ECON 1 Lecture Notes - Lecture 3: Applied Psychology, Entrepreneurship Education
Document Summary
Important predictors of venture growth worked primarily through competencies, motivation, and strategy: entrepreneur"s traits serve to influence the skill sets that are developed and the level of entrepreneurial motivation in turn affect strategy. Competitive strategies: differentiation positive relationship with performance, focus & low-cost negative relationship with performance, entrepreneur-ceo traits, competencies, and motivation equally important. Individual differences affect competitive strategies explanations of strategic decision making: social cognitive and goal theories point to personal characteristics as determinants of personal strategies likely determinants of organization strategies. Environment: ceos of small firms may have more control of ventures" growth than some macro theories suggest. Integrated entrepreneurship performance model confirmed with this study: offers platform & guiding framework for those who fund and manage ventures, entrepreneur"s personality matters but indirectly. It"s all about the combination of these factors that affect venture growth, not one factor in isolation.
