Current theories on entrepreneurship have tried to explore the field of entrepreneurship. However, the dynamism of the environment and technology need a new approach of researching on entrepreneurship. Based on the beliefs of the importance in the society, and in the development of a country regarding the contribution in employment creation, and economic development, entrepreneurship has got much attention in decision-makers and scholars. Diverse standpoints have been taken by researchers, and many theories have been developed. Most of the theories have focused on finding factors that may justify entrepreneurship.
Some of the most influential theories have taken an economic orientation, others a social orientation or psychosocial orientation. Thus, as identified by Kwabena theories like the economic entrepreneurship theory, the psychological entrepreneurship theory, the sociological entrepreneurship theory, the anthropological entrepreneurship theory, the opportunity-based entrepreneurship theory, and the resource-based entrepreneurship theory have been developed by scholars to explain the field of entrepreneurship.
These theories inspired many researches in the field of entrepreneurship all over the world. The recent orientation taken by researchers was trying to understand the factors underlying entrepreneurial intentions. This orientation was inspired by the theory of planned behavior. As in the original theory of reasoned action, a central element in the theory of planned behavior is the intention of the individual to perform a given behavior.
Table of Contents
- Current State of Entrepreneurship
- New Orientation
- References
Objectives and Key Themes
This text aims to review existing theories of entrepreneurship and identify their limitations in the context of modern economic and technological advancements. It explores the evolution of entrepreneurial theory from various perspectives (economic, psychological, sociological, etc.) and highlights the need for a new orientation.
- Evolution of Entrepreneurship Theories
- Limitations of Existing Entrepreneurial Theories
- Impact of Technological Advancements on Entrepreneurship
- The Role of Government Intervention in Economic Growth
- The Need for a New Theoretical Framework
Chapter Summaries
Current State of Entrepreneurship: This chapter provides an overview of existing entrepreneurship theories, highlighting their diverse standpoints and focus on identifying factors that justify entrepreneurial activity. It discusses theories rooted in economics, psychology, sociology, anthropology, and management, such as economic entrepreneurship theory, psychological entrepreneurship theory, and opportunity-based entrepreneurship theory. The chapter then shifts to the recent focus on understanding entrepreneurial intentions, drawing upon the theory of planned behavior and citing several research studies that investigate the factors influencing entrepreneurial intentions in various contexts (e.g., university students in Poland, students across 25 countries). These studies analyze the impact of factors like entrepreneurship education, individual characteristics, contextual variables, and environmental factors (access to finance, socio-cultural aspects, government policies) on entrepreneurial intentions and success. The significance of these studies lies in their contribution to a more nuanced understanding of the multifaceted factors shaping entrepreneurial behavior and success.
New Orientation: This chapter critiques existing entrepreneurship theories, arguing that they are inadequate in the face of modern technological advancements and emerging phenomena. The chapter challenges the neo-liberal theory of economic growth linked to free trade, presenting evidence of successful economic growth in emerging countries driven by government intervention. It highlights the limitations of current theories in addressing the roles of shareholders in sustainable entrepreneurship, the experiences of entrepreneurs with success and failure, and the dynamic nature of modern economic systems (inflation, debt, etc.). The chapter concludes by emphasizing the need for a new theoretical framework that better accounts for these factors, reflecting a more comprehensive and dynamic understanding of entrepreneurship.
Keywords
Entrepreneurship theories, entrepreneurial intentions, planned behavior theory, entrepreneurship education, economic growth, globalization, technological advancements, government intervention, sustainable entrepreneurship, limitations of existing theories, new theoretical framework.
Frequently Asked Questions: A Comprehensive Language Preview of Entrepreneurship Theories
What is the overall focus of this text?
This text provides a comprehensive overview of existing entrepreneurship theories, analyzes their limitations in light of modern advancements, and advocates for a new theoretical framework. It covers the evolution of entrepreneurial theory from various perspectives (economic, psychological, sociological, etc.), examining the impact of technological advancements and the role of government intervention.
What topics are covered in the "Current State of Entrepreneurship" chapter?
This chapter surveys existing entrepreneurship theories, including economic, psychological, sociological, anthropological, and management perspectives. It highlights the recent focus on understanding entrepreneurial intentions, drawing on the theory of planned behavior and citing research on factors influencing these intentions (e.g., education, individual characteristics, contextual variables, environmental factors). The chapter emphasizes the multifaceted nature of entrepreneurial behavior and success.
What are the main arguments presented in the "New Orientation" chapter?
This chapter critiques existing theories, arguing their inadequacy in addressing modern technological advancements and emerging economic phenomena. It challenges neo-liberal economic growth theories linked to free trade, highlighting successful government intervention in emerging economies. The chapter points out the limitations of current theories in addressing shareholder roles in sustainable entrepreneurship, the experiences of entrepreneurs (success and failure), and the dynamics of modern economic systems. It concludes by emphasizing the need for a more comprehensive and dynamic theoretical framework.
What are the key themes explored in this text?
Key themes include the evolution of entrepreneurship theories, limitations of existing theories, the impact of technological advancements on entrepreneurship, the role of government intervention in economic growth, and the need for a new theoretical framework. The text also focuses on entrepreneurial intentions, planned behavior theory, and the multifaceted factors influencing entrepreneurial success.
What are the main limitations of existing entrepreneurship theories according to this text?
Existing theories are criticized for their inadequacy in addressing modern technological advancements, the role of government intervention in economic growth, the complexities of sustainable entrepreneurship (including shareholder roles), and the experiences of entrepreneurs facing both success and failure in dynamic economic systems (inflation, debt, etc.).
What is the proposed solution to the limitations of existing theories?
The text advocates for a new theoretical framework that provides a more comprehensive and dynamic understanding of entrepreneurship, better accounting for technological advancements, government intervention, the complexities of modern economic systems, and the diverse experiences of entrepreneurs.
What keywords are associated with this text?
Keywords include: Entrepreneurship theories, entrepreneurial intentions, planned behavior theory, entrepreneurship education, economic growth, globalization, technological advancements, government intervention, sustainable entrepreneurship, limitations of existing theories, new theoretical framework.
What is included in the Table of Contents?
The table of contents includes: Current State of Entrepreneurship, New Orientation, and References.
- Quote paper
- Antoine Niyungeko (Author), 2020, Directions for Research, Theory-Building and Application in Entrepreneurship, Munich, GRIN Verlag, https://www.grin.com/document/956919
