Being a successful entrepreneur required one to understand
and follow the theories of entrepreneurship closely. These theories can be
meaningfully referred to and the compass that direct the ship of
entrepreneurship for a successful sail and anchor in the sense that it explore
all the available means in which an entrepreneur can go about his/her business
to ensure that success is achieved.
and follow the theories of entrepreneurship closely. These theories can be
meaningfully referred to and the compass that direct the ship of
entrepreneurship for a successful sail and anchor in the sense that it explore
all the available means in which an entrepreneur can go about his/her business
to ensure that success is achieved.
Entrepreneurship as a career has been the attention
of various authorities to compound theories on the subject (entrepreneurship); these
theories are constructed from either psychological or sociological elements. We
will discuss these theories seriatim.
of various authorities to compound theories on the subject (entrepreneurship); these
theories are constructed from either psychological or sociological elements. We
will discuss these theories seriatim.
1. Shackle
Theory: According to Shackle the entrepreneur is someone’ who is creative,
imaginative and original. Whereas Kirzner’s entrepreneur perceives opportunities,
Shackle’s entrepreneur creates and imagines the opportunities. According to Shackle,
everyone person has the potential of creating opportunities, which is exercised
in making choice. Uncertain and imperfect information is crucial for the role
of the entrepreneur. Uncertainty gives rise to opportunities for individuals to
imagine opportunities.
Theory: According to Shackle the entrepreneur is someone’ who is creative,
imaginative and original. Whereas Kirzner’s entrepreneur perceives opportunities,
Shackle’s entrepreneur creates and imagines the opportunities. According to Shackle,
everyone person has the potential of creating opportunities, which is exercised
in making choice. Uncertain and imperfect information is crucial for the role
of the entrepreneur. Uncertainty gives rise to opportunities for individuals to
imagine opportunities.
2. Kirzner’s Theory: According to Kirzner, an entrepreneur is someone who is alert to and
perceives profitable opportunities for exchange. The Kirzner’s entrepreneur is
an intermediary who is alert to opportunities for trade. He is able to identify
supplies, customers and act as intermediary. He has no necessity to own resources
and his reward arise out of the intermediary function. The kirznerian
entrepreneur is someone who is creative. He is not really a risk taker. He
wants to be independent. According to Kirzner everybody has the potential of
being an entrepreneur.
perceives profitable opportunities for exchange. The Kirzner’s entrepreneur is
an intermediary who is alert to opportunities for trade. He is able to identify
supplies, customers and act as intermediary. He has no necessity to own resources
and his reward arise out of the intermediary function. The kirznerian
entrepreneur is someone who is creative. He is not really a risk taker. He
wants to be independent. According to Kirzner everybody has the potential of
being an entrepreneur.
3 Knight Theory: This theory described an entrepreneur as specialized group of persons,
who bear uncertainty as a risk which cannot be insured against and is
incalculable. A risk can be reduced through the insurance principal, where the
outcome is known. While uncertainty is the risk which cannot be calculated.
According to knight, the entrepreneur is a risk taker. He is someone prepared
to undertake risk and the reward in return for bearing uncertainty. This risk could
be financial or personal. Risk exists when we have uncertain outcome but those outcome
can be predicted with a certain-probability. Uncertainty arises when probability
of the outcome cannot be calculated.
who bear uncertainty as a risk which cannot be insured against and is
incalculable. A risk can be reduced through the insurance principal, where the
outcome is known. While uncertainty is the risk which cannot be calculated.
According to knight, the entrepreneur is a risk taker. He is someone prepared
to undertake risk and the reward in return for bearing uncertainty. This risk could
be financial or personal. Risk exists when we have uncertain outcome but those outcome
can be predicted with a certain-probability. Uncertainty arises when probability
of the outcome cannot be calculated.
4. Joseph Schumpeter: The Schumpeter entrepreneur-is an innovator who- brings about ideas.
From the introduction- of new technological process and products. Schumpeter in
his Maganum Opus theory of economic -development considered economic
development -as a discrete dynamic change brought by entrepreneur, by
instituting new combination of production, i.e. Innovations.
