Economics Of Entrepreneurship at AKAD Hochschule Stuttgart | Flashcards & Summaries

Lernmaterialien für Economics of Entrepreneurship an der AKAD Hochschule Stuttgart

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TESTE DEIN WISSEN
Results of Regression of Knowledge spillover theory
Lösung anzeigen
TESTE DEIN WISSEN
  • Entrepreneurial opportunities don’t appear to be exogenous but rather systematically created by high presence of knowledge spillovers
  • Entrepreneurial activity tends to be greater where knowledge is more prevalent (knowledge stock)
  • knowledge exploitation by incumbents is negatively related to entrepreneurial activity
  • Taxes are a barrier to entrepreneurship
  • entrepreneurship tends to be systematically greater in the presence of knowledge spell of us are strikingly robust
  • —> entrepreneurial activity and responds positively to economic knowledge

  • Entrepreneurial activity doesn’t involve simply the arbitrage of opportunities, but also the exploitation of intra temporal knowledge spillovers not appropriated by incumbent firms
Lösung ausblenden
TESTE DEIN WISSEN
Definition  of entrepreneur - Knight
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TESTE DEIN WISSEN
  • Main idea: uncertainty
  • activities: management and responsibility
  • investment and uncertainty: he owns his business and carries full responsibility
  • personality: responsible and confident in own judgement
  • profit: residual from uncertain profits
  • macro economic impact: - 
Lösung ausblenden
TESTE DEIN WISSEN
Entrepreneurs vs Managers
Lösung anzeigen
TESTE DEIN WISSEN
  • Exercise entrepreneurial function
  • are owners of enterprise
  • Take and implement unused opportunities
  • accept uncertainty
  • Are not managers because entrepreneur is the decision owner and bares the consequences 
  • risk differentiates them
Lösung ausblenden
TESTE DEIN WISSEN
Entrepreneurial networking: personal networking
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TESTE DEIN WISSEN
  • Weak ties: provide little direct help for the new
    venture (e.g. bank clerk, attorney, accountant) 
  • Strong ties: usually personal relationships between entrepreneur and
    these people are very close (father, friend)
– Entrepreneurs have to choose between small networks with
strong ties and large networks consisting of weak ties, (useful information and resources) 


Lösung ausblenden
TESTE DEIN WISSEN
Define innovation
Lösung anzeigen
TESTE DEIN WISSEN
• an innovation output leads to lower production costs;
without changing factor inputs
• come massed → adoption of new tech
• destroy equilibria → fluctuation, adaption to new conditions
↳ new equilibria: greater GNP, consumer benefits such as higher net income because of less costs and better products
Lösung ausblenden
TESTE DEIN WISSEN
Knowledge as a Factor of production: uncertainty
Lösung anzeigen
TESTE DEIN WISSEN
  • Expected value of new ideas is uncertain (more than traditional production of workers)
  • Innovation: uncertainty whether new product can be produced
Lösung ausblenden
TESTE DEIN WISSEN
Moral Hazard in Team Problems briefly explained
Lösung anzeigen
TESTE DEIN WISSEN
  • Attribution: individual inputs (to team production) cannot be metered (without incurring cost).
    visible and non visible inputs
  • Inputs of individual members cannot be deduced from output of team production, so that a fair attribution of output shares is not possible.



