Theories on Entrepreneurship

and Innovation
GS 802

d
 CONTENT

1. Schumpeter’s Innovation Theory of Profit

熊彼特的创新利润论

2. Theories of Entrepreneurship
创业理论
PART 1 Schumpeter’s Innovation Theory of Profit
熊彼特的创新利润论
 Joseph Alois Schumpeter (Joseph Alois Schumpeter)
(1883-1950), was born in the same year as Keynes, which
was also the year of Marx's death. The famous Austrian-
American economist, one of the representatives of
contemporary bourgeois economics. He has published
more than 200 papers and 15 books in his lifetime, and his
greatest contribution lies in proposing innovative theories.

约瑟夫 · 阿罗伊斯 · 熊彼特 [Joseph Alois Schumpeter] （ 1883——

1950 ） , 与凯恩斯同年出生，这一年也是马克思逝世的那一年。
著名的美籍奥地利经济学家，当代资产阶级经济学代表人物之一。
一生共发表论文 200 多篇，著作 15 部，一生最大的贡献在于提出
创新理论。
 熊彼特理论形成背景

The term "innovation" was first proposed by the

American economist Schumpeter in his book "Economic
Development Theory" published in 1912.

“ 创新”一词最早是由美国经济学家熊彼特于 1912
年出版的《经济发展理论》一书中提出。
 In 1912, Schumpeter first used a static method to analyze the equilibrium state of circular
circulation. This static analysis method was based on the background of Marx's simple
reproduction process of capitalism, that is, the total income of an enterprise equals its total
expenditure, and the production What managers get is only management wages, so there is no
profit, and there is no capital and interest. The production process is just cyclical, repeated,
without innovation, change, or development.
But Schumpeter denied the simple reproduction of capitalism, he believed that "capitalism
is essentially a form or method of economic change, it is never static".
So Schumpeter proposed "innovation" from the perspective of dynamics and
development. He introduced innovation and entrepreneurs to derive capitalism, and explained
the fundamental phenomenon of economic development. This is the essence of Schumpeter's
innovation theory.
1912 年，熊彼特首先用静态方法分析的循环流转的均衡状态，这种静态分析方法是建立在马克思的资本主义
简单再生产过程的背景条件之下的，即企业总收入等于其总支出，生产管理者所得到的只是管理工资，因而不
产生利润，也不存在资本和利息，生产过程只是循环往返，周而复始，没有创新，没有变动，没有发展。
但是熊彼特否定了资本主义简单再生产的情况，他认为，“资本主义在本质上是经济变动的一种形 式或方
法，它从来不是静止的”。
于是熊彼特从动态和发展的观点提出了“创新”，他引进创新和企业家导出资本主义，阐述经济发展的根
本现象，这是熊彼特创新理论的本体。
• Schumpeter believed that "innovation" is not a technical concept, nor is it simply a new
technical invention.
• It is an economic concept, referring to new things that appear in economic life, and it includes
the following five situations:
• (1) Adopt a new product
• (2) Adopt a new production method
• (3) open up a new market
• (4) Looting or controlling a new source of supply of raw materials or semi-manufactured
goods
• (5) To realize a new organization of any kind of industry
• In a nutshell, it means "entrepreneurs implement a new combination of factors of
production".
• 熊彼特认为“创新”并不是一个技术概念，也不是单纯的技术上的新发明。
• 它是一个经济概念，是指经济生活中出现的新事物，它包括下述五种情况：
• （ 1 ）采用一种新的产品
• （ 2 ）采用一种新的生产方法
• （ 3 ）开辟一个新的市场
• （ 4 ）掠取或控制原材料或半制成品的一种新的供应来源
• （ 5 ）实现任何一种工业的新的组织
 熊彼特的创新理论的基本观点：