From the introduction- of new technological process and products. Schumpeter in
his Maganum Opus theory of economic -development considered economic
development -as a discrete dynamic change brought by entrepreneur, by
instituting new combination of production, i.e. Innovations.
5. Casson Theory: Here -the- entrepreneur is someone with different skills from others. He
needs skills to coordinate scarce- resources and make fundamental decisions.
The Entrepreneur requires command over resources to back their judgement. He/
she is expected to have personal wealth -because lack of capital will be a
barrier to successful entrepreneurship.
needs skills to coordinate scarce- resources and make fundamental decisions.
The Entrepreneur requires command over resources to back their judgement. He/
she is expected to have personal wealth -because lack of capital will be a
barrier to successful entrepreneurship.
6. Max Weber Theory: Max Weber, a German protestant, according to him certain religious
beliefs create either a positive or a – negative attitude towards profit
generation ‘and accumulation of wealth. He carried out a research on the different
religious sects (Catholics, Muslims and Protestants), he that the protestant
ethics tends to go with high profit generation and accumulation of capital.
beliefs create either a positive or a – negative attitude towards profit
generation ‘and accumulation of wealth. He carried out a research on the different
religious sects (Catholics, Muslims and Protestants), he that the protestant
ethics tends to go with high profit generation and accumulation of capital.
Entrepreneurship theories are very important to the
success and development in the field of entrepreneurship. These theories can be
grouped into six major groups which are;
success and development in the field of entrepreneurship. These theories can be
grouped into six major groups which are;
(1) Economic
entrepreneurship theory,
entrepreneurship theory,
(2) Psychological entrepreneurship theory
(3) Sociological entrepreneurship theory,
(4) Anthropological entrepreneurship theory
(5) Opportunity-Based entrepreneurship theory, and
(6) Resource-Based entrepreneurship theory.
These
theories offer entrepreneurs a fairly good opportunity to refocus their efforts
at integrating the diverse viewpoints in achieving a successful entrepreneurship
practice in different forms as stated below:
theories offer entrepreneurs a fairly good opportunity to refocus their efforts
at integrating the diverse viewpoints in achieving a successful entrepreneurship
practice in different forms as stated below:
1.
Economic Entrepreneurship Theories
Economic Entrepreneurship Theories
The
economic entrepreneurship theory has deep roots in the classical and
neoclassical theories of economics, and the Austrian market process (AMP).
These theories explore the economic factors that enhance entrepreneurial
behaviour.
economic entrepreneurship theory has deep roots in the classical and
neoclassical theories of economics, and the Austrian market process (AMP).
These theories explore the economic factors that enhance entrepreneurial
behaviour.
Classical Theory
The classical theory extolled the virtues of free
trade, specialization, and competition. The theory was the result of Britain’s
industrial revolution which took place in the mid 1700 and lasted until the
1830s. The classical movement described the directing role of the entrepreneur
in the context of production and distribution of goods in a competitive
marketplace. Classical theorists articulated three modes of production: land;
capital; and labour. There have been objections to the classical theory.
trade, specialization, and competition. The theory was the result of Britain’s
industrial revolution which took place in the mid 1700 and lasted until the
1830s. The classical movement described the directing role of the entrepreneur
in the context of production and distribution of goods in a competitive
marketplace. Classical theorists articulated three modes of production: land;
capital; and labour. There have been objections to the classical theory.
Neo-classical Theory
The neo-classical model emerged from the criticisms
of the classical model and indicated that economic phenomena could be relegated
to instances of pure exchange, reflect an optimal ratio, and transpire in an economic
system that was basically closed. The economic system consisted of exchange
participants, exchange occurrences, and the impact of results of the exchange
on other market actors. The importance of exchange coupled with diminishing
marginal utility created enough impetus for entrepreneurship in the
neoclassical movement.
of the classical model and indicated that economic phenomena could be relegated
to instances of pure exchange, reflect an optimal ratio, and transpire in an economic
system that was basically closed. The economic system consisted of exchange
participants, exchange occurrences, and the impact of results of the exchange
on other market actors. The importance of exchange coupled with diminishing
marginal utility created enough impetus for entrepreneurship in the
neoclassical movement.
