SCHOOL FOR HUMAN RESOURCE DEVELOPMENT (SHRD) Department of Entrepreneurship and Procurement HEE 4108 :ENTREPRENEURSHIP DEVELOPMENT THEORY Prof. Henry.

SCHOOL FOR HUMAN RESOURCE DEVELOPMENT (SHRD) Department of Entrepreneurship and Procurement HEE 4108 :ENTREPRENEURSHIP DEVELOPMENT THEORY Prof. Henry M. Bwisa bwihem@yahoo.com www.professorbwisa.com 0722858507

PURPOSE This course is designed to teach about the history and theories of entrepreneurship and clearly differentiate between entrepreneurship and related theories such as economics and management theories

Course objectives At the end of the course students are expected to: i)Understand and appreciate theories and practice of entrepreneurship. ii)Develop an entrepreneurship mindset iii)Differentiate entrepreneurship from related subjects such as economics and business

Meaning of theory, nature and theories of entrepreneurship, sources of entrepreneurship theory, process of developing entrepreneurship theory, competing theories of entrepreneurship, the economic, sociological, psychological and other, entrepreneurship/economics nexus, entrepreneurship in economic theory, entrepreneurship and market forces, supply/demand aspects of national entrepreneurship,,entrepreneurship and the theory of the firm, entrepreneurship and economic growth, process of entrepreneurship development, barriers to entrepreneurship, perspectives/types of entrepreneurship (social, political, public sector, academic, corporate, private, rural), internalitionalzation of entrepreneurship, emerging issues in entrepreneurship theory. COURSE DESCRIPTION

WkContentLearning domainEvaluation 1 Meaning of theory, nature of e-ship, sources and development of e-ship theory, Cognitive (thinking) Passive teacher centered lectures I HEAR I FORGET; TEACHING ABOUT Abstract conceptualization Formative through Questioning oral quizzes, 2 competing theories of e-ship: economic, sociological, psychological etc, e-ship/econ nexus, e-ship in economic theory, e-ship and market forces, supply/demand aspects of national entrepreneurship, 3 E-ship and the theory of the firm, e-ship and economic growth, e-ship process development, barriers to entrepreneurship, 4 perspectives/types of e-ship (social, political, public sector, academic, corporate, private, rural), internationalization of e-ship, emerging issues in entrepreneurship theory. 5- 11 group field work relating theory to real world of entrepreneurship Affective ; group work - I SEE I REMEMBER; Reflective observation, Concrete experiencing None 12-Seminarian group presentationsPsychomotor presentations, I DO I UNDERSTAND;Active experimentation Summative project 14Examination COURSE STRUCTURE 6/11/20165H.M. Bwisa

Teaching methodologies Lectures, cooperative teaching, Independent study, group discussions, field study, critiques, success stories Instructional materials/equipment Board, Computers, LCD Projectors and Teaching notes. Assessment Continuous written assessment tests …….. 30 Group presentations ………………. ……….. 30 Individual innovative project … …. ……… 40 Total marks ………………….……… ……… 100

Text books Burch, J. (1986). Entrepreneurship. John Wileys and sons N.Y Bwisa, H., (1998). How to find and evaluate a business opportunity, mukmik consultants, Nairobi. Bwisa, H., (2011).Entrepreneurship theory and practice: a kenyan perspective. Jomo kenyatta foundation, Nairobi David Holt (2000). Entrepreneurship and New venture creation. Prentice- Hall Publishers Drucker, P., (1986). Innovation and entrepreneurship: practices and principles. Affiliated East-West Press Hisrich, R., (2005). Entrepreneurship. McGraw-Hill Kanungo, R., N., (1998). Entrepreneurship innovations: models for development. Sage Kao, J., (1989). Entrepreneurship creativity and organization: text, cases and readings, Kuratko, D. F., (1998). Entrepreneurship: a contemporary approach Narayanan, V. K., (2001). Manageing technology and innovation for competitive advantage. Pearson educational publishers Proctor, T., (1997). The essence of management creativity. Prentice-Hall Warnock, G. J.(1979). Philosophy of Economic Theory: Oxford readings in Philosophy. OUP www.professorbwisa.com Google search machine

TOPICSUBTOPIC THEORYMEANING OF THEORY ENTREPRENEURSHIPMEANING OF ENTREPRENEURSHIP ENTREPRENEURSHIP DEVELOPMENT PROCESS PERSPECTIVES/TYPES OF ENTREPRENEURSHIP BARRIERS TO ENTREPRENEURSHIP ENTREPRENEURSHIP THEORYCOMPETING THEORIES OF ENTREPRENEURSHIP SOURCES OF ENTREPRENEURSHIP THEORY ENTREPRENEURSHIP IN ECONOMICS MEANING OF ECONOMICS ENTREPRENEURSHIP IN ECONOMIC THJEORY ENTREPRENEURSHIP AND ECONOMIC GROWTH ENTREPRENEURSHIP AND THE THEORY OF THE FIRM THE ECONOMICS OF NATIONAL ENTYREPRENEURSHIP DEMAND OF ENTREPRENEURSHIP SUPPLY OF ENTREPRENEURSHIP GLOBAL ENTREPRENEURSHIPINTERNATIONALIZATION OF ENTREPRENEURSHIP ISSUES IN ENTREPRENEURSHIPEMERGING ISSUES IN ENTREPRENEURSHIP THEORY COURSE OUTLINE

LECTURE NOTES

FIRST THINGS FIRST

LET’S START BY SEARCHING FOR A DEFINITION FOR PhD 11/06/201611

I spotted these street definitions …. P h D Pengine hana Dikri Pull her Down Permanent head Damage HarareGaborone Nairobi 11/06/201612

On a more serious note we discovered that a Ph.D. is… 1: A degree signifying expertise – Signifies the capability to conduct research – Some positions (e.g., professor, research scientist, managers at govt labs, etc.) only hire Ph.D.’s – An entry card into a community of experts in some “area” – By the time one graduates with a PhD, one is known and respected as an expert in that area What is an expert? Someone who knows more about some topic than anyone else (in the world!!!!!) 11/06/201613

What is a Ph.D? 2: An opportunity for a certain lifestyle – To think for a living – To make a large impact on something – To be your own boss Flexible hours Flexible pace Flexible topic – To travel – To constantly learn and attack new challenges – To make decent money 11/06/201614

So, what does PhD entail??? To earn a Ph.D., one must accomplish two things: (1) master a specific subject completely, and (2) extend the body of knowledge about that subject. To master a subject, a student searches the published literature to find and read everything that has been written about the subject. The essence of a Ph.D., the aspect that distinguishes Ph.D. study from other academic work, can be summarized in a single word: research. To extend knowledge, one must explore, investigate and contemplate. 11/06/201615

