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Entrepreneurship theories. Per L. Bylund Robert J. Trulaske, Sr. College of Business University of Missouri. Three Approaches. Structural Industrial organization, market structure, the entrepreneurial firm Occupational Entrepreneurship as self-employment Functional The economic function

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entrepreneurship theories

Entrepreneurship theories

Per L. Bylund

Robert J. Trulaske, Sr. College of Business

University of Missouri

three approaches
Three Approaches
  • Structural
    • Industrial organization, market structure, the entrepreneurial firm
  • Occupational
    • Entrepreneurship as self-employment
  • Functional
    • The economic function
    • The classical approach: Cantillon (1755)
traditions
Traditions

Hébert & Link:

  • German tradition
    • von Thünen, Schumpeter (1911)
  • Chicago
    • Knight (1921), Schultz
  • Austrian
    • Mises (1949), Shackle, Kirzner (1973)
why entrepreneurship
Why entrepreneurship?
  • Schumpeter (1911), Kirzner (1973)
    • explanans for econ. development, market process
  • Cantillon (1755), Menger (1871), Mises (1949)
    • main actor; “driving force of the market”
    • price determination
  • Knight (1921)
    • judgment, future-oriented imagination
    • the firm, organization
innovation schumpeter
Innovation (Schumpeter)
  • Creativedestruction
    • “its role in the perennial gale of creative destruction”
  • New combinations
    • 1. production of new types of goods, or change of properties of the existing goods
    • 2. introduction of the new method of production, that may be based on the new scientific discovery
    • 3. opening of a new market
    • 4. use of the new sources of raw materials and intermediate goods
    • 5. new organization of production
innovation schumpeter1
Innovation (Schumpeter)
  • Disequilibration
  • Disruptivetechnologies
  • Empirical studies
    • Technologyuse and development
    • Patent data
opportunities kirzner
Opportunities (Kirzner)
  • Alertness
    • “Entrepreneurship does not consist of grasping a free ten-dollar bill which one has already discovered to be resting in one’s hand; it consists in realizing that it is in one’s hand and that it is available for the grasping”
  • Arbitrage of price discrepancies
  • “Pure” entrepreneurship
    • Cannot make a loss
    • No capital investment
    • Instantaneous
opportunities kirzner1
Opportunities (Kirzner)
  • Equilibration
  • The nature of opportunity
    • objective vs. subjective
    • discovered vs. created
  • Empirical studies
    • Identifying, measuring opportunity
    • How entrepreneurs find opportunity
    • How to measure?
judgment knight
Judgment (Knight)
  • Risk vs. uncertainty
  • “Estimate of an estimate”
    • Knowledge of where to find knowledge
    • Imaginative entrepreneur
  • Judgment cannot earn a wage
    • the firm
    • earns residual
judgment knight1
Judgment (Knight)
  • Recently rediscovered
  • “Softer,” seemingly less well-defined concept
  • Empirical studies
    • Yet to come; how to measure?
    • Comparing ex ante decisions, ex post outcomes
entrepreneurship theories summary
Entrepreneurship theories, summary
  • Structural
    • “Small-firm-is-entrepreneurial”
  • Occupational
    • Self-employment
  • Functional
    • Innovation
    • Opportunity
    • Judgment