MGTA05H3 Chapter Notes - Chapter 7: Capitalism, Risk Aversion
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MGTA05H3 Full Course Notes
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Enterprises and entrepreneurs: free enterprise is an expression used to indicate that individuals have the freedom to start and run businesses without bureaucracy or undue regulation. In studies of entrepreneurial characteristics, 3 psychological attributes are widely regarded as hallmarks of the entrepreneurial personality: 1. A desire to achieve challenging goals: need for power (npow): in need theory, one of 3 human motivators. People with a need for power are motivated to have authority and they need to be influential. They will choose careers that offer status and prestige: need for affiliation (naff): in need theory, one of 3 human motivators. People with a need for affiliation needs to have friendly relationships and are motivated by interaction with others: need for achievement (nach): in need theory, one of 3 human motivators. People with a need for achievement are motivated by a sense of personal achievement. They like to set and attain challenging goals for themselves and accomplish tasks: 2.
