The Motivation To Choose Entrepreneurship Role Business Essay

The Motivation To Choose Entrepreneurship Role Business Essay There are varying definitions of entrepreneurship (e.g., Kirzner, 1973; Schumpter, 1934; Stevenson et al., 1989; Vesper, 1996) which portray the common feature of entrepreneurship as the act of creating a new venture (Gartner, 1985). Entrepreneurship can be regarded as the process of creating value by integrating the resources for exploiting an available opportunity. From this, it can be derived that an entrepreneur is someone who perceives an opportunity and creates an organization to pursue it (Bygrave Hofer, 1991, p 14). Timmons, (1994) has identified three crucial driving forces of entrepreneurship, which include (i) the entrepreneur or founder, (ii) the recognition of opportunity and (iii) the resources needed to found the firm. The process of entrepreneurship is complicated with the existence of various other factors such as risk, chaos, information asymmetries, resource scarcity, uncertainties, paradoxes and confusion. Successful entrepreneurship can be developed only when al l the three components are arranged in a proper fit. An entrepreneur has to face the challenge of manipulating and influencing the factors affecting the process of entrepreneurship so that he can improve the chances of success of the venture. Since opportunities seldom wait, right timing of the recognition of the opportunity becomes critically important for any entrepreneur. Literature has identified a number of factors influencing the process of entrepreneurship, which include creativity, optimism, information search, alertness, social networking and prior knowledge. Based upon the presence of some of these personal traits and by adapting to the circumstances, entrepreneurs are able to work their ways to recognizing profitable ventures and convert them into operable business ventures. However, the question remains as to which are the ones out of these factors motivate people to become entrepreneurs. The objective of the study was to examine the relative impact different motivational factors acting upon people in different age groups to take up entrepreneurial activity. 1.1 Motivation and Entrepreneurship The topic of motivation in the entrepreneurship can be addressed from an organizational psychological perspective. Campbell et al have developed a framework, which has identified the theories of motivation to progress from static, content-oriented theories to dynamic process-oriented ones. Content theories describe specific traits within individuals that initiate, direct, sustain and stop entrepreneurial behavior. Process theories on the other hand explain the ways in which behavior is initiated, directed, sustained and stopped. There are other situational and environmental factors, which influence any entrepreneurial activity. Previous research have attempted to identify these situational and environmental factors such as job displacement, previous work experience, availability of various resources, and governmental influences acting on the entrepreneurial activities of individuals. However, empirical studies on contextual factors were unable to find greater nexus between explanatory power and predictive ability (Kruegar, Reily, Carsrud, 2000). Many of the recent entrepreneurship models are process-oriented cognitive models. They mainly focus on attitudes and beliefs of individuals and the ways in which they can act on predicting intentions and behaviors. Cognitive processes often lead to all human endeavors, especially complex ones such as new venture initiation. Humans are characterized to categorize the possible future outcomes to decide on most desirable ones. They further analyze whether it is feasible to pursue attaining these desired outcomes. It is not reasonable to expect people to pursue those outcomes, which they perceive to be undesirable or unfeasible. Therefore, the perceptions of the people become an important motivational factor with respect to their entrepreneurial choices. It is found that many cognitive models explaining the motivation to choose a new entrepreneurial activity is based on Vrooms, (1964) expectancy framework. These models use different terminologies and they are built on different theoretical bases. However, the commonality among these models can be identified with Vrooms expectancy model. The Vroom model postulates that an individual can be expected to choose among alternative behaviors by considering the one, which will lead to the most desirable outcome for him. Motivation is conceptualized as the product of expectancy, instrumentality, and valence. Vrooms (1964) expectancy model forms the common base for a number of process-oriented explanations connected with entrepreneurial motivation. Current process models are grounded on the basic conception that an individuals entrepreneurial intentions to choose a particular activity are predicted by the questions (i) is entrepreneurship is desirable to him to lead to provide the desired outc omes and (ii) is entrepreneurship is feasible for him to decide whether he possesses the required qualities to become a successful entrepreneur. 