For PhD, Knowledge Production and Dissemination is key…. Individuals with a PhD: produce (research) and disseminate (teach) knowledge. Their pursuit of either may be mainly for the sake of (a) understanding, (b) use, or (c) a combination of (a) and (b). – Whatever the case PhD holders are the knowledge producers ; they are expected to live and work on the cutting edge, the frontiers of our knowledge. 11/06/201616

What can one do with a Ph.D.? Academia – Research faculty – Faculty at teaching university/college Industrial research lab National labs (government) Management consulting Start a company E nd of t hinking c apacity 11/06/201617

What is a competency … It is the ability, skills and/or knowledge that lead to superior performance. Some scholars see "competence" as a combination of knowledge, skills and behavior used to improve performance; or as the state or quality of being adequately or well qualified, having the ability to perform a specific role. A number of courses and programmes tend to concentrate on the gaining of knowledge and theory and to neglect performance (yet it is performance which essentially characterizes competence)... 11/06/201618

Caution! In order to achieve a competency we must avoid the traditional lecture (passive) delivery methods and go experiential (active) learning and assessing of agribusiness learning 11/06/201619

The philosophy and approach of this course The course will be conducted on Confucius’ (450 BC) philosophy of: I hear and I forget I see and I remember I do and I understand 20

THERE IS A CONE OF LEARNING THEORY AND MODEL DEVELOPED IN 1946 BY THE GREAT EDUCATOR DALE EDGAR 21

I HEAR AND I FORGET = lectures I SEE AND I REMEMBR Powerpoint lectures I DO AND I UNDERSTAND presentations 22

EXPERIENTIAL LEARNING DEVELOPED BY DAVID KOLB IN THE 1970S AND PUBLISHED IN 1984 WHEN I WAS MIDWAY MY PhD 23

Do Reflect Apply Experiential Learning Model 1 EXPERIENCE the activity; perform, do it 2 SHARE the results, reactions, and observations publicly 3 PROCESS by discussing, locking at the experience; analyze, reflect 4 GENERALIZE to connect the experience to real world examples 5 APPLY what was learned to a similar or different situation; practice Teaching methodologies: Lecturers, group work and case studies. Instruction materials/equipment: Lecturer manuals, Flip charts, Whiteboard, relevant computer soft and hardware. 24

WEEK 1

TOPIC 1: WHAT IS A THEORY?

What is Theory? Theory is: “a plan or scheme existing in the mind only, but based on principles verifiable by experiment or observation” (Funk & Wagnalls page 1302

1. A coherent group of tested general propositions, commonly regarded as correct, that can be used as principles of explanation and prediction for a class of phenomena: Synonyms: principle, law, doctrine. 2. A proposed explanation whose status is still conjectural (imagined, guessed) and subject to experimentation, in contrast to well-established propositions that are regarded as reporting matters of actual fact. Synonyms: idea, notion hypothesis, postulate. Antonyms: practice, verification, corroboration, substantiation Synonyms Theory, hypothesis are used in non-technical contexts to mean an untested idea or opinion. A theory in technical use is a more or less verified or established explanation accounting for known facts or phenomena. A hypothesis is a conjecture put forth as a possible explanation of phenomena or relations, which serves as a basis of argument or experimentation to reach the truth WHAT IS A THEORY?

Theory is a set of assumptions, propositions, or accepted facts that attempts to provide a plausible or rational explanation of cause-and- effect (causal) relationships among a group of observed phenomenon. The word's origin (from the Greek thorós, a spectator), stresses the fact that all theories are mental models of the perceived reality.assumptionsfacts attemptsprovide rationalexplanationgroupword'smental models

TOPIC 2: ENTREPRENEURSHIP

The capacity and willingness to undertake conception, organization, and management of a productive venture with all attendant risks, while seeking profit as a reward.capacityorganizationmanagementrisksprofitreward In economics, entrepreneurship is regarded as a factor of production together with land, labor, natural resources, and capital. Entrepreneurial spirit is characterized by innovation and risk- taking, and an essential component of a nation's ability to succeed in an ever changing and more competitive global marketplace.economicsfactorproductionlandlabor natural resourcescapitalinnovationcomponent nation'sabilitycompetitiveglobalmarketplace MEANING OF ENTREPRENEURSHIP

DEFINITION OF ENTREPRENEURSHIP  It is more than mere creation of business  Entrepreneurship is a process of innovation and new venture creation through four major dimensions – individual, organizational, environmental and process.  The entrepreneurship process is aided by collaborative networks in government, education and institutions.

 A theory of evolution of economic activities.  A continuous process of economic development.  An ingredient to economic development.  Essentially a creative activity or an innovative function.  A risk taking factor which is responsible for an end result.  Usually understood with reference to individual business.  The name given to the factor of production, which performs the functions of enterprise.  Creates awareness among people about economic activity.  Generates Self-employment and additional employment ENTREPRENEURSHIP IS ….

The field of entrepreneurship has been defined as the study of “how, by whom and with what consequences opportunities to produce future goods and services are discovered, evaluated and exploited” (Shane and Venkataraman, 2000). Entrepreneurial activity does not involve simply the arbitrage of opportunities as defined by classical economists (Adam Smith, Richard Cantillon, Jean-baptiste Say etc) but also the exploitation of new ideas not appropriated by incumbent firms (Kirzner, 1973). Schumpeter (1911 [1934]) who recognized the importance of the entrepreneur in exploiting opportunities but did not pay attention to where opportunities come from ( Zoltan J. Acs, David B. Audretsch, Pontus Braunerhjelm and Bo Carlsson, 2005). Romer (1986) recognized and modeled the importance of technology and knowledge spillovers. This Romerian insight cast the early Schumpeter in a new light by raising two questions: first, Where do opportunities come from? And second, How are they discovered and exploited?

ENTREPRENEURSHIP DEVELOPMENT

Entrepreneurship development (ED) is the process of enhancing entrepreneurial skills and knowledge through structured training and institution-building programmes. It aims to enlarge the base of entrepreneurs in order to hasten the pace at which new ventures are created. This accelerates employment generation and economic development. ED focuses on the individual who wishes to start or expand a business. SME development, on the other hand, focuses on developing the enterprise, whether or not it employs or is led by individuals who can be considered entrepreneurial. Furthermore, ED concentrates more on growth potential and innovation than SME development does. However, many of the lessons learned from experiences in both types of development are similar.

