CQ 3: How can entrepreneurial ecosystems foster small business venturing?
9 important questions on CQ 3: How can entrepreneurial ecosystems foster small business venturing?
What 3 types of entrepreneurship by their social effects does Beaumol (1990) define?
- Productive entrepreneurship
- Unproductive entrepreneurship
- Destructive entrepreneurship
What is 'productive entrepreneurship'? (3)
- Maximize individual (private) and social benefits
- Example: Cistercian monks creating and maintaining water mills ('the spearhead of technological advance')
- Maximixing time available for religious labor, others also profit from mills
What is 'unproductive entrepreneurship'? (3)
- Maximize individual (private) but not necessarily social benefits
- Exploiting forms of bureaucracy
- Example: frivolous litigation; starting lawsuits that, due to their lack of legal merit, have little to no chance of being won
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What is 'destructive entrepreneurship'? (2)
- Maximize individual benefits by letting society suffer
- Bribery, corruption, crime
What are the implications of Baumol's typology?
- Entrepreneurs are always with us: it is just that people shift between productive, unproductive or destructive entrepreneurship depending on the nature of incentives they face
- 'Rules of the game' are more important (tax incentives, ease of setting up a formal business, culture) than supply of entrepreneurs
- Entrepreneurs are 'always with us'
- Policy should focus on 'rules of the game' (Ecosystems)
What is the context of implications of Baumol's typology?
What is 'culture and social norms' in the Entrepreneurial Framework Conditions (EFC's)?
What is 'entrepreneurial finance' in the Entrepreneurial Framework Conditions (EFC's)?
What is 'government policy' in the Entrepreneurial Framework Conditions (EFC's)?
- Entrepreneurship as a relevant economic issue
- Taxes or regulations are either size-neutral or encourage new enterprises and SME's
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