1.2 Current Process Models of Entrepreneurial Motivation Baumol, (1990) suggested the role of reward structure in motivating entrepreneurial activity. Reward structure as an economic perspective for the initiation of a new venture is based on the usefulness, utility or desirability of an entrepreneurial career. Campbells (1992) decision model makes a comparison of the expected net present benefits of entrepreneurship and the expected gains from a possible employment opportunity. On the same lines, Praag Cramer, (2001) advocated that people choose entrepreneurship if they expect the rewards of such entrepreneurship would surpass the wages earned by them out of employment. Levesque, Shephard, Douglas, (2002) examined the selection of the course of action between employment and entrepreneurship in the form of self-employment in the context of a utility-maximizing model, which tends to change based on the age of the individual denoting the stage of life. The common thread among these economic models is the explicit consideration of the role of risk in choosing to become an entrepreneur. Other recent research is based on an organizational psychological framework conducted by Bird, (1988). This work suggests the importance of entrepreneurial intentions as a precursor to new venture creation stressing the need to develop a behavioral, process-oriented model of entrepreneurship. 1.3 Purpose of the Study Problem Statement There are a number of motivational factors, which influence the entrepreneurial intentions of the individuals. Extensive attitudinal research has investigated the topic of the role of different attitudinal factors because these factors have been considered as the better explanatory factors for choosing entrepreneurial activities than demographic and personality variations. Most of these studies base their findings on attitudinal factors which have an influence on confidence, enthusiasm, inclination and aspiration towards choosing entrepreneurship (Aronson, Wilson, Akert, 2005; Beugelsdijk Noorderhaven, 2004; Henderson Robertson, 2000). Some studies have examined the influence of attitude towards entrepreneurial aspiration (Krueger et al 2000). There is a void to be filled in the demographic area of research for example, the influence of age and educational qualifications on the choice of entrepreneurship has not been studied extensively. In this context, the current study will at tempt to examine the relative influence of age factor on individuals choosing to become entrepreneur. With the average age expectancy going up and the availability of resources in the hands of baby boomers, the chances of individuals becoming entrepreneurs at their middle ages cannot be ruled out. Therefore, a study of the influence of age factor on entrepreneurial decisions become important and they cannot be considered out of place. The findings of the research is expected to reveal the attitudinal and other motivational factors influencing the entrepreneurial decisions among individuals in different age groups, which can be used as a guiding factor in addressing different issues in becoming an entrepreneur in the middle age. By engaging the quantitative research method of survey through a well-constructed questionnaire, the study has focused on the examination of the entrepreneurial choice among aspiring individuals in two different age groups. The study will also present an analytical review of the available literature on the topic. For a comprehensive presentation, the paper is structured to have different chapters. The introductory chapter gives an insight into the topic under study. Chapter 2 will present a review of the relevant literature to extend the knowledge of the readers on the subject of entrepreneurial opportunity recognition process. Chapter 3 deals with the aims and objectives of the study followed by chapter 4 detailing the research methodology. Chapter 5 includes the findings of the research and a detailed discussion on the findings and some concluding remarks are presented in chapter 6.