Entrepreneurship Development Process It starts from identifying the potential and right candidates, linkage suitable project with each one, training and developing the managerial and entrepreneurial capabilities, counseling and motivating the entrepreneur and providing the required follow-up support to help the entrepreneurs in establishing venture. The task of developing entrepreneurs consists of the following activities: Identifying and carefully selecting those who could be trained as entrepreneurs. Developing their entrepreneurial capabilities Ensuring that each potential entrepreneur has a viable industrial project Equipping the entrepreneurs with basic managerial understanding. Helping them to secure necessary financial, infrastructural and other assistance so that an industrial venture materializes within the shortest possible time

Entrepreneurship development factors Psychological factors  -upbringing  Locus of control  Need for achievement  Self-actualization Sociological factors  -social status  Reference group  Family experience  Place in family Environmental factors  -money supply  Economic health  Critical mass  Education training system  Technology culture etc Entrepreneurship development/new venture start-up

ENTREPRENEURSHIP DEVELOPMENT ENTREPRENEURSHIP INSTITUTIONS ENTREPRENEURSHIP EDUCATION ENTREPRENEURSHIP MOTIVATION/CULTURE GOVERNMENT SUPPORT ENTREPRENEURSHIP INFORMATION BANK STABLE ECONOMIC POLICY INNOVATIONS IN CAPITAL MARKETS RESEARCH AND DEVELOPMENT LINKS CLIMATE FOR ENTREPRENEURSHIP DEVELOPMENT

Perspectives/types of entrepreneurship

Social entrepreneurship is the work of social entrepreneurs. A social entrepreneur recognizes a social problem and uses entrepreneurial principles to organize, create and manage a venture to achieve social change (a social venture). While a business entrepreneur typically measures performance in profit and return, a social entrepreneur focuses on creating social capital. Thus, the main aim of social entrepreneurship is to further social and environmental goals. Social entrepreneurs are most commonly associated with the voluntary and not-for-profit sectors, [1] but this need not preclude making a profit. Social entrepreneurship practiced with a world view or international context is called international social entrepreneurship.. The job of a social entrepreneur is to recognize when a part of society is stuck and to provide new ways to get it unstuck. He or she finds what is not working and solves the problem by changing the system, spreading the solution and persuading entire societies to take new leaps. entrepreneurial principlessocial changesocial venture business entrepreneur [1] Social entrepreneurship

Corporate Social Entrepreneurship (CSE) is a process aimed at enabling business to develop more advanced and powerful forms of Corporate Social Responsibility (CSR). A corporate social entrepreneur (CSE) is defined as "an employee of the firm who operates in a socially entrepreneurial manner; identifying opportunities for and/ or championing socially responsible activity; in addition to helping the firm achieve its business targets. The CSE operates regardless of an organisational context that is pre- disposed towards CSR. This is because the CSE is driven by their dominant self-transcendent (concerned with the welfare of others) as opposed to their self-enhancement personal values. Consequently, the CSE does not necessarily have a formal socially responsible job role, nor do they necessarily have to be in a senior management position to progress their socially responsible agendasocially entrepreneurial Corporate social entrepreneurship

In 1992, The American Heritage Dictionary acknowledged the popular use of a new word, intrapreneur, to mean "A person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation". Intrapreneurship is now known as the practice of a corporate management style that integrates risk-taking and innovation approaches, as well as the reward and motivational techniques, that are more traditionally thought of as being the province of entrepreneurshipentrepreneursh Intrapreneurship

An entrepreneur takes substantial risk in being the owner and operator of a business with expectations of financial profit and other rewards that the business may generate. On the contrary, an intrapreneur is an individual employed by an organization for remuneration, which is based on the financial success of the unit he is responsible for. Intrapreneurs share the same traits as entrepreneurs such as creativity and innovation. But as the intrapreneur expresses his ideas vigorously, it may reveal the gap between the philosophy of the organization and the employee. If the organization supports him in pursuing his ideas, he succeeds. If not, he is likely to leave the organization forhis own business. Difference between an entrepreneur and an intrapreneur

Political Entrepreneurs A political entrepreneur is someone who recognizes that a group of individuals share a desire for the provision of a collective good or common goal, and who believes there to be a profit to himself in undertaking the costs of providing an organization which will furnish such a goal (Jones, 1978). someone (usually active in the fields of either politics or business) who founds a new political project, group, or political party a businessman who seeks to gain profit through subsidies, protectionism, government contracts, or other such favorable arrangements with government through political influence. a political actor (not necessarily a politician) who seeks to further his or her own political career and popularity by pursuing the creation of policy that may or may not please the populace.

Public sector entrepreneurship occurs whenever a political or governmental actor is alert to, and acts on, potential political profit opportunities, thus equilibrating the policy subsystem in which the actor is embedded and moving it toward a new equilibrium. Public sector entrepreneurship

Academic entrepreneurship (AE) refers to the creation and management of an environment for active support of knowledge exploitation and transfer. AE stimulates entrepreneurial behavior among the fellows of institutional structures in the academic community. It covers activities in which universities might be involved, including: licensing, patenting, creating new companies, facilitating technology transfer through technology transfers centers, science parks and incubators etc. Innovation networks (between universities, new firms and organizations that support entrepreneurial activities) are embedded in AE and facilitate industry's growing demand for technological innovation. Academic entrepreneurs are scientists with a brilliant scientific record, who build their careers through discipline-building, the creation of new labs and teams, and an appetite for the economic resources necessary to pursue those goals. Long-standing institutional features of national university systems explain to what extent commercial activities may or may not help academic entrepreneurs to progress in their careers. Academic entrepreneurship

: Being innovative in the classroom Applying problem solving and creativity to all academic disciplines Being innovative in research; transferring intellectual capital into ideas and products that are either marketable or that can be applied in new settings Managing careers entrepreneurially Encouraging students, faculty, and administrators to work, act and think differently Creating value (e.g., new ideas or products). Sample definitions of academic entrepreneurs

“Where do spiritual and religious entrepreneurs fit within the field of entrepreneurship? An examination of the research and anecdotal evidence types spiritual entrepreneurs as opportunity seekers, as pursuers of spiritual missions and goals, and as profit seekers who wish to help and support the non-profit activities of others organizations. This research attempts to characterize spiritual and religious entrepreneurship to better explain the growing interest in this concept and to suggest that the use of established methods and models utilized in social entrepreneurship research can benefit the theoretical and empirical development of this concept/construct" Anonymous quotation on spiritual entrepreneurship

“We define collective entrepreneurship as persons conducting business together with at least one partner, sharing ownership with them. Collective entrepreneurship can be, in our opinion, one of the means of risk diversification and fundraising Collective Entrepreneurship is the combined skills of a group of individuals who come together to create and innovate”. Anonymous quotation on Collective entrepreneurship