Lösung ausblenden
TESTE DEIN WISSEN
Three kinds of GEM measures
Lösung anzeigen
TESTE DEIN WISSEN
  • Entrepreneurial attitudes
- perceived opportunities
- capabilities
- intentions
- fear of failure
  • entrepreneurial activity:
 - nascent entrepreneurs
- new business entrepreneurs
- established entrepreneurs
  • entrepreneurial aspirations
- high growth expectation early-stage entrepreneurial activity
Lösung ausblenden
TESTE DEIN WISSEN
Two different motivations for becoming an entrepreneur
Lösung anzeigen
TESTE DEIN WISSEN
  • Opportunity entrepreneurs: use business opportunities; want to start a business
  • necessity entrepreneurs: start a business because they don’t have better alternatives
Lösung ausblenden
TESTE DEIN WISSEN
Stage/kind of entrepreneurs
Lösung anzeigen
TESTE DEIN WISSEN
  • Nascent entrepreneurs: expect to own business and have not paid wages for more than 12 months
  • New business owners: own part of the company and receive salary for less than 42 months 
  • established business owners: own and manage business; receive salary for more than 42 months
Lösung ausblenden
TESTE DEIN WISSEN
Definition of entrepreneur - Kirzner
Lösung anzeigen
TESTE DEIN WISSEN
  • Main idea: arbitrage/equilibrium
  • activities: search for arbitrage possibilities
  • investment and uncertainty: no uncertainty, entrepreneurs find something that is free
  • Personality: clever and sees gaps; knows how and where to get market information
  • profit: price differences
  • macro economic impact: lead markets to equilibrium
Lösung ausblenden
TESTE DEIN WISSEN
Variables to quantify economic value/four outcome variables
Lösung anzeigen
TESTE DEIN WISSEN
  • Employment: 
1. employment generation/number of jobs created. 
2. Employment dynamics/firm growth in the number of jobs. 
3. Employee re-numeration/salary, benefits. 
- firm growth rates decrease in firm size
- Entrepreneurial firms create more jobs
   * through externalities even more jobs are created
   * Jobs are less secure
   * Hire people with lower human capital.  
   * Pay lower wages; higher job satisfaction

  • innovation:
1. Production of innovation (patents, new products)
2. Commercialisation of innovation
3. Adoption
- entrepreneurial firms produce fewer innovations (quality might be higher)
- probability of sales from innovation is higher but it is diminished by the value destruction of entrepreneurs

  • Productivity and Growth:
1. growth of value added
2. Labour productivity
3. Total factor productivity
- entrepreneurs production value added grows fast
- labour levels are not higher
- growth of labour productivity is higher

  • individual utility
1. Returns to employment
2. Volatility/drop risk
3. Job satisfaction
- entrepreneurs and lower median incomes; they are more volatile, riskier incomes; they are more satisfied. Why? because of availability heuristic and exit barriers; humans overestimate probabilities of events they can easily remember, others are underestimated.

More Reasons: 
- exit barriers due to investment
- experienced as “giving up independency”
- “Hoping for sunshine”
- Liabilities


Lösung ausblenden
  • 75764 Karteikarten
  • 762 Studierende
  • 71 Lernmaterialien

Beispielhafte Karteikarten für deinen Economics of Entrepreneurship Kurs an der AKAD Hochschule Stuttgart - von Kommilitonen auf StudySmarter erstellt!

Q:
Results of Regression of Knowledge spillover theory
A:
  • Entrepreneurial opportunities don’t appear to be exogenous but rather systematically created by high presence of knowledge spillovers
  • Entrepreneurial activity tends to be greater where knowledge is more prevalent (knowledge stock)
  • knowledge exploitation by incumbents is negatively related to entrepreneurial activity
  • Taxes are a barrier to entrepreneurship
  • entrepreneurship tends to be systematically greater in the presence of knowledge spell of us are strikingly robust
  • —> entrepreneurial activity and responds positively to economic knowledge

  • Entrepreneurial activity doesn’t involve simply the arbitrage of opportunities, but also the exploitation of intra temporal knowledge spillovers not appropriated by incumbent firms
Q:
Definition  of entrepreneur - Knight
A:
  • Main idea: uncertainty
  • activities: management and responsibility
  • investment and uncertainty: he owns his business and carries full responsibility
  • personality: responsible and confident in own judgement
  • profit: residual from uncertain profits
  • macro economic impact: - 
Q:
Entrepreneurs vs Managers
A:
  • Exercise entrepreneurial function
  • are owners of enterprise
  • Take and implement unused opportunities
  • accept uncertainty
  • Are not managers because entrepreneur is the decision owner and bares the consequences 
  • risk differentiates them
Q:
Entrepreneurial networking: personal networking
A:
  • Weak ties: provide little direct help for the new
    venture (e.g. bank clerk, attorney, accountant) 
  • Strong ties: usually personal relationships between entrepreneur and
    these people are very close (father, friend)
– Entrepreneurs have to choose between small networks with
strong ties and large networks consisting of weak ties, (useful information and resources) 


