A Subjectivist Theory of Entrepreneurship

Mahoney, Joseph T.; Michael, Steven C.

doi:10.1007/0-387-23622-8_3

Cited by 43 publications

(43 citation statements)

References 41 publications

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“…In this way, managerial energy may be centered on value capture. In reality, this is the subjective approach to entrepreneurship, advocated by Foss and Klein [6], Kor, Michael, and Mahoney [20], and Mahoney and Michael [38]. However, the intersubjective approach, advocated by Sarasvathy (and colleagues) relates to co-creation together with important others (other stakeholders).…”

Section: Discussion With Implicationsmentioning

confidence: 99%

Entrepreneurial Judgment and Value Capture, the Case of the Nascent Offshore Renewable Industry

2015

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Entrepreneurship may be regarded as the mechanism of change towards sustainability. Any entrepreneur that seeks to start a new venture in an emerging industry will face resource and time constraints. The question we raise here is how the entrepreneur should prioritize use of time and resources to increase likeliness of success. To address this question we depart from a theoretical perspective of entrepreneurship seen as judgment, and bridges it over to entrepreneurship seen as co-creation. In other words, we combine the subjective with the intersubjective, and explore the effects of the actions successful green technology entrepreneurs in the emerging offshore renewable energy industry make in building their new ventures in nascent markets. Inspired by earlier studies on market entry, combined with new ways to understand new venture emergence, we find that independent entrepreneurs benefit from leapfrogging typical stages in the technology development process and rather devote time and efforts on resource acquisition. We also find that the most important value-capturing, decision-making heuristics are those related to "hybrid governance". We discuss implications for theory, practice, and policy.

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Section: Discussion With Implicationsmentioning

confidence: 99%

Entrepreneurial Judgment and Value Capture, the Case of the Nascent Offshore Renewable Industry

2015

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“…Van Praag, 1999;Mahoney and Michael, 2004;Thurik and Wennekers, 2004). Some see entrepreneurship as a very specific occupation, related to Schumpeter's creative destruction.…”

Section: Definition Of Entrepreneurshipmentioning

confidence: 95%

“…The entrepreneur and entrepreneurial activity have almost vanished from traditional neoclassical microeconomic theory (Barreto, 1989;Mahoney and Michael, 2004). The traditional microeconomic assumption of perfect information does not allow the existence of both uncertainty and price differences and therefore eliminates the entrepreneur.…”

Section: Conceptualization and Data Collection Activitiesmentioning

confidence: 96%

Global Entrepreneurship Monitor: Data Collection Design and Implementation 1998?2003

et al. 2005

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The Global Entrepreneurship Monitor research program was designed as a comprehensive assessment of the role of entrepreneurship in national economic growth. The conceptual model reflected in a wide range of factors associated with national variations in entrepreneurial activity and the major contextual features. Empirical tests of the many relationships in the model required four major data collection activities: adult population surveys, unstructured interviews with national experts, self-administered questionnaires completed by national experts, and assembly of relevant standardized measures from existing cross-national data sets. Adult population surveys were implemented to identify those entrepreneurially active, which required a set of precise criteria and careful processing to ensure harmonized counts and prevalence rates across 41 countries. Existing evidence on measures of reliability indicates that the measures met contemporary standards and the project was cost-effective.

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“…Kupp and Anderson note that when routine solutions are not suitable for addressing strategic, leadership and other organisational issues with no precedents, there should be a quest for non routine creative solutions. Grounded in the Austrian economics school and the uncertainty involved in economic decisions, together with the subjective perception of opportunity (Kirzner 1973), Mahoney and Michael (2005) develop a subjectivist theory of entrepreneurship where individual creativity, discovery, surprise and learning are central components. Kor et al (2007) further embrace individual creativity as they seek to construct a subjectivist theory of entrepreneurship grounded in the resources, skills and knowledge of the individual as he or she seeks to discover and create.…”

Section: Researching Entrepreneurial Creativitymentioning

confidence: 99%

The Role of Creativity in Entrepreneurship

Fillis

Rentschler

2010

J. Enterprising Culture

238

162

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Abstract:This paper evaluates the contribution of creativity to entrepreneurship theory and practice in terms of building an holistic and transdisciplinary understanding of its impact. Acknowledgement is made of the subjectivist theory of entrepreneurship which embraces randomness, uncertainty and ambiguity but these factors should then be embedded in wider business and social contexts. The analysis is synthesised into a number of themes, from consideration of its definition, its link with personality and cognitive style, creativity as a process and the use of biography in uncovering data on creative entrepreneurial behaviour. Other relevant areas of discussion include creativity's link with motivation, actualisation and innovation, as well as the interrogation of entrepreneurial artists as owner/managers. These factors are embedded in a critical evaluation of how creativity contributes to successful entrepreneurship practice. Modelling, measuring and testing entrepreneurial creativity are also considered and the paper includes detailed consideration of several models of creativity in entrepreneurship. Recommendations for future theory and practice are also made. Introduction:

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A Subjectivist Theory of Entrepreneurship

Cited by 43 publications

References 41 publications

Entrepreneurial Judgment and Value Capture, the Case of the Nascent Offshore Renewable Industry

Entrepreneurial Judgment and Value Capture, the Case of