Barriers to entrepreneurship WEEK 2

Barriers to Entrepreneurship Environmental Barriers >Economic-Capital -Labour -Raw Material >Non-Economic-Social -Personal

Barriers to Entrepreneurship -Personal Factors Lack of sustained Motivation Difficulty with Ambiguity (possession of more than 1 meaning) Inability to Dream Impatience Risk Avoidance Lack of Clear Perception

.ECONOMIC FACTORS: punitive policies, inadequate facilities; lack of capital, risk averseness, inappropriate labor and skills SOCIAL FACTOR: entrepreneurship education, research and training is given less importance CULTURAL FACTORS: Religious, social and cultural factors also influence the individual taking up an entrepreneurial career, in some countries there is religious and cultural belief that high profit is unethical PERSONALITY FACTORS: In less developed countries the entrepreneur is looked upon with suspicion. Public opinion in the less developed nations sees in the entrepreneur only a profit maker and exploited MOTIVATION: Motivation is the act of stimulating someone or oneself to get a desired course of action, to push the right button to get the desired results PSYCHOLOGICAL FACTORS: The psychological factors like high need for achievement, POLITICAL FACTORS: inadequate government legislation

Topic 3 Entrepreneurship theory

The source of entrepreneurship theories The word 'entrepreneur' is a French word which describes a person who founds, organizes and manages one or multiple new businesses. The French infinitive 'entreprendre' translates as 'to undertake'. Another way of looking at the word is to separate it into 'entre' meaning 'between' and 'prendre' meaning 'to take'. By doing this, we can interpret the typical entrepreneur as being a middleman acting between the investors who he takes money from and the employees that do the actual work to make profits.work

The source of entrepreneurship theories The word was brought into the English language by an Irish Economist named Richard Cantillon who lived between 1680 and 1734. He spent a large portion of his life living in France, hence why he loaned a French word and placed into our English vocabularies.lifevocabularies

The field of entrepreneurship continues to struggle with the development of a modern theory of entrepreneurship. In the past 20 years development of the current theories of entrepreneurship have centered on either opportunity recognition or the individual entrepreneur. At the same time many theoretical insights have come from economics including a rediscovery of the work of Schumpeter. However because there is a lack of clarity about the theoretical assumptions that entrepreneurship scholars use in their work, assumptions from both individual opportunity recognition and economics have been used as if they are interchangeable. This lack of theoretical distinction has hampered theory development in the field of entrepreneurship. Sharon Alvarez (2005). THEORIES OF ENTREPRENEURSHIP: Alternative Assumptions and the Study of Entrepreneurial Action. (Ohio State University, USA) Published by Now Publishers and marketed by World Scientific ISBN 978-1-933019-11-6(pbk); 1-933019-11-5(pbk) US$37.50 / £25

While explanations of entrepreneurship have adopted different theoretical assumptions, most of these concern 3 central features of entrepreneurial phenomena: nature of entrepreneurial opportunities, nature of entrepreneurs as individuals, and nature of the decision making context within which entrepreneurs operate. Various theoretical traditions in the field have adopted radically different interpretations with respect to these 3 assumptions arriving at different explanations of these phenomena. The book investigates two sets of assumption about the nature of opportunities, the nature of entrepreneurs, and the nature of the decision making context within which entrepreneurs operate. It is suggested that these two sets of assumptions constitute logically consistent theories of entrepreneurship. Moreover, these two theories are complementary and can be applied to widely studied entrepreneurial phenomena — the organization of the entrepreneurial firm. These applications demonstrate both the differences between these two theories and how they can be complementary in nature.

THE EVOLUTION OF ENTREPRENEURSHIP THEORY

Evolution thru definition of an entrepreneur “ An entrepreneur is a person who undertakes to do a job ” Richard Cantillon (1755). The term entrepreneur is a French word first coined by Richard Cantillon. In Kenya the Swahili terms mjasiriamali (or mjasirimali) are used for entrepreneur. mjasiriamali

THE EVOLUTION OF ENTREPRENEURSHIP THEORY Definition of Entrepreneurship: Entrepreneurship involves not only the process that leads to the setting up of a business entity but also the expansion and development of an on going concern.The study of entrepreneurship is concerned with the entrepreneurial behavior, the dynamics of business set up and expansion and development.

THE EVOLUTION OF ENTREPRENEURSHIP THEORY Adam Smith (1776) - An entrepreneur is a person who acts as agent in transforming demand into supply. Jean Babtiste Say (1803) - An entrepreneur is a person who shifts resources from an area of low productivity to high productivity.

THE EVOLUTION OF ENTREPRENEURSHIP THEORY John Stuart Mill (1848) - An entrepreneur is a prime mover in the private enterprise.The entrepreneur is the fourth factor of production after land,labor and capital. Carl Menger (1871) - The entrepreneur acts as an economic agent who transforms resources into products and services.The entrepreneur transforms and gives added value.

THE EVOLUTION OF ENTREPRENEURSHIP THEORY Joseph Aloysius Schumpeter (1934) - An entrepreneur is an innovator. The economy moves through leaps and bounds and the prime mover is the entrepreneur through the process of creative destruction. Alfred Marshall (1936) - The process of entrepreneurship or business development is incremental or evolutionary. It evolves from sole proprietorship to a public company.

THE EVOLUTION OF ENTREPRENEURSHIP THEORY Ibnu Khaldun (Abdul Rahman Mohamed Khaldun) - The entrepreneur is seen as a knowledgeable individual and is instrumental in the development of a city- state where enterprise will emerge. David McClelland - The entrepreneur is a person with a high need for achievement. This need for achievement is directly related to the process of entrepreneurship.