• First, innovation is endogenous to the production process

• Second, innovation is a "revolutionary" change
• Third, innovation also means destruction
• Fourth, innovation must be able to create new value
• Fifth, innovation is the essential requirement of economic
development
• Sixth, the main body of innovation is "entrepreneurs"
• 第一，创新是生产过程中内生的
• 第二，创新是一种“革命性”变化
• 第三，创新同时意味着毁灭
• 第四，创新必须能够创造出新的价值
• 第五，创新是经济发展的本质规定
• 第六，创新的主体是“企业家”
• 1. The essence of an entrepreneur is innovation
• 2. Entrepreneurs are the main body to promote economic development
• 3. The driving force for innovation comes from entrepreneurial spirit
• 4. Successful innovation depends on the quality of entrepreneurs
• The biggest feature of Schumpeter's "Innovation Theory" is to emphasize the
paramount role of the innovation of production technology and the
transformation of production methods in the process of capitalist economic
development. However, in his analysis, he removed the capitalist production
relations and covered up the essence of capitalists' exploitation of workers.
• 一、企业家的本质是创新
• 二、企业家是推动经济发展的主体
• 三、创新的主动力来自于企业家精神
• 四、成功的创新取决于企业家的素质
• 熊彼特“创新理论”的最大特色，就是强调生产技术的革新和生产方法的变革在资本主义
经济发展过程中的至高无上的作用。但在分析中，他抽掉了资本主义的生产关系，掩盖了
资本家对工人的剥削实质。
What is profit?

According to Schumpeter's innovative profit principle:

Innovation = building a new business combination
Entrepreneur = the person who realizes the above new
combination
So being an entrepreneur is not a status, let alone a class, but a
status.
Entrepreneurs are only entrepreneurs when they implement
innovations.
什么是利润？

根据熊彼特的创新利润原理：
创新 = 建立一种新的商业组合
企业家 = 实现上述新组合的⼈
所以企业家不是一种⾝份，更不是一种阶层，它是一种状态。
只要当企业主实施创新时，才是企业家。
Why Redefine Entrepreneurship?
Because according to Schumpeter's theory:
Enterprises "only innovation can make profits, and there is only one kind
of profit, which is entrepreneurial profits, and only entrepreneurs can make
profits."
In Schumpeter's theory, there is one and only "innovation profit" for profit.
What a company without innovation gets is not profit, but the meager
"manager's salary" paid by the society to the company, so that you can
maintain reproduction
为什么要重新定义企业家？
因为按照熊彼特的理论：
企业“只有创新才能获得利润，利润只有⼀种，就是企业家利润，只有企业家才
能获得利润。”
在熊彼特的理论中，利润有且只有“创新利润”这⼀种。
没有创新的的企业获得的不是利润，是社会付给企业的微薄的“管理者⼯资”，
让你能够维持再⽣产
Schumpeter's "innovation profit" clearly divides enterprises into two types:
One is to earn innovation profits;
One is to receive the manager's salary paid by the society.

Firms that receive managers' salaries may be precariously mired in competition.

Those who earn innovation profits can stay away from the vortex of competition and
obtain premium prices and profits.
熊彼特的“创新利润”，很明确的将企业分为了两种：
⼀种是赚取创新利润的；
⼀种是领取社会付给的管理者⼯资的。

