Theories of Entrepreneurship

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Theories of entrepreneurship and types of entrepreneur
Prepared for class discussion by

Prof. S.Suryanarayanan


• Dame luck smiles at hard working people.


Theories of entrepreneurship
Person Max Weber Theory Theory of religious belief Gist Spirit of capitalism-profit motive Protestant ethic-favorable mental attitude of society

Evereet E Hagen
F Young

Theory of social change

Withdrawal of status and respect from a group drive them to be entrepreneurs Eg. Samurai in Japan.

Theory of Group Entrepreneurial supply is a function of group level Level Patterns pattern than individual capability ( like family business) Theory of XEfficiency Papanek and Harris theory Entrepreneurial action is caused by finding the degree of inefficiency of the use of resources within a firm. Economic gain is sufficient factor to practice entrepreneurship

Harvey Leibenstein Papanek and Harris


Theories of entrepreneurship
Kirzner Theory of Adjustment Essential entrepreneurial element is alertness to information rather then possession of it. Adjustment of price in market resulting from prior market ignorance. Strong desire for achievement likely to succeed as entrepreneurs. Risk bearing capacity and dealing with uncertainties are talents possessed by entrepreneurs . Level of self confidence determines level of profit. Marginal Men because of their ambiguous position in social and cultural contexts, make creative adjustments and develop genuine innovations. XIME

David Mclelland Knight

Theory of Achievement Motivation Theory of Profit


Theory of Marginal Men

Theories of entrepreneurship
Richard Cantillon Theory of entrepreneur as risk taker Theory of separating profits of entrepreneurship and investment. Theory of creative destruction Entrepreneur is a risk taker who buys at a set price and sells at an uncertain price Profits of entrepreneur are separate from...
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