are male or female your age education background unemployment status sorry employment status the parents level of education and the distance of a self-employed family member have been the most social demographic variable in relation to entrepreneurship it is it here it means like your social and demographic factors where you come from if someone in your family already doing the business what is your age what what is your education level what is status of your parents so these are the most short variable in the recent years in entrepreneurship very entrepreneurship studies and while metal Factor basically it doesn't market conditions environmental factory model looks at the conceptual Factor such as value of wealth tax ejection and inject benefit timing opportunity and career processes or in our impact of market conditions so what is the environment what is the prevailing environment in the market like what are the opportunities what is the cost opportunity career prospects so this model tell us the entrepreneurial behavior is hugely influenced by the environmental factors than the personality factors the prosperity Factor focus on personality characteristics of entrepreneurs this this is also known as trade model of Entrepreneurship or trade theory of Entrepreneurship where the restaurant that entrepreneur s values attitude that provide an impetus for them and distinguish them from other so this trade theory of entrepreneur shape basically assumes that entrepreneur they have some inborn characteristics they are with them so thereby they are successful entrepreneur trade model of Entrepreneurship suggests that entrepreneur possess certain traits or statistics of Personality like creativity self-confidence risk-taking imagination preservance Etc which enable them to generate new ideas and create a new Venture that means they have inherent characteristics so they are with them so thereby they can take risk they can they be they are creative they are imaginative this state theory of Entrepreneurship associate certain character traits with the entrepreneurs for example look at them need for Independence that's why this is something inspired them need for achievement internal locus of control drive and determination creative and Innovative Innovation Innovative moderate is stating they mean this Theory assumes these are the character traits that entrepreneurs have and thereby because of the because of those character traits they are entrepreneur they are successful or are successful regardless but the decrease they start business they are entrepreneur but do you think like yes entrepreneurs they have some inboard characteristics it could be it could be not this is why this Theory has some criticism as well for example trades are not stable and can change yes how can you assume someone has inborn characteristics and then cannot be changed if you do not have entrepreneurial statistics maybe with a passage of time with training education you can direct them mailing personality traits require subjective judgment how can you say like someone has a motivation or someone has the internal locus of the control our sense of achievement so these are all the abstract concept that mean it is very difficult to measure if I say for example my colleague is very honest so how can I measure is abstract so measurement tends to ignore cultural environmental and conceptual influences yes sometimes your cultural environmental influence is yes they can help you to become a entrepreneur the role of education training and learning and training is often overlooked like if you think that the entrepreneur they have inborn characteristics but then you are ignoring the role of Education and Training yes through educational training they can develop those statistics issues such as age sex race social class or education can be ignored yes you can cross this barrier they are not valuable for you yes with the passage of time you can learn you can mix up with the people and you can come up you can direct yourself academically and might be you when when your circumstances here you come out of the certain classes and you can you can enter to the business world you are male or female sometimes it doesn't matter you have the opportunity so now the question is whether entrepreneur burn or made what do you think just one entrepreneur trade entrepreneurship Theory suggests that entrepreneur they have some inborn inherent characteristics that's why they're entrepreneur but do you think they are burned or they can be made it's a huge debate in the existing literature of Entrepreneurship we have example yes entrepreneur they are made entrepreneur or burn for example located Benson the founder of the virtual group basically he was academic failure yet he had the ability for sporting commercial opportunities for a young from a young age so you can say he was the world entrepreneur but oppositely look at look your celebrity guy he's a very successful entrepreneur and restaurant owner he belonged to a not business family that means none of his family member was a self-employed person or environment business you can say he was a male entrepreneur and by the way if you can if you take interest I suggest you please read this book uh Johnson just start it up why governing your own business is easier than you think very interesting book they will help you and this book basically will give you some taste how the entrepreneur they they start business and it's not compulsive for them to we have someone in the family or in the business very very exciting book and I think I encourage all of you please read this book so no we will decide we will debate whether the personal and social value is better for successful entrepreneur or not so after after this Workshop in a group we will have discussions and we will discuss with each other and we will come with our own conclusion whether the entrepreneur they are burned or they are made and whether the personal and social background matter in in the successful of Entrepreneurship but just now look at the trends of entrepreneur among the minority ethnic group in the UK Somalian Williams has been says you know any how we Define Samar and medium soil Enterprises if any organization having applied from zero to 249 we in in UK economics context we say they are smes more medium Enterprises and they are 43 categories macro if they have zero to nine employees small 1049 applies and medium 50 to 49 applies and you know 99 of businesses in the private sector they consist of smes in the UK there are 5.6 million smes and out of 5.6 billion SM is 3.5 million they are micro that means they have only zero to nine implies so now we look at returns of Entrepreneurship in the in the UK economy when it's come to the minority ethnic group but before we go there look at the contribution these smes contribute 61 percent of employment and 49 percent of turnover in the UK economy and please make sure when we talk about we're talking about the private sector their private business sector we're excluding the public sector the government sector so look here ethnic group of business leader for minority lab group accept employer it means that is employee they have recruited other people they have given the job to the people they are employed look at the trends according to this small business survey 2020 Indian 28 percent any other ethnic group 12 percent look black Africa only four percent so what do you think do you think because if we apply the entrepreneurship trade Theory can we say here the contribution of Indian Indian they are 28 so we can say because of their social and personal background or can we say because they have inborn characteristics of Entrepreneurship and can you say the black African only four percent so they are they're they're shared in the entrepreneurship is less because of their social and personal background because they don't have inborn statistics of Entrepreneurship so what do you think is a huge debate to be honest and you can see could we because of could be their personal personal social background or think about could be they do not have the opportunities to train themselves to develop themselves to be a successful entrepreneurship you need to explore it whether because of their social and personal background or because of lack of opportunities or because lack of training and education or lack of incentive or whatever it is and here you can see the smes without employees sorry no apply it means they are entrepreneur they are self-employed they are sole Traders look here Indian 13 other ethnic group 24 black Arabian five percent and any other mixed back around one percent so mixed white and black African only one percent search from Pride or sole Trader when you say no applied that means they're working for themselves so what do you think why why for example the chain is 13 Elvis white and black a frequent one percent because they have inborn statistics because they don't have involved artistics or could be some other factors is a huge question and it's very much understudy area in in the UK so no explode why some minority ethnic groups in the UK have high tendency of doing business as compared to others is there a lake between entrepreneurial statistics and the influence of personal and social background of minority group in the UK what do you think why why so this is the question and this is the question be question one and it's the understudy area in the UK wise for example black African only one percent because of the personal social background or because of any other thing another thing just think in the UK when we all over the world people they are suffering with the high living cost energy crisis could entrepreneurship be a major action a solution yes please think about it we can train the people we can educate the people where they can start so much they can start from any small business from any any and any anywhere online or physically and they can come out of poverty or they can they can increase your their earning so this is another question think whether entrepreneurship can be your action by year in the current situation thank you very much guys for doing this Workshop appreciate it thank you very much and again if if sorry if you if you want to do further reading there are some very useful very useful links I have given here so please please do read them if you are interested to explore more whether there's a link between personal and churchilly and Entrepreneurship characteristics let me say thank you very much all of you for attend this workshop and in the second part of this Workshop we will have a group discussion thank you very much

Channel: LSMS

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Id: q520FAnC70w

Length: 16min 25sec (985 seconds)

Published: Thu Sep 22 2022