This list was last updated in November Our intent is to be as inclusive and comprehensive as possible, but we recognize that because of the volume of work out there we have likely missed some.

If your paper is not included on this list and you would like it included, please email it to info effectuation. Entrepreneuring has never achieved a breakthrough as the key concept that could elucidate the inherently process-oriented character of entrepreneurship, but it may be able to serve as the conceptual attractor to accommodate the increasing interest in process theories within a creative process view.

This paper considers whether this is possible. In addition to equilibrium-based understandings of the entrepreneurial process, this paper tentatively reconstructs the creative process view by distinguishing between a range of relevant perspectives: Taking entrepreneuring as an open-ended concept to use in theoretical experimentation, the review documents the potential for the concept to develop new meanings and to attach itself to a series of concepts such as recursivity, enactment, disclosure, narration, discourse, dramatization, dialogicality, effectuation, social practice, translation and assemblage.

It is argued that the very act of theorizing about the concept of? Based on five case-studies, we discuss the implication of effectual decision-making on the internationalization process. We find that switching from causal to effectual logic allows firms to rapidly increase the level of commitment in the foreign market and could assist in overcoming liabilities of outsidership and, therefore, successfully increase the level of commitment in the foreign market.

Investigating the factors that influence venture capital decision-making has a long tradition in the management and entrepreneurship literatures. However, few studies have considered the factors that might bias an investment decision in a way that is idiosyncratic to a given investor—entrepreneur dyad.

We do so in this study. Moreover, in the presence of decision-making process similarity, the impacts of other factors that inform the investment decision actually change in counter-intuitive ways.

Entrepreneurial contexts are characterized by uncertainty, often requiring entrepreneurs to adapt in order to tackle the corresponding challenges and succeed. While entrepreneurial success may be explained by experiential learning, little is known as to why some experienced entrepreneurs are more successful at adapting to uncertain conditions. It has been suggested that these differences are due to enhanced cognitive resources that are analogous to those of experts.

Since expertise can be developed through self-regulated learning SRLour paper seeks to explain the missing link between experience and entrepreneurial success.

By drawing from advances in expert research and a social cognitive view of self-regulation, we develop a process oriented model of self-regulated entrepreneurial learning SREL in order to explain why expert entrepreneurs are better able to self-regulate and adapt their behavior during uncertainty compared to novices and non-experts.

We further develop empirically testable research propositions, and discuss theoretical and practical implications for aspiring entrepreneurs and entrepreneurs alike. Scholars note the importance of emotion and cognition in entrepreneurship, thus we develop and test a novel partial mediation model of emotional intelligence, interpersonal processes, and venture performance in a large sample of entrepreneurs, defined as venture owner-managers.

We also test the moderating effect of gender on the proposed relationships. The results indicate that emotional intelligence has both a direct effect on venture performance, and an indirect effect on venture performance via interpersonal processes.

Gender moderated the direct effect, with males reporting higher performance, but was not significant in the indirect path of the model. We discuss the implications and potential avenues for future research on this important topic. The perception, pursuit, and exploitation of opportunity are central to entrepreneurship.

While relatively unfettered cognition, impulse, and behavior may favor perceiving and acting on opportunities, such disinhibition may present a social liability and thus interfere with reaching opportunity exploitation. This research examines the connection between disinhibition and nascent opportunity pursuit. Drawing on psychological and entrepreneurial literature, this work tests hypotheses related to the effects of disinhibition in a nascent entrepreneur on other individuals.

The results shed light on an important tension at the heart of early stage entrepreneurship. These findings indicate that an individual factor impelling individual entrepreneurial action presents a friction for advancing in the entrepreneurial process. This research makes several contributions to existing literature. In relation to entrepreneurship, it contributes needed insight into the social psychology of nascent opportunity pursuit.

In relation to the psychological sciences, it provides vocationally contextualized insight into disinhibition and social cognition. Lastly, the research contributes to a developing disinhibition perspective of entrepreneurial action. Environmental issues, poverty, inequality, corruption and social discontent are intricately linked with business activity, and as such, they cannot be disentangled or addressed in isolation. The needs to understand the Earth and its limited resources, security for humankind and justice for society mean that the demand for social science knowledge is increasing.

The fact that sustainability and ethics are intertwined with the concepts of business and organizations including NGOs is no longer new. Indeed, ethical choices are critical to any business activity and thus influence how startups, small firms, medium enterprises, and large, multinational corporations-whether those are for profit or not- influence the sustainability of the environment and society.

We actually suggest that sustainability, ethics, and entrepreneurship triangulate and give meaning to every ecological consideration, social value, and economic opportunity. The goal of the symposium, then, is to advance knowledge about the meaning and intersection of sustainability, ethics, and entrepreneurship. When Internal Representation Leads to Faultlines: A Study of Board Performance in Social EnterprisPresenter: Saskia Crucke; Ghent U.

Mirjam Knockaert; Ghent U. Crowding Out Effects of Well-Intended Environmental PoliciesPresenter: Richard Hunt; Virginia Polytechnic InstitutePresenter: Bret Ryan Fund; U. Greg Fisher; Indiana U. Anton Shevchenko; Concordia U. Moren Levesque; York U. How a Sustainability Orientation Influences CrowdfundingPresenter: Goran Calic; Purdue U.

Elaine Mosakowski; Purdue U. Selling Issues With Solutions: Igniting Social Intrapreneurship in For-Profit OrganizationsPresenter: Elisa Alt; Anglia Ruskin U. Justin B Craig; Northwestern Kellogg School of ManagementSocial Enterprise Emergence from Social Movement Activism: Ona Akemu; Erasmus U. Gail Whiteman; Erasmus U. Steve Kennedy; Rotterdam School of Management.

In this study, I seek to understand how subsistence entrepreneurs select specific replication opportunities to exploit, and the impact of this selection on growth. Replication opportunities are different from discovery, creation, and recognition opportunities, and are those opportunities that directly mimic readily observable businesses. I studied a group of self-employed across four research trips to Ghana, where I conducted interviews and hours of observation.

My findings indicate that social networks both enable and constrain the selection of specific opportunities. They also indicate that opportunities are widely exploited based on the standard templates accessed through these networks.

Similarly, social networks constrain and enable growth, as do the opportunities themselves. These findings contribute theoretically to social networking theory, franchising, and theories of growth. They also have practical implications for entrepreneur training programs. Which factors are responsible for the success of crowdsourcing tournaments? Current theorizing on crowdsourcing appears to assume that there is a deterministic relationship between factors such as the organization of the tournament, characteristics of the participants attracted, and specific situational factors on the one hand and the quality of their contributions gained on the other.

In order to compare the explanatory power of randomness and 22 deterministic factors derived from literature we conducted a huge experiment in which 1, participants developed ideas for smartphone apps. Our finding is unambiguous: It appears that at least in crowdsourcing, God indeed plays dice. The study of social implications of entrepreneurship, and the influence of socio-cultural factors on entrepreneurial action, is still in its infancy. Several entrepreneurship scholars have theorized about why and how social entrepreneurship opportunities come to be but empirical study has not yet been brought to bear on these topics.

In this study, we seek to bridge the theoretical predictions of the opportunity literature with the context of entrepreneurial action focused on creating social, as well as economic, benefits. Effects of Cooperative and Non-Cooperative Behavior. Theories about entrepreneurial discovery are important to entrepreneurship. However, the dominant conceptual foundation underlying such theories hinders their development. It assumes that opportunities form based on either deliberate search or serendipitous discovery.

I examine this unidimensional logic and identify a gap in its informative content. Then, I reframe it into orthogonal dimensions. The multidimensional model not only describes the same cases as the unidimensional model but also describes what the unidimensional model cannot, including cases that are high or low on both dimensions. AbstractHow we understand entrepreneurship is a function of the stories we tell. This article uses insights from process theory to explore the ways in which an entrepreneur can employ a story to mobilize others to shed conflicting viewpoints to converge with the abstract.

In this story, regulation as a reification of past procedures did not fully account for organizational realities of mailroom inspections conducted by the military post office, so an appeal to foundational values was adopted to alter the shared vision of future potentiality and overcome bureaucratic barriers through the creation of adhocracies.

As a result of overcoming interorganizational boundaries, a technocrat became an entrepreneur by changing the view of stakeholders from a fixed audience to active co-authors during the spawning of adhocracies.

The creation of adhocracies in this story is explored through an autoethnographic layered account, which is a storytelling approach that mirrors the co-construction of the narratives found within this paper? The understanding of entrepreneurship provided in this paper challenges commonly held assumptions of entrepreneurship, in addition to corporate, organizational and public service entrepreneurship, as well as the methods and writing styles to explore these concepts.

There is an increasing tendency for government policy to promote entrepreneurship for its apparent economic benefit. Accordingly, governments seek to employ entrepreneurship education as a means to stimulate increased levels of economic activity. However, the economic benefit of entrepreneurship education has proven difficult to substantiate.

It is perceived that the problem is partly due to the multi-definitional perspectives of entrepreneurship. What stems from this is a lack of a theoretically sound conceptual grounding that will assist policy-makers and educators to locate a program within specific objectives. This article sets out an argument, extending from economic theory, to provide purpose for entrepreneurship education and proposes a policy framework supported by analysis of the Australian government policy context.

Nevertheless, although stimulating, these papers remain strongly influenced by an Austrian Economics point of view Kirzner, and authors that follow this line adopt a positivist perspective: In this view, the entrepreneurial process is seen as a sequence distinguishing between the discovery and the exploitation of the business opportunity Davidsson,Shane, Nevertheless, a growing literature tends to argue that opportunities are no longer simply recognised by the entrepreneur as objects existing on an independent basis: In other words, opportunities appear as the fruit of social construction.

Building on Chiasson and Saunderswe challenge these views by trying to show how a constructivist point of view enables to reconcile the different perspectives mentioned above, which enables to better understand the phenomenon.

This permits us to propose a new conceptual framework opening to empirical research, and enabling to capitalize on the both lines of research. While current theory has tended to focus on either motivational factors or creative strategies of resource utilization, these two streams of research have developed separately.

As a result, the literature has little to say under what conditions differences in motivation and resources will lead to divergent types of entry strategies. When motivation is relatively low but resource availability is high, our model predicts that entrepreneurs will use a real-option entry strategy. When motivation is high but resource availability is low the entrepreneurs will compensate by employing creative solutions, suggesting that entrepreneurs will utilize more of bricolage resource utilization.

When both motivation and resource availability is high, our model suggests that the resulted higher self-confidence, allow for a more flexible and experimental strategy coherent with effectuation Sarasvathy, The eclectic and pervasive benefits of entrepreneurship are generating research questions that interest scholars in a variety of disciplines.

This approach has left entrepreneurship research as a widely dispersed, loosely connected domain of issues. In this review, the authors explore entrepreneurship research in accounting, anthropology, economics, finance, management, marketing, operations management, political science, psychology, and sociology.

They seek to identify common interests that can serve as a bridge for scholars interested in using a multitheoretic and multimethodological lens to design and complete entrepreneurship studies. We emphasize the multilevel approach that entrepreneurship research should adopt, and that assumptions underlying the research are too often unstated, rendering comparison between studies difficult.

Baumol argues for more experimentation and government support of research on ways to improve the teaching of innovative entrepreneurship, since there is little evidence on what works and what does not. The discussion stresses that entrepreneurship is a multifaceted phenomenon that varies depending on context, the level of innovation, and its impact on society. Consequently, entrepreneurship research requires the development of an encompassing paradigm, appropriate educational methods, and study of the institutions that provide the most desirable incentives.

The growth and survival of international new ventures INVs has not been the subject of extensive in-depth qualitative study and our understanding of their decision-making is deficient.

On the basis of empirical analyses in a small and open economy, a dynamic model was developed that explains the growth phases through which INVs pass as they mature in the high-technology business-to-business field. The model also recognizes rapid advancement, survival crises, and retrenchment. Propositions were devised regarding the impact of opportunities, resources and capabilities, entrepreneurial orientation, and learning on growth phases and survival.

A novel finding is that the decision-making logic moderates the impact of these factors. These findings have important implications for industrial marketing scholars and practitioners. How entrepreneurs make decisions under extreme uncertainty and ambiguity is central to explaining entrepreneurial success. However, because of their pioneering nature, these decisions also have significant ethical implications.

While there has been an increasing focus on the unique approaches entrepreneurs take to decision-making, less attention has been paid to the inherent ethical dimension of making decisions under high uncertainty. This study applies the concept of moral imagination to the challenges of making entrepreneurial decisions under Knightian uncertainty.

It examines the extent to which entrepreneurs use moral imagination to integrate the ethical dimensions of pioneering situations into their decision-making. Abstract Existing research has offered conflicting narratives of how entrepreneurial experience influences whether founders will continue working on or disengage from their ventures.

We theorize and test how entrepreneurs with varying levels of experience disengage from early-stage companies. Findings reveal a U-shaped relationship, such that novices and highly experienced entrepreneurs are more likely to quit their ventures, while moderately experienced entrepreneurs are more likely to persist in their pursuits.

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We offer both theoretical and empirical explanations for how the propensity to disengage from new ventures evolves with entrepreneurial experience.