Demand Side Management

analysis of demand side management in tneb ABSTRACT This paper introduces the concepts of Demand Side Management(DSM) and various areas it involves. The interest and necessary of DSM in TNEB is explained in the context of a number of much wider developments in power sector. It present a framework for DSM Techniques and factors to reducing T&D losses in TNEB. This explains various methods adopted for Energy Conservation in various sectors and helps to prevent global warming. DSM Demand Side management is the process through which a power utility manages the demand for power among all its Customers to meet its current or future needs.. DSM is an effective tools for improving energy efficiency and promoting energy conservation. The problems of the Indian power sector including TNEB traced to three root issues. 1. High T & D Losses. 2. Large commercial losses (Metering, Billing, Collection) 3. Low end – used efficiency of energy use. In TNEB it facing peak Power capacity shortages as well as the energy shortages. NOW A DAYS IN TNEB The Demand-11000mw Available-9000 mw Shortage-2000 mw The chronic power shortages have resulted in involuntary load shedding and interruptions. CONCEPT OF DSM DSM comprises all planning implementing, and monitoring activities and measures designed to improve efficient useto energy and encourage consumers to modify their level and pattern of energy use. DSM involves ?Using existing energy more efficiently. ?Reduction ofTotal quantity of energy consumed by uses through better load managements. ?Minimising losses in the Distribution network. ?Technology substitution. ?Shift demand from peak to off peak times. ?Enhancing energy efficiency. The TNEB have ample motivation to pursue demand management to the extent that it can. ? Improve service Increase revenue ? Decrease cost BENEFITS OF DSM Customer : Lower bills due to lower tariff. Society:Capital freed for other projects. Utility:Lower cost of service reduced cost of power. DSM TECHNIQUES The three concern of DSM Techniques are now a days adopted in TNEB ?Load curve modification ?TOD meters. ?Three shift operation and staggered off day. LOAD CURVE MODIFICATION 1. Peak clipping-System peak lo ad reduction at specific periods. 2. Valley filling-Building the load during off peak hours. 3. Conservation-Modification of the load shape through conservation. 4. Load building-Balance of load so that demand from different users peaks at different times. 5. Load shifting-Shifting load from on peak to off peak periods TOD METERS Installation of Time of day (TOD) Electronic meters would help in flattering the load curve by way of giving incentives / penalties to consumers during off peak / peak hours respectively. Now above 25 HP industrial services are provided TOD meters in TNEB. Three shift operation and staggered off day Encourage the industrial consumers for three shift operation and staggered off days to reduce the demands. REDUCTION OF T & D LOSSES Now the T & D losses in TENB is around 18% it should be reduced with in 10% of the standard. The factors reducing T & D Losses are 1. Network Reconfiguration. 2. Strengthening of Conductors. 3. Erection of Transformers at load center. 4. Load Balancing. 5. Improve joints and connections. 6. Laying Additional Linklines. 7. Increases HT : LT Ratio. 8. Proper Maintenance of Distribution Network. DSM FOR CONSUMERS DSM on the consumer side requires that a system of collection, analysis, and reporting on the consumer’s energy consumptions and cost be established. Sector wise electricity consumptions in Tamilnadu ENERGY CONSERVATION IN DOMESTIC ?Use only energy efficient (star rating) Appliances. ?Use only wires and appliances that have I. S. I. mark. ?Wiring must be carried out only by the licensed electricians. ?Do not use flexible wires for long distance. ?Maintain properly the electrical appliances and wiring. ?Use compact fluorescent lamps (CFL) instead of ordinary bulbs. It gives greater light and reduced the consumptions 5 times. ?Economy in the use of water will reduces the consumption of electricity. Provide Electronic ballasts to the tube lights. ?Provide Electronic regulators to the fans. ?Use micro – wave ovens heater for cooking purpose. ?Avoid open the refrigerator door frequently. Don’t put hot things in to the refrigerator. ?Use voltage stabilizers for the electrical equipments. ?Don’t use the power loads during peak hours. ?Switch off the lights & fans while leaving the room or house. ?Avoid using decorati ve lamps. ?Avoid switching on the water heater in the previous night for the requirement of hot – water in the next early morning. ?Utilise sun-lights for the maximum extend. A well planned house with number of windows and good ventilation reduces the energy consumption. ENERGY CONSERVATION IN INDUSTRIES Â ±Don’t use motors of higher capacity than required. Â ±Use required I. S. I shut connectors separately for each motors to maintain power factors. Â ±Maintain the machines and appliances properly and regularly. Â ±Change the worn-out bearings and avoid wearing – out due to friction. Â ±Ensure that the motor belts are in proper tight. Â ±Use different motors using instead of single high – horse power motor for different purposes. Use high efficiency pumps and blowers. Â ±If monthly consumption exceeds 10,000 units energy audit is necessary. Â ±Periodically modernize the appliances is essential. ENERGY CONSERVATION IN AGRICULTURE ?Replacement of inefficient agricultural pumps by newly Developed energy efficient pump set. ?Adopt water conservation principles. ?Provide shunt capacitors to the motors. ?Avoid unnecessary additional loads. ?Use P. V. C. pipes instead of steel pipes. ?Avoid bends and leaks in the pipes. ?Don’t operate the motors in two phase. ?Don’t use the low power factor rewound motors. ENERGY AUDIT It is verification, monitoring and analysis of use of energy including submission of a technical reports containing recommendations for improving energy efficiency with cost benefit reduce energy consumption. CONCEPT OF ENERGY AUDIT ?Determine how and where energy is being used or converted in to one form to another. ?Identify opportunities to reduce energy usage and prevent energy losses. Energy Auditing involves ?Identifying energy losses. ?Segregating the losses into technical and commercial losses. ?Estimating the energy conservation potential of a system. Save Energy! Save Nation!!

