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According to him entrepreneurship has been identified with two characteristics such as: (i) Doing things in a new and better way, and. Risks can be classified as: There are many ways to mitigate these risks and make them more likely to turn into rewards. It is implied in need for achievement process. Actually, entrepreneurship is governed by human factor living in an ever-changing society pursuing simultaneously economic, social and psychological objectives. According to this concept, the sociological factors are the secondary source of entrepreneurship development. Overall, when a group sees their lower positional conditions & experience, they grow an entrepreneurial tendency due to reactive capacity. It is these beliefs which produce intensive exertion in occupational persecutes, the systematic ordering of means to ends and the accumulation of assets. But an innovator is one who applies inventions and discovers in order to make new combination. Entrepreneurs, therefore, focus on maximizing their chances of getting the reward by minimizing the risks involved. Thus, this theory fails to provide suitable solutions to the problems. Risk taking propensity. Marginal groups are having the ability of innovation. The theory acts to distinguish between entrepreneurship and intra-preneurship. ii. People with high achievement need are not motivated by monetary rewards only, such people regard profit as a measure of success whereas people with low achievement needs are motivated by monetary rewards. All empirical methods including (but not limited to) qualitative, quantitative, or combination methods are represented. I knew the business intimately, understood the market and recognized the potential of the opportunity (both good and bad). The I/O model asserts that opportunities are discovered by scanning the business environment and analyzing the market and industry structure. (3) One who forms a rebellion and attempts to establish a new society is called Reformist. Critical Evaluation of J. An Entrepreneur is the risk bearer and works under uncertainty. Failed risks arent always negative. In practice, entrepreneurship is also governed by the specific combination of circumstances which are generally not available in the environment. Culturally marginal groups are important characters for development process. Entrepreneurship development is based on social progress and employment patterns. Actually, they are not governed by status withdrawal. Back in 2004, when Mark Zuckerberg was still creating the beginnings of the now-behemoth Facebook, PayPal co-founder and Facebook investor Peter Thiel told Zuckerberg a piece of advice that will always stay with him: In a world thats changing so quickly, the biggest risk you can take is not taking any risk..
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who gave theory of entrepreneur as a risk taker