Applicability of Classical Entrepreneurship Theory in 21st Century Entrepreneurship

Peter Elaigwu Oteh; Akeem Olarenwaju Salami

Abstract

This study examines the applicability of classical entrepreneurship theory in the 21st Century Entrepreneurship. The Theoretical Reasoning Approach (TRA) was employed for this study. It involves a comprehensive review of literature in the area of study to identify relevant reasoning, concepts and theories. It helps to identify the major variables or domains of the study and the interrelationship between them. With this method access to reliable information and resources was unlimited with reliable information through desk-review. These methods involve a systematic collection, evaluation and synthesis of existing information from various sources. From the examination, the finding states that; in the 21st century, the theory of innovation and creative destruction which is classical entrepreneurship theory among others remains highly applicable in the 21st Century entrepreneurship, particularly in the context of rapid technological advancements and globalization. 21st century examples abound, such as the rise of digital technologies that have transformed industries ranging from e commerce retail (e.g., Amazon) to transportation (e.g., Uber). These companies exemplify how innovative business models can disrupt traditional market leaders, forcing established firms to adapt or risk obsolescence