Economic Theories of Entrepreneurship

What are the economic theories of entrepreneurship?

Creative Destruction Theory
The notion that entrepreneurs pursue new possibilities through the destruction of old certainties.
This theory suggests that bearing more business uncertainty creates more profits. It also looks at ways in which entrepreneurs can bear different levels of uncertainty.
This theory suggests that productive innovation comes from both incumbents and new entrants. 
The notion that all economic exchange results in transaction costs and thus the optimal organizational structure is one that minimizes these costs.
X-efficiency theory posits that entrepreneurial opportunities come from incumbents’ inefficient use of resources that entrepreneurs discover and exploit.
Resource scarcity theory posits that entrepreneurs’ decisions are affected by the costs of accessing scarce resources in a market and institutional environment.
This theory posits that when individuals think they are winning, they become more risk-averse, whereas when they think they are losing, they become inclined to take bigger risks to make up for their losses.
This theory argues that entrepreneurial alertness allows entrepreneurs to balance supply and demand by detecting market imperfections and exploiting them.
Strategic disagreements theory explains spinouts as the interplay between the preferences of employees and their parent organizations.
The jack of all trades theory is controversial because it suggests people should vary their experiences to attain entrepreneurial skills, but evidence suggests that this may be bad advice.
Agency theory starts with negative assumptions about entrepreneurs and seeks to govern them.
This theory looks at the effects of clusters on entrepreneurship and how spinouts may lead to more clustering.
 
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