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Sociological And Economic Theories Of Entrepreneurship

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Sociological and Economic Theories of entrepreneurship

Sociological and Economic Theories of entrepreneurship

Entrepreneurship Development

MODULE - I
I

Theories and models of Entrepreneurship

Chapter Table of Contents
Chapter 2.1
Sociological and Economic Theories of entrepreneurship
Chapter Table of Contents
Aim 1
Instructional Objectives 1
Learning Outcomes 1
2.1.1Introduction 2
2.1.2 Sociological theories of entrepreneurship 3
Self-Assessment Questions 8
2.1.3 Economic theories of entrepreneurship.............................................................................9
Self-Assessment Questions.......................................................................................................19 …show more content…

Have you heard about Dhirubhai Hirachand Ambani, the founder of Reliance Industries? Hailing from a middle class family of moderate means, Dhirubhai began his entrepreneurial journey by selling snacks. He moved to Yemen when he was 16 years old and worked with A. Besse & Co. for a mere salary of Rs.300. Post his return to India in 1962, he launched Reliance Commercial Corporation with a capital of Rs.15, 000. The primary business objective of Reliance Commercial Corporation was to export spices and import polyester yarn. By the late 1960s, Ambani 's net worth was approximately close to a copious Rs.1 million. With no degree from prestigious institutions and no family capital, Ambani achieved to build an ultramodern, …show more content…

The basic objective of these theories is to enhance the skills and knowledge of entrepreneurs in addition to encouraging them to apply the theories in the practical world. In few cases, entrepreneurship is expected to get a boost in a certain social cultures. Generally, society?s value, religious beliefs, customs, taboos influence the behaviour of individuals in a society. In a similar way, social factors also have an influence on entrepreneurs.
They key sociological theories of entrepreneurship discussed in this chapter are:

Figure 2.1.2: Sociological theories of entrepreneurship

Max Weber?s Theory of Entrepreneurial Growth
Max Weber, a great German sociologist, formulated a theory of social change named as the Max Weber?s Theory of Entrepreneurial Growth. According to this theory, religion has a huge and strong impact on entrepreneurial development. This theory also states that entrepreneurial growth is dependent upon ethical value system According to Weber while some religions follow few basic beliefs to earn and acquire money, whereas other religions follow less of such beliefs. He terms this concept as a ?spirit of capitalism? and ?adventurous spirit?, which means, that the spirit of capitalism is generated when a society?s mental attitude is favourable towards capitalism. In other words, the

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