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CHAPTER

2
APPROACHES TO
ENTREPRENEURSHIP
1. Overview of Entrepreneurial Thoughts
Entrepreneurship is a practical and behavioural subject. It is
interdisciplinary. Nowadays, it is growing as a distinct and specific
field of study. Various types of schools of thoughts have emerged in
entrepreneurship. As such it contains various approaches that can
increase one's understanding of the field. The schools of thoughts
explain entrepreneurship, predict entrepreneurial activities (for
example, by characterizing conditions that are likely to lead to new
profit opportunities to the formation of new enterprises), and
provide important guidance (that is, prescribe the right action in
particular
circumstances)
for
entrepreneurial
actions.
Entrepreneurial schools of thoughts are the results of many kinds of
theories, principles, studies, findings and conclusions of
entrepreneurship.
Entrepreneurship schools of thought approaches that divides
entrepreneurship into specific activities. These activities may be
within a "macro" view or a "micro" view1.

Macro View of Entrepreneurial Schools of Thought

Micro View of Entrepreneurial Schools of Thought

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1.
2.
3.

4.
5.

E n t r e p r e n e u r s h i p

D e v e l o p m e n t

SELECTED NOTES AND REFERENCES

Donald F. Kuratko (2009) Entrepreneurship: Theory, Process and Practice, USA:
South-Western Cengage Learning, pp. 8-13.
Donald F. Kuratko and R. M. Hodgetts (2007) Entrepreneurship in the New
Millenium: New Delhi: Cengage Learning, pp. 50-55.
Michael H. Morris, P. Lewis, and Donald L. Sexton (1994) "Reconceptualising
Entrepreneurship: An Input-Output Perspective" SAM Advanced Management
Journal 59, no. 1 (Winter, 1994, pp. 21-31). Adapted from Donald F. Kuratko (2009)
Entrepreneurship: Theory, Process and Practice, USA: South-Western Cengage
Learning, p. 15.
Robert C. Ronstandt (1984) Entrepreneurship, Dover. MA: Lord Publshing, p. 39.
Adapted from Donald F. Kuratko (2009) Entrepreneurship: Theory, Process and
Practice, USA: South-Western Cengage Learning, p. 15.
W.B. Gartner (1985) "A Conceptual Framework for Describing the Phenomenon
of New Venture Creation" Academy of Management Review (October, 1985) p.
702.

REVIEW QUESTIONS

Short Answer Questions

1. Discuss about the approaches to entrepreneurship.
2. Explain the macro view of entrepreneurial schools of thought
3. Discuss about the micro view of entrepreneurial schools of thought
4. Explain the environmental and displacement school of thought of
entrepreneruship.
5. Discuss about the entrepreneurial trait school of thought.
6. What is the process approaches to entrepreneurship? Explain.

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