THEORIES OF ENTREPRENEURSHIP

Entrepreneurship is an evolved thing. With the advancement of science and technology it has undergone metamorphosis change and emerged as a critical input for socio-economic development. Various writers have developed various theories on entrepreneurship and popularized the concept among the common people. The theories propounded by them can be categorized as under- Sociological theories Economic theories Cultural theories Psychological theories Entrepreneurship is an evolved thing. With the advancement of science and technology it has undergone metamorphosis change and emerged as a critical input for socio-economic development. Various writers have developed various theories on entrepreneurship and popularized the concept among the common people. The theories propounded by them can be categorized as under- Sociological theories Economic theories Cultural theories Psychological theories

Sociological Theories The following theories explain how sociological factors accelerate the growth of entrepreneurs: 1-Theory of religious beliefs 2- Theory of social change Theory of religious beliefs Max Weber has propounded the theory of religious belief. According to him, entrepreneurism is a function of religious beliefs and impact of religion shapes the entrepreneurial culture. He emphasized that entrepreneurial energies are exogenous supplied by means of religious beliefs. the important elements of Weber’s theory are discussed further- Sociological Theories The following theories explain how sociological factors accelerate the growth of entrepreneurs: 1-Theory of religious beliefs 2- Theory of social change Theory of religious beliefs Max Weber has propounded the theory of religious belief. According to him, entrepreneurism is a function of religious beliefs and impact of religion shapes the entrepreneurial culture. He emphasized that entrepreneurial energies are exogenous supplied by means of religious beliefs. the important elements of Weber’s theory are discussed further-

1- Spirit of Capitalism- in the Webrian theory, spirit of capitalism is highlighted. We all know that capitalism is an economic system in which economic freedom and private enterprise are glorified, so also the entrepreneurial culture. 2- Adventurous Spirit- Weber also made a distinction between spirit of capitalism and adventurous spirit. According to him, the former is influenced by the strict discipline whereas the latter is affected by free force of impulse. Entrepreneurship culture is influenced by both these factors. 3- Protestant ethic- according to Max Weber the spirit of capitalism can be grown only when the mental attitude in the society is favorable to capitalism 4 -Inducement of profit- Weber introduced the new businessman into the picture of tranquil routine. The spirit of capitalism intertwined with the motive of profit resulted in creation of greater number of business enterprises.

Theory of Social Change Everett E. Hagen, in his theory of social change propounded how a traditional society becomes one in which continuing technical progress takes place. The theory exhorts the following feature which presumes the entrepreneur’s creativity as the key element of social transformation and economic growth. Presentation of general model of the society - the theory reveals a general model of the society which considers interrelationship among physical environment, social structure, personality and culture. Economic Growth : product of social change and political change : According to Hagen, most of the economic theories of underdevelopment are inadequate. Rejection of followers syndrome : Hagen rejected the idea that the solution to economic development lies in imitating western technology. So the followers syndrome on the part of the entrepreneur, is discouraged.

Historic shift as a factor of initiating change- Hagen in his book, How Economic Growth Begins, depicts historic shift as the crucial force which has brought about social change technological progress thereby leading to the emergence of entrepreneurial class from different castes and communities. Withdrawal of status respects as the mechanism for rigorous entrepreneurial activity- Closely consistent with the historic shift it is the social group that plunges into rigorous entrepreneurism which experiences the status withdrawal or withdrawal of status respects. hence, Hagen’s creative personality is the admixture of Schumpeters innovation and McClellands high need for achievement. but Hagen’s analysis fails to give policy measures for backward countries which are striving for economic development as he identifies status withdrawal as the causal factor in the emergence of creative presonality. Hagen’s thesis of disadvantaged minority groups ha its own limitations. There are many disadvantaged minority groups in India which have not supplied a good number of entrepreneurs.

ECONOMIC THEORIES Entrepreneurship and economic development are interdependent. Economic development takes place when a country' real rational income increases overall period of time wherein the role of entrepreneurs is an integral part. Schumpeter’s Theory of Innovation Schumpeter’s theory of entrepreneurship is a pioneering work of economic development. development in his sense, implies that carrying out of new combination of entrepreneurship is basically a creative activity. According to Schumpeter an entrepreneur is one who perceives the opportunities to innovate, i.e. to carry out new combinations or entreprise. In his views, the concept of new combination leading ti innovation covers the following 5 cases- 1- The introduction of new goods, that is the one with which consumers are not yet familiar, of a new quality. 2- The introduction of new method of production 3- The opening of new market 4- the conquest of new source of supply of raw material 5-The carrying out of new organization Entrepreneurship and economic development are interdependent. Economic development takes place when a country' real rational income increases overall period of time wherein the role of entrepreneurs is an integral part. Schumpeter’s Theory of Innovation Schumpeter’s theory of entrepreneurship is a pioneering work of economic development. development in his sense, implies that carrying out of new combination of entrepreneurship is basically a creative activity. According to Schumpeter an entrepreneur is one who perceives the opportunities to innovate, i.e. to carry out new combinations or entreprise. In his views, the concept of new combination leading ti innovation covers the following 5 cases- 1- The introduction of new goods, that is the one with which consumers are not yet familiar, of a new quality. 2- The introduction of new method of production 3- The opening of new market 4- the conquest of new source of supply of raw material 5-The carrying out of new organization

In view of the above, Schumpeterian theory of entrepreneurship has got the following features- 1- Distinction between invention and innovation Schumpeter makes a distinction between innovation and invention. 2- emphasis on entrepreneurial function- Schumpeter has given emphasis on the role of entrepreneurial functions in economic development. in his views, development means basic transformation of the economy that is brought about by entrepreneurial functions. 3- presentation of disequilibrium situation through entrepreneurial activity-the entrepreneurial activity represents a disequilibrium situation, a dynamic phenomenon and a break from the routine or a circular flow or tendency towards equilibrium. 4- entrepreneurialism dream and the will to found a private kingdom- the motives of creating things and applying these things into practice inspire the entrepreneur to innovae.

CRITICAL EVALUATION SCHUMPETER’S THEORY OF INNOVATION IS CRITICIZED ON THE FOLLOWING GROUNDS- 1- THE THEORY HA STHE SCOPE OF ENTREPRENEURISM IN THE SENSE THAT IT HAS INCLUDED THE INDIVIDUAL BUSINESSMAN ALONG WITH THE DIRECTORS AND MANAGERS OF THE COMPANY. 2- Schumpeter's innovating entrepreneurs represents the enterprise with the R & D and innovative character. But developing countries lack these character. 3 the theory emphasizes on innovation and excludes the risk taking and organizing aspects. 4. Schumpeter’s entrepreneurs are large scale businessman who introduce new technology, method of production.

5- Schumpeter remained silent about as to why some economics had more entrepreneurial talent than others. However, despite the above criticisms, Schumpeterian theory is regarded as one f the best theories in the history of entrepreneurial development. CULTURAL THEORIES Advocates of cultural theories point out that entrepreneurship is the product of culture. Entrepreneurial talents come from cultural values and cultural system embedded into the cultural environment. Hoselitz’s Theory Hoselitz explains that the supply of entrepreneurship is governed by cultural factors, and culturally minority groups are the spark-plugs of entrepreneurial and economic develoment.in many countries, entrepreneurs have emerged from a particular socio-economic class. He emphasized the role of culturally marginally groups like Jews and the Greeks in medieval Europe, the Chinese in south Africa and Indian in east Africa in promoting economic development. Psychological Theories Psychological theories centre's around the psychological characteristic so the individual in a society. Psychological characteristics affect the supply of entrepreneurs in the society.

