Theory and Philosophy Business Resource Materials

Entrepreneurship Law Editorial Team


Zoltan J. Acs & Catherine Armington, Entrepreneurship, Geography, and American Economic Growth (2006).

Abstract (from Amazon Product Description): The spillovers in knowledge among largely college-educated workers were among the key reasons for the impressive degree of economic growth and spread of entrepreneurship in the United States during the 1990s. Prior 'industrial policies' in the 1970s and 1980s did not advance growth because these were based on outmoded large manufacturing models. Zoltan Acs and Catherine Armington use a knowledge spillover theory of entrepreneurship to explain new firm formation rates in regional economies during the 1990s period and beyond. The fastest growing regions are those that have the highest rates of new firm formation, and which are not dominated by large businesses. The authors also find support for the thesis that knowledge spillovers move across industries and are not confined within a single industry. As a result, they suggest, regional policies to encourage and sustain growth should focus on entrepreneurship among other factors.


Product Description (from Amazon):  Entrepreneurs are widely recognized for the vital contributions they make to economic growth and general welfare, yet until fairly recently entrepreneurship was not considered worthy of serious economic study. Today, progress has been made to integrate entrepreneurship into macroeconomics, but until now the entrepreneur has been almost completely excluded from microeconomics and standard theoretical models of the firm. The Microtheory of Innovative Entrepreneurship provides the framework for introducing entrepreneurship into mainstream microtheory and incorporating the activities of entrepreneurs, inventors, and managers into standard models of the firm. William Baumol distinguishes between the innovative entrepreneur, who comes up with new ideas and puts them into practice, and the replicative entrepreneur, which can be anyone who launches a new business venture, regardless of whether similar ventures already exist. Baumol puts forward a quasi-formal theoretical analysis of the innovative entrepreneur's influential role in economic life. In doing so, he opens the way to bringing innovative entrepreneurship into the accepted body of mainstream microeconomics, and offers valuable insights that can be used to design more effective policies. The Microtheory of Innovative Entrepreneurship lays the foundation for a new kind of microtheory that reflects the innovative entrepreneur's importance to economic growth and prosperity.

Entrepreneurship Education in Asia (Hugh Thomas & Donna Kelley eds., 2011).

Abstract (adapted from publisher): The continuing success of the Asian Miracle relies on an entrepreneurial revolution that has increased the productivity and flexibility of economies across the region. Yet this revolution has largely been necessity-driven, traditional and vulnerable to erosion as the region becomes increasingly prosperous and well educated. How to educate the next wave of entrepreneurs is a pressing Asian question that resonates around the world and is the subject of this volume. Hugh Thomas and Donna Kelley draw on 24 scholars from 15 institutions to report on regional entrepreneurship education. They identify problems encountered by educators and describe solutions that stimulate students to create value. The approaches are hands-on, project-based and multidisciplinary, geared to develop educator-to-business entrepreneurial ecosystems. The entrepreneurial programs described in this book involve experiencing foreign cultures, working with major corporations, consulting to small and medium sized enterprises, travelling to distant lands, addressing environmental and social problems, and reaching out to the disadvantaged. Social entrepreneurship is combined with for-profit entrepreneurship in programs that extend the concept of value creation. This book eloquently and expertly describes how entrepreneurship education – whether in Vietnam, Malaysia, Korea, Japan, China or elsewhere on the globe – can combine with community to help youth create a better world.

Yong Zhao, World Class Learners: Educating Creative and Entrepreneurial Students (2012).

Abstract (from author): In the new global economy, the jobs that exist now might not exist by the time today’s students enter the workplace. To succeed in this ever-changing world, students need to be able to think like entrepreneurs: resourceful, flexible, creative, and global. The author unlocks the secrets to cultivating independent thinkers who are willing and able to use their learning differently to create jobs and contribute positively to the globalized society. World Class Learners presents concepts that teachers, administrators and even parents can implement immediately, including how to: understand the entrepreneurial spirit and harness it; foster student autonomy and leadership; champion inventive learners with necessary resources; develop global partners and resources. With the liberty to make meaningful decisions and explore nontraditional learning opportunities, today’s students will develop into tomorrow’s global entrepreneurs.


Magnus Dahlstedt & Fredrik Hertzberg, In the Name of Liberation, 45 Eur. Educ. 26 (2013).