Extant literatures on serial and habitual entrepreneurship contain inconclusive findings about the differential impact of learning from success and failure. Yet, there are no published studies combining both the restart decision and restart performance after previous failure or success with a first venture.

Using a comprehensive longitudinal dataset of all one-time starts and restarts in Denmark from towe discovered the existence of a market for lemons in serial entrepreneurship. First introduced by Akerlofthe market for lemons refers to a market in which low-quality products come to dominate. In serial entrepreneurship, this occurs due to Type II errors in the restart phenomenon.

Type I error occurs when a potential entrepreneur endowed with the human and social capital necessary for restart success does not start a second venture.

Type II error refers to the opposite and forms the basis for the market for lemons in serial entrepreneurship. Based on our empirical findings, we develop new theory relating these two types of errors to errors in learning attributions resulting in overconfidence bias and thereby impacting performance.

To sense and adapt to uncertainty may characterize a critical entrepreneurial resource. Construction of the inventory, and subsequent factor analysis, is confirmatory in nature based on five theoretically justified dimensions of metacognition. We describe the development of the instrument, discuss its implications for entrepreneurship, and finally offer suggestions for further development and testing.

Though much research in entrepreneurship makes the fundamental assumption that opportunities are found, new work is emerging which questions this core tenet.

Effectuation, for example, positions the entrepreneur as co-creator of opportunities, together with committed stakeholders. In this study, we conduct a meta-analysis of the articles published in the Journal of Business Venturing, summarizing data on new ventures to connect three of the principles of effectuation positively with new venture performance. In so doing, we offer both specific insight into precisely measuring effectuation and a general method for extracting variables from prior work to measure new constructs.

The article discusses entrepreneurial opportunities from a narrative perspective that is based on actor-network theory. The article notes the narrative perspective on entrepreneurial agency and entrepreneurial opportunities suggests there is an entrepreneurial journey in which discovery and creation are dynamic forces and meaning making results from an interaction of relational space and durational time when the past, present, and future are intertwined.

The argument is supported with references to related research on topics such as the narrative inquiry research method and the source of emerging ideas. The article provides information on the 65th Annual Meeting of the Academy of Management in Honolulu, Hawaii in The annual meeting provides a special opportunity for the Academy community to come together to share knowledge and experiences, to create and renew friendships and professional relations, and to replenish and further develop our careers.

The program vividly demonstrates the strong commitment of our members to the annual meeting. The Call for Papers had 4, paper and symposium submissions and professional development workshops. The program presents research, panel discussions, professional development workshops and community activities that explore A New Vision of Management in the 21st Century.

Burkemper in volume 40 of the periodical. Most research in evidence-based entrepreneurship builds on quantitative designs, which is unfortunate because qualitative studies provide a unique contribution to the domain of entrepreneurship. They look at distinctive phenomena in their specific time period and context in one way or another, and can help generate and test new theories.

We, therefore, suggest using a systematic synthesis of case studies to aggregate the findings of qualitative research. Moreover, as a first step, we developed an example to demonstrate how this approach can advance evidence-based entrepreneurship. Specifically, we synthesized 13 cases to examine how business clusters increase the performance of firms within clusters. Prevailing perspectives on time and change often emphasize the forward movement of time and the relative stability of attributes, an emphasis that fosters theories of organizational evolution as a linear progression of a past that moves to the present that moves to the future.

While useful in many respects, this perspective obscures the uncertainty of emerging organizational phenomena, and it offers little insight into the rare and unpredictable events that change the course of history. To address these concerns, we draw on quantum mechanics and quantum probability theories to present a quantum approach to time and change as a framework for understanding organizational complexity and the common decision-making errors that lead to organizational failures within uncertain environments.

This perspective also explains how organizations or societies can experience unforeseen potentialities that radically change their development by conceptualizing the future as existing in a state of potentiality that collapses to form the present based on the dynamics of system constraints. Our theory has broad implications for organizational theory and research, as well as management practice. In this article we concede many of the criticisms pioneered by the creation approach but resist abandoning the preexisting reality of opportunities.

Instead, we use realist philosophy of science to ontologically rehabilitate the objectivity of entrepreneurial opportunities by elucidating their propensity mode of existence. Our realist perspective offers an intuitive and paradox-free understanding of what it means for opportunities to exist objectively. Abstract Fear of failure both inhibits and motivates entrepreneurial behavior and therefore represents a rich opportunity for better understanding entrepreneurial motivation. Although considerable attention has been given to the study of fear of failure in entrepreneurship, scholars in this field have investigated this construct from distinct disciplinary perspectives.

These perspectives use definitions and measures of fear of failure that are potentially in conflict and are characterized by a static approach, thereby limiting the validity of existing findings about the relationship between fear of failure and entrepreneurship. The purpose of this paper is to delineate more precisely the nature of fear of failure within the entrepreneurial setting. Using an exploratory and inductive qualitative research design, we frame this construct in terms of socially situated cognition by adopting an approach that captures a combination of cognition, affect and action as it relates to the challenging, uncertain, and risk-laden experience of entrepreneurship.

In so doing, we provide a unified perspective of fear of failure in entrepreneurship in order to facilitate progress in understanding its impact on entrepreneurial action and outcomes. We focus on metacognitive processes that enable the entrepreneur to think beyond or re-organize existing knowledge structures and heuristics, promoting adaptable cognitions in the face of novel and uncertain decision contexts. We integrate disparate streams of literature from social and cognitive psychology toward a model that specifies entrepreneurial metacognition as situated in the entrepreneurial environment.

Primary purpose of this paper is to better understand how entrepreneurs create value for different stakeholders. Using this lens, we examine performance of five Inc. By conducting detailed semi-structured interviews with 11 founders, we discovered that while interacting with multiple stakeholders they expended thought and effort to expand various stakeholder capabilities within economic, psychological, social, intellectual and physiological dimensions.

Our stakeholder-centric entrepreneurship framework offers a perspective on how to combine entrepreneurial opportunities as means and stakeholder capability as ends so that firms can address critical social problems while remaining innovative and competitive. When firms adopt marginalized stakeholders capability development, firms provide stakeholders with diverse skill sets and various forms of choices and freedom.

This enables firms to create an increased set of high potential opportunities for all stakeholders because marginalized stakeholders bring new ideas that are a source of innovation and higher-level learning for other stakeholders.

The sustained success of firms therefore relies on the enhancement of stakeholder capability rather than value creation through separate sets of purely economic and social activities. This paper discusses the influence of Israel Kirzner on the field of entrepreneurship research. Mark I with its focus on alertness and opportunity discovery has exerted a strong influence on entrepreneurship research in the last decade, and helped catapult the field forward.

We propose that Mark II, with its emphasis on time, uncertainty, and creative action in pursuit of imagined opportunities, complements the discovery view and can provide an alternative conceptual grounding for the decade to come. Stages of growth models were the most frequent theoretical approach to understanding entrepreneurial business growth from to ; they built on the growth imperative and developmental models of that time.

However, by changing two propositions of stages theory, a new dynamic states approach was derived. The dynamic states approach has far greater explanatory power than its precursor, and is compatible with leading edge research in entrepreneurship. This article presents and analyses three cases, which integrate features of both social movements and social entrepreneurship SE. It is the result of a longitudinal study January to September The study contributes new insights to the theoretical and methodological discussions on SE, focusing on?

The three selected movements, active in the Netherlands, are: The Dutch Chapter of Zeitgeist? Giving is All we Have? Each movement shows a strong inclination towards social transformation, while being rooted in organizational structures, therefore considered?

More specifically, it contributes to SE literature on emancipation, defined as? This study suggests that transition theory can be useful for the study of the impact of social entrepreneurial movements. The paper adopts a network perspective in an attempt to understand the underlying mechanisms generating the different university spinout structures.

We draw from some of the recent network research that has adopted a contingency approach in explaining the value of social networks. This section provides information on the Academy of Management AOM annual meeting, held in New Orleans, Louisiana. The theme of the Annual Meeting, Creating Actionable Knowledge, encourages the organization and its members to explore the influence and meaning of its research on management and organizations. Recent attempts to study entrepreneurship as a form of expertise, rather than a collection of traits and abilities have led to the development of the theory of effectuation.

Effectuation is a sequence of non-predictive strategies in dynamic problem-solving that is primarily means-driven, where goals emerge as a consequence of stakeholder commitments rather than vice versa. Most important, effectuation isolates, identifies, and exploits techniques that seek to control the future without having to predict it. In this paper we 1 bring effectuation to psychology; 2 develop it further by examining key behavioral constructs that make effectual action possible; and, 3 derive possible implications for future research in psychology, particularly in relation to a more pluralistic understanding of human rationality.

This study focuses on how founding institutions impact intraorganizational capabilities and how such imprints may have different external manifestations in subsequent historical eras. We introduce the concept of exaptation to organizational theory, identifying an important process whereby the historical origin of a capability differs from its current usefulness.

Action plays a central role in entrepreneurship and entrepreneurship education. Based on action regulation theory, we developed an action-based entrepreneurship training. The training put a particular focus on action insofar as the participants learned action principles and engaged in the start-up of a business during the training. We hypothesized that a set of action-regulatory factors mediates the effect of the training on entrepreneurial action.

As hypothesized, the training had positive effects on action-regulatory factors entrepreneurial goal intentions, action planning, action knowledge, and entrepreneurial self-efficacy and the action-regulatory factors mediated the effect of the training on entrepreneurial action.

Furthermore, entrepreneurial action and business opportunity identification mediated the effect of the training on business creation. Our study shows that action-regulatory mechanisms play an important role for action-based entrepreneurship trainings and business creation. Five areas are identified wherein more development might enhance the current model of strategic entrepreneurship SE: Complexity science is presented as an alternative theoretical lens for addressing these issues, and enhancing the potential of SE in a world characterized by fluctuations, irreversibility, nonlinearity, and instabilities.

Using this lens, a rearticulation of SE is proposed that centers on the notion of an opportunity space and a paradigm built around forms, flows, and functions. Affordable loss involves decision makers estimating what they might be able to put at risk and determining what they are willing to lose in order to follow a course of action. The article also discusses the implications of affordable loss for the economics of strategic entrepreneurship.

Research summary The endogenous formation of entrepreneurial opportunity has become an important theoretical perspective. Research to date focuses on initial opportunity creation dynamics leading to venture formation. This excludes the ongoing enactment of opportunity that takes place after venture founding. We focus on this phenomenon, arguing that opportunities must be continually reproduced through maintenance of consensus among stakeholders about their viability.

Implications for future theory and research are also discussed. Managerial summary Previous entrepreneurship research has focused attention on the process through which opportunity ideas become objectified and perceived as external facts by entrepreneurs and their stakeholders during venture formation. While such attention is critical, we argue that venture founding marks the beginning, rather than the end, of a dynamic process in which the fact-like status of opportunities is maintained.

If stakeholder consensus about opportunity viability is disrupted, it raises questions about this factual status and opens up the possibility that the opportunity is a subjective cognition of the entrepreneur rather than an objective reality.

We also suggest that entrepreneurs may reduce the likelihood of this phenomenon by managing some of the factors that induce it. The article presents abstracts on management topics which include hidden conflicts in organizations, market formation and international management. Business plans are advocated by many business support professionals and others, such as educators in higher education institutions, because they suit their purposes.

A typical view is that a business plan is? Burns, ; but their hegemony is now being questioned. Sarasvathy suggests that effectuation is the method often favoured by expert entrepreneurs and this paper seeks to combine it with an exploration view of entrepreneurship to produce an alternative tool for start-up ventures.

The paper compares the pros and cons of each approach and suggests that an exploration approach is often more natural, logical and effective than the business plan based alternative. We offer insight into a how sociospatial contexts may be structured to better evaluate the entrepreneurial facilitation process and b why academic entrepreneurship in the social sciences and humanities may differ from that in the hard sciences.

Our findings illustrate the importance of bridging innovation using twin skills to balance research and commercial goals, and the need for codifying knowledge capacities and creating new or changing existing institutional structures to legitimize and facilitate entrepreneurial activity.

The research also demonstrates the great value of auto-ethnographic techniques to bring fresh insight to the study of entrepreneurship. Directions for future research are offered. In this paper, we outline several interesting observations about international entrepreneurship IE research through the theoretical lens of effectuation. In doing so, we show how an effectual approach can help resolve four central conflicts and knowledge gaps identified in two recent comprehensive reviews of IE.

We then present an illustrative case study from India that provides an intriguing comparison with the most recent modification of the Uppsala model to integrate with effectuation theory. Finally, we offer four provocative possibilities for future research at the intersection of IE and effectuation research. Failure has been consistently extolled as a fundamental learning experience in entrepreneurship.

However, researchers acknowledge that this pervasive view of failure is supported in the literature almost solely on the basis of anecdotal evidence. This study empirically investigates the type of knowledge that can be learned through a failure experience as well as the factors that moderate the learning process. This relationship is particularly strong for those entrepreneurs operating with an intuitive cognitive style, utilizing expert opportunity prototypes, and relying less upon prior professional experience.

