Entrepreneurship Theoretical Amplification and Its Implications on New Venture Creation in Nigeria

Abstract

Entrepreneurship is a driving force behind economic growth and development. To drive entrepreneurship, different theories echo the need and basis for encouraging new venture creation in stimulating national prosperity. This paper adopted the empirical review approach to delved into the latitude of entrepreneurial theories and re-echoing its pivotal role as a catalyst to new venture creation. It underscores the profound influence of economic incentives on start-ups or new business development. The analysis indicated that different theories such as innovation, economic, psychological, sociological, and achievement motivation theories stimulate entrepreneurs to start new venture. The researcher noted that these parameters illuminate the diverse dimensions of entrepreneurship, shedding light on its intricate dynamics. The paper further indicated that within the entrepreneurial theoretical landscape, economic incentives play a pivot role in stimulating new venture development. The attraction of financial rewards, autonomy, and market dynamics motivates individuals to venture into entrepreneurial endeavors. Government policies, supportive ecosystems, and economic conditions also contribute significantly and influence the decisions of people to become entrepreneurs. The researcher concludes that entrepreneurship is a dynamic and an opportunity-seeking process that serves as a catalyst for wealth creation in any nation.

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