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2 - Individual-Level Theories of Entrepreneurship

from Part I - Selection

Published online by Cambridge University Press:  16 March 2018

Simon C. Parker
Simon C. Parker
Affiliation:
University of Western Ontario
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Summary

After briefly reviewing historic theories of entrepreneurship dating back to Schumpeter, Knight and beyond, the reader is introduced to simple occupational choice theories which treat entrepreneurial participation as a voluntary economic decision. The famous Lucas `span of control' and Kihlstrom-Laffont risk aversion theories of entrepreneurship are first explained, followed by more recent contributions including the Jack-of-all-Trades idea of Lazear. We then go on to explain why many entrepreneurs come from small firms, while other employees become entrepreneurs within their companies, or `intrapreneurs’. The chapter closes with a theoretical treatment of habitual (i.e. serial and portfolio) entrepreneurs.
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The Economics of Entrepreneurship , pp. 31 - 80
Publisher: Cambridge University Press
Print publication year: 2018

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