领取管理者⼯资的企业也许陷在竞争的泥潭⾥朝不保夕。
赚取创新利润者，却可以远离竞争漩涡，获得溢价和利润。
PART 2 Theories of Entrepreneurship
创业理论
文化理论、经济理论、社会学理论和心理学理论
 Cultural Theory
The representative work of sociocultural theory is Weber's "The Protestant Ethic and the Spirit of Capitalism", in which
Weber studied the relationship between entrepreneurship and the social environment. He pointed out that the rise of
Protestantism advocated a variety of social and cultural backgrounds that are conducive to entrepreneurial activities, including
diligence and thrift and the spirit of struggle. Sociocultural theory has certain theoretical significance. It plays an important role
in the comparison of entrepreneurial activities, entrepreneurial behavior characteristics, entrepreneurial enterprise
characteristics, etc. between different regions and countries. Different from social psychology theory, sociocultural theory puts
the characteristics of entrepreneurial entrepreneurs in a specific social and cultural environment. These social and cultural
characteristics do have an impact on the development of entrepreneurial enterprises. There are certain homogeneity
characteristics, but the differences of entrepreneurial enterprises in different countries are also very obvious.
Therefore, the sociocultural theory draws its basic point of view: a specific cultural environment will cultivate specific
entrepreneurial entrepreneurs, resulting in specific characteristics of entrepreneurial enterprise growth methods, and social
and cultural characteristics have become the core factors that determine the development characteristics of entrepreneurial
enterprises. So far, many scholars agree with the relevant research results of sociocultural theory, but sociocultural theory also
has obvious limitations. First of all, the theoretical system is not sufficient, and in the face of empirical research, there will be
inconsistent results. Second, it will appear extremely pale in the face of the differences of entrepreneurial enterprises in the
same region and under the same cultural background.
社会文化理论的代表性作品是韦伯的《新教伦理与资本主义精神》，在该文中，韦伯研究了创业与社会环境之间的关系。他指出，新教主义的兴起，倡导着各种有利于创业活动
的社会文化背景，这些社会文化背景包括勤检节约和奋斗精神等内容。社会文化理论具有一定的理论意义。在对于不同地区不同国家之间创业活动、创业企业家行为特征、创业
企业特征等的比较上，起到了重要作用。与社会心理学理论不同，社会文化理论将创业企业家的特征置于特定的社会文化环境之中，这些社会文化特征，对创业企业发展的影响
也确实存在，具体表现为同一地区创业企业呈现出一定的同质性特征，而不同国家创业企业的差异性也非常明显。于是，社会文化理论得出其基本观点：特定的文化环境会培养
出特定的创业企业家，从而产生特定特征的创业企业成长方式，社会文化特征，成为了决定创业企业发展特征的核心因素。到目前为止，很多学者认同社会文化理论的相关研究
结果，但是，社会文化理论也具有明显的局限性。首先，理论体系不够充实，在面对实证研究的时候，也会出现结果不一致的情况，其次，在面对同一地区、同一文化背景下的
创业企业差异性问题上，会显得极其苍白无力。
 Economic Theory
Austrian Economic Theory:
Austrian economics theory holds that entrepreneurial behavior originates from information
asymmetry. Because in the market, different people will observe specific business opportunities due to
differences in their environments and subject characteristics, and these business opportunities cannot be
discovered by others at the same time. "Differences in individual information allow people to observe
different values ​in existing products or services and be willing to offer different prices to obtain it." It is
the basic motivation of entrepreneurial activities that people may obtain entrepreneurial profits when
they take advantage of price differences caused by heterogeneous information.

奥地利经济学理论：
奥地利经济学理论认为，创业行为起源于信息不对称。因为在市场中，不同的人们由于各自的环境、主体特征的差异，会观察到特定的
商业机会，而这些商业机会其他人是无法同时发现的。“个别信息的差异使人们可以在现有产品或服务中观察到不同的价值，并愿意提供不
同的价格去取得它”。人们在利用异质性信息导致的价格差异时可能获得创业利润是创业活动的基本动因。
 Economic Theory
Austrian Economic Theory:
The Austrian school agrees that entrepreneurial opportunities are of great significance in
entrepreneurial activities, and the acquisition of entrepreneurial information is jointly affected by the
environment in which entrepreneurs live, the basic characteristics of entrepreneurs, and other factors
beyond human ability and willingness. In general, the Austrian school studies the origins of
entrepreneurial behavior. It is considered that the unique information generated by information
asymmetry is the main motivation for entrepreneurs to choose entrepreneurial behavior, and it has made
some progress in the study of entrepreneurial motivation. But the Austrian school gave up research on
the basic characteristics of entrepreneurs, which is equivalent to giving up the most important subject of
entrepreneurship research. And they don't discuss entrepreneurship
The growth process after the establishment of the enterprise does not study the various phenomena that
appear in the growth process of the entrepreneurial enterprise, and these phenomena have become the
focus of entrepreneurship research today.

