DANCEST 805 Lecture Notes - Lecture 7: Motivation, Tacit Knowledge
Document Summary
Entrepreneurship and institutional change in transition economies & commonwealth of independent states (central/eastern europe and china compared summary dbem tutorial 7. The paper examines the interrelationship between institutional change and entrepreneurship development in countries that were until recently operating under central planning. Analyze the role of institutional change in relation to entrepreneurship development in countries where entrepreneurship is a relatively recent and emerging phenomenon. Institutions, institutional change and entrepreneurship: some key concepts. Institutions: rules of the game in a society , which when stable can assist in reducing uncertainty and risk for individual behaviour & the transaction costs connected with conducting entrepreneurial activity. In any context, institutions represent both constraining and enabling forces with respect to entrepreneurship. However, in the initial stages of transition, their role is mainly constraining since the environment is associated with high levels of uncertainty, rapidly changing external conditions, major institutional deficiencies. This can increase costs of doing business for companies.