Choice and Real Life Product Essay

Abstract: In the lab that was conducted, students were supposed to examine the tendencies of fruit flies, specifically Drosophila’s, to move toward or away from important stimuli that aide in their survival, also known as taxis. Another objective for this lab was to identify the patterns and relationships between environmental factors and a living organism. Students are supposed to use two bottles to allow the flies to choose which side they want to go to, depending on what substances they are attracted to more. Fruit flies are not attracted to fruits; rather they are attracted to the rotting fruit. Problem: In this lab, students are studying the behavior of animals, ethology, and the factors that contribute to the way they behave. Do certain environmental factors behave as a stimulus to animals? Hypothesis: If the fruit flies were given choices on which substance they are most attracted to, they there wouldn’t be any preference to any over the other. Materials & Procedures: Material: In this experiment, the we used: tape, 2 water bottles, scissors, 6 different cotton balls, 1 chamber, about 20 fruit flies, water, lime water, banana, vanilla extract, and ammonia. Procedure: Cut the bottom ends off of two water bottles, and tape them together. I labeled each cap with letter â€Å"A† and â€Å"B.† I then inserted the fruit flies in through one end. For each new substance, we dropped a few drops of it onto the cotton balls. We observed the fruit flies for about 5 minutes, undisturbed, and then counted the flies at each end. We repeated these stepped for each new substance being exposed to the flies. Data/Results Table 1. Fruit Fly Choices |Trail 1 |Trail 2 |Trail 3 |Trail 4 | Limewater |Water |Ammonia |Limewater |Vanilla |Banana |Limewater |Banana | |13 |1 |0 |3 |7 |13 |5 |20 | | Questions: 1. Did the flies demonstrate a chemotaxis in relation to any of the substances you chose? Be specific. Chemotaxis is a movement in response to the presence of a chemical stimulus. The flies demonstrated a chemotaxis to the vanilla, lime water, and banana. For each trail, the flies either went one way or the other in response to the substance they preferred. 2. Which substances had the greatest positive and negative chemotactic response? Through the trailing, it is evident that some of the substances had positive and negative responses. In this lab that was conducted, the vanilla extract and banana had the strongest positive responses, while ammonia and water had the most negative responses. Ammonia killed all of the fruit flies that were inside the choice chambers. 3. Describe some possible reason for their preferences? Some possible reasons for their preferences are that they mostly are, however, attracted to fruit. Most of them like the smell of the fruit, and in this case the banana because it rots quickly. 4. What other factors might affect whether or not the fruit flies moved from one part of your choice chamber to another? 5. How can you apply this lab to a real world setting? How might fruit fly preference translate to a real life product? This lab can be  applied to the real world setting not only shown through fruit flies, but also with humans. The fruit fly preference can translate to a real life product by, for say in a restaurant they wouldn’t stay where the ketchups or what have it, but it would be near the garbage area devouring over the rotting food. Conclusion: From this experiment, the behaviors of fruit flies were observed and investigated. Through the sampling of different substance in the choice chambers, it was found that the flies found the banana more desirable than the others and moved towards that side more quickly. This proved the hypothesis that was stated was incorrect. Although, we did make an error; in the trail with ammonia, we added a prodigious amount, which therefore led to the mass killing of the fruit flies causing us to use new ones for the other substances.

Chemical Formula for Ethanol - Chemistry

Question: What Is the Chemical Formula of Ethanol? Ethanol is ethyl alcohol or grain alcohol. It is the type of alcohol found in alcoholic beverages. Heres a look at its chemical formula. Answer: There is more than one way to represent the chemical formula of ethanol. The molecular formula is CH3CH2OH. The empirical formula of ethanol is C2H6O. The chemical formula also may be written as CH3–CH2–OH. You may see ethanol written as EtOH, where the Et represents the ethyl group (C2H5). Learn how to distill ethanol. Ethanol Properties Ethanol, like other alcohols, is flammable, volatile, and colorless. It has a characteristic odor. Ethanol has psychoactive properties. Other forms of alcohol also have such properties, but ethyl alcohol is considerably less toxic to humans than methanol or isopropanol. Ethanol Uses In addition to its recreational use, ethanol has many other applications. It is an important disinfectant and antiseptic. It is a common solvent, of particular use because it is miscible in both water and organic solvents. Ethanol is used for the synthesis of other organic compounds. Ethanol is a clean-burning fuel.