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1. Course Title: Entrepreneurship and marketing Course Code: MS434 Week 1 : Lecture 2 Course Instructor: Dr. Abid Ullah School of Management Sciences Ghulam Ishaq Khan Institute Of Engineering Sciences and Technology

2. Chapter 1 Introduction to Entrepreneurship 1-1. Introduction to Entrepreneurship- Theorising Entrepreneurship 1-2. Approaches to Entrepreneurship.

3. Learning objectives Approaches to Entrepreneurship. Understand the key economic theories that have been developed over the years in relation to entrepreneurship. Understand the psychological traits approach to the individual entrepreneur. Understand the main issues related to personal, family and social status in relation to entrepreneurship. Understand other macroeconomic factors that influence entrepreneurship. Differentiate between the theoretical approaches to entrepreneurship and critically assess their contribution to the field.

4. Theorising Entrepreneurship Theories Economics Psychology Sociology

5. Theorising Entrepreneurship Theory Theories  are formulated to explain , predict , and understand phenomena and, in many cases, to challenge and extend existing knowledge, within the limits of the critical bounding assumptions. Hypothesis In science, a  hypothesis  is an idea or explanation that you then test through study and experimentation.

6. Theorising Entrepreneurship Economics Arbitrage and uncertainty Richard Cantillon French scholar (1755). Kirzner (1973, 1985) middleman role of the entrepreneur. Knight (1921) focused on Cantillon’s entrepreneur in respect to uncertainty

7. Theorising Entrepreneurship Economics Co-ordination of the production factors Jean-Baptiste Say (1828) ( Material, People, information and Capital ) Hebert and Link (1988). ( Skill worker with managerial Skills)

8. Theorising Entrepreneurship Economics Innovation Josef Schumpeter (1934, 1939). ( “creative destruction”) new product creation, new production method, new market opening, new source of supply capturing, or new industry organising.

9. Theorising Entrepreneurship Economics Skill Differentiation Casson (1982)

10. Theorising Entrepreneurship A final view of Economic Theories

11. Theorising Entrepreneurship Psychology Research Focus F ocus on understanding and describing the person that chooses to become one.

12. Theorising Entrepreneurship Psychology The need for achievement David McClelland (1961) .

13. Theorising Entrepreneurship Psychology Risk Taking Propensity Entrepreneurs are considered to be individuals with less risk aversion than the ones that choose employment.

14. Theorising Entrepreneurship Psychology Tolerance of Ambiguity C an better handle complex and unstable working environments.

15. Theorising Entrepreneurship Psychology Type “ A” Behaviour Boyd (1984) Type   A   behaviour  is exhibited by being ambitious, organised, impatient, and like to be punctual.  Type B  personalities are relaxed, not competitive and generally not as ambitious as their  Type  A peers.

16. Theorising Entrepreneurship Psychology Independe nce and Job Satisfaction Taylor , (1996)

17. Theorising Entrepreneurship Psychology Over Optimism Taylor , (1996)

18. Theorising Entrepreneurship Criticism on Psychology M arket factors U niversal circumstances

19. Thank You