Social enterprise has gained widespread acclaim as a tool for addressing social and environmental problems. Yet, because these organizations integrate the social welfare and commercial logics, they face the challenge of pursuing goals that frequently conflict with each other. Studies have begun to address how established social enterprises can manage these tensions, but we know little about how, why, and with what consequences social entrepreneurs mix competing logics as they create new organizations.

To address this gap, we develop a theoretical model based in identity theory that helps to explain: Our approach responds to calls from organizational and entrepreneurship scholars to extend existing frameworks of opportunity recognition and development to better account for social enterprise creation.

This study relates entrepreneurial orientation to new venturing and strategic renewal through opportunity identifying behavior. Two behaviors are contrasted: Based on samples of manufacturing and service organizations, this paper posits and presents evidence that adaptive searching mediates the effect of entrepreneurial orientation on new venturing and strategic renewal in manufacturing. Conversely, generative searching mediates these relationships in manufacturing and service contexts.

This research, thus, considers the importance of an integrated view on corporate strategic entrepreneurship and highlights industry differences in the way organizations successfully implement an entrepreneurial strategy. Research has identified crucial antecedents of corporate entrepreneurship. Research has also identified crucial antecedents of entrepreneurial thinking.

This article uses lessons from social cognition to explicitly link these two issues. We adapt an intentions-based model of how to promote entrepreneurial thinking from its original domain of individual entrepreneurship and translate that model to the domain of corporate entrepreneurship. From our intentions-based model of the social cognition of entrepreneurial teams, we emphasize the importance of perceptions of desirability and feasibility and that these perceptions are from the team as well as the individual perspective.

This leads to three propositions about entrepreneurial teams and an outline of the opportunities for future research.

We posit that individuals who are actively engaged in activities to develop their own venture will exhibit hindsight bias when recalling their startup experiences. We observe that those who fail to develop their startup activity into an operating business demonstrate substantial hindsight bias concerning the probability of venture formation.

In particular, the recalled probability of success, reported after their decision to quit, is lower than the probability of success solicited during the nascent process. We argue that the systematic distortion of the past has important implications for individuals involved in the venturing process. Specifically, we suggest that these individuals are at risk of overestimating their chances of success when starting future nascent activity if they do not correct for their optimistic tendencies.

The evidence from this study suggests it is important to recognize that what nascent entrepreneurs believe they experienced, and what they actually experienced, may not be equivalent. In uncertain environments, entrepreneurial experts have a tendency to engage in effectuation, a transformative decision-making response, rather than in prediction-based decision making Sarasvathy, Recent research has also found that venture founders differ in their application of both effectual and causal approaches Mauer, Yet, little research has investigated why and when entrepreneurs use an effectual decision-making approach rather than a causal decision-making approach.

In this paper we extend theory by exploring the relationship between the effectual vs. We propose that entrepreneurs differ in their use of decision making reasoning rather than adopt a single effectual vs. The rejection reasons generally refer to market and execution risk; this finding holds for every step of the process for proposals that pass the pre-screen. Angel group members focus more on market and execution risk than agency risk, similar to venture capitalists.

Inexperienced entrepreneurs are rejected for market and product reasons. Decision-making by the studied angel group members differs from that generally described for independent angels. The selection of the entry mode in an international market is of key importance for the venture.

A process-based perspective on entry mode selection can add to the International Business and International Entrepreneurship literature.

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Framing the international market entry as an entrepreneurial process, this paper analyzes the antecedents and consequences of causation and effectuation in the entry mode selection. For the analysis, regression-based techniques were used on a sample of 65 gazelles.

The results indicate that experienced entrepreneurs tend to apply effectuation rather than causation, while uncertainty does not have a systematic influence.

Entrepreneurs using causation-based international new venture creation processes tend to engage in export-type entry modes, while effectuation-based international new venture creation processes do not predetermine the entry mode. At the same time, their relationship bears significant potential for conflict Yitshaki, Conflict between entrepreneurs and their investors only gains attention recently e.

Collewaert, ; Zacharakis et al. We choose the theory of effectuation as a framework to investigate the antecedents of task conflict. Therefore this study aims to shed light on the question which and why specific dimensions of effectuation and causation lead to conflict between entrepreneurs and VCFs. This paper focuses on initial team size and membership change of new venture teams in two studies: The findings suggest that larger initial team size provides an advantage for new organizations, and that the benefits of adding and dropping team members are contingent on the stage of development of the organization and the dynamism of the environment.

Both external environment and team composition factors are associated with turnover in venture teams. The objective of this research is to explore the extent to which current models of decision- making and entrepreneurial cognition are relevant to a sample of true novice entrepreneurs, those who are in the process of founding their first business venture. The need arises because of the high rates of churning observed in populations of young firms that require a constant inflow of new ventures to renew the stock of businesses Ganguly, Whilst some studies of the behaviour of entrepreneurs do focus on relatively young firms e.

The thesis seeks to address this gap in the literature. A sample of true novice entrepreneurs, that founded businesses in andis interviewed to explore their decision-making and cognition regarding a realistic new business case study. The approach replicates that used by other authors who have studied expert entrepreneurs Sarasvathy, ; Sarasvathy, ; Chandler et al.

The sample of 32 true novices was a randomised sub-set of business founders in the UK. The key findings were contrary to the hypotheses; the true novices were both more effectual and more casual than expected; and furthermore were frequently using feedback loops in their decision-making.

In addition, as the novice entrepreneurs reflected upon their experiences that informed their decisions, the literature predicts that novice entrepreneurs would have to adopt analytical approaches to decision making as they lack salient experiences to inform their decisions in the early years of trading. The outcome of the experimental protocol offers insights into the extent to which the current literature captures the decision-making processes and entrepreneurial cognition of true novice entrepreneurs.

The evidence is mixed, offering the opportunity for further refinement of existing theoretical constructs, and reinforcing the relevance of alternative theories of cognition and decision making for novice entrepreneurs, for government policies and the support networks and that provide resources to assist the creation and survival of new entrepreneurial ventures.

In addition, for novice entrepreneurs, this research examined the relevance and influence of their prior experiences and emotions on their entrepreneurial decision-making. However, the results showed novices referencing a wide variety of experiences, with the majority of these based on personal events that they had directly experienced either in their current start-up or previous work activity.

Scholars have asserted that national culture has an influence on strategic decisions during new venture creation processes. One of the more promising frameworks describing these processes is that of Sarasvathy, known as the Effectuation framework. Within this framework, the role of national culture has not been embedded. Research has been done in 16 countries around the world among entrepreneurs using the Think aloud method to get further insight in the role of national culture if effectual processes are set in a different context.

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Hierarchical multiple regression analysis findings show that national culture has a significant relationship with Effectual processes. This study highlights the importance of including national culture in studying new venture creation in different countries in general and Effectuation in particular. Research Summary This study develops and tests a counterfactual model of the relationship between formal written business plans and the achievement of new venture viability.

This is important because extant theory remains oppositional, and there is a practical need to provide guidance to founders on the utility of formal plans. To test our model, we use propensity score matching to identify the impact that founder, venture, and environmental factors have on the decision to write a formal plan selection effects.

Having isolated these selection effects, we test whether or not these plans help founders achieve venture viability performance effects. Our results, using data on 1, founders, identify two key results: Managerial Summary This study assesses whether founders who write formal plans are more likely to achieve new venture viability. This is important because, despite its popularity, there is considerable debate about the value of plans. Our results show that better-educated founders, those wanting to grow and innovate, and those needing external finance are more likely to plan.

Subsequently, having isolated what prompts planning, we assess if writing a plan actually promotes venture viability. We find that it pays to plan. This article shows how human information processing can moderate entrepreneurial opportunity identification. Venture ideas are at the heart of entrepreneurship Davidsson, Further, according to the notion of an individual-opportunity nexus venture ideas are closely associated with certain individual characteristics relatedness.

This study examines how entrepreneurs weigh considerations of different forms of novelty and relatedness as well as potential financial gain in assessing the attractiveness of venture ideas. This research explores whether relationships between young firms and certain early-stage seed funders portray certification effects that influence venture capitalist VC screening decisions.

Specifically, we analyze how varying attributes of angel and crowdfunded investments certify venture quality in the minds of VCs as they make due diligence screening decisions. Results from two experiments utilizing VCs making 1, screening decisions demonstrate that the heterogeneous nature of the attributes of angels and the crowd can produce highly influential certification effects. Even though entrepreneurs often cite the use of intuition as a basis for their venturing decisions, verifying that entrepreneurs are actually using intuition is very difficult.

We propose characteristics of entrepreneurs that increase the likelihood that they will attribute intuition as a basis for decisions during the venture founding process. We then delineate characteristics that make the development and effective use of entrepreneurial intuition more likely.

Theoretical implications for researchers studying intuition and practical implications for entrepreneurs using intuition are discussed. Abstract We extend current knowledge on new venture legitimation by focusing both on how environmental entrepreneurs enact their values and beliefs during the legitimation process and on the resultant business and personal consequences.

On the basis of our longitudinal analysis of six cases studies we develop a staged process model of legitimation. Our findings suggest dj moneymaker mp3 novel insights.

Second, we are able to explain how and why these changes in legitimation take place. The entrepreneurs learned to adapt their legitimation work by engaging in reflection and reflexivity about both the business and personal consequences of their work in each stage. Finally, we detail the significance of dissonance to this process as a trigger for changes in behavior.

Family firms can enjoy substantial longevity. Ironically, however, they are often imperiled by the very process that is essential to this longevity. Using the concept of managerial discretion as a starting point, we use a human agency lens to introduce the construct of successor discretion as a factor that affects the family business succession process. While important in general, successor discretion is positioned as a particularly relevant factor for productively managing organizational renewal in family businesses.

This study represents a foundation for future empirical research investigating the role of agency in entrepreneurial action in the family business context, which consequently can 60 second binary options system apple to the larger research literature on succession and change.

Abstract While relatively weak inhibition is often associated with unproductive behavior and pathologies, it may favor acting on entrepreneurial opportunities. This raises the question of how others perceive and respond to disinhibition in an entrepreneurial agent.

Triangulating from psychology and entrepreneurship literatures, behavioral disinhibition in an entrepreneur is hypothesized to have ambivalent, overall negative effects on potential resource providers. A randomized experiment tested the hypotheses. Results were significant, with moderate to large effect sizes.

The findings suggest that behavioral proclivities facilitating individual entrepreneurial action may paradoxically undermine organizing. The work contributes to an emergent literature on ostensibly dark-side characteristics relevant to entrepreneurship, extends knowledge on entrepreneur behavior influencing potential resource providers, and highlights unresolved tensions relevant to opportunity pursuit e.

Extending this body of research, we theorize how affective valence and affective activation work together to impact opportunity identification. We emphasize that to understand affective influences, both valence and activation should be included because they each influence active search effort and knowledge integration.

We discuss the theoretical and practical implications of our study and suggest that future research should include more dynamic relationships among affect and entrepreneurial outcomes. This unique disequilibrium perspective, which takes into account institutional contexts and multiple levels of analysis, offers new theoretical insight into how entrepreneurs create opportunities through expectations of an imagined future and exploit opportunities through continuous resource combination and recombination.

Conceptualizing time as subjective and heterogeneous, it facilitates the examination of patterns in entrepreneurial activity, especially when combined with longer time frames.

And it offers hermeneutics and ideal-types as alternatives to statistical models, for developing a theoretically sophisticated understanding of how entrepreneurial processes unfold. Abstract This paper offers a fresh perspective on national culture and entrepreneurship research. It explores the role of Culturally-endorsed implicit Leadership Theories CLTs — i. Developing arguments based on culture-entrepreneurship fit, we predict that charismatic and self-protective CLTs positively affect entrepreneurship.

They provide a context that stock market 1929 1930 to present entrepreneurs to be co-operative in order to initiate change but also to be self-protective and competitive so as to safeguard their venture and avoid being exploited.

We further theorize that CLTs are more proximal drivers of cross-country differences in entrepreneurship as compared with distal cultural values. We find support for our propositions in a multi-level study of 42 countries. Cultural values of uncertainty avoidance and collectivism influence entrepreneurship mainly indirectly, via charismatic and self-protective CLTs. We do not find a similar indirect effect for cultural practices. Abstract Although entrepreneurship scholars highlight bootstrapping as a key resource acquisition approach to respond to the inherent resource constraints that nascent ventures face, little is known about what causes nascent ventures to engage in bootstrapping.

Theory highlights the environment as an important determinant of bootstrapping activity. In a more fine-grained analysis we gain insights into how these antecedents shape the use of particular bootstrapping strategies. Findings contribute to our understanding of factors driving resource management approaches in nascent ventures.

What good are positive emotions?. Review of General Psychology, 2, — The role of positive emotions in positive psychology: American Psychologist, 56, — The value of positive emotions. This article helps develop the creativity perspective within entrepreneurship in two ways. First, it elaborates on the nature of opportunity as a creative product.

Rather than viewing opportunities as single insights, it suggests that they are emerging through the continuous shaping and development of raw ideas that are acted upon. Second, rather than attributing them to a particular individual, it highlights the contextual and social influences that affect the generation and shaping of ideas.

This helps move entrepreneurship research beyond the single-person, single-insight attribution that currently permeates it. This case concerns Biohit, a family-owned biotechnology company established in Finland inselling liquid handling and diagnostics products in the global market.