奥地利经济学理论：
奥地利学派认同创业机会在创业活动中的重要意义，而创业信息的获得，受到创业者所处的环境、创业者基本特征以及其他超出人
的能力和意愿以外的因素的共同影响。总体来说，奥地利学派研究了创业行为的起源。认为信息不对称所产生的独特信息是创业者选择创业
行为的主要动因，在创业动因的研究方面，做出了一定的推动。但奥地利学派在创业者基本特质方面放弃了研究，这就相当于放弃了创业研
究的最重要的一个主体。而且他们不讨论创业
企业成立之后的成长过程，不研究创业企业成长过程中出现的各种现象，而这些现象今天则成为了创业研究的重点内容。
 Economic Theory

Neoclassical Equilibrium Theory:

Contrary to Austrian economics theory, neoclassical equilibrium theory holds that the motivation for entrepreneurial
behavior comes from differences in the basic characteristics of entrepreneurs rather than information asymmetry. Under the
analysis framework of neoclassical equilibrium theory, the market is composed of maximized entrepreneurs, and a large
number of entrepreneurial participants determine that the entrepreneurial opportunity market is a perfectly competitive
market, so any entrepreneurial opportunity can be freely bought and sold at a reasonable price Therefore, it is not the
entrepreneurial opportunity that determines whether to start a business, because in a large market environment,
theoretically, all entrepreneurial opportunities are equal to all people. Opportunity finders can sell business opportunities at
a reasonable price, and for opportunity finders, the cost of facing business opportunities is no different from others. Thus, it
can be concluded that it is the differences in the characteristics of the entrepreneurs themselves, rather than business
opportunities, that determine entrepreneurial behavior. The conclusion of the equilibrium theory is to some extent contrary
to the Austrian school. The reason lies in the assumption of tradability of entrepreneurial opportunities. This school attributes
the motivation of entrepreneurship to the basic characteristics of the entrepreneur, rather than the entrepreneurial
information itself. To some extent, this is a progress in the study of entrepreneurship theory, at least it has played a role in
promoting the study of entrepreneurship theory in the future.
新古典均衡理论：与奥地利经济学理论完全相反，新古典均衡理论认为，创业行为的动因来自于创业者基本特质的差异，而不是信息的不对称。在新
古典均衡理论分析框架下，市场由极大化的创业者所组成，众多的创业参与者决定了创业机会市场是一个完全竞争市场，因而任何创业机会都是可以
以合理的价格自由买卖的，因此，决定是否创业的并非创业机会，因为在大的市场环境下，理论上对所有人而言，所有的创业机会都是平等的。机会
的发现者可以以合理的价格出售商业机会，对机会的发现者而言，其面对商业机会的成本与其他人并无任何差异。从而得出结论，即决定创业行为的，
是创业者们自身的特质差异，而非商业机会。均衡理论的结论从某种程度上与奥地利学派出现相左的成分。究其原因，在于对创业机会的可交易性的
假定。该学派将创业的动机，归结为创业者的基本特质，而不是创业信息本身，从某种程度上讲，是创业理论研究的一个进步，至少对之后的创业理
论研究，起到了推动作用。
 Economic Theory

