Abstract
The paper presents a critical review of the pioneer thoughts and theories of Entrepreneurial Emergence and their validity for today’s entrepreneur. Three major strands of the pioneer theories were examined. These include the Sociological factors’ theory by Max Weber; Psychological factors’ theory by David McClelland; and Economic factors’ theory by Joseph Schumpeter. A critique of the theories showed their strengths and weaknesses and hence the extent of their validity both in the old society and in contemporary society. The Nigerian society and entrepreneur were used as references for the arguments in the paper. From the facts observed about today’s entrepreneurial motivation vis-à-vis the postulations of the vanguards of the pioneer theories, it is evident that these theories are to a very large extent valid and relevant in today’s entrepreneurial motivation. However, the analysis of entrepreneurial emergence in today’s Nigeria was seen as a function of not one set of factors but a combination of the sets of factors provided in all the three theories reviewed. Essentially the paper concludes that the contemporary theories of entrepreneurial emergence are off-shoots and more or less sub-themes of these three traditional theories. It therefore recommends that rather than create a jungle of theories of entrepreneurial emergence, attempt should be made to prune and harmonize these theories into a few ones that will embrace all the relevant factors.
Keywords: Contemporary theories, Critical review, Entrepreneurial emergence, Nigerian society, Pioneer thoughts and theories
Article Review Status: Published
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