Hence, this case describes the prior and initial phases of Biohit, examining also its commitment to innovation and its management practices. At this point, Osmo was intending to hand over his executive position to someone from outside the family, on the grounds that none of his three sons was able or willing to take up the position. However, he planned to continue as owner, inventor, and full-time board member of Biohit. The managers of Biohit had high hopes of making a breakthrough with diagnostics products that had been under intensive development over a long period.

The management of knowledge across country units is critical to multinational corporations MNCs. Building on the argument that boundary spanning leads to the development of creative problem solving outcomes, this study advances the concept of MNC knowledge transformation and examines its relationship with solution creativity.

Using questionnaire data on 67 problem solving projects, we find that opportunity formation is an underlying mechanism linking MNC knowledge transformation to the development of creative solutions. These insights contribute to our understanding of boundary spanning in global organizations by substantiating MNC knowledge transformation and elaborating the relationship between boundary spanning and creative solution development.

If successful at knowledge transformation, collaborators from across the MNC can construct previously unimagined opportunities for the generation of creative outcomes. Research summary Opportunity creation, effectuation, and bricolage are three concepts that describe value creation and the central role of entrepreneurial action in that process. Although research often conceptualizes these concepts as interrelated, precisely how they relate to and complement one another and where they diverge remains unclear.

This article forex mega scalper myfxbook the roots of each of these concepts and their underlying assumptions, organizing them within a unifying conceptual frame.

Our analysis reveals a set of entailing implications that can guide future conceptual and empirical work in entrepreneurship, and it advances our understanding of value creation and capture in strategy, organization theory, management, and related fields.

Managerial summary What are entrepreneurs doing? At the highest level of abstraction, entrepreneurs are identifying and exploiting opportunities. Recently, several lines of research have examined how certain types of entrepreneurial action can result in forming, rather than merely encountering, opportunities.

Scholars engaged in this work have used both deductive and observational approaches, which have been rarely examined jointly or integrated into a comprehensive framework. This article focuses on the literature on opportunity creation, effectuation, and bricolage, examining each of the approaches and their underlying assumptions, and it organizes them within a unifying conceptual frame.

Doing so reveals avenues for future work, in particular the development of new theories of opportunity formation, and implications for research in related fields such as strategic management, organization theory, and economics. We examine why commercialization of interdisciplinary research, especially from distant scientific domains, is different from commercialization of inventions from specialized or proximate domains.

We use a sample of 3, university invention disclosures to test whether variation in the types of experience of the scientists on a team influences the likelihood that an invention will be licensed.

We proffer evidence to support our hypotheses that anticipated coordination costs influence whether an invention is licensed and that specific forms of team experience attenuate such coordination costs. The implications of these findings for theories of coordination, innovation, and entrepreneurship are discussed.

We argue for the increasing importance of providing graduate students with skills in technology entrepreneurship and the commercialization of technology. We describe the lessons we have learned from 14 years of developing commercialization of technology pedagogy and adapting it for use on four continents and within numerous corporations. We demonstrate that the theory-driven approach that we use to shape the curriculum improves our ability to learn from our mistakes and to structure small experiments to improve the curriculum and pedagogy.

Much effort goes into building markets as a tool for economic and social development; those pursuing or promoting market building, however, often overlook buying european stocks in canada in too many places social exclusion and poverty prevent many, especially women, from participating in and accessing markets.

Building on data from rural Bangladesh and analyzing the work of a prominent intermediary organization, we uncover institutional voids as the source of market exclusion and identify two sets of activities—redefining market architecture and legitimating new actors—as critical for building inclusive markets. We expose voids as analytical spaces and illustrate how they result from conflict and contradiction among institutional bits and pieces from local political, community, and religious spheres.

Our findings put forward a perspective on market building that highlights the on-the-ground dynamics and attends to the institutions at play, to their consequences, and to a more diverse set of inhabitants of institutions.

Disaster events threaten the lives, economies, and wellbeing of those they impact. Understanding the role of emergent organizations in responding to suffering and building resilience diferença entre call option vs put option an important component of the grand challenge of how to effectively strategy of simultaneous bets in binary options to disasters.

In this inductive case study we explore venture creation initiated by locals in response to suffering following the Haiti earthquake. In exploring six ventures we found that two distinctive groups emerged in terms of their identification of potential opportunities to alleviate suffering, their access to and use of key resources, the action they took, and ultimately their effectiveness in facilitating resilience.

We offer an inductive, grounded theoretical model that emerged from our data that provides insight into and an extension of literature on resilience to adversity and the disaster literature on emergent response groups, opening pathways for management scholarship to contribute in a meaningful way to this grand challenge.

It is estimated that there are over business angel networks in the United States and several in European and Asian countries. Books and web sites on business angels continue to proliferate. From a research standpoint, however, in spite of the considerably larger magnitude of business angels when compared to VCs, we know less about the former than the latter.

Effectuation and causation are two contrasting approaches to new business development. We argue that these two approaches are generic decision-making mechanisms that can coexist with one another and that they are configured in specific ways during different phases in the process of new product creation.

These decision-making mechanisms are influenced by internal and external market factors: Our research framework is a generic two-stage competitive process that separates business intraday trading techniques indian stock market from tactics.

We conducted an in-depth case study breakout strategies forex a console game creation project to examine these decision-making mechanisms and to explore how business models are formulated and how each mechanism influences subsequent tactics during the new product creation process.

Our findings suggest the following four decision-making configurations with unique modes of interplay between business models and tactics: The theoretical insights on the linkage between decision-making mechanisms and business models have important practical implications for new product creation.

The authors present a model that explains how comprehensive social competency made up of three components? We conducted two studies with Chinese small business owners,? Comprehensive social competency was consistently related to network size and business growth.

In addition, government network size was related to the business growth since start-up in both studies employee growth in Study 1 and personal asset growth in Study 2but business network size was not related to business growth.

Government network size also functions as a partial mediator between comprehensive social competency and business growth since start-up. Some differences are found between the rural area and the urban centre. The relationships between business planning and performance have divided the entrepreneurship research community for decades Brinckmann et al, One side of this debate is the assumption that business plans may lock the firm in a specific direction early on, impede the firm to adapt to the changing market conditions Dencker et al.

Conversely, feedback received from the production and presentation of business plans may also lead the firm to take corrective actions. However, the mechanisms underlying the relationships between changes in business ideas, business plans and the performance of nascent firms are still largely unknown.

Previous research has emphasized adaptability and flexibility as key success factors through effectual logic and interaction with the market Sarasvathy, ; or improvisation and trial-and-error Miner et al, However, those studies did not specifically investigate the role of business planning. Our objective is to reconcile those seemingly opposing views flexibility versus rigidity by undertaking a more fine-grained analysis at the relationships between business planning and changes in business ideas on a large longitudinal sample of nascent firms.

This section presents abstracts of conference papers related to business policy and strategy. This section presents abstracts of several business policy and strategy conferences held in the U. Kesner and Tom Lenz shows that acquisitions, on average, do not improve firm performance. King represents a significant contribution by demonstrating conflicting findings in existing merger and acquisition research may result from alternate motivations behind merger and acquisition activity.

Rasheed shows that foreign ownership leads to reduction in research and development and capital expenditures as well as improvement in performance, especially for firms with high free cash flow that are likely to have the most severe agency problems. Although venture teams whose founders are dissimilar heterophilious tend to outperform teams whose founders are similar homophiliousmost new venture teams are characterized by homophily.

I try to explain this puzzle with a learning model in which founders are prone to two cognitive biases: Founders choose cofounders with similar beliefs as themselves because they expect this to promote the most effective allocation of effort to the venture.

Self-serving bias reinforces and perpetuates these beliefs. In principle, informed outsiders e. This article offers an argument for how genetic factors may influence the tendency of people to engage in entrepreneurial activity, and describes four mechanisms through which genetic factors could operate. It also explores ways that researchers can use quantitative and molecular genetics to examine entrepreneurship, and discusses the potential implications of a genetic perspective for management research on entrepreneurship.

The results indicate that codification decreases decision incongruence the most for CEOs with low general but high specific human capital. Economic development and social entrepreneurship often conceive of poverty as a resource allocation problem in which a lack of capital prevents the poor from increasing their income through entrepreneurship.

This allocative view, however, represents only one possible approach to conceptualizing entrepreneurial opportunity. The alternative discovery- and creativity-based views place a greater emphasis on innovation which implies that superior ideas are also needed if poverty is to be reduced through firm performance.

Drawing from a survey of small business owners involved in a microcredit programme in Nairobi, Kenya, we find that the financial, social, human capital—performance relationships are mediated in part by innovation.

Further, we find that differentiation-related innovations lead to better firm performance than novelty-related innovations. This study explores how careers of entrepreneurs influence their preference for causal and effectual decision logics in the process of new venture creation.

We adopt a qualitative research approach including verbal protocols and semi-structured interviews with a sample of 28 entrepreneurs. Based on our findings we propose a framework consisting of four different career profiles, which in turn, are related to a specific decision-making logic. In particular, we show how career properties, that are general, rather forex cross rate online india specific to the domain of entrepreneurship, are distinctively related to the best analyzer for binary options software and causation through their common foundation in the notions of prediction and control.

We develop and validate measures of causation and effectuation approaches to new venture creation and test our measures with two samples of entrepreneurs in young firms. Our measure of causation is a well-defined and coherent uni-dimensional construct. We propose that effectuation is a formative, multidimensional construct with three associated sub-dimensions experimentation, strategy of simultaneous bets in binary options loss, and flexibility and one dimension shared with the causation construct pre-commitments.

As specified by Sarasvathywe also show that causation is negatively associated with uncertainty, while experimentation, a sub-dimension of effectuation, is positively correlated with uncertainty. The major contribution is the resulting validated scales that measure causation and effectuation. In the past years there has always been the reoccurring phenomenon of reinventing something that had already been successfully researched.

Open innovation, for example, is a term created by Henry Chesbrough referring to the use of both internal and external knowledge to improve internal innovation. Nothing new, yet a term that is used in business books until now.

It is the phenomenon that organizations are constantly seeking for new answers to old problems. Results indeed show parallels in their terms and definitions. However, the terms diverge in terms of their application and use. Furthermore, the phenomenon in general seems to be underlaying a deep cognitive and behavioral approach that lacks in evidence but in return opens doors for further research.

It is argued that an explanation for the creation of such artifacts requires the notion of effectuation. Causation rests on a logic of prediction — effectuation on the logic of control. Effectuation is illustrated through business examples and realistic thought experiments.

A list of testable propositions for future empirical work is provided. I argue that an explanation for the creation of such artifacts requires the notion of effectuation. Causation rests on a logic of prediction, effectuation on the logic of control. I illustrate effectuation through business examples and realistic thought experiments, examine its connections with existing theories and emperical evidence and offer a list of testable propositions for future empirical work.

But, these changes created also the need to develop the ability to reconcile the professional, artistic and business tensions by chefs Gillespie, Consequently, the fine dining segment became innovative and entrepreneurial, and the phenomenon of celebrity restaurateur emerged.

Gaining entrepreneurial competence requires restaurateurs to build capacity to create new means-ends frameworks and successfully deliver them to the market Sarasvathy, While research showed that role models and achievement motivation facilitate the process, the understanding how this process occurs remains under-theorized.

Hence, this paper explores how role models and achievement motivation facilitate entrepreneurial competence attainment. Entrepreneurship studies started out as a young field, one where a mix of economists, psychologists, geographers and the occasional anthropologist came together to study the wonder and weirdness that is entrepreneurship, in a wide range of fashions and with few a priori assumptions to hold it back.

Today, some of this eclecticism lives on in the field, but at the same time we have seen that the field has matured and its popularity has led to the field becoming increasingly institutionalized — and thereby beset by an increasing number of assumptions, even myths.

Consequently, this special issue queries some of the assumptions and potential myths that flourish in the field, inquiring critically into the constitution of entrepreneurship as a field of research — all in order to develop the same.

Without occasions where a field can question even its most deeply held beliefs, we are at risk of becoming ideologically rather than analytically constituted, which is why we in this special issue wanted to create a space for the kind of critical yet creative play that e. Sarasvathy has encourages the field to engage with. Within the broad framework of the entrepreneurial opportunity recognition literature, the debate has continued as to whether opportunities are discovered or created.

While under the paradigm of neoclassical economics, entrepreneurial opportunities are stock broker sanjay to be the temporary result of disequilibrium in external markets, a behavioral perspective on entrepreneurship emphasis the influence of creative agency by individuals on external markets. In addition, market insights are distinguished from entrepreneurial opportunities and are shown to be the result of a entrepreneurial cognitive processing while entrepreneurial opportunity recognition is shown to be the result of a unique entrepreneurial decision process.

Overall, the goal of this paper is bridge the theoretical gap between the behavioral and economic perspectives regarding entrepreneurial opportunities and to construct a viable framework for considering the process by which entrepreneurs translate external stimuli into specific plans for action. To sense and adapt to uncertainty by leveraging prior entrepreneurial knowledge is a critical ability.