Some criticisms were raised against the
neo-classical conjectures. The first is that aggregate demand ignores the uniqueness
of individual-level entrepreneurial activity. Furthermore, neither use nor
exchange value reflects the future value of innovation outcomes. Thirdly,
rational resource allocation does not capture the complexity of
market-based systems. The fourth point raised was that, efficiency-based performance
does not subsume innovation and non-uniform outputs; known means/ends and
perfect or semi-perfect knowledge does not describe uncertainty. In addition,
perfect competition does not allow innovation and entrepreneurial activity. The
fifth point is that, it is impossible to trace all inputs and outputs in a
market system. Finally, entrepreneurial activity is destructive to the order of
an economic system.
neo-classical conjectures. The first is that aggregate demand ignores the uniqueness
of individual-level entrepreneurial activity. Furthermore, neither use nor
exchange value reflects the future value of innovation outcomes. Thirdly,
rational resource allocation does not capture the complexity of
market-based systems. The fourth point raised was that, efficiency-based performance
does not subsume innovation and non-uniform outputs; known means/ends and
perfect or semi-perfect knowledge does not describe uncertainty. In addition,
perfect competition does not allow innovation and entrepreneurial activity. The
fifth point is that, it is impossible to trace all inputs and outputs in a
market system. Finally, entrepreneurial activity is destructive to the order of
an economic system.
Austrian
Market Process (AMP)
Market Process (AMP)
These unanswered questions
of the neo-classical movement led to a new movement which became known as the
Austrian Market process (AMP). The AMP concentrated on human action in the context
of an economy of knowledge and described entrepreneurship as a driver of
market-based systems. In other words, an important function of an enterprise
was to create something new which resulted in processes that served as impulses
for the motion of market economy. This stated that knowledge is communicated
throughout a market system (e.g. via price information), innovation transpires,
entrepreneurs satisfy market needs, and system-level change occurs. If an
entrepreneur knows how to create new goods or services, or knows a better way
to do so, benefits can be reaped through this knowledge. Entrepreneurs
effectuate knowledge when they believe it will procure some individually-defined
benefits.
of the neo-classical movement led to a new movement which became known as the
Austrian Market process (AMP). The AMP concentrated on human action in the context
of an economy of knowledge and described entrepreneurship as a driver of
market-based systems. In other words, an important function of an enterprise
was to create something new which resulted in processes that served as impulses
for the motion of market economy. This stated that knowledge is communicated
throughout a market system (e.g. via price information), innovation transpires,
entrepreneurs satisfy market needs, and system-level change occurs. If an
entrepreneur knows how to create new goods or services, or knows a better way
to do so, benefits can be reaped through this knowledge. Entrepreneurs
effectuate knowledge when they believe it will procure some individually-defined
benefits.
The earlier neoclassical
framework did not explain such activity; it assumed perfect competition,
carried closed-system assumptions, traced observable fact data, and inferred
repeatable observation-based principles. By contrast, AMP denied assumptions
that circumstances are repeatable, always leading to the same outcomes in an
economic system. Rather, it held entrepreneurs are incentivized to use episodic
knowledge (that is, possibly never seen before and never to be seen again), to
generate value.
framework did not explain such activity; it assumed perfect competition,
carried closed-system assumptions, traced observable fact data, and inferred
repeatable observation-based principles. By contrast, AMP denied assumptions
that circumstances are repeatable, always leading to the same outcomes in an
economic system. Rather, it held entrepreneurs are incentivized to use episodic
knowledge (that is, possibly never seen before and never to be seen again), to
generate value.