DRUCKER ON ENTREPRENEURSHIP Peter F. Drucker opined that “an entrepreneur is one who always searches for change, responds to it and exploits it as an opportunity.” he laid emphasis on two important factors – innovation and resource- that led to emergence of entrepreneurship. According to him, innovation is the real hub of entrepreneurship which creates resource. A thing is regarded as resource when its economic value is recognized. For example, mineral oil was considered worthless until the discovery of its use. Similarly, purchasing power was considered an important resource by an American innovative entrepreneur who invented installment buying. According to Drucker, successful entrepreneurship involves the following things- Value and satisfaction obtained from resource by the consumer are increased New values are created Material is converted into a resource or exiting resources are combined in a new or more productive configuration Entrepreneurship is the practice which has a knowledge base. Entrepreneurship is not confined to big businesses and economic institutions, it is equally important to small business and non-economic institutions Entrepreneurship behavior rather than personality trait is more important to enhance entrepreneurship The foundation of entrepreneurship lies in concept and theory rather than in intuition.

Thus, Drucker has given his views that “an entrepreneur need not be a capitalist or an owner. A banker who mobilizes other’s money and allocates it in areas of higher yield is very much an entrepreneur though he is not the owner of the money.

Summary of Entrepreneurship Theories Categorizes the Economy: Entrepreneurs vs non-entrepreneurs Definition of Development: Resilience, Diversity Essential Dynamic: Innovation process; New products and new combinations (Schumpeter); Human agency drives development Strengths: Recognizes/Emphasizes the important role of entrepreneurs; Recognizes importance of capital in business formation; Emphasizes potential change in economy over the current structure Weaknesses: The very high rate of entrepreneurial failure is overlooked; Does not take into account existing economic structure (ability to innovate); Relevance to rural areas, small towns is unclear Applications: Support Entrepreneurs!!; Business development strategies* (incubators, loans); Lower barriers to market entry by minimizing costs for taxes, space, services; *Must recognize difference between 1) new business development, 2) small business development, and 3) entrepreneurial business development

Topic 4 Entrepreneurship in economics WEEK 3

Meaning of economics

What is Economics? Scarcity – a basic human dilemma – Limited resources vs. unlimited wants – The human condition requires making choices Definitions of Economics – Mankiw’s definition …is the study of how society manages its scarce resources – Hedrick’s definition …is how society chooses to allocate its scarce resources among competing demands to improve human welfare

How Do Economists Study Human Behavior? Economics as a Science – The scientific method Observation→Theory→Data→Testing – Rational Behavior Weighing benefits and costs and maximizing total net benefits Marginal vs. Total Thinking – Economic Theory and Models Simplification by assumption Ceteris Paribus – Holding other factors constant Prediction vs. realism – Microeconomic versus Macroeconomics

Why do Economists Study Human Behavior? Scientists versus policy makers Positive Economics – Descriptive - what the world is like. – Objective- value judgments need not be made – Positive statements can theoretically be tested by appealing to the facts Normative Economics – Prescriptive - what the world ought to be like – Subjective – value judgments must be made – Normative statements cannot be tested appealing to facts.

Categories of Basic Principles of Economics How do people make decisions? How do people interact? How does the economy work overall?

How Do People Make Decisions? Principle #1 - People face tradeoffs – Time allocation – an example of tradeoffs – Efficiency versus equity Production Possibilities Frontier Principle #2 - The cost of something is what you have to give up to get it – Opportunity costs come from Von Weiser, a German economist late 1800s – Opportunity costs are independent of monetary units

Principle #3 - Rational people think at the margin – Rational or irrational decision-making – Marginal benefits and costs versus total benefits and costs Weighing marginal costs and benefits leads to maximizing net benefits (total welfare) Principle #4 –People respond to incentives – Reactions to changes in marginal benefits and costs – Increases (decreases) in marginal benefits mean more (less) of an activity – Increases (decreases) in marginal costs mean less (more) of an activity

How Do People Interact? Principle #5 - Trade can make everybody better off – Adam Smith author of the “An Inquiry into the Causes and Consequences of the Wealth of Nations” 1776 Gains from the division of labor and specialization Principle #6 - Markets are usually a good way of organizing economic activity – feudal times where feudal states were self-supporting, also haciendas in the new world – the benefits of trade are so powerful that people began to trade – markets for economists are more abstract than the notion of a Gikomba market or the chain of petrol stations and simply determine the prices and quantities traded of different goods and services

Markets – Principles 1-5 combine with markets to turn the pursuit of self-interest into promoting the interests of society – Adam Smith and the “invisible hand” – creativity and productivity are stimulated by the pursuit of self-interest into improving resource allocations – “set it and forget it” becomes “compete or be obsolete” – in some cases markets fail to allocate resources effectively so,

Principle #7 Governments can sometimes improve interaction that occurs in markets – there are circumstances when market signals fail to allocate resources efficiently or equitably – Public Goods, Externalities and Income Distribution – Some goods or services that people desire will not be produced by markets (e.g. electricity). – Some goods or services will either be underproduced (vaccines) or overproduced (pollution) because markets fails to register certain benefits or costs.

– markets may also fail to provide an equitable or fair distribution of resources – government intervention with its ability to coerce (the opposite of voluntary) can regulate, tax and subsidize to change market outcomes – efficiency and equity: the pie analogy – if government intervention always the proper solution?

How Does the Economy Work as a Whole? Principle # 8 – A country’s standard of living depends upon its ability to produce goods and services – Adam Smith’s “An Inquiry into the Nature and the Consequences of the Wealth of Nations” – Materialism – more toys mean more welfare – wealth: a necessary or sufficient condition for happiness (are rich people happier, children with lots of toys)

Principle #9 – The general level of prices rises when the government prints and distributes too much money leading to inflation i.e. an increase in the general or average level of prices in an economy Principle #10 – Society faces a short-run tradeoff between inflation and unemployment – Short-run and the long-run – demand and supply shocks – short-run increases (decreases) in output above (below) long- run potential output lead to adjustments – countercyclical stabilization versus pro-cyclical destabilization – political business cycles

Transactions: The Circular-Flow Diagram Trade takes the form of barter when people directly exchange goods or services that they have for goods or services that they want. The circular-flow diagram is a model that represents the transactions in an economy by flows around a circle.

The Circular-Flow Diagram

Circular-Flow of Economic Activities A household is a person or a group of people that share their income. A firm is an organization that produces goods and services for sale. Firms sell goods and services that they produce to households in markets for goods and services. Firms buy the resources they need to produce—factors of production—in factor markets.

