1

Theories and Models in Business

Student

Affiliation

Course

Instructor

Date
 2

Theories are developed to explain, forecast, and comprehend phenomena as well as,

frequently, to challenge and advance current knowledge while staying within the parameters of

essential limiting assumptions The structure that can hold or support a research study's theory is

known as the theoretical framework. The theory that accounts for the existence of the research

problem under consideration is introduced and described in the theoretical framework. Hence,

from chapter ten of Whittington et al. (2019), through strategic entrepreneurship, the models and

theories are able to achieve their intended purpose. Hence, this paper tries to show how the

knowledge is able to add on the existing knowledge we have about the issue of entrepreneurship.

By fusing strategy with entrepreneurship, value is created through both advantage-

seeking strategic and opportunity-seeking entrepreneurial actions. Entrepreneurship contributes

to this by seeing new opportunities in the market or environment, while strategy helps by

creating competitive advantages. The latter involves businesspeople who innovate by spotting

and capitalizing on fresh concepts and creations that lead to innovations. The new information is

able to distribute and to the future performance, and for this reason, certain theories and models

are utilized that are helpful for both teaching and successful learning.

To conclude, the knowledge is able to assist in the identification of structures and

correlations deserving of further study, they offer direction for future research. By bridging gaps

between other theories and forcing the reevaluation of preexisting ideas, theories can aid in the

accumulation of knowledge. You can more easily spot the boundaries of those generalizations

when you have a theory. A theoretical framework identifies the key factors that affect an

interesting event and emphasizes the necessity to investigate how and when those factors may

change. Hence good theory and model in the social sciences is valuable because it is applicable,

which serves one primary purpose: it explains the significance, nature, and difficulties of a
 3

phenomenon that is frequently observed but unrecognized in our everyday lives, allowing us to

make more informed and effective decisions.

 4

References

Whittington, R., Regner, P., Angwin, D., Johnson, G., & Scholes, K. (2019). Exploring strategy,

text & cases (12th ed.). Pearson Education.