Abstract (by authors): The focus of this article is the growing importance of entrepreneurship in the context of Swedish education policy. Departing from Foucault’s concept of governmentality, this article analyzes some of the main ideas in the discourse on entrepreneurship education in Sweden and points out its specifics, as an instance of the broader educational and governing program of lifelong learning. This increasing emphasis on entrepreneurship challenges older pedagogical doctrines. In visions of entrepreneurial education, it becomes logical to emphasize the value of education for the economic system.

Frank R. Gunter, A Simple Model of Entrepreneurship for Principles of Economics Courses (2011), available at

Abstract (from author): Over the last four decades since Baumol’s 1968 critique, there has been some progress in incorporating entrepreneurship into principles of economics texts. However, the critical roles of entrepreneurs in creating, operating, and destroying markets are generally either absent or relegated to later chapters. The primary difficulties in explaining entrepreneurship at the principles level are the lack of a universally accepted definition, a plausible explanation of the demand for entrepreneurship, and a diagram that summarizes the impact of entrepreneurship on market equilibrium – a definition, a story, and a picture. This paper discusses how the notion of the stationary state associated with Schumpeter (1911), Knight (1921), and Weber (1930) can provide a framework for integrating the entrepreneur into the early part of principles of economics courses. In addition, the research of Romer (1990), Audretsch et al (2006), and others is used to demonstrate the critical role of entrepreneurship in explaining economic growth.

Matthijs H. M. Hammer & Niek Thuijs, What to Learn from Entrepreneurial Summer Schools? A Logical Typology (4th Finpin Conference, 2012), available at

Abstract: In the last decades, it seems to be hype for every entrepreneurial university to organize a kind of a summer school for entrepreneurship. In the adverts of these events there are many promises, but what is it they actually do? The name ‘summer (or winter) school’ sounds universal. Contra dictionary, the programmes seems to be unique for each university. It is obvious that a short entrepreneurial support programme, like a summer school, is a popular instrument to contribute to the economic development of a region. Not every region has its own summer school yet. Governmental ambitions throughout Europe makes that soon every region will have an entrepreneurship-stimulating instrument like a summer school. To learn from the summer schools established, a qualitative study of 38 of them held in the United States and Europe. Comparison of the gathered data shows that there is a broad scope of goals and aims, as well as the size, cost, duration and financing. Noticeable differences found between Europe and the United States, as well as between the West, East and South of Europe. The findings of study have resulted in a logical typology of entrepreneurial summer schools.

Colette Henry, Entrepreneurship Education in HE: Are Policy Makers Expecting too Much?, 55 Educ. + Training 836 (2013).

Abstract (adapted from author): The purpose of this paper is to explore current entrepreneurship and enterprise education policy in the UK. The key question addressed in the paper is whether policy makers are expecting too much from current entrepreneurship provision in UK HE.

This paper helps further an understanding of entrepreneurship and enterprise education as portrayed in current policy documents, and suggests that expectations of outcomes from its inclusion in higher education (HE) may have spiraled beyond what is both realistic and possible. The author argues for a more realistic and measurable perspective of the expectations of entrepreneurship and enterprise education in HE, particularly in non-traditional discipline areas, and suggests that policy in this regard is in need of realignment. The paper has implications for educators and policy makers in terms of curriculum design and expectations. The paper should be of value to researchers, educators and those involved in curricula design in the area of entrepreneurship and enterprise education. The paper should be of particular value to policy makers in the context of helping them to be more realistic in relation to their expectations of such education.

M. Lekoko & E. M. Rankhumise, Entrepreneurship Education: Survey of Two Universities in Botswana, 3 OIDA Int'l J. Sustainable Dev. 11 (2012), also available at

Abstract (from authors): Entrepreneurship education is topical in many universities. This offering is imperative in preparing learners to be job creators instead of being job seekers. This paper aims to assess the state of entrepreneurship at the two universities in Botswana and to evaluate how students feel about entrepreneurship education in the context of giving a good grounding for starting businesses after graduation. Data were collected through structured questionnaires to measure students’ perceptions of the effectiveness of entrepreneurship offerings at the two universities. The results show that at the two universities, teaching strategies involve lectures, group and individuals assignments. The strategies used seem not to be aligned with the current trend of teaching entrepreneurship education. This paper provides valuable insight on the appropriateness of the teaching strategies used.

Sandra Malach, Peter Robinson & Tannis Radcliffe, Differentiating Legal Issues By Business Type, 44 J. Small Bus. Mgmt. (2006).

