The Theory of Entrepreneurship ― Creating and Sustaining Entrepreneurial Value

Just over 100 years ago, Joseph A. Schumpeter published Theorie, which, along with his other works, has shaped the field of entrepreneurship. Since then, so little research has examined the interiors of the entrepreneurial experiences and its processes. Today's treatments of entrepreneurship often consist of a cadre of disparate and discipline-based conceptual and theoretical discourses that offer their particular values and contributions.

The Theory of Entrepreneurship examines the interiors of the entrepreneurial value creation process and offers a new unified and comprehensive theory to afford empirical investigations as well as to delineate a broader view of the entrepreneurial contextual milieu. The theory is a two-stage value creation through internalization—a "Nail It" stage and a "Scale It" stage—where each stage of internalization has a source, a value lever, a feedback process, a value multiplier, and a value-added output. This title is necessary reading for all entrepreneurship scholars.

Chandra S. Mishra is a Professor of Entrepreneurship in the College of Business at Florida Atlantic University, USA.

Ramona Kay Zachary is Peter S. Jonas Distinguished Professor of Entrepreneurship at the Zicklin School of Business at Baruch College, USA.