Risk Theory:
The representative scholar of risk theory, Cantillon (1755), believed that entrepreneurial profits come from risk returns.
Entrepreneurs purchase production assets at a certain price in market transactions, but the sales price of the output product is
uncertain. The entrepreneur's compensation is the difference between the selling price and the buying price. Knight, another
scholar of the risk school, also believes that "risk-taking" is the performance of the fundamental ability and quality of
entrepreneurial entrepreneurs that distinguish them from others. They assume various uncertain risks and manage these risks.
Their entrepreneurial returns also come from risk decision-making and risk management. Therefore, he believes that it is precisely
because of the unmeasurable characteristics of this uncertainty that the entrepreneurial entrepreneur appears.Compared with
ordinary people, entrepreneurial entrepreneurs are more willing and better at grasping this uncertainty and making profits from it.
Knight believes that entrepreneurial entrepreneurs are of great significance in economic activities, and defines entrepreneurs at
this level, that is, "identify the opportunities hidden in uncertainty and the possibility of making profits, and bear all the
consequences of decision-making by yourself" people (Knight, 1937). The characteristics of an entrepreneur determine that he
dares to take risks, and constantly pursues changes and innovations to obtain risk returns. The main point of the risk school is:
entrepreneurial profits come from risk returns, and at the same time, some characteristics of entrepreneurial entrepreneurs are
studied. This theory is an important supplement to the theoretical system of entrepreneurship.
风险理论：
风险理论的代表学者， Cantillon(1755) 认为 , 创业利润来自于风险回报。创业者在市场交易中以确定的价格购买生产资产，而产出产品的销售价格是不确定的。创业者的报酬就
是卖出价格与买入价格之差。风险学派另一位学者奈特也认为，“承担风险 ”是创业企业家们区别于其他人的根木能力和素质的表现。他们承担着各种不确定性风险，并对这些风险进
行管理，他们的创业回报也来自于风险决策和风险管理。因此，他认为，正是由于这种不确定性的不可测度性特征，导致了创业企业家的出现。创业企业家与常人相比，更愿意也更
擅长把握这种不确定性并从中获取利润。奈特认为创业企业家在经济活动中具有重要意义，并对企业家进行了这个层面的界定，即 “识别不确定性中蕴藏的机会与获利的可能，并自己
承担决策的全部后果”的人（奈特 ,1937 ）。企业家的特质决定了他敢于承担风险，不断追求变化和创新而获得风险收益。风险学派的主要观点为：创业利润的来源于风险收益，同时
也研究了创业企业家的某些特征，该理论是对创业理论体系的重要补充。
Social Capital Theory:
Sociological Theory and Psychological Theory
Social capital theory originated from the study of social networks. The research of social capital theory on entrepreneurial
behavior also focuses on the identification and grasp of entrepreneurial opportunities. Scholars believe that entrepreneurial
entrepreneurs rely on their own superior social network resources to discover and utilize entrepreneurial opportunities. These
series of conclusions are all based on the superiority of entrepreneurial entrepreneurs' network resources. They can obtain
various business information through more convenient and extensive channels, including information on entrepreneurial
opportunities. The study of social capital theory is divided into two schools according to the differences of its research objects.
The organizational sociology school pays attention to the analysis of network structure, and the socioeconomic school pays
attention to the analysis of network resources. Both schools of thought have studied entrepreneurial behavior. Organizational
sociology thinks that social network is the most important part of the resources mastered by many entrepreneurial
entrepreneurs. The socioeconomic school studies the impact of various relational capitals embedded in social networks on
entrepreneurial behavior.
Social capital theory provides a new perspective for entrepreneurship research. Moreover, empirical research also shows
that social network structure and social network relational capital have a positive effect and sufficient influence on