Thus, the AMP was based on
three main conceptualizations. The first was the arbitraging market in which
opportunities emerge for given market actors as others overlook certain
opportunities or undertake suboptimal activity. The second was alertness to
profit-making opportunities, which entrepreneurs discover and entrepreneurial
advantage. The third conceptualization was that ownership is distinct from
entrepreneurship. In other words, entrepreneurship does not require ownership
of resources, an idea that adds context to uncertainty and risk. These
conceptualizations show that every opportunity is unique and therefore previous
activity cannot be used to predict outcomes reliably.
three main conceptualizations. The first was the arbitraging market in which
opportunities emerge for given market actors as others overlook certain
opportunities or undertake suboptimal activity. The second was alertness to
profit-making opportunities, which entrepreneurs discover and entrepreneurial
advantage. The third conceptualization was that ownership is distinct from
entrepreneurship. In other words, entrepreneurship does not require ownership
of resources, an idea that adds context to uncertainty and risk. These
conceptualizations show that every opportunity is unique and therefore previous
activity cannot be used to predict outcomes reliably.
2.
Psychological Entrepreneurship Theories
Psychological Entrepreneurship Theories
The level of analysis in psychological theories is the
individual. These theories emphasize personal characteristics that define
entrepreneurship. Personality traits need for achievement and locus of control
are reviewed and empirical evidence presented for three other new
characteristics that have been found to be associated with entrepreneurial
inclination. These are risk taking, innovativeness, and tolerance for
ambiguity.
individual. These theories emphasize personal characteristics that define
entrepreneurship. Personality traits need for achievement and locus of control
are reviewed and empirical evidence presented for three other new
characteristics that have been found to be associated with entrepreneurial
inclination. These are risk taking, innovativeness, and tolerance for
ambiguity.
Personality Traits theory
Personality traits are
described as the “stable qualities that a person shows in most situations”. To
the trait theorists there are enduring inborn qualities or potentials of the
individual that naturally make him an entrepreneur. The obvious or logical question
on your mind may be “What are the exact traits/inborn qualities?” The answer is
not a straight forward one since we cannot point at particular traits. However,
this model gives some insight into these traits or inborn qualities by
identifying the characteristics associated with the entrepreneur. The
characteristics give us a clue or an understanding of these traits or inborn potentials.
In fact, explaining personality traits means making inference from behavior.
described as the “stable qualities that a person shows in most situations”. To
the trait theorists there are enduring inborn qualities or potentials of the
individual that naturally make him an entrepreneur. The obvious or logical question
on your mind may be “What are the exact traits/inborn qualities?” The answer is
not a straight forward one since we cannot point at particular traits. However,
this model gives some insight into these traits or inborn qualities by
identifying the characteristics associated with the entrepreneur. The
characteristics give us a clue or an understanding of these traits or inborn potentials.
In fact, explaining personality traits means making inference from behavior.
Some of the characteristics
or behaviors associated with entrepreneurs are that they tend to be more opportunity
driven (they nose around), demonstrate high level of creativity and innovation,
and show high level of management skills and business know-how. They have also
been found to be optimistic, (they see the cup as half full than as half
empty), emotionally resilient and have mental energy, they are hard workers,
show intense commitment and perseverance, thrive on competitive desire to excel
and win, tend to be dissatisfied with the status quo and desire improvement,
entrepreneurs are also transformational in nature, who are lifelong learners
and use failure as a tool and springboard. They also believe that they can personally
make a difference, are individuals of integrity and above all visionary.
or behaviors associated with entrepreneurs are that they tend to be more opportunity
driven (they nose around), demonstrate high level of creativity and innovation,
and show high level of management skills and business know-how. They have also
been found to be optimistic, (they see the cup as half full than as half
empty), emotionally resilient and have mental energy, they are hard workers,
show intense commitment and perseverance, thrive on competitive desire to excel
and win, tend to be dissatisfied with the status quo and desire improvement,
entrepreneurs are also transformational in nature, who are lifelong learners
and use failure as a tool and springboard. They also believe that they can personally
make a difference, are individuals of integrity and above all visionary.
The trait model is still not supported by research
evidence. The only way to explain or claim that it exists is to look through
the lenses of one’s characteristics/behaviors and conclude that one has the
inborn quality to become an entrepreneur.
evidence. The only way to explain or claim that it exists is to look through
the lenses of one’s characteristics/behaviors and conclude that one has the
inborn quality to become an entrepreneur.
