Entrepreneurship Theory
Perspectives on Entrepreneurship Scholars from different disciplines have come up with agendas or ways of exploring the concept of entrepreneurship and entrepreneur. The perspective have emerged over many years and taken together they provide us with valuable insights into the role of the entrepreneur and the nature of entrepreneurship. The perspectives can be broadly categorized into three; economics psychological behavior/processual Economics Most of the extant theories of the entrepreneur were developed by scholars in the Austrian school of Economics which emphasized on the market processes or market dynamics and entrepreneurial discovery to understand the dynamic character of market and disapproves of the equilibrium models of markets. The Austrian school of economics observe that the standard neoclassical micro-economics for which the general equilibrium model is the analytical core, fails to offer a satisfying theoretical framework for understanding what happens in the market eco...