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THEORIES OF
ENTREPRENEURSHIP
PRESENTED BY
SIMRAN KAUR
CONTENTS
 Innovation theory by Schumpter
 Theory of high achievement by McClelland
 X-efficiency theory by Leibenstein
 Theory of profit by Knight
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
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
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
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
THANK YOU!!!

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Theories of entrepreneurship

  • 2. CONTENTS  Innovation theory by Schumpter  Theory of high achievement by McClelland  X-efficiency theory by Leibenstein  Theory of profit by Knight
  • 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. 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. 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. 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