Theory. is a generalization that explains a set of facts of phenomena; an absolute truth, can be supported by another observation or proven to be otherwise.

Innovation Theory. Contributed by JOSEPH SCHUMPETER(Austrian Economist & political Scientist. regards economic development as the product of structural change or innovation.

Keynesian Theory. Developed by John Maynard Keynes(brotosh Economist); put emphasis on the role of the government in the entrepreneurial and economic development, most especially when the economy was experiencing depression.

Alfred Marshal Theory. Asserts that there are for factors of production: land, labor, capital, and organization; believed that entrepreneurship is the driving element behind organization.

Alfred Marshal Theory. Organization is the coordinating factor, which brings the other factors together.

Risk & Uncertainty-Bearing Theory.

Frank Hyneman Knight, an American economist conceptualized this theory.

Risk & Uncertainty-Bearing Theory. Knight viewed an entrepreneur as an agent of the production process where he/she connects the producers and consumers.

Risk & Uncertainty-Bearing Theory. Knight added the risk-taking as an important dimension that will differentiate an entrepreneur from a worker.

Weber’s Sociological Theory. Asserts social cultures have significant contributions to entrepreneurship.

Kaldor’s Technological Theory. gives importance to the advancement of technology as an element of production

Leibenstein’s Gap Filing Theory. Advocates that entrepreneurship fill the gap in any economic activity.

Kizner’s Learning Alertness Theory. Focuses on learning and alertness as the primary attributes of entrepreneurship.