Abstract (from authors):  Developing legal strategies is a fundamental part of business formation and strategic operation. The ability to incorporate legal planning into the business planning process allows entrepreneurs to strategically plan their operations to minimize risks arising from legal and regulatory regimes and better protect the assets of the business and entrepreneur. Research regarding the legal issues encountered in nascent business ventures is just beginning. Conducting a content analysis of 292 legal information letters, prepared in a university-based legal clinic for new ventures, legal issues and business type were identified. An analysis of the data indicated that: (1) certain legal issues are relevant to all new ventures, (2) certain legal issues are relevant to specific types of new ventures, and (3) the relevancy of individual legal issues will vary depending on the category of business. 

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M. Mars & M. Ginter, Academic Innovation and Autonomy: An Exploration of Entrepreneurship Education Within American Community Colleges and the Academic Capitalist Context, 40 Com. C. R. 75 (2012).

Abstract (from publisher): Employing interviews with individuals from 16 community colleges across the country, as well as an independent consultant engaged in activities of the National Association for Community College Entrepreneurship (NACCE), this study considers the organizational structures and academic practices associated with community college entrepreneurship education. More specifically, community college entrepreneurship education is argued to be a market-oriented trend that has been largely overlooked as a curricular alternative to workforce development models. The exploration is guided by and placed within the context of academic capitalism as articulated by Slaughter and Rhoades.

Dogukan Ozgen, The New Approaches in Entrepreneurship Education: Integrated Education Models (2012), available at

Abstract (by author): This paper aims to investigate the education methodologies of entrepreneurship and business in the world. Furthermore it analyzes a model within consideration of these methodologies. The success of entrepreneurship education depends on the holistic design of an educational system with respect to entrepreneurship and business education rather than adding singular modules to the current curriculum. This design is realized in Turkey by the adaptation of Michael Porter's Diamond Model. The dynamic relationship between education modules creates a supportive interaction through this design, just as it is stated in the clustering model. Different methodologies of entrepreneurship education can be provided in the same platform. This brings more productivity to integrated models than singular modules.

Barbara J. Phipps et al., Principles of Economics Without the Prince of Denmark, 43 J. Econ. Educ. 58 (2012)

Abstract (from authors): In most introductory textbooks on principles of economics, discussion of the theory or practice of entrepreneurship is almost entirely absent. This omission is striking, given the important role in economic growth that economists assign to the entrepreneur. While there are plausible explanations for this omission, new research suggests the beginnings of a body of formal microtheory on innovative entrepreneurship. In this article, the authors first review treatment of the entrepreneur in the latest editions of three commonly used introductory economics textbooks, each of which includes a substantive discussion of entrepreneurship. Second, the authors present brief overviews of new microtheories of entrepreneurship (Parker 2009; Spulber 2009; and Baumol 2010), each of which has potential to serve as inspiration and to provide a framework for inclusion of entrepreneurship in introductory microtheory.

Robert A. Prentice, The Case for Educating Legally-Aware Accountants, 38 Am. Bus. L.J. 597 (2001).

Abstract (from author):  In this paper I discuss the importance of including basic legal education in a broad accounting curriculum and of including the subjects taught in the curriculum on the American Institute of Certified Public Accountant's (AICPA's) professional certification examination. I am prompted in part by the AICPA's current reexamination of the content of its Uniform Certified Public Accountant (CPA) exam. In 1993, the AICPA's Content Validity Task Force recommended a reevaluation of the examination and the Board of Examiners appointed a new task force, the Content Oversight Task Force. The Task Force is apparently considering reducing or eliminating the business law portion of the CPA exam. The impetus for this proposal apparently stems from the responses to a small and decidedly unscientific survey that produced very mixed results.

Elaine C. Rideout & Denis O. Gray, Does Entrepreneurship Education Really Work? A Review and Methodological Critique of the Empirical Literature on the Effects of UniversityBased Entrepreneurship Education, 51 J. Small Bus. Mgmt. 329 (2013), available at

Abstract (by authors): Does entrepreneurship education (Eed) really work to create business enterprise? The authors conducted a comprehensive review and methodological critique of the empirical research on the outcomes of universitybased Eed. They identified every empirical study conducted over the past decade, and found 12 that minimally met their methodologically “robust” (Storey Steps 4–6) standard. The systematic critique of the studies' research methods found a variety of methodological weaknesses, undermining confidence in the belief that Eed can produce entrepreneurship. The implications for both practice and policy are discussed, and recommendations are made for conducting future Eed outcome research.

Banjo Roxas, Effects of Entrepreneurial Knowledge on Entrepreneurial Intentions: A Longitudinal Study of Selected South-East Asian Business Students, 27 J. Educ. & Work 432 (2014).

