Advertisement Israel M. kirzner’s theory of Adjustment: Kirzner, the noted economist, has coined the theory of adjustment of price. According to him, the essential entrepreneurial element is the alertness to information rather than its possession alone. He contends that those entrepreneurs who have the superior telescopic...
Kunkal’s theory of Entrepreneurship Supply: John H. Kunkal advocated the theory of entrepreneurship supply. According to him, psychological & sociological variables are the main determinants for the emergence of entrepreneurs. He contemplated that entrepreneurial talent can be found in minorities, religious, ethnic, migrated, displaced elites &...
The following analysis can reveal the impact of need for achievement in accelerating entrepreneurial urge among individuals Twin characteristics of entrepreneurship: McClelland pointed out the twin important characteristics of entreprenerurship that govern the economic behavior of a person to become entrepreneurial. They are; Doing things...
David McClelland’s Theory of Achievement Motivation: In the late 1940s David McCelland & his associates developed the theory of achievement motivation, which was regarded as one of the best economic theories of entrepreneurial development. They concentrated mainly on following three aspects; Need for achievement. Need for...
Schumpter’s theory of Innovation: Schumpeter’s theory of entrepreneurship is a pioneering work of economic development. Development, in this sense, implies that carrying out of new combinations of entrepreneurship is basically a creative activity. According to Schumpeter, an entrepreneur is one who perceives the opportunities to innovate,...
Fredrick Herzberg developed the two factor theory in 1950’s. (i) Hygiene factors Hygiene factors are necessary to prevent dissatisfactions.. Hygiene factors may include : * Wages, salaries, * Interpersonal relations. * Job Security. (ii) Motivational factors Motivational factors mean those factors which would induce employees to work...
Environmental Theory Darwin’s the of natural selection has been popularized by the phrase “survival the fittest”. Retail institutions are economic entities and retailers confront an environment which is made up of customers, competitors and changing technology. This environment can alter the profitability of a single retail state as...
The most well known theory of retail evolution is The Wheel of Retailing theory. This theory, described by McNair II, helps us understand retail changes. This theory suggests that retail innovators often first appear as low-price operators with a low-cost structure and low profit-margin requirements, offering some real...
Conflict always exists between operators of similar formats or within broad retail categories. It is believed that retail innovation does not necessarily reduce the number of formats available to the consumer; instead, it leads to the development of more formats. Retailing thus evolves through a dialectic process, i.e.,...
Where a change in retail is recognized to the change in the environment in which the retailers operate. Darwin’s natural selection has been popularised by the phrase “survival the fittest”. Retail institutions are monetary body and retailers deal with an environment which is made up of customers, competitors...
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