However, for many individuals, prior entrepreneurial knowledge is absent or underdeveloped. We investigate the ability of individuals without prior entrepreneurial knowledge to effectively adapt decision policies in response to feedback, while performing an entrepreneurial task.

Our findings suggest insights into the interplay between knowledge, learning, and cognition that are generalizable to activities and actions central to the entrepreneurial process. However, recent work criticizes the teleological basis of most extant theories of the opportunity identification process arguing that many entrepreneurs do not start firms with specific goals or outcomes in mind Sarasvathy, As the market and firm evolves, more specific plans are then formulated and action becomes increasingly more intentional.

In reviewing effectuation theory, however, a major question remains unanswered—specifically, why would clearly specifying goals up-front prevent entrepreneurs from taking advantage of contingencies that may arise during the firm creation process?

An unstated assumption implied in effectuation theory appears to be that entrepreneurs fully specifying desired outcomes a priori would be less likely or less willing to make radical adjustments to their plans. At the base of this assumption is the implied belief that a fundamental decision bias i. Using insights based on the entrepreneurial cognition perspective, we develop a conceptual model to explain the evolution of entrepreneurial growth intentions under the influence of venture cognitive logics causation versus effectuation and entrepreneurial cognitive style analytic versus holistic.

Our model finds preliminary support based on qualitative data from an exploratory field study of a select group of entrepreneurs, interviewed in three waves over a 5-year timeframe. Because of their importance in creating wealth—both personal and societal—entrepreneurs have long been the subject of intensive study. Past research has focused on important issues such as: Why do some people, but not others, recognize or create new opportunities?

Why do some, but not others, try to convert their ideas and dreams into business ventures? And why, ultimately, are some entrepreneurs successful and others not? Efforts to answer these questions in terms of the personal characteristics of entrepreneurs generally yielded disappointing results: As a result, a growing number of researchers have recently adopted a different approach—one emphasizing the role of cognitive processes in entrepreneurship.

This perspective suggests that valuable insights into the questions posed above may be obtained through careful comparison of the cognitive processes of entrepreneurs and other persons. Whereas informative research has already been conducted within this framework, the present study seeks to expand this developing perspective by building additional conceptual bridges between entrepreneurship research and the large, extant literature on human cognition.

Basic research on human cognition suggests that our cognitive processes are far from totally rational; in fact, our thinking is often influenced by a number of sources of potential bias and error. It is suggested here that entrepreneurs often work in situations and under conditions that would be expected to maximize the impact of such factors.

Specifically, they face situations that tend to overload their information-processing capacity and are characterized by high levels of uncertainty, novelty, emotion, and time pressure. Several cognitive mechanisms that may exert such effects and that have not previously been considered in detail in the literature on entrepreneurship are examined.

Each mechanism is described, and specific hypotheses concerning its potential impact on the thinking of entrepreneurs are proposed. A final section of the article touches briefly on load select options jquery ajax for testing hypotheses concerning these mechanisms and explores the implications of this cognitive perspective for future entrepreneurship research.

This section emphasizes the fact that a cognitive perspective can provide researchers in the field with several new conceptual tools and may also facilitate the development of practical procedures for assisting entrepreneurs. Substantial gains can be made by individuals and organizations adept at detecting new opportunities.

But how do business leaders do that concretely? Organization research shows that managers are more inclined to identify threats than opportunities, but it is still not clear why this is the case. Likewise, research points to several factors that may facilitate the recognition of opportunities. Yet empirical observations have been limited by retrospective biases and other conceptual challenges.

As a result, key questions remain not only about what factors facilitate the recognition of opportunities, current share market price of wipro also about why these factors play such a role.

To further understanding of these issues, we study the reasoning strategies that individuals mobilize for recognizing opportunities. We develop a model of opportunity recognition as a cognitive process of structural alignment, and analyze the think-aloud verbalizations of executive entrepreneurs as they try to recognize opportunities for new technologies. In contrast to prior research, the qualitative and quantitative data do not provide evidence that individuals use prototypes to recognize opportunities.

Instead, we find that different kinds of mental connections play different roles in the process of recognizing opportunities, with different consequences. We also document why and how prior knowledge may facilitate this process. By drawing attention to the cognitive underpinnings of opportunity recognition, we cast light on why it constitutes such a challenging task for individuals and organizations. Effectuation has been proposed as an alternative decision-making approach that takes into account the cognitive implications of uncertainty and the consequent constraints it places on three black crows in downtrend information processing and the use of planning heuristics in entrepreneurship Gregoire et al.

Effectuation is contrasted with causation, which represents the rational decision-making approach. Although individuals can use both causal and effectual reasoning at different times during venture development, prior research finds that entrepreneurs do not transition well between the modes Sarasvathy, Considering that both approaches are believed to fundamentally refer to cognitive processes, our study probes the cognitive stock market board game western publishing of causal and effectual logics.

The papers by Bartunek, Trullen, Immediato, and Schneider Front and backstages of the diminished routinization of innovations: The specific foci of these papers are quite different.

While commonalities among the papers are certainly identifiable, highlighting the value of these writings binomial option tree example perhaps better achieved by focusing on their unique contributions to the change literature rather than by seeking to identify points of theoretical overlap within the broad domain of change.

With this belief in mind, this commentary reviews several of the principal contributions of the three papers to the change literature. Promising research directions pertaining to the topic of change that build directly on observations made in the papers are then discussed. Family firms vary with regards to success achieved in terms of opportunity creation and exploitation over time. Elaborating on this variation, this commentary argues that firms that simultaneously engage in multiple levels of innovation—incremental, progressive, and radical—are likely to enjoy sustainable performance advantages across generations.

In terms of entrepreneurial expertise, a combination of causal and effectual thinking is necessary to ensure exploitation of already discovered or created opportunities and exploration of new ones.

The addition of new enterprises to the economy has long been considered essential to economic growth. The process of venture stock brokerage firms nigeria in the private sector has been heavily researched and frequently modeled, although few models explain the process of nonprofit enterprise creation.

Nonprofit social ventures pursue economic, social, or environmental aims, generating at least part of their income from trading. They fill market gaps between private enterprise and public sector provision, and, increasingly, policy makers consider them to be valuable agents in social, economic, and environmental regeneration and renewal.

This article presents findings from a qualitative study of the inception of five community-led nonprofit social ventures, producing a model of the stages of venture creation: A formal support network and a tailor-made support network are also part of the model, contributing resources to the new venture and assisting indian stock market ebook through the stages.

The model highlights the resource acquisition and network creation that precede formal venture creation. In the nonprofit sector, these activities are undertaken by volunteers who do not have a controlling interest in dar stock exchange market new venture. For practitioners, the model identifies critical stages in the process of community-led social venture creation and two areas where assistance is most needed: One source of competitive advantage is problem-solving speed, as it fosters the ability to develop and market innovative products in a timely manner Atuahene-Gima and Wei, Problem-solving speed can be defined as the time needed to find, evaluate and implement an adequate solution to a particular problem Atuahene-Gima and Li, In uncertain situations, traditional management methods based on causal logic come to how to earn gold in world of warcraft explanatory limits.

Effectuation as logic of entrepreneurial decision-behavior delineates principles describing an alternative behavioral approach, focusing rather on control than on prediction Sarasvathy, These principles are the starting point of venturing, the attitude towards risk, towards stakeholders and the attitude towards unexpected events.

Building decisions on effectual logic in uncertain situations might explain the differences in problem-solving speed and thus uncover a novel source of competitive advantage. The issue of the failure of incumbent firms in the face of radical technical change has been a central question in the technology strategy domain for some time. We develop an analytical model that considers firm heterogeneity with respect to both technological trajectories and complementary assets.

Complexity scholarship has flourished in organization science for many years, with important what happens to stock options if you get laid off for managers, organizations, and networks. But the academic expressions of complexity-current publications using complexity science-is dwindling: Rather than redouble energy in that direction, this paper argues for a focus on the core phenomenon that is studied by complexity, namely emergence.

Second, the causes of emergence are not unitary: Overall, my emphasis is on the flourishing literature on emergence in organization science. I connect the two threads of arguments to specific examples and current empirical work in entrepreneurship. I also examine implications for entrepreneurship research and economic development policy. This article discusses how executives in entrepreneurial firms addressing nascent markets organize the boundaries of their firms. Entrepreneurs need to establish themselves in an initial market, but do not usually have a strong resource base nor established competencies to leverage.

By structuring the roles in the market, entrepreneurs are able to reduce the ambiguity they face and prevent competition in the market. Entrepreneurs use acquisitions of smaller firms to increase their market coverage, cancel possible entry points for more powerful competitors, and eliminate threatening business models.

Entrepreneurs construct markets by structuring the nascent market around a perceived opportunity for the creation of value. We examine how entrepreneurs shape organizational boundaries and construct markets through an inductive, longitudinal study of five ventures. Our central contribution is a framework of how successful entrepreneurs attempt to dominate nascent markets by co-constructing organizational boundaries and market macys opening hours july 4th using three processes: Overall, we develop a forex atr trading system view of organizational top candlestick patterns for day trading and offer insights into institutional entrepreneurship and resource dependence theories.

Our most important contribution is reinvigorating the study of interorganizational power. Using predictive and effectuation logics as a framework, this research note explains how case study research was conducted to demonstrate rigour and relevance.

The study involves a longitudinal cross-country case study on small and medium-sized firm growth and networks undertaken by research teams in three countries Finland, Denmark and New Zealand involving 33 firms.

This research note outlines the implications of this research and provides valuable guidance and reflections upon opportunities for future research regarding the conduct of contextual studies in entrepreneurship without compromising validity and reliability.

Theory development and testing are central to the advancement of entrepreneurship as a scholarly field. For nearly three decades now, researchers have borrowed popular theories from other disciplines and adapted them to the study of diverse entrepreneurship phenomena.

This has enhanced the rigor of research findings. Future studies can achieve greater rigor and relevance by paying more attention to the context of their investigations. Understanding the nature, dynamics, uniqueness and limitations of this context can enrich future studies.

This article describes common problems revealed in recent entrepreneurship research when applying existing and new theories to well known vs. The article also suggests strategies to enrich creative and constructive theory building. Borrowing from Rorty It continues with an examination of contingency and entrepreneurial opportunity and then planetside 2 station cash generator v 1.02 password six narratives to show how both personal and historical contingencies become resources in the entrepreneurial process.

A depiction of possible alternative responses counterfactuals for each narrative illustrates how entrepreneurs tend to take a resourceful, rather than an adaptive or a heroic stance toward contingency. The paper concludes with a literature review and a look at how this view of entrepreneurial contingency illuminates the temporal context in management scholarship, among other implications for both research and practice.

This study explores the hybridization of field-level logics, a process that integrates previously incompatible logics within an organizational field. Through an inductive study of the wind energy field in Colorado, we find that logic hybridization resulted when social movement organizations SMOselectric utility firms, hybrid organizations, and policy makers variously responded to incompatibility between economizing and ecologizing logics.

After compromise with electric utilities and efforts to justify wind power in economic terms failed to reduce the dominance of the economizing logic, SMOs switched tactics to promote the ecologizing logic. Once SMOs succeeded in altering the balance of power in the field, hybrid organizations then emerged to legitimize a new set of frames, practices, and arrangements that integrated the previously incompatible logics.

Electric utility firms and policy makers then formalized and embedded the new hybridized logic in the field. Our findings suggest that the hybridization of field-level logics is a complex process in which organizational actions and field-level conditions recursively influence each other over time.

This process is critical to understanding how entrepreneurs, firms, policy makers, and SMOs each contribute to the emergence of environmentally relevant sectors. Innovative products are widely recognized as an important source of competitive advantage. These measures are validated in a follow-up study with a larger sample of projects. Third, the new measures are applied to test two central hypotheses: Indeed, corporate entrepreneurship often entails opportunity-seeking and advantage-seeking activities, which lead to supra-normal profits in the long run.

Usually, the strategic decision to strengthen corporate core competencies either internally or externally must be reached under uncertain investment conditions. However, little is known of the process by which such company-unique competences are deployed from the parent company to the spin-off venture.

We examine this unexplored issue captain morgan stock market drawing upon effectuation and real option theories and to gain a better understanding of how parent companies create and develop spin-offs under uncertain investment conditions in order to build up organizational core competences Narayanan et al.

Using data from a conjoint study with 6, assessments of project terminations made by managers, we provide insights into corporate entrepreneurship decision making and how portfolio-level, individual-level, and firm-level aspects interact in explaining project termination. Scholars have suggested that counterfactual thinking may play an important role in entrepreneurship; however, empirical research positioned to inform the nature of this relationship has been equivocal.

Based on a survey of entrepreneurs, our findings suggest that the implications of counterfactual thinking for entrepreneurial self-efficacy are moderated by individual differences based in the dispositional attributes of the entrepreneur.

This article argues for alternative forms of inquiry for exploring aspects of entrepreneurship scholarship that are often unseen, ignored or minimized. The European School of Entrepreneurship? Such tendencies are fundamentally different by degree rather than contrast from current norms; yet, these tendencies can make a significant difference in current scholarly practice in entrepreneurship, as well as our understanding of the entrepreneurial phenomenon.

