Ritically evaluate the contribution of psychological theories to our understanding of the entrepreneur
What is the usefulness of psychology in relation to understanding entrepreneurship?
demonstrate understanding by expanding and elaborating on the
. Traits Approach
Can we understand the entrepreneur and predict success by isolating personality traits?
2. Cognitive Approach
How do entrepreneurs think/ behave differently to others (e.g. managers) biases/ schema/ motivationa¦
Compared and contrasted the theories, drawing links between them and other theories (e.g. economic) as well as critiquing their use for external decision making about entrepreneurial success.
Demonstrate commercial applications of the theories but offered salient critique of this as well.
presence of entrepreneurial traits and behaviour does not predict entrepreneurial activity or success, sometimes mentioning additional factors for consideration (e.g. environmental, biological, sociological and psychodynamic).
Conclusion :Can psychological approaches complement other bodies of entrepreneurship theory?