According to him, needs for high achievement is an essential feature of entrepreneurial behaviour. Taking the United States as one example, while cutting-edge work in They apply a unique combination of resources, means they do things differently to bring innovation. People with high achievement need are not motivated by monetary rewards only, such people regard profit as a measure of success whereas people with low achievement needs are motivated by monetary rewards. According to Hagen, most of the economic theories of underdevelopment are inadequate. In practice, new combination theory covers five cases which are given below: (i) The introduction of a new good which consumers, are not yet familiaror of a new quality of a good. : According to Bert F. Hoselitzs theory, supply of entrepreneurship is governed by cultural factors and culturally minority groups are the spark-plugs of entrepreneurial and economic development. Business also requires finance but that is of secondary importance. According to Weber, A person who lives in which community, religion and follows the conventions and religious values.. He loves practice without theory is like the sailor who boards ship without a rudder and compass and never knows where he may case. Leonardo Da Vinci. Thus, the social attitude of the person and the role expectations are determined by the societys values as well as sanctioning groups that determine the success and failure of entrepreneurship. According to them, the entrepreneur ventures are carried out where there is a gap in the development of a product. But an innovator is one who applies inventions and discovers in order to make new combination. But, an innovator is one who applies inventions and discoveries in order to make now combinations. The entrepreneur is a role performer according to the role expectations by the society. Invention means creation of new things and innovation means application of new things onto practical use. Even if we contrast the different sub cultures within the same larger society, the story of economic development is explained.. Moreover, this theory provides an analysis of religion and its impact on entrepreneurial culture. Do I qualify? I had long recognized the problem and identified a variety of solutions, which I had voiced.
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