Locus of Control
Locus of control is an
important aspect of personality. This is an individual’s perception about the
underlying main causes of events in his/her life. In other words, a locus of
control orientation is a belief about whether the outcomes of our actions are
contingent on what we do (internal control orientation) or on events outside
our personal control (external control orientation).
important aspect of personality. This is an individual’s perception about the
underlying main causes of events in his/her life. In other words, a locus of
control orientation is a belief about whether the outcomes of our actions are
contingent on what we do (internal control orientation) or on events outside
our personal control (external control orientation).
In this context the entrepreneur’s success comes from
his/her own abilities and also support from outside. The former is referred to
as internal locus of control and the latter is referred to as external locus of
control. While individuals with an internal locus of control believe that they
are able to control life events, individuals with an external locus of control
believe that life’s events are the result of external factors, such as chance,
luck or fate. Internal locus of control is found to be positively associated
with the desire to become an entrepreneur. Business owners have a slightly
higher internal locus of control than other populations.
his/her own abilities and also support from outside. The former is referred to
as internal locus of control and the latter is referred to as external locus of
control. While individuals with an internal locus of control believe that they
are able to control life events, individuals with an external locus of control
believe that life’s events are the result of external factors, such as chance,
luck or fate. Internal locus of control is found to be positively associated
with the desire to become an entrepreneur. Business owners have a slightly
higher internal locus of control than other populations.
Need for Achievement theory
While the trait model focuses on enduring inborn
qualities and locus of control on the individual’s perceptions about the
rewards and punishments in his or her life. Human beings have a need to
succeed, accomplish, excel or achieve. Entrepreneurs are driven by this need to
achieve and excel. However, locus of control (LOC) had negative influence on
entrepreneurial inclination. The construct locus of control was also found to
be highly correlated with variables such as risk taking, need for achievement,
and tolerance for ambiguity.
qualities and locus of control on the individual’s perceptions about the
rewards and punishments in his or her life. Human beings have a need to
succeed, accomplish, excel or achieve. Entrepreneurs are driven by this need to
achieve and excel. However, locus of control (LOC) had negative influence on
entrepreneurial inclination. The construct locus of control was also found to
be highly correlated with variables such as risk taking, need for achievement,
and tolerance for ambiguity.
3. Sociological
Entrepreneurship Theory
Entrepreneurship Theory
The sociological theory is
the third of the major entrepreneurship theories. Sociological enterprise
focuses on the social context .In other words, in the sociological theories the
level of analysis is traditionally the society. This comes in four social
contexts that relates to entrepreneurial opportunity.
the third of the major entrepreneurship theories. Sociological enterprise
focuses on the social context .In other words, in the sociological theories the
level of analysis is traditionally the society. This comes in four social
contexts that relates to entrepreneurial opportunity.
The first one is social
networks. Here, the focus is on building social relationships and bonds that
promote trust and not opportunism. In other words, the entrepreneur should not
take undue advantage of people to be successful; rather success comes as a
result of keeping faith with the people.
networks. Here, the focus is on building social relationships and bonds that
promote trust and not opportunism. In other words, the entrepreneur should not
take undue advantage of people to be successful; rather success comes as a
result of keeping faith with the people.
The second he called the
life course stage context which involves analyzing the life situations and characteristic
of individuals who have decided to become entrepreneurs. The experiences of
people could influence their thought and action so they want to do something
meaningful with their lives.
life course stage context which involves analyzing the life situations and characteristic
of individuals who have decided to become entrepreneurs. The experiences of
people could influence their thought and action so they want to do something
meaningful with their lives.
The third context is ethnic identification. One’s
sociological background is one of the decisive “push” factors to become an
entrepreneur. For example, the social background of a person determines how far
he/she can go. Marginalized groups may violate all obstacles and strive for
success, spurred on by their disadvantaged background to make life better. The
fourth social context is called population ecology. The idea is that
environmental factors play an important role in the survival of businesses. The
political system, government legislation, customers, employees and competition
are some of the environmental factors that may have an impact on survival of
new venture or the success of the entrepreneur.
sociological background is one of the decisive “push” factors to become an
entrepreneur. For example, the social background of a person determines how far
he/she can go. Marginalized groups may violate all obstacles and strive for
success, spurred on by their disadvantaged background to make life better. The
fourth social context is called population ecology. The idea is that
environmental factors play an important role in the survival of businesses. The
political system, government legislation, customers, employees and competition
are some of the environmental factors that may have an impact on survival of
new venture or the success of the entrepreneur.