The marketing literature typically argues that customers cannot easily be involved with, and contribute to, the creation of major innovation MI. This article finds otherwise. The authors use an inductive process method to study how six MIs were developed for business-to-business markets by small and young technology firms.

Three of the MIs were successful, and three failed. The firms with MI success are distinguished by a nonconventional new product development process that includes five iterative and overlapping activities and up to ten different customer roles. These activities and roles are captured in a multifaceted taxonomy of customer participation.

The analysis also uncovers three capabilities relevant to the development of successful MI—capabilities that are effectual rather than adaptive in nature. These findings and the propositions derived from them offer a more complete understanding of customer participation, new product development across contexts, and marketing capabilities.

In order to do this we develop a number of related? Using concepts of space, the managerial and the entrepreneurial dimensions and perspectives on organizing creativity become highly visible in the case studied. This is a field study within the ethnographic tradition focusing on an organizational transformation of a former public authority into a competitive limited company.

A distinction between managerialism and? To develop a body of evidence-based knowledge on entrepreneurship, findings and contributions from the positivist, narrative, and design research traditions in this area need to be combined. Therefore, a framework for research synthesis in terms of social mechanisms, contextual conditions, and outcome patterns is developed in this paper. Subsequently, a synthesis of the existing body of research findings on entrepreneurial opportunities serves to illustrate how this framework can be applied and provides results that inform entrepreneurial action.

Finally, we discuss how this synthetic approach serves to systematically connect the fragmented landscape of entrepreneurship research, and thus gradually build a cumulative and evidence-based body of knowledge on entrepreneurship. Most management research in this area studies the entrepreneurs; we explore the institutional conditions which frame the likelihood of entrepreneurial engagement.

Since then, empirical evidence on effectuation is growing. After examinations in various industry contexts — radio frequency Sarasvathy and Dew, and private equity Wiltbank, Read, Dew, and Sarasvathy, — protocol analyses have shown that expert entrepreneurs use these heuristics more often than MBA graduates Read, Dew, Sarasvathy, Wiltbank, There is also evidence that effectual logic increases new venture performance Read, Song, and Smit, However, it is still unknown whether effectuation is purely the domain of expert entrepreneurs; and whether this logic would help nascent entrepreneurs accelerate their new firm creation.

We address this issue by decomposing the total effect of effectuation on new firm creation effect into a two-stage mechanism. First, we develop and test hypotheses about the effect of pipeline trading systems discontinues options business four effectual principles on new firm creation.

Second, we examine whether these effects are mediated by the two dynamic cycles of expanding means and converging goals in motion. Microfinance is a social innovation to alleviate poverty by providing small, unsecured loans to local indigent entrepreneurs. Many borrowers use microfinance loans to seed their small entrepreneurial businesses. However, high interest rates charged by microfinance institutions MFIs are likely to increase the financial burden of those borrowers. In this study, we adopt an opportunity co-creation perspective to analyze the factors that affect microfinance interest rates.

We argue that new opportunities in a social venture could be co-created by multiple stakeholders, including MFIs, borrower communities, female borrowers, governments, MFI managers, and employees. We tested our hypothese on interest euronext paris trading days setting of MFIs by using 4, organization-year observations from to across 93 countries, and the empirical results largely support the hypotheses.

Our opportunity co-creation perspective extends the current understanding on microfinance and provides important managerial implications. Employee entrepreneurship and employee moves to rival firms employee mobility have both been recognized as critical drivers of the transfer of knowledge. Drawing on a unique database of intra-industry inventor entrepreneurship and mobility events in the U.

The findings show that even though complexity inhibits knowledge diffusion to rival firms through employee mobility, complex knowledge may be underexploited within existing organizations and may still flow to startups through employee entrepreneurship.

This study sheds new light on how technology shapes patterns of employee entrepreneurship and mobility, with implications for knowledge flows and competitive dynamics. Little is known about the drivers of entrepreneurial decisions during war. We empirically examine the effects of perceived danger, entrepreneurial self-efficacy, and resilience on entrepreneurial intentions in adverse conditions with primary survey data from Afghanistan.

Our findings also suggest that even under conditions of war, individuals develop entrepreneurial intentions if they are able to grow from adversity resilience and believe in their entrepreneurial abilities entrepreneurial self-efficacy. Practical implications for role modeling and entrepreneurship training are then discussed. Although comprehensiveness is considered among the most salient and enduring strategic decision-making characteristics in organizations, its influence on firm behaviour has remained elusive.

Our core argument is that while comprehensiveness helps decision-makers gain the knowledge needed to escape the ignorance and overcome doubt associated with this pursuit, this beneficial influence is conditional upon managerial uncertainty preferences, together with the level of dynamism in the external environment.

Findings from a large sample study of CEOs from SMEs provide general support for this argument and associated hypotheses. This research explores two entrepreneurial decision-making processes utilizing effectuation and causation modes in the context of new venture creation in the biotechnology industry. Using a case study approach, we investigate the evolution of three biotech ventures from the start of the venture, featuring major decisions over a period of 10 to 20 years.

Assessment of qualitative interviews with founders and CEOs demonstrates that, initially, each company began in effectuation mode and, over time, transitioned to a spectrum between effectuation and causation. The two ventures which retained effectuation logic did not engage in clinical trials. Development economists and management scholars have called for a more market-based approach to address the extreme poverty suffered by the billion people residing primarily in least developed countries.

This article proposes a theory of development entrepreneurship that blends business entrepreneurship, social entrepreneurship, and institutional entrepreneurship to accelerate the institutional change necessary to make economic growth more inclusive. After examining various explanations of market failure in the base of the pyramid and social entrepreneurship literatures, I explain why entrepreneurial transformation of formal institutions is needed and what differentiates development entrepreneurship from related concepts such as social entrepreneurship, social business entrepreneurship, and socio-political activism.

It is commonly understood that entrepreneurs need to create value for different stakeholders in order for their ventures to be successful in the long run. For some, value is profits for shareholders, for some others — it is an intangible benefit that cannot be measured, and is only in the eye of the beholder.

It unearths five different dimensions of value that include both financial and non-financial impacts and argues that value creation or destruction should be described and measured as stakeholder capability improvements. The paper is positioned as an extension of a debate between shareholder wealth and stakeholder value proponents regarding purpose of the corporation.

Both designers and entrepreneurs create opportunities for innovation in products, services, processes, and business models. More specifically, both design thinking and entrepreneurship education encourage individuals to look at the world with fresh eyes, create hypotheses to explain their surroundings and desired futures, and adopt cognitive acts to reduce the psychological uncertainty associated with ambiguous situations.

In this article, we illustrate how we train students to apply four well-established cognitive acts from the design cognition research paradigm—framing, analogical reasoning, abductive reasoning, and mental simulation—to opportunity creation.

Our pedagogical approach is based on scholarship in design cognition that emphasizes creating preferred situations from existing ones rather than applying a defined set of tools from management scholarship. In doing so, we provide avenues for further development of entrepreneurship education, particularly the integration of design cognition.

Critics charge business schools with failing to realize their primary purpose, that is, to produce professional managers. This article revisits what Simon advocated with regard to a core feature of this professionalism, the production of essential management knowledge, and the process of educating people in applying it.

With Simon as a guide, this article outlines educational and research interventions to help business schools realize their founding purpose. In doing so, it addresses the distinctive knowledge products that business school research can contribute to the management profession. This article also highlights the key role that evidence-based management and the related practices of design science play in providing a more complete solution to the design problem Simon identified.

Entrepreneurship has traditionally been viewed as an individual characteristic. Unfortunately, these efforts have returned little more than inconclusive results on what defines an entrepreneur and sustains him or her through a continuing career in entrepreneurship. But recently, there is a move to study entrepreneurship as expertise — i. This method consists of having experts solve typical problems from their domain of expertise while continuously thinking aloud.

The think-aloud protocols are usually recorded on tape and the contents of the transcribed protocols are analyzed in order to extract the baseline models used by the expert. Recent research has produced concern about incongruence the gap between conveyed and actual decision rationale in strategic opportunity evaluation. Such incongruence can lead to inefficient decision-making, ineffective learning and will subsequently have performance implications in the entrepreneurial process.

In this article we build on cognitive theory to investigate individual differences in opportunity-related decisions incongruence. In a study on individuals with in total 7, opportunity decisions we investigate how images of vulnerability and capability affect opportunity decision congruence. The results indicate that the images of vulnerability negatively impact congruent decision making, while images of capability have a U-shaped effect on decision incongruence.

Our findings extend prior literature on cognitive reasoning in opportunity evaluation and entrepreneurial expertise. This study analyzes the role of experience and learning on the development of effectual behavior Sarasvathyamong entrepreneurs during the start-up of a new firm.

We take a human capital perspective to examine the various experiences of the entrepreneur and their influence on the development of effectual versus causal behavior. Following Unger et al.

Models of organizational learning typically assume that organizations rely upon performance feedback and that an exogenous uncontrollable environment presents the problems that organizations seek to solve.

By contrast, we consider how different epistemologies within organizations, or combinations of epistemologies, and the degree to which the environment is amenable to organizational control jointly affect learning over time. This study presents three different epistemologies expressed in interpersonal learning: We also examine the learning implications of a dominant coalition that can promulgate its preferred beliefs throughout an organization.

Outcomes from our agent-based model point toward key epistemological and environmental contingencies affecting the dynamics of organizational learning. Organizations filled with pragmatists learn effectively if the environment is fixed or controllable. Coherentists and conformists advance in knowledge only to the extent that they can control the environment. Adding pragmatists to organizations with coherentists or conformists produces a nonlinear S-shaped effect on knowledge achieved as different proportions of pragmatists alter social networks.

New digital technologies have transformed the nature of uncertainty inherent in entrepreneurial processes and outcomes as well as the ways of dealing with such uncertainty. This has raised important questions at the intersection of digital technologies and entrepreneurship—on digital entrepreneurship.

We consider two broad implications—less bounded entrepreneurial processes and outcomes and less predefined locus of entrepreneurial agency—and advance a research agenda that calls for the explicit theorizing of concepts related to digital technologies. In articulating the promise and value of such a digital technology perspective, we consider how it would build on and enrich existing entrepreneurship theories.

Although both fields have developed largely independently, they both aim at explaining how firms adapt to environmental change and exploit opportunities Venkatraman and Sarasvathy, Strategic entrepreneurship reflects both entrepreneurial opportunity-seeking actions and strategic advantage-seeking actions McGrath and MacMillan, ; Hitt and Ireland, Top management teams TMT are critically important for exercising strategic entrepreneurship.

Despite scholars recognize the importance of both strategic entrepreneurship and top management team influence in understanding the performance of start-up firms, little empirical work has combined both views. In this paper we examine the relative impact of top management team characteristics on the relationship between strategic entrepreneurial behavior and start-up firm performance.

Entrepreneurship has been considered as a factor of risk and reward. However, there are instances of entrepreneurship for social cause, where social well being takes a priority over profit motive.

In the present study, the researcher analyses the findings from study of 9 pioneering social organization using semi-structured interviews and discussions. The findings from these studies are presented as propositions and as a model for social entrepreneurship. A model has been proposed which shows the growth and direction of social organizations. The ultimate stage in the growth has been identified as the stage of centre of excellence, where the organization works for promoting other organization, as a role model.

It tries to focus on HRD and institution building activities for other organizations and institutions. Factors relating to social entrepreneur have also been studied. Do entrepreneurial opportunities exist, independent of the perceptions of entrepreneurs, just waiting to be discovered? Or, are these opportunities created by the actions of entrepreneurs? Two internally consistent theories of how entrepreneurial opportunities are formed — discovery theory and creation theory — are described.

While it will always be possible to describe the formation of a particular opportunity as an example of a discovery or creation process, these two theories do have important implications for the effectiveness of a wide variety of entrepreneurial actions in different contexts.

The implications of these theories for seven of these actions are described, along with a discussion of some of the broader theoretical implications of these two theories for the fields of entrepreneurship and strategic management. In this article, we propose an entrepreneurial theory of the firm that is based on dispersed knowledge.

We argue that the dispersion of knowledge over people and places and over time leads to uncertainty. This uncertainty, combined with heterogeneous expectations and the nexus of an individual and opportunity, explains the emergence of new firms.

We then suggest that the theory of the firm proposed by us answers questions that have been overlooked by alternative theories. The specific question we discuss in this article is when and why an entrepreneurial opportunity will be taken to market through an existing firm, and when and why a new firm will be chosen as a vehicle for taking a new idea to market, i. This study applies the lens of effectuation to product diversification and examines the moderating effects of effectuation processes on the relationship between diversification and performance in new ventures.

Effectuation processes are conceptualized in terms of experimentation, affordable loss, flexibility, and pre-commitments. The findings indicate that, with the exception of affordable loss, effectuation processes exert a positive effect on the diversification—performance relationship.

Theoretical and empirical implications are discussed. This paper focuses on how entrepreneurial goals affect the resource allocation of new firm owners. It connects research in psychology and management that examines the core motivations of entrepreneurs with research in economics that models the behavior of owner-managers as utility-maximizing rather than profit-maximizing.

