ECON 1 Lecture Notes - Lecture 14: Social Capital, William Baumol, Emerging Markets
Document Summary
Context relates to circumstances, conditions, situations or environments that are external to a phenomenon. Types of context refer to the social and spatial world of the entrepreneur that simultaneously provide enterprising individuals with opportunities and/or set boundaries for their actions. Also, history and time are important contexts, baumol drew attention to the fact that the rules for entrepreneurship do change dramatically from one time and place to another. Surprisingly however, the real world of entrepreneur still remains somewhat of a black box. Most entrepreneurship research tends to stick to contexts that are easy to operationalize and observe and fit the model of the enterprising individual. However, for example, self-perception and ambitions that are influenced by norms, values, beliefs have been shown to affect the willingness of entrepreneurs to choose from different possibilities in order to pursue an idea or grow a business.
