Entrepreneurial Theories

Abstract

This paper builds on the theory-based view and the theory of the entrepreneur in economics to describe three archetypal value-creating theories that economic actors can possess and shows that each theory implies a set of prescriptions for how entrepreneurs can organize and govern the process of value creation. These patterns for value creation reveal important insights about the entrepreneurial process, influencing (among other things) entrepreneurial experimentation, economic organization, intellectual property protection, and financing.