We hypothesize that new owners with nonmonetary goals allocate their resources differently than do owners with monetary goals and that the differences are meaningful in size. To test these hypotheses, we estimate firm level equations based on economic theories of input demand that show how input quantities depend on owner goals. Data come from a national survey of new U. We find owner goals have both a statistically and substantively significant effect on resource allocation for new firms.

Owners with nonmonetary goals put in more of their own and family hours rather than hiring outside employees. Implications for research and policy are discussed. Does market information improve new venture performance? While some researchers argue that entrepreneurs do not need formal processes to collect and use market information, others suggest that the use of formal market information processes is positively related to firm performance.

We also hypothesize that these linkages will be stronger among new ventures serving emerging markets i. We test these hypotheses using data collected from new ventures located in the United States. Our findings indicate that, regardless of market condition, formal processes for the collection of market information are positively associated with the use of formal processes for market information utilization and this relationship is stronger among firms serving established markets.

In addition, new venture performance is positively associated with the use of formal processes for utilizing market information and this relationship is also stronger in established markets. We also find that, in emerging markets, new venture performance is a positive function of the use of formal processes for collecting market information.

Contrary to expectations, we find that, regardless of market condition, the level of customer interaction has a negative relationship with the use of formal processes for market information utilization and no significant relationship with performance. Little research exists on the risk attitudes of different types of entrepreneurs.

We find that opportunity entrepreneurs are more willing to take risks than necessity entrepreneurs. In addition, entrepreneurs who are motivated by creativity are more risk-tolerant than other entrepreneurs. Or whether — consistent with theories of selective learning from failure and hubris — serial entrepreneurs perform better after experiencing a bad spell and worse after experiencing a good spell.

The findings show that serial entrepreneurs obtain temporary benefits from spells of venturing which eventually die away. This implies that venturing generates benefits which spill over from one venture into subsequent ones, and it can provide a rationale for public policies which encourage re-entries by entrepreneurs, even if those entrepreneurs performed poorly in their first ventures.

Research on the resource-based view has begun to place more emphasis on the ability of managers to extract better performance from the resources that are available to them. In this paper, we show that prior experience can both help and hinder their ability to generate performance from various categories of resources. Further, we argue that the fungibility of each resource influences the opportunities managers have to use their experiences in order to find the best method to deploy them.

We test our hypotheses by examining the ability of Hollywood film producers to generate results from financial, brand, and human resources. Our findings show that experienced producers can generate better performance from more fungible resources, but they actually achieve weaker results with less fungible resources.

Do more experienced top managers get better results from their resources? We examine this question for Hollywood film producers. Our results show that experience can really help when producers work with resources such as cash budgets and brand resources such as film sequels.

However, such experiences actually reduce performance when they work with some human resources, such as highly talented directors. We argue that experience can be most helpful when managers work with more fungible resources, which can be used in a variety of different ways but can actually hurt when they work with resources that are more constrained in how they can be deployed. This paper analyzes the effect of family employment on performance in micro and small enterprises MSEs by combining two research perspectives that, until now, have been conducted separately: Our integrated perspective allows us to highlight how the nature of the employment relationships in MSEs enhances the benefits derived from the socioemotional endowment associated with family labor, and reduces the opportunity costs of employing relatives.

Our results provide partial support to the enhancing role of family labour on MSEs performance: Are entrepreneurs more or less ethical than other business agents? How do individual biases and environmental characteristics affect ethical decision-making among entrepreneurs?

And in using data from the World Values Survey, we find not only that entrepreneurs exhibit systematically lower levels of ethical judgments than business managers, but also that such differences are amplified by highly complex and, in part, novel decision settings. Such a finding raises important questions about the moral expectations that society places on entrepreneurs. This article examines the pursuit of commercial success through the internalization of social good in subsistence markets.

Using a study which employs case studies and qualitative research, the authors argue that corporations should internalized social good so that they can succeed in subsistence markets.

Micro and macro level rationale is employed to illustrate that societal welfare and customer concerns should be shifted to the focus of strategic planning and should then permeate business processes and functions. Dominant logic is the manner in which firms conceptualize and make critical resource-allocation decisions, and over time develop mental maps, business models, and processes that become organizational recipes.

This study compares and contrasts the dominant logic of Polish entrepreneurial firms. We find evidence that a dominant logic characterized by external orientation, proactiveness, and simplicity of routines significantly influences the performance of entrepreneurial firms in this emerging economy.

These dominant logic characteristics of high performers serve as a key intangible resource in transition economies that are characterized by the absence of strong institutions and resource constraints. Future research in this critical domain should include how dominant logic needs in transition economies evolve over time as the institutional environment matures and market mechanisms become more solidified.

Abstract Extant research affirms that angel investors seek passionate entrepreneurs but questions surround whether there is value in passion itself, or if it is instead used as a marker for other important characteristics like tenacity and inspirational leadership. Employing both a qualitative and quantitative study, we find that angels value passion in addition to tenacity, as well as both together, when evaluating entrepreneurs for investment.

We also find that the entrepreneurial experience of angels positively moderates the value provided by passion and tenacity. This paper discusses some developments in the theory of the organizational capabilities of the business enterprise. Antecedents are recognized, and some promising new developments and areas for future research are identified.

The role of managers in the economic system is highlighted and discussed within the context of economic and organizational research. Suggestions for future developments of dynamic capability research involve employment of evolutionary and behavioral theories. The creation of new ventures is a process characterized by the need to decide and take action in the face of uncertainty, and this is particularly so in the case of technology-based ventures.

Effectuation theory Sarasvathy, has advanced two possible approaches for making decisions while facing uncertainty in the entrepreneurial process. Causation logic is based on prediction and aims at lowering uncertainty, whereas effectuation logic is based on non-predictive action and aims at working with uncertainty.

This study aims to generate more fine-grained insight in the dynamics of effectuation and causation over time. We address the following questions: And 2 How may patterns in the dynamics of effectuation and causation be explained?

We experimentally demonstrate stronger influences of desirability on evaluation when the exploitation phase is temporally distant rather than near, whereas feasibility more strongly affects evaluation when exploitation is near rather than distant. Using construal level theory, we explain empirical inconsistencies in previous research and demonstrate the usefulness of integrating the concept of temporal distance in entrepreneurship research and education.

New technology-based firms face substantial resource constraints. This study examines how teamwork capability and relational capability of the entrepreneurial team affects the development of new firms. Teamwork capabilities are captured by the quality of collaboration of the entrepreneurial team members among themselves. Relational capabilities are analyzed based on the collaboration of the entrepreneurial team members with partners external to the focal firm.

Our findings show that teamwork and relational capabilities, while theoretically originating from social capabilities, can have diverging effects on the development of a new organization. We find that relational capabilities lead to founding team member additions as well as sales and employment growth. In contrast, teamwork capabilities lead to a reduced likelihood to add founding team members and do not affect sales and employment growth. Theoretical and practical implications are discussed.

Corporate Entrepreneurship CE features many of the same uncertainties as classical entrepreneurship, e. Moreover, both types of entrepreneurship often involve the possibility of constructing an environment rather than only positioning oneself in a given environment, thus calling for approaches to control and shape rather than merely adapt and predict Wiltbank et al. The effectuation approach Sarasvathy, thereby seems suited to describe CE situations.

This study examines the performance of corporate innovation projects, the characteristics of their respective processes and the antecedents of these processes. We establish that highly innovative CE benefits from effectual processes as opposed to causative processes and develop hypotheses regarding antecedents of such processes in established companies.

AbstractIn this paper we examine the microprocesses associated with a successful business established by two young brothers 16 and The study is informed by recent processual approaches to entrepreneurship associated with effectuation theory and sensemaking. We also draw on literature related to personal dispositions, which are the basis of habitual behaviours.

The empirical data are drawn from a longitudinal study of an unconventional family business which was created by the two brothers while still at school. Opportunities were created, rather than discovered, by optimizing limited familial resources during the early stages of start-up.

We expand effectuation theory by demonstrating the role of sensemaking enactment, selection and retentionfamilial influences on dispositions habits, heuristics and routines and experiential learning during the first three years of operation. One of the theoretical puzzles concerning how organizations and markets come to be has to do with our fundamental behavioral assumptions. While economic theories are built on assumptions of opportunism, organizational and sociological theories either look for existing structures of trust as ways to overcome opportunism, or emphasize the role of a third-party arbiter.

In this paper, we bring together two existing concepts in previous literature, namely, docility and effectuation, to construct a pre-commitment approach to the creation of new networks that proceeds in the face of motivational uncertainty — i.

We develop our synthesis within the context of new market creation in entrepreneurship. Instead of strong behavioral assumptions based on opportunism or trust, we begin with the far weaker assumption of docility — i. Under such circumstances of combined motivational and environmental uncertainty, non-predictive strategies such as effectuation are called for in creating and managing new networks.

The effectual pre-commitment approach we develop in this setting is analogous to other pre-commitment approaches developed in areas such as finance, jurisprudence, and economic psychology. A pre-commitment is defined as a self-imposed non-negotiable constraint that stacks the deck in favor of or against specific future choices. That entrepreneurs create firms is a simple fact. The phenomenon is further complicated by the fact that much of the information required to bring new markets into existence itself does not come into existence until those markets are created Arrow, In an attempt to tackle the issues raised by this central research question in entrepreneurship, Sarasvathy has proposed effectuation as the dominant decision model for entrepreneurial decision making, particularly in the absence of pre-existent markets.

Through a verbal protocol study of 27 expert entrepreneurs, this paper establishes the existence of effectual reasoning in their cognitive processes and delineates the bounds between their use of causation and effectuation. Recent theorizing in entrepreneurship has proposed effectuation as a dominant decision model in entrepreneurial decision making.

Through a verbal protocol study of 27 expert entrepreneurs who were asked to identify the market for a single new product, this paper establishes the existence of effectual reasoning in their cognitive processes and delineates the bounds between their use of causation and effectuation. Transcriptions were analyzed using methods from cognitive science. Results showed that expert entrepreneurs framed problems in a dramatically different way than MBA students.

Published by Elsevier Inc. This paper is about the influence of Effectuation and Causation, two entrepreneurial strategies, on the performance of companies.

These terms were first coined by Sarasvathy in and in this research empirically tested on the survival of companies. Causation processes take a particular effect as given and focus on selecting between means to create that effect.

Effectuation processes take a set of means as given and focus on selecting between possible effects that can be created with that set of means. According to the literature it is not yet known whether one approach is the preferable approach over the other in order to have a bigger chance of survival for a company, some literature hints towards effectuation as the most preferable but empirical prove does not yet exist.

The same goes for a company that has survived an early phase of development. Literature suggests that causation is the better option, but empirical evidence is absent. Therefore, these two claims were tested after data on business plans was gathered and coded. The findings do not give a clear and distinctive answer, but, Causation has the slightly better outcomes. This study poses a contribution to literature on causation and effectuation as concepts of early entrepreneurial strategy.

It has made use of an extensive coding scheme and a rich database of coded business plans. However, further research on this subject is needed to validate the measures that were created, to check whether the results hold for bigger and different samples, and whether the same results come up if a different way of gathering data, not through analysing business plans, is used.

Effectuation theory suggests that entrepreneurs develop their new ventures in an iterative way by selecting possibilities through flexibility and interactions with the market; a focus on affordability of loss rather than maximal return on the capital invested, and the development of pre-commitments and alliances from stakeholders Sarasvathy,; Sarasvathy et al.

However, little is known about the consequences of following either of these two processes. One aspect that remains unclear is the relationship between newness and effectuation. On one hand it can be argued that the combination of a means-centered, interactive and open-minded process should encourage and facilitate the development of innovative solutions. Entrepreneurship refers to development and enactment of entrepreneurial opportunities at the intersection of venture creation and market creation.

The present study approaches entrepreneurship education as effectuation of possible futures and causation of relevant knowledge in the creation of entrepreneurial opportunities.

Through emphasis on the role of effectuation, a creative process view of entrepreneurship education is advocated. It builds on the cognitive and social-psychological schools of entrepreneurship and cognitive, contextual and creation views on entrepreneurial opportunities.

As a result, we suggest a model in which effectuation could be used systematically together with causation in entrepreneurship education. Effectuation in entrepreneurship education is proposed to open a new pedagogic view and context to increase student awareness of their ability to create societal impact rather than to accomplish the effective establishment of a company.

Effectuation provides an explanation of the behaviour of entrepreneurial firms in transforming environments. This article empirically investigates the influence of effectuation on entrepreneurial orientation EO and firm performance, while considering environmental uncertainty as a moderating influence.

A survey is administered to a sample of high-technology firms and hypotheses are tested using correlational and regression analysis. However, the interaction effect between effectuation and environmental dynamism and hostility proves to be non-significant.

By applying an empirical lens this study increases the relevance and generalisability of effectuation theory by expanding it from mostly a descriptive nature to a theory that accounts for moderators in the EO—performance relationship. This article explores effectual processes within home-based, online businesses.

Our empirical evidence provides a number of refinements to the concept of effectuation in this specific domain. First, the ubiquity of non-proprietary online trading platforms encourages the adoption of effectual approaches and removes the importance of forming proprietary strategic alliances and pre-commitments.

