Theories of Entrepreneurship

Define Entrepreneurship

Over 200 years of the study of entrepreneurship have provided many definitions of the word “entrepreneur.”

Indeed, the search for a best definition may have impeded the development of theory. The Schumpeter economic outcome-based concept that an entrepreneur creates value by carrying out new combinations causing discontinuity is embodied in many of the definitions offered within the last 50 years.

What is a Theory?

According to Oxford Dictionaryit is supposition or system of ideas explaining something, especially one based on general principles.

For one to become a successful businessman there is need for that person to know all about the theories of entrepreneurship.  However, entrepreneurship (though famous) is not a fully known field to many people.

There are quite a lot of theories on Entrepreneurship; we will look at some of those in the coming weeks.

I have listed most of them below, which I will be covering on this blog

  1. Schumpeter’s Theory
  2. Economic Theory of Entrepreneurship
  3. Leibenstein’s X-efficiency theory
  4. Dynamic entrepreneurship Theory
  5. Harvard School Theory
  6. Theory of Achievement (N-Ach)
  7. Theory of Profit
  8. Theory of Change
  9. Theory of Adjustment of Price
  10. Theory of Market Equilibrium
  11. Theory of Entrepreneurial Supply
  12. Theory of Personal Resourcefulness
  13. Theory of Cultural Values



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