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Main Theories of Entrepreneurship
Various variables influence the growth of entrepreneurship
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Numerous philosophers have proposed various theories of entrepreneurship
development or entrepreneurial class development models
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The following are some
entrepreneurial theories:

Innovation Theory
The innovation theory was developed by Joseph A
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The following assumptions are made:
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The entrepreneur is born with the desire to establish his industry
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Takes pleasure of creativity and earning experiences of skills for doing various tasks
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Theory of Need of Achievement
McClelland proposed the necessity for accomplishment theory
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However, to do so, the entrepreneur must have a sufficient ability for creativity, thinking, and
generating new combinations
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McClelland has identified as a crucial determinant in the development of entrepreneurship the drive
to succeed
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Theory of Recover the Withdrawal of Status
Everet Hegen developed this notion
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In this sense, he believes that if a community loses its reputation for any cause, that group becomes
highly active and strong to reclaim it
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As a result, it is possible to argue that the loss
of any social group's standing is the core cause of its personality development as well as its
entrepreneurial growth
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● When a better group changes its views about its subordinate group
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The persons or the group tend to do creative
behavior to regain the status and reputation, after withdrawal of status, etc
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He thinks that any society's entrepreneurial growth is
determined by its historical and current economic and social objectives
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The behavior of the individual may be made Entrepreneurial by influencing the major factors
of demand composition
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Labor composition is operated by various factors, like sources of livelihood, traditional
approach, and aspirations of life, etc
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As a result, entrepreneurship is dependent on a certain set of conditions, the formation of which is
difficult, but the destruction of which is simple
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Bayad have indicated five dimensions of entrepreneurial growth in the
aforementioned physiological theories of entrepreneurship development:
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Need for high achievement
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The entrepreneur always remains ready to take the risk in anticipation of returns and assets
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The behavior of the Entrepreneur may include making a hurry in almost all activities and
feeling the pressure of time and sometimes getting hyperactive and aggressive
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Young developed this notion
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Because they have expertise in the groupings, as well as the ability to react
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When the group feels of low status
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When the group has better institutional resources as compared to other groups
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Social Change Theory
Max Weber proposed this idea of entrepreneurial development
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He believes that the religion in which a person survives, as well as the religious beliefs and faiths that
he embraces, have a significant impact on his business life, occupation, entrepreneurial zeal, and
energy
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His observation is that religious groups that place a premium on capitalism, materialism, and monetary
rationalization have seen an increase in the number of entrepreneurs, wealth, technology, capital
formation, and economic progress
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Cultural Theory
B
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Hauslin developed this theory of entrepreneurial growth
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He explained that culturally marginal groups play a special role in promoting the economic
development of any nation, because marginal individuals are more capable of making creative
adjustments to the conditions of the circumstances, and during this process, they make efforts to bring
about true innovation social behavior
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Cultural Value Theory

Kroken is the creator of cultural value theory
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As a result, the Entrepreneur is a perfect personality for society
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Expectations of acceptance groups regarding the role of the entrepreneur
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As a result, it is possible to assert that entrepreneurial development is inextricably tied to the
environment
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He believes that at a moment of economic transition, socio-cultural values play a critical role
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According to him, 'mental thinking' does establish entrepreneurial development paths, but groupgenerated value Matrix has a substantial impact in attracting entrepreneurship
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Their underlying thesis is that physiological incentive
for economic gain or a rise in real wealth exists in all societies
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However, if individuals lack entrepreneurial reaction despite this, it is due to a variety of market
defects and policy determination proposals
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As a result, individuals enter the industrial area to make the most use of the economic prospects
available in the economy and market
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V
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Rao proposed the entrepreneurial disposition theory of entrepreneurship development
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Individual, physical, and orienting aspects are also important for entrepreneurial organizations
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These elements have an
impact on entrepreneurial growth as well as industrial activity
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He assumes that
entrepreneurship growth is a five-stage process:
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Development and Expansion of Entrepreneurs
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Various policy announcements are made in the country, specialized development plans are
developed, extensive advertising is conducted, support institutions are built, and
entrepreneurial development programs are organized
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Identification of Entrepreneurial Abilities and Capacities in the Society
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Entrepreneurs are
encouraged to engage in beneficial activities
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Development and Expansion of Entrepreneurs
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Furthermore, different policies and programs are in place to promote the spread of industrial
operations
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Various support organizations, such as central labor organizations, state-level
organizations, and research, testing, and standards organizations, among others, are founded
at this stage to facilitate the spread of economic activities and the encouragement of
entrepreneurship
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Follow Up
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The feedback mechanism is offered to aid
in the expansion and development of businesses

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