Second, the notion of affordable loss — a central tenet of effectuation — should be extended beyond the notion of economic to social affordable loss, including loss of status and reputation, and finally, home-based online businesses allow effectuation to be associated with low levels of entrepreneurial self-efficacy and experience.

This paper explores previously discarded phenomena in the internationalization process literature, namely the non-predictive logic of foreign market entry, and employs effectuation theory to examine how small and medium-sized enterprises SMEs network during internationalization.

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It integrates effectuation theory with the revisited Uppsala internationalization process model to understand the unintentional aspect of networking by internationalizing SMEs. The research design is a multiple-case study approach.

The findings show how entrepreneurs network with interested partners, instead of carefully selecting international partners according to predefined network goals. Entrepreneurs who network effectually enter markets wherever an opportunity emerges, and commit to network relations that increase their means.

Network relations become an integrating point for effectuation theory from entrepreneurship research and the revised Uppsala model from international business. This bridge between the two areas suggests some implications for network research in International Entrepreneurship.

In their article on entrepreneurship, effectuation, and over-trust, Goel and Karri suggest relationships between effectuation, over-trust, and certain psychological characteristics of entrepreneurs. In this response we debate their article. Goel and Karri are correct in claiming that effectuation supposes over-trust. However, we argue that effectual logic works in a different way than they presented because it neither predicts nor assumes trust.

Our suggestion is that effectuation is based on alternative behavioral assumptions that open up interesting avenues for future research in entrepreneurship. They further claim that our approach to entrepreneurship is trait based. We respond to these comments by pointing out the more subtle ways in which entrepreneurs deal with trust.

In addition, while acknowledging the utility and limitations of a trait-based approach in advancing entrepreneurship theory, we refute their assertions that our paper is based on this approach.

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Independent of the merit of these alternate assumptions, they are not contradicted in our article. We believe that these assumptions need to be developed further to contribute to a debate on their merits for advancing theory building in entrepreneurship. Effectuation is a proposed new theory of entrepreneurship, with insufficient empirical testing and critical analysis. Drawing on a new, comprehensive set of theory-building criteria—sourced from and complementing those of Robert Dubin and others—we provide the first formal assessment of effectuation as a theory.

We highlight its strengths and weaknesses, leveraging the former to address the latter in five different directions that would build on the existing work to improve this theory. The assessment exercise also displays the value of our assessment framework in guiding the evaluation and development of other existing and future theories in entrepreneurship and management.

This study investigates how entrepreneurs in the Internet economy manage Knightian uncertainty during the early stages of the new venture creation process Knight, Specifically, we show how RealNetworks used the three principles of effectuation — 1 affordable loss, 2 strategic partnerships, and 3 leveraging contingencies — to deal with complex and multiple manifestations of Knightian uncertainties in its micro and macro decision environments.

We highlight how this firm used the logic of action and control, rather than that of analysis and prediction, to create its markets for streaming media and other applications on the World Wide Web. We argue that this logic is particularly useful in areas where human action locally or in the aggregate is the predominant factor shaping the future.

Effectuation changed the way we think about entrepreneurship. Until recently, most research in entrepreneurship conceptualizes new venture creation as a rational, goal-driven, and mostly linear process. Despite the perceived growing popularity of effectuation, a surprisingly small number of researchers have engaged in resolving some of its shortcomings Perry et al, For instance, effectuation measurement is not yet developed to an acceptable level.

Chandler and colleagues find that effectuation is a multi-dimensional construct while causation could only be measured uni-dimensionally. At the same time, some important theoretical tenets such as pre-commitments and alliances appear in both causation and effectuation measurements Chandler et al. Also theoretically and philosophically the effectuation construct requires further development.

It is, for example, not entirely clear how effectuation relates to and is different from other constructs such as improvisation, experimentation, and bricolage Fisher,or what exactly is the role of planning in effectuation processes.

The purpose of this symposium is to engage a global group of experts in the fields of entrepreneurship strategy, organization behavior, and decision-making in an interactive discussion about how to move the effectuation concept further.

The discussion will be structured around the following questions: Is it applicable to other contexts and, if so, which ones and how? This proposal for a symposium is particularly opportune considering that the Academy of Management Review has just published a fresh critique of effectuation, one of the co- authors of which has agreed to participate here.

We believe there is enough interest on this topic at this time for the symposium to blossom into a journal special issue on the topic. This study provides a critical examination of how different theoretical perspectives in entrepreneurship research translate into individual behavior, and whether such behavior is evident in the creation and development of new ventures.

Using an alternative templates research methodology, the behaviors underlying the theories of effectuation, causation, and bricolage are evaluated to see whether such behaviors are observable in case study data describing the early development of six new ventures.

The analysis highlights behavioral similarities and differences between the various theoretical perspectives in entrepreneurship research, providing insight into how these perspectives contrast and complement one another, and how they could be integrated in future research.

This paper suggests that founders often use firm formation to exploit opportunities and must sometimes make organizing decisions about the allocation of control before the economic value of the opportunity can reliably be known even probabilistically. Motivated by questions surroundings such settings, we use incomplete contract theory and apply a Bayesian learning model to the allocation process of ownership control rights of founders in emerging firms.

This model examines how founders learn and build on their prior beliefs, enabling them to allocate and change ownership control rights under differing conditions of risk and uncertainty.

In the contemporary turbulent and constantly changing economic environments, it is difficult to predict the outcomes of an action and thus plan the societal, organizational end entrepreneurial goals beforehand. Certainly for a reason, in recent years, several different perspectives describing entrepreneurial behavior in uncertain and resource constrained environments have come to challenge the more traditional business plan- oriented, and goal — based perspectives in entrepreneurship.

First of all, these perspectives are at the very heart of the action and meaningfulness, by researching and explaining entrepreneurial behavior.

Second, these perspectives have striven to explain how enactment in organizations transforms objects, resources, goals and even thoughts in small steps. However, the overlaps, complementarities and for that matter, research gaps between and across these perspectives are not yet thoroughly explored by entrepreneurship researchers. Thus this symposium seeks to ignite the discussion in order to broaden it from e.

This symposium seeks to clarify the overlaps and complementarities of the published theories on entrepreneurial ingenuity, entrepreneurial bricolage, effectuation, and improvisation as well as other possibly emerging concepts. The aim is to start a discussion in order to establish clearer boundaries and offer future research guidelines around these different conceptualizations.

South Pacific island states are at the forefront of climatic changes that have precipitated severe environmental events. These small countries also face economic and social challenges that require entrepreneurial solutions. We develop a model of how external factors and chance events impact on sustainable opportunity recognition and exploitation in this context.

We assess the efficacy of this model in an in-depth study of Women in Business Development Incorporated, a non-governmental organization that helps women and families in Samoa to establish sustainable enterprises.

Our findings make a significant contribution to the emerging literature on entrepreneurship, sustainability and resilience in at-risk communities by showing how key organizational capabilities are necessary for coping with exogenous shocks in this context.

The findings have important implications for research, policy and practice. The paper aims to add to the debate on student entrepreneurship and employability. It builds upon earlier work postulating a typology of student entrepreneurs.

It studies the motivations of student entrepreneurs using an online survey with refined questions and fresh findings to substantiate three of the original five key typologies of student entrepreneur. These typologies are juxtaposed with comparative studies examining the motivation, attitudes and self perception Zhao and WuLeon, Descales et al.

It concludes with the identification of further research opportunities for a longitudinal cohort study of student entrepreneurs. Research summary Entrepreneurs often need resources controlled by stakeholders to form and exploit opportunities. While many of these resources can be acquired through simple contracts, the acquisition of some may require efforts on the part of stakeholders that go beyond what can be specified contractually.

Such efforts—extra-role behaviors—generally involve the formation of deep psychological bonds between stakeholders and entrepreneurial endeavors. In an entrepreneurial context, the process of creating these bonds can be called stakeholder enrollment. Critical attributes of this process are shown to vary by the informational setting risky or uncertain within which entrepreneurship takes place.

Managerial summary Entrepreneurs often need to gain access to resources controlled by other stakeholders to be successful. In some cases, entrepreneurs must induce these stakeholders to form deep psychological bonds in order to obtain the required resources. The process of creating these bonds is called stakeholder enrollment.

This article notes that entrepreneurs can use information about the nature of the opportunity they are pursuing, information about themselves i.

This article suggests that the more uncertain a particular opportunity is, the less entrepreneurs can use information about the opportunity and the more they must rely on information about themselves to successfully enroll stakeholders. We develop operational measures of each of these behaviors and find significant differences between innovative entrepreneurs and executives in a large sample survey of 72 successful and unsuccessful innovative entrepreneurs and executives.

Drawing on network theory, we develop a theory of entrepreneurial opportunity recognition that explains why these behaviors increase the probability of generating an idea for an innovative venture. We also posit that innovative entrepreneurs are less susceptible to the status quo bias and engage in these information-seeking behaviors with a motivation to change the status quo. Entrepreneurship studies are dominated by the disciplines of economics and psychology and work within a limiting methodological frame of reference; a?

To achieve a more balanced scholarship, it is helpful to look at an alternative style of research and analysis which has deep and intertwined European and American roots. This looks to other social sciences such as sociology, as well as to history and the philosophy of science.

Its adoption would encourage to shift the focus away from? Such a shift would open up a greatly expanded range of research questions and enable a better balance to be achieved between attention to individual entrepreneurial actors and their organizational, societal and institutional contexts. A pragmatist and realist frame of reference, which recognizes both the importance of processes of social construction and the existence of a?

By considering the amount of uncertainty perceived and the willingness to bear uncertainty concomitantly, we provide a more complete conceptual model of entrepreneurial action that allows for examination of entrepreneurial action at the individual level of analysis while remaining consistent with a rich legacy of system-level theories of the entrepreneur. Our model not only exposes limitations of existing theories of entrepreneurial action but also contributes to a deeper understanding of important conceptual issues, such as the nature of opportunity and the potential for philosophical reconciliation among entrepreneurship scholars.

We explore opportunity exploitation decisions made under varying conditions of uncertainty.

The recognition and development of new opportunities are at the heart of entrepreneurship. We then conduct multiple studies to develop and validate a item alertness scale that captures these three dimensions. Results demonstrate appropriate dimensionality, strong reliability, and content, convergent, discriminant, and nomological validity. The resultant instrument provides researchers with a valuable tool for probing the entrepreneurial opportunity development process including antecedents and outcomes.

Nevertheless, social ties in particular are seen to be different between entrepreneurs and non-entrepreneurs Burt ; Venkataraman ; Sarasvathy see Granovetter Approaches considering social ties and structural holes neglect the fundamental nature of the phenomenon of entrepreneurship, as the actors are separated from their context Sarasvathy ; Gartner Therefore, it is more meaningful to discuss the entrepreneurial archetypes rather than personality differences.

This article investigates the social context of entrepreneurship in organizational sectors. Prior research suggests that firm foundings are driven by collective patterns of activity—such as patterns of prior foundings in a given sector.

Building on research on social salience and signals, we consider the influence of singular sector-level triggers, which we call entrepreneurial beacons.

We argue that the actions or outcomes of single, salient organizations attract and motivate entrepreneurs, thus increasing the rate of foundings. We find support for the existence and influence of beacons and outline boundary conditions for their effects. What leads entrepreneurs to found new companies in nascent sectors?

In contrast to prior research, which emphasizes patterns of activity, we argue that entrepreneurial activity can sometimes be driven by the actions of a singular trigger—what we call an entrepreneurial beacon. Overall, we offer an explanation for heretofore anecdotal accounts of certain organizations or events that appear to have an outsized influence on entrepreneurial activity.

However, other literature questions the strictness of this ordering Bhave, ; Sarasvathy, ; or suggests symbiosis, where discovery and exploitation might overlap Davidsson, Despite the inherent importance, there is a dearth of research accounting for temporal structure in new venture emergence.

Resultantly, this order hypothesis remains largely untested. Accordingly this paper makes two contributions: Effectuation represents a paradigmatic shift in the way that we understand entrepreneurship. Since its introduction, however, few researchers have attempted to empirically test effectuation. Our purpose is to encourage effectuation research. To do so, we review the effectuation literature and make suggestions for how to design and conduct empirically rigorous effectuation studies consistent with the developmental state of the research stream.

By demonstrating the importance of entrepreneurial exit to the entrepreneur, the firm, the industry, and the economy I contend that our understanding of the entrepreneurial process is incomplete without the inclusion of entrepreneurial exit. I define entrepreneurial exit and demonstrate how this conceptualization provides concepts that are unique from those addressed by researchers in other domains; thus outlining a space for it within the literature. In each phase of the entrepreneurial process I explore the development of an exit strategy, reasons for exit and options for exit.

Abstract Significant evidence has accumulated describing the importance of expertise. As this knowledge is extended, it is critical to understand when expertise matters and how.

Results show that entrepreneurial expertise yields significant decision-making improvements in the situational use of control strategies — those strategies conceptually associated with uncertain new ventures, products and markets.

This article develops a deeper conceptualisation of the process and content dimensions of learning from venture failure. I propose that recovery and re-emergence from failure is a function of distinctive learning processes that foster a range of higher-level learning outcomes.