Theories-of-Entrepreneurship Entrepreneurship Theories and The 5 stages of Entrepreneurship Theory

Entrepreneurship Theories and The 5 stages of Entrepreneurship Theory

1. Theories of Entrepreneurship

2. 1. Innovation Entrepreneurship Theory Joseph Alois Schumpeter Entrepreneurs take the stationary economy to the new level of development by adding innovation and creativity of their own.

3. 2. Economic Entrepreneurship Theory Richard Cantillon Economy as one of the fields affected by entrepreneurship Acts both producers and exchange - Demand of people in our economy

4. 3. Sociological Entrepreneurship Theory Max Weber - Talks about the social aspects of Entrepreneurship social aspects like religious beliefs, culture and costums .

5. 4. Psychological Entrepreneurship Theory - David McClelland -The theory emphasizes the internal motivation of entrepreneurs, particularly their need to achieve success and overcome challenges. - Implies that entrepreneurs tend to be highly motivated, goal-oriented and have strong desire for feedback on their performance

6. 5. Opportunity Based Entrepreneurship Theory - Peter Drucker - Business model that suggests entrepreneurs exploit opportunities created by change rather than causing it.

7. 6. Resource Based entrepreneurship Theory - Birger Wernerfelt - A strategic management theory that helps explain why some businesses are more successful than others. It suggest that a company’s resources are the foundation for its competitive advantage.

8. 7. Anthropological Entrepreneurship Theory -Richard Pfeilstetter - A theory that examines how cultural and social factors influence entrepreneurial behavior.

9. 8. Process of Stage Entrepreneurship Theory - Venkat Rao - development journey of an entrepreneur

10. 5 Stages of E ntrepreneurship Theory 1. T he need for entrepreneurship 2. The identification of an entrepreneur’s abilities 3. The process of business development 4. Public funding and promotion 5. Constructive criticism and feeback