Q:
Define innovation
A:
• an innovation output leads to lower production costs;
without changing factor inputs
• come massed → adoption of new tech
• destroy equilibria → fluctuation, adaption to new conditions
↳ new equilibria: greater GNP, consumer benefits such as higher net income because of less costs and better products
Mehr Karteikarten anzeigen
Q:
Knowledge as a Factor of production: uncertainty
A:
  • Expected value of new ideas is uncertain (more than traditional production of workers)
  • Innovation: uncertainty whether new product can be produced
Q:
Moral Hazard in Team Problems briefly explained
A:
  • Attribution: individual inputs (to team production) cannot be metered (without incurring cost).
    visible and non visible inputs
  • Inputs of individual members cannot be deduced from output of team production, so that a fair attribution of output shares is not possible.



Q:
Three kinds of GEM measures
A:
  • Entrepreneurial attitudes
- perceived opportunities
- capabilities
- intentions
- fear of failure
  • entrepreneurial activity:
 - nascent entrepreneurs
- new business entrepreneurs
- established entrepreneurs
  • entrepreneurial aspirations
- high growth expectation early-stage entrepreneurial activity
Q:
Two different motivations for becoming an entrepreneur
A:
  • Opportunity entrepreneurs: use business opportunities; want to start a business
  • necessity entrepreneurs: start a business because they don’t have better alternatives
Q:
Stage/kind of entrepreneurs
A:
  • Nascent entrepreneurs: expect to own business and have not paid wages for more than 12 months
  • New business owners: own part of the company and receive salary for less than 42 months 
  • established business owners: own and manage business; receive salary for more than 42 months
Q:
Definition of entrepreneur - Kirzner
A:
  • Main idea: arbitrage/equilibrium
  • activities: search for arbitrage possibilities
  • investment and uncertainty: no uncertainty, entrepreneurs find something that is free
  • Personality: clever and sees gaps; knows how and where to get market information
  • profit: price differences
  • macro economic impact: lead markets to equilibrium
Q:
Variables to quantify economic value/four outcome variables
A:
  • Employment: 
1. employment generation/number of jobs created. 
2. Employment dynamics/firm growth in the number of jobs. 
3. Employee re-numeration/salary, benefits. 
- firm growth rates decrease in firm size
- Entrepreneurial firms create more jobs
   * through externalities even more jobs are created
   * Jobs are less secure
   * Hire people with lower human capital.  
   * Pay lower wages; higher job satisfaction

  • innovation:
1. Production of innovation (patents, new products)
2. Commercialisation of innovation
3. Adoption
- entrepreneurial firms produce fewer innovations (quality might be higher)
- probability of sales from innovation is higher but it is diminished by the value destruction of entrepreneurs

  • Productivity and Growth:
1. growth of value added
2. Labour productivity
3. Total factor productivity
- entrepreneurs production value added grows fast
- labour levels are not higher
- growth of labour productivity is higher

  • individual utility
1. Returns to employment
2. Volatility/drop risk
3. Job satisfaction
- entrepreneurs and lower median incomes; they are more volatile, riskier incomes; they are more satisfied. Why? because of availability heuristic and exit barriers; humans overestimate probabilities of events they can easily remember, others are underestimated.

More Reasons: 
- exit barriers due to investment
- experienced as “giving up independency”
- “Hoping for sunshine”
- Liabilities


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