Abstract (by author): Drawing on the theory of planned behavior, this study examines the direct and indirect effects of knowledge gained from a formal entrepreneurship education program on an individual’s entrepreneurial intentions (EI). It tracks the changes in students’ entrepreneurial knowledge (EK), perceptions of desirability of, and self-efficacy in, engaging in entrepreneurship and the impact of those changes on students’ EI upon completion of an entrepreneurship course. It uses longitudinal survey data of 245 business students in a Philippine university. Using cross-lagged panel method and partial-least squares-based structural equation modeling, the study builds and tests the measurement and structural models to examine the hypothesized interactions of EK, perceived desirability of, self-efficacy towards entrepreneurship, and EI. The findings underscore the importance of developing knowledge to nurture students’ self-confidence and attitudinal propensity to engage in entrepreneurship.

Daphyne Saunders Thomas & Mark L. Usry, Entrepreneurship Classes Must Include More Legal Topics, 16 Bus. F. 10-11 (1991).

Abstract:   Focuses on the need for entrepreneurship classes to include more legal topics. Classroom data; Business survey; Subjects covered in entrepreneurship classes; Questions concerning topics covered.

George J. Siedel, Six Forces and the Legal Environment of Business: The Relative Value of Business Law Among Business School Core Courses, 37 Am. Bus. L.J. 717 (2000).

Abstract: Sessions on the legal environment in The Executive Program are designed to provide participants with an overview of substantive law (both public and private) and procedural law. Specific topics include: law and ethics, contracts, torts, product liability, securities regulation (emphasizing the impact on decision-making and corporate communications), employee rights (including wrongful discharge, sexual harassment, and workers' compensation), and dispute prevention, management, and resolution (including the use of decision tree analysis to make legal decisions).

George T. Solomon, Susan Duffy & Ayman Tarabishy, The State of Entrepreneurship Education in the United States: A Nationwide Survey and Analysis, Int’l J.  Entrepreneurship Educ. 1:1 , 65-86 (2002).

Abstract: This paper presents the current state of entrepreneurship education in the United States and Internationally as reported by participants in the 1999-2000 National Survey of Entrepreneurship Education. Survey results indicate a small but growing trend in the number of courses, concentrations and degrees in the academic fields of small business management and entrepreneurship. There is also evidence that institutions are receiving major endowments for entrepreneurship education in the form of chairs, professorships and centers. A surprising trend emerged from the data regarding entrepreneurship education and the use of technology. Of those that responded to the survey 49 percent indicated that they offer information on the web regarding entrepreneurship and new venture creation to students and entrepreneurs. Also, 30 percent of those who responded indicated that they offer on-line management and technical assistance for students and entrepreneurs. Finally, 21 percent of the respondents indicated they use distance-learning technologies in their entrepreneurship education courses or concentrations. Growth in Entrepreneurship Education has accelerated over the last two decades. The dilemma is for the field to stay on the "cutting edge." To continue to be a vibrant member of the academic community, pedagogies must reflect the changing times.

Thierry Volery et al., The Impact of Entrepreneurship Education on Human Capital at Upper-Secondary Level, 51 J. Sm. Bus. Mgmt. 429 (2013), available at

Abstract (adapted by authors): In this study the authors evaluate the impact of entrepreneurship education on human capital at the uppersecondary level using a quasiexperimental design. Data were collected from 494 students attending entrepreneurship education programs and from 238 in a control group. The results indicate that some personality traits such as need for autonomy and risk propensity, as well as beliefs, can have a significant positive influence on entrepreneurial intention. Entrepreneurship education has a positive, albeit limited impact on humancapital assets. The programs assessed had a statistically significant impact on beliefs, on the capacity to exploit an opportunity, and on entrepreneurial knowledge. However, the authors did not observe any significant impact on entrepreneurial intention. 

Online Resources

Public Counsel, Resources, Publications.

Other Materials

Bill Aulet, Teaching Entrepreneurship Is in the Startup Phase, Wall St. J., Sept. 12, 2013, at A17.

Linda F. Edelman, Tatiana S. Manolova & Candida G. Brush, Entrepreneurial Education: Correspondence between Practices of Nascent Entrepreneurs and Textbook Prescriptions for Success, accepted and forthcoming at Academy of Management Learning and Education.

Noam Wasserman & Victor W. Hwang, Big Issues - Can Entrepreneurship Be Taught?, Wall St. J., March 19, 2012, at R4.

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