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Theory is developed by way of a systematic process that attempts to explain or provide a rationale for the way something works.Kuratko () defines a theory of entrepreneurship as "a formulation of verifiable relationships, or underlying principles that explain entrepreneurship, predict entrepreneurial activity, or provide normative guidance" (p.).Scholars in the entrepreneurship literature have been critical of the lack of theory guiding entrepreneurship research, education and practice (Baumol ; Bull & Willard ; Bygrave & Hofer ; Chandler & Lyon ; Cooper ).Distinguished entrepreneurship scholars Shane and Venkataraman () soften this critique and suggest entrepreneurship theory is underdeveloped.In addition to the establishment of a discipline, related professional associations, and dedicated career paths, scholars in the entrepreneurship literature suggest that systematic theory is necessary for the development and advancement of an academic field (Bird, Welsch, Astrachan, & Pistrui ).Similarly, in the arts entrepreneurship literature, White suggests that there are few proposed theories specific to arts entrepreneurship (White ).For example, while White works towards theory development (White , ), Essig () proposes a means-ends theory "in the absence of a body of theory about arts entrepreneurship specifically" (p.).Given that the academic field of arts entrepreneurship is still emerging, it is not surprising that arts entrepreneurship theory is underdeveloped.As a result, arts entrepreneurship researchers have had to import other theories from outside of the arts literature to provide a rationale for their conceptual frameworks, models, hypotheses, and research conclusions (Essig ; Preece ; White ).Additionally, in arts
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