The Circular Flow Goods Other countries Financial markets Government Firms (production) Household Taxes Factor services Savings Imports Government Spending Wages, rents, interest, profits Exports Investment Personal consumption

Entrepreneurship in economics

100 Product Rent + wages + profit + interest = Y i.e National Income Product Rent + wages + profit + interest = Y i.e National Income Land Labour Capital Employed labour Employing labour (entrepreneur) Employing labour (entrepreneur) The Factors of Production Classicaleconomists e.g. Adam Smith e.g. David Ricardo Moderneconomists e.g. J.B. Clark Rent WagesProfitInterest

Entrepreneurship and economic growth

Economic growth is an increase in the total output of the economy. It occurs when a society acquires new resources or when it learns to produce more by using existing resources.

Growth versus Development Economic growth may be one aspect of economic development but is not the same Economic growth: – A measure of the value of output of goods and services within a time period Economic Development: – A measure of the welfare of humans in a society

Economic Growth Using measures of economic growth can give distorted pictures of the level of income in a country – the income distribution is not taken into account. A small proportion of the population can own a large amount of the wealth in a country. The level of human welfare for the majority could therefore be very limited.

Growth

Economic Growth Using measures of economic performance in terms of the value of income, expenditure and output GDP – Gross Domestic Product – The value of output produced within a country during a time period GNP – Gross National Product – The value of output produced within a country plus net property income from abroad GDP/GNP per head/per capita – Takes account of the size of the population Real GDP/GNP – Accounts for differences in price levels in different countries

WEEK 4

Economic Growth High economic growth fuelled through capital spending can hide a number of underlying economic problems – how is the income and wealth distributed? Who is doing the spending and will it ‘trickle down’ to the poor?

National Income – Problems with using GDP/GNP Reliability of data? – How accurate is the data that is collected? Distribution of income? – How is the income distributed – does a small proportion of the population earn a high percentage of the income or is income more evenly spread?

Development

Development incorporates the notion of a measure/measures of human welfare As such it is a normative concept – open to interpretation and subjectivity What should it include?

Development Levels of poverty – Absolute poverty – Relative poverty Inequality Progress – what constitutes progress?

Economic Development Entrepreneurs create new businesses New businesses create jobs Increase level of disposable income New businesses intensify competition Intensified competition may improve quality New businesses may increase productivity through technological change Money making New technologies Successful organizations Hence high measured levels of Entrepreneurship will thus translate directly into high levels of economic growth. How is Entrepreneurship good for Economic Growth?

WHAT CAUSES ECONOMIC GROWTH? Economic growth is effect, entrepreneur is the cause. Entrepreneurs explore opportunities, convert ideas into viable business proposition and provide new products and services to the society by bringing together and combining various factors of production. They change life style of the people.

115 FACTORS OF ECONOMIC GROWTH Entrepreneurs are creative, original thinkers who are willing to take risks to create new businesses and products. Entrepreneurs think of new ways to combine natural, human, and capital resources to produce goods and services that they expect to sell for a price high enough to cover production costs.

116 FACTORS OF ECONOMIC GROWTH Entrepreneurs risk their money to produce new goods and services in the hope of making a profit. If a new product or service does not become popular, the entrepreneur may not make a profit. This is the risk he or she takes. Economic growth depends on entrepreneurs willing to take chances and introduce new ideas.

WHAT ENTREPRENEURS DO? EMPLOYMENT & INCOME GENERATION ENTERPRISES ENTREPRENEURS Taxes/Govt. Revenues Poverty Alleviation Higher Productivity & Innovations Output & Exports Wealth

Entrepreneurship and the theory of the firm

The “increasingly rigorous analytical treatment” of markets, notably in the form of general equilibrium theory, not only made firms increasingly “passive,” it also made the model of the firm increasingly stylized and anonymous, doing away with those dy-namic aspects of markets that are most closely related to entrepreneurship (O’Brien, 1984). In particular, the development of what came to be known as the “production function view” (Williamson, 1985; Langlois and Foss, 1999) — roughly, the firm as it is presented in intermediate microeconomics textbooks with its fully transparent produc-tion possibility sets — was a deathblow to the theory of entrepreneurship in the context of firm organization. If any firm can do what any other firm does (Demsetz, 1991), if all firms are always on their production possibility frontiers, and if firms always make op-timal choices of input combinations and output levels, then there is no room for entrepreneurship

What do we measure?: Entrepreneurial Activity The activities of an individual or a group of individuals aimed at initiating economic activities in the formal sector under a legal form of business.

How do we measure? Unit: Business Any economic unit of the formal sector incorporated as a legal entity and registered in a public registry, which is capable, in its own right, of incurring liabilities and of engaging in economic activities and transactions with other entities.

New Economic Units Formal Sector Informal Sector Self Employment Micro Businesses Partnerships Companies Civil LawCommon Law New Businesses Sole Proprietorship Companies Conceptual view

Bygrave and Hofer in1891 defined the entrepreneurial process as ‘involving all the functions, activities, and actions associated with perceiving of opportunities and creation of organizations to pursue them’. Joseph Schumpeter introduced the modern definition of ‘entrepreneurship’ in 1934. According to Schumpeter, “the carrying out of new combinations we call ‘enterprise’,” and “ the individuals whose function it is to carry them out we call ‘entrepreneurs’.” Schumpeter tied entrepreneurship to the creation of five basic “new combinations” namely: introduction of a new product, introduction of a new method of production, opening of a new market, the conquest of a new source of supply and carrying out of a new organization of industry. Peter Drucker proposed that ‘entrepreneurship’ is a practice. What this means is that entrepreneurship is not a state of being nor is it characterized by making planes that are not acted upon. Entrepreneurship begins with action, creation of new organization. When individuals create a new organization, they have entered the entrepreneurship paradigm.

