How important is psychology for studying entrepreneurship? What advantages has research done in low- and middle-income countries? Why is it useful to study entrepreneurship in low- and middle-income countries?
In his recent research article published by the journal Small Business Economics, Prof. Dr. Michael Frese shares his answers and thoughts on these questions. He suggests that macro-economic support for entrepreneurs should be combined with psychological preparedness to promote entrepreneurial actions. He also explains how the STEP and PI training can improve psychological preparedness.
Moreover, Michael Frese discusses possible concerns that are often raised against studies from low- and middle-income countries. First, he addresses conceptual problems with the term necessity entrepreneurship. Second, it is stated that while there is a need for financial resources, the timing of financial resources (starting capital vs. later credits), the resource size, and the resource provision should be considered. Third, the differences and similarities between informal and formal entrepreneurship are described and it's consequences for the generalizability of the results of studies in low- and middle-income countries.
The study can be found here.
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