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Importance of entrepreneurial theory in adult care

This page is designed to answer the following questions:

NOTE: Although this page has been marked as complete, it has not yet been peer-reviewed or quality-assured, therefore it should be considered a ‘first draft’ and any information should be fact-checked independently.

For this assessment criterion, you will be required to research several theories of entrepreneurship and decision-making and explain how they could be applied to adult care management. Some theories that you may wish to research are included below.

Economic theories

Economic theories of entrepreneurship assert that an entrepreneur, through the use of innovation, can have a significant impact on economic growth. Entrepreneurs are incentivized for the risks they take

Psychological theories

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Sociological theories

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Entrepreneurship Innovation Theory

Schumpeter published many works which explored entrepreneurship and innovation, most notable The Theory of Economic Development (1934).

Theory of achievement motivation

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Needs theory of motivation

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Learners explain how contemporary theories of entrepreneurship and decision-making could be applied to adult care management in respect of the following:

  • Economic theories – providing incentives to achieve
  • Psychological theories – a vision and ability to manage opposition to change
  • Sociological theories – how values influence motivations, behaviours and beliefs in decision-making
  • Entrepreneurship Innovation Theory – foresight, creativity
  • Theory of Achievement Motivation – doing things in a new and different way, high achievers
  • Needs Theory of Motivation – factors that motivate individual’s behaviours