Marshall also suggests that the skills associated with entrepreneurship are rare and limited in supply. He claims that the abilities of entrepreneur are “so great and so numerous that very few people can exhibit them in all in a very high degree”. Marshall, however, implies that people can be taught to acquire the abilities that are necessary to be an entrepreneur. Unfortunately, the opportunities for entrepreneurs are often limited by economic environment, which surrounds them. Additionally, although entrepreneurs share some common abilities, all entrepreneurs are different, and their success depend on the economic situations in which they attempt their endeavors. Supply of entrepreneurship 1. Create the Right Environment for Success: Entrepreneurs should find it easy to start a business. 2. Ensure that Entrepreneurs have access to the Right Skill: 3. Ensure that Entrepreneurs have access to ‘Smart Capital’: 4. Enable Networking and Exchange:

The Future of Entrepreneurship Both the Central Government and various State Governments are taking increased interest in promoting the growth of entrepreneurship. Individuals are being encouraged to form new businesses and are being provided such government support as tax incentives, buildings, roads, and a communication system to facilitate this creation process. The encouragement by the central and state governments should continue in future as more lawmakers are realizing that new enterprises create jobs and increase the economic output of the region. Every state government should develop its own innovative industrial strategies for fostering entrepreneurial activity and timely development of the technology of the area. The states should have their own state- sponsored venture funds, where a percentage of the funds has to invested in the ventures in the states. Society’s support of entrepreneurship should also continue. This support is critical in providing both motivation and public support. A major factor in the development of this societal approval is the media. The media should play a powerful and constructive role by reporting on the general entrepreneurial spirit in the country highlighting specific success cases of this spirit in operation. Finally, large companies should show an interest in their special form of entrepreneurship-intrapreneurship-in the future. These companies will be increasingly interested in capitalizing on their Research & Development in the hyper competitive business environment today.

Where do we count? New Economic Units Formal Sector Informal Sector Self Employment Micro Businesses Partnerships Companies Civil LawCommon Law New Businesses Sole Proprietorship Companies

Topic 5: Internationalization of entrepreneurship

ECM is financially promoted by 128 Internationalization Process Theories Different schools; the most well-known: Uppsala school Considers internationalization as an incremental process of acquisition, integration and use of knowledge on foreign markets Direction of the incremental internationalization process: establishment chain (no exports, exports with the help of independent representatives, building one’s own sales office, on-site production) and psychic distance (cultivation of countries with lower psychic distance and gradual expansion)

ECM is financially promoted by 129 Internationalization Theories Internationalization Process Theories (Johanson/Vahlne 1977, 1990) International New Venture Theory (Oviatt/McDougall, 1994)

ECM is financially promoted by 130 Different Modes of Foreign Market Penetration

ECM is financially promoted by 131 International New Venture Theory By means of the integration of international business, entrepreneurship and international management theory, Oviatt/McDougall (1994) develop a model that is based on four necessary and sufficient factors for the existence of International New Ventures: – Organizational formation through internalization of some transactions (an organization must own some assets, else it will have nothing to of value to exchange) – Strong reliance on alternative governance structures (e.g. Networks) – Establishment of foreign location advantages (private knowledge) – Control over unique resources (patents, copyrights)

ECM is financially promoted by 132 Internationalization Process Theory vs. International New Venture Theory Internationalization Process Theory International New Venture Theory Motivation Home market is saturated; firm is forced to export Looking for new sales potentials and possibilities Initiation of Internationalization reactiveproactive Regulators of the internationalization process Gradual use of resources which is based on experience Global vision; provision with movable, knowledge-intensive resources Behavioral pattern of internationalization Slow, incremental through increasingly complex ways of internationalization in distant countries Rapid; Born Global

ECM is financially promoted by 133 Internationalization Process Theory vs. International New Venture Theory t Traditional development path Export steps No interest in exports Fulfilling of export wishes Active analysis of export possibilites Experimental export to psychic close markets Experienced exporter; optimization efforts Active analysis of additional export markets Path of Born Gobals (illustrative)

Emerging issues in entrepreneurship

Emerging Issues in Entrepreneurship Venture financing, has emerged with unprecedented strength. Corporate entrepreneurship has become a major focus. Entrepreneurship and strategy have found common linkages.

Emerging Issues (cont.) Women and minority entrepreneurs have soared in unprecedented numbers. The entrepreneurial spirit is universal, based on interest in entrepreneurship around the globe.

Emerging Issues (cont.) Family businesses have now emerged as a concentrated field of study. Entrepreneurial education is now the hottest topic at global business and engineering schools.

Weeks 5 to 12

General conclusion One conclusion we can draw from this course unit is that there is a correlation between theory and practice; that theory and practice are reciprocally related. “ Theory without practice is sterile and practice without theory is blind” = Reciprocal relationship. Practice is the basis for entrepreneurship theory development and entrepreneurship theory must be validated in practice. Theory is rooted in practice and refined by research and it should be reapplied in practice.

Group assignment Statement of the problem The development of entrepreneurial MSMEs is crucial for the achievement of Vision 2030, but the theory behind the evolvement of these MSMEs in Kenya has received relatively little scholarly attention. This hampers enactment of tailored policies to develop the entire MSME sector

In a group of not more than three develop a hypothesis about a theory or theories that do guide the evolvement of Kenyan MSMEs. Design a methodology to carry out an empirical study to prove or disapprove the hypothesis. The scope of your research should be limited to a homogenous group or cluster of MSMEs e.g. a category of service, manufacturing etc businesses. Present and defend your results in class

END OF SEMESTER PROJECT Select one aspect/element of the climate for entrepreneurship development in Kenya covered in this unit. Study it to DISCUSS its status and how it has affected entrepreneurship development (+ve, -ve). Recommend a national strategy to enhance its influence on entrepreneurship development in Kenya.

RULES FOR THE END OF SEMESTER EXAMINATION YOU MAY WORK IN GROUPS BUT THE END PROJECT MUST BE INDIVIDUAL PROJECTS FOUND TO BE SIMILAR WILL BE CONSIDERED AN EXAMINATION IRREGULARITY (CHEATING) AND MARKED OUT OF ZERO PERCENT A SOFT COPY OF THE PROJECT MUST BE SUBMITTED TO bwihem@yahoo.com LATEST A DAY BEFORE THE OFFICIAL UNIVERSITY EXAMINATION DATE bwihem@yahoo.com A HARD COPY MUST BE SUBMITTED (NO PRESENTATIONS) IN PERSON ON THE OFFICIAL UNIVERSITY EXAMINATION DAY EVERY STUDENT WILL SIGN THE EXAMINATION ROLL CALL ON SUBMISSION OF THE HARD COPY FAILURE TO SUBMIT BY THE SAID DEADLINES WILL BE DEEMED AN EXAMINATION FAILURE I.E. A ZERO MARK WILL BE AWARDED

The end THANK YOU P.O BOX 7228 (00300) NAIROBI, KENYA Tel: 254722858507 bwihem@gmail.com www.mukmik.com www.professorbwisa.com

SCHOOL FOR HUMAN RESOURCE DEVELOPMENT (SHRD) Department of Entrepreneurship and Procurement HEE 4108 :ENTREPRENEURSHIP DEVELOPMENT THEORY Prof. Henry.

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SCHOOL FOR HUMAN RESOURCE DEVELOPMENT (SHRD) Department of Entrepreneurship and Procurement HEE 4108 :ENTREPRENEURSHIP DEVELOPMENT THEORY Prof. Henry.

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