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Theories of entrepreneurship

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Theories of entrepreneurship: Innovation theory by Schumpter, Theory of Achievement by McClelland, X-efficiency theory by Leibenstein, Theory of profit by Knight

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Theories of entrepreneurship

  1. 1. THEORIES OF ENTREPRENEURSHIP PRESENTED BY SIMRAN KAUR
  2. 2. CONTENTS  Innovation theory by Schumpter  Theory of high achievement by McClelland  X-efficiency theory by Leibenstein  Theory of profit by Knight
  3. 3. INNOVATION THEORY BY SCHUMPTER  Joseph A. Schumpter proposed innovation theory in 1949  Emphasized innovation being the key motivator, knowledge and creativity on the secondary  Innovation may involve developing new products, new markets, new way of producing product, new organizational culture.  Schumpter linked innovation with business cycle indicating that entrepreneurship helps in stabilizing economic growth of the country
  4. 4. THEORY OF HIGH ACHIEVEMENT BY McCLELLAND  David McClelland gave “Theory of needs” categorized into Theory of Achievement (nAch), Theory of Affiliation (nAff) and Theory of Power (nPow)  Individuals having strong nAch set challenging goals and always want to emerge as winners, no matter how much risk they have to bear  Individuals having strong nAff like to socialize and maintain good relationships without entering into any competition  Individuals having strong nPow want high status and greater authority, making them an impactful leader
  5. 5. X-EFFICIENCY THEORY BY LEIBENSTEIN  X-efficiency theory was proposed by Harvey Leibenstein  Measures effectiveness of firm to produce an output with a given set of inputs  Entrepreneur can measure the degree of technical efficiency of the firm which can be maintained under imperfect competition
  6. 6. THEORY OF PROFIT BY KNIGHT  Frank H. Knight proposed theory of profit for entrepreneurs  Profit is the residual return of entrepreneur for bearing risks in business  There are two types of risks: calculable risks and non-calculable risks  Calculable risks can be estimated in advance and so they can be insured  Non-calculable risks are unseen and cannot be estimated, thus are non-insurable
  7. 7. THANK YOU!!!
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Theories of entrepreneurship: Innovation theory by Schumpter, Theory of Achievement by McClelland, X-efficiency theory by Leibenstein, Theory of profit by Knight

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