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Skip to 0 minutes and 10 seconds In this activity, we will take a closer look at the different approaches that academics have taken to study and better understand entrepreneurship. As we saw earlier, entrepreneurship has an important role in modern societies. And as a result, it has drawn attention of many different kinds of researchers. Earlier, we defined entrepreneurship as the process of creating, identifying and exploiting opportunities to bring into existence future goods and services. When we look a bit closer at the definition, we see that there are three important aspects. One, entrepreneurship is an economic phenomenon. It’s observed in firms, and it leads to profit, or other value, for the entrepreneur and the society. Two, these firms are active in human societies.

Skip to 1 minute and 5 seconds They interact with other firms or groups of people. Such as customers and local communities. And three, the entrepreneurial activities are mainly driven by an individual, and that is the entrepreneur. This means that entrepreneurship is a military disciplinary phenomenon. It’s studied by economists, sociologist, and psychologist. In the introductory lecture, we already introduced entrepreneurship as an economic phenomenon. Today, we will elaborate on that by discussing the different aspects of the entrepreneurial function, according to the traditional economies. In other words, what are the roles that entrepreneurs fulfil within the firm and its market? And next, we will shed some light on relevant contributions from sociology and psychology. Simply put sociology, is about how humans function within groups, and within society.

Skip to 2 minutes and 8 seconds And we will discuss three important concepts that stem from sociology. And that each have been proven very relevant to understand the functioning and success of entrepreneurs. That is, social norms, social capital, and social networks. And finally, we will discuss the psychological approach to entrepreneurship. Because entrepreneurship is driven by individuals, with their own psychological characteristics and needs, there have been many attempts to link specific psychological characteristics to successful entrepreneurship, and some of them have been quite successful.

Extra: Approaches to studying entrepreneurship

This video is an introduction into different fields that study entrepreneurship. The multiple fields that study entrepreneurship are economics, sociology and psychology.

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Decision Making in a Complex and Uncertain World

University of Groningen

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