4. Anthropological
Entrepreneurship Theory
Entrepreneurship Theory
The fourth major theory is
referred to as the anthropological theory. Anthropology is the study of the origin,
development, customs, and beliefs of a community. In other words, the culture
of the people in the community. The anthropological theory says that for
someone to successful initiate a venture the social and cultural contexts
should be examined or considered.
referred to as the anthropological theory. Anthropology is the study of the origin,
development, customs, and beliefs of a community. In other words, the culture
of the people in the community. The anthropological theory says that for
someone to successful initiate a venture the social and cultural contexts
should be examined or considered.
Here emphasis is on the cultural entrepreneurship
model. The model says that new venture is created by the influence of one’s culture.
Cultural practices lead to entrepreneurial attitudes such as innovation that
also lead to venture creation behavior. Individual ethnicity affects attitude
and behavior, and culture reflects particular ethnic, social, economic,
ecological, and political complexities in individuals. Thus, cultural
environments can produce attitude differences as well as entrepreneurial
behavior differences.
model. The model says that new venture is created by the influence of one’s culture.
Cultural practices lead to entrepreneurial attitudes such as innovation that
also lead to venture creation behavior. Individual ethnicity affects attitude
and behavior, and culture reflects particular ethnic, social, economic,
ecological, and political complexities in individuals. Thus, cultural
environments can produce attitude differences as well as entrepreneurial
behavior differences.
5. Opportunity–Based
Entrepreneurship Theory
Entrepreneurship Theory
An opportunity-based approach provides a wide-ranging conceptual
framework for entrepreneurship research. Entrepreneurs do not cause change but
exploit the opportunities that change (in technology, consumer preferences
etc.) creates. This defines entrepreneur and entrepreneurship, the entrepreneur
always searches for change, responds to it, and exploits it as an opportunity.
Entrepreneurs have an eye more for possibilities created by change than the
problems.
framework for entrepreneurship research. Entrepreneurs do not cause change but
exploit the opportunities that change (in technology, consumer preferences
etc.) creates. This defines entrepreneur and entrepreneurship, the entrepreneur
always searches for change, responds to it, and exploits it as an opportunity.
Entrepreneurs have an eye more for possibilities created by change than the
problems.
6. Resource- Based
Entrepreneurship Theories
Entrepreneurship Theories
The Resource-based theory
of entrepreneurship argues that access to resources by founders is an important
predictor of opportunity based entrepreneurship and new venture growth. This theory
stresses the importance of financial, social and human resources. Thus, access
to resources enhances the individual’s ability to detect and act upon
discovered opportunities. Financial, social and human capital represents three
classes of theories under the resource –based entrepreneurship theories.
of entrepreneurship argues that access to resources by founders is an important
predictor of opportunity based entrepreneurship and new venture growth. This theory
stresses the importance of financial, social and human resources. Thus, access
to resources enhances the individual’s ability to detect and act upon
discovered opportunities. Financial, social and human capital represents three
classes of theories under the resource –based entrepreneurship theories.
Conclusion
The theories of
entrepreneurship highlighted above are different approaches to
entrepreneurship. Whichever theory of philosophy an entrepreneur wishes to
imbibe or follow, the underlining object is to ensure that success is achieved,
but it is necessary for the an entrepreneur to consider all the theories of
entrepreneurship and adequately match them to his or her business enterprise in
get the necessary guidance laid down by seasoned entrepreneur to carry out a
smooth sail in the “waters of entrepreneurship”.
entrepreneurship highlighted above are different approaches to
entrepreneurship. Whichever theory of philosophy an entrepreneur wishes to
imbibe or follow, the underlining object is to ensure that success is achieved,
but it is necessary for the an entrepreneur to consider all the theories of
entrepreneurship and adequately match them to his or her business enterprise in
get the necessary guidance laid down by seasoned entrepreneur to carry out a
smooth sail in the “waters of entrepreneurship”.
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