entrepreneurs' entrepreneurial behavior. In fact, social capital has indeed become an important source for people to identify
and utilize entrepreneurial opportunities. At the same time, any entrepreneur is not all-rounder. In the process of starting a
business, he must rely on the social capital he has to make up for other Insufficient resources.
社会资本理论： 社会资本理论起源于社会网络的研究。社会资本理论对创业行为的研究，也着眼于创业机会的识别和把握。学者们认为，创业企业家依靠自身优越的社会网络资源，发掘出创业机会并加以利用。这
一系列的结论，都建立在创业企业家网络资源优越性的基础上，他们能通过更为便捷、广阔的渠道，获取各种商业信息，其中即包括创业机会信息。社会资本理论的研究根据其研究对象的差异性，分成了两个学派。
组织社会学派注重网络结构分析，社会经济学派注重网络资源分析。两个学派都对创业行为进行了研究。组织社会学派的认为社会网络是众多创业企业家所掌握的资源中最为重要的部分。社会经济学派则研究内嵌于
社会网络中的各项关系性资本对创业行为的影响。
社会资本理论为创业研究提供了一个新的视角。而且，实证研究也表明，社会网络结构和社会网络关系性资本对创业者的创业行为有着积极的作用和充分的影响。从事实上来看，社会资本确实成为了人们识别创
业机会和利用创业机会的重要来源，同时，任何创业企业家都不是全才，在创业过程中，他必然依赖其所掌握的社会资本来弥补其资源的不足。
Social Psychology Theory:
Sociological Theory and Psychological Theory
Almost all economic theories in the field of entrepreneurship try to avoid the influence of the specific factor of entrepreneurs, because
entrepreneurial entrepreneurs have intelligence factors, sensitivity to entrepreneurial opportunities and markets, and more complex intuitions,
lofty ambitions, etc. Eyes and mind, etc., cannot be expressed in economic terms. However, social psychological theory can make a reasonable
explanation in this respect. Some social psychologists believe that entrepreneurial entrepreneurs have outstanding characteristics that are
different from ordinary people, including a strong desire for success, high preference for risk, strong control ability and desire for control, and
sensitivity to changes in market demand. Of course, there are also some social psychologists who do not believe that entrepreneurial success is
necessarily related to the characteristics of entrepreneurs themselves. For example, Sexton and Bowman (1985) passed empirical tests and found
that there is no relationship between entrepreneurial decision-making and achievement needs.
In general, the basic conclusion of social psychology theory is that entrepreneurial decision-making comes from entrepreneurial characteristics
rather than the emergence of entrepreneurial opportunities. Because from the perspective of causality, entrepreneurial opportunities exist
widely, whether entrepreneurial opportunities can be found, whether there are Questions such as willingness to use entrepreneurial
opportunities depend on the internal factors of the entrepreneur itself. The same entrepreneurial opportunity, in the eyes of different people,
shows different information. Social psychology theory has also played a role in promoting the research on entrepreneurship, and its significance
lies in the prominent status of the characteristics of entrepreneurs.
However, the research on entrepreneurship in social psychological theory is quite superficial and fragmented. Strictly speaking, it cannot be
called a systematic entrepreneurial theory. The research results of many social psychologists on the characteristics of entrepreneurs also show
that there are many problems in this theoretical system. The research results of many scholars are contradictory and fail to form a unified
understanding.
社会心理学理论：几乎所有的经济学理论对创业领域的研究，都企图避开企业家这一特定要素的影响，因为创业企业家的智力因素、对创业机会和市场的敏感程度以及更为复杂的直觉、远大的目光和胸怀等，都是无
法在经济学术语里表达的。但是，社会心理学理论在这个方面却可以做出合理的解释。一些社会心理学家认为，创业企业家具备异于常人的优秀特质，包括强烈的成功欲望、对风险的高偏好程度、较强的控制能力和
控制欲望以及对市场需求变化的敏感性等等。当然，也有一些社会心理学者不认为创业成功和创业者自身特质有必然联系。如 Sexton 和 Bowman （ 1985 ）就通过实证检验，发现创业决策与成就需要之间不存在联系。
总体而言，社会心理学理论的基本结论是创业决策来源于创业企业家特质，而不是基于创业机会的出现因为从因果关系来说，创业机会是广泛存在的，能否发现创业机会、是否有意愿使用创业机会等问题，则取决于
创业者本身的内在因素。同样的创业机会，在不同的人眼里，表现出来的信息是不一样的。社会心理学理论对创业的研究，也起到了推动作用，其意义在于创业者特质地位的突出。
但是，社会心理学理论对创业的研究相当肤浅，不成体系。从严格意义上讲，还不能称为系统的创业理论。许多社会心理学家对创业者特质的研究结果也显示，这一理论体系存在很多问题。很多学者的研究结果
相互矛盾，未能形成统一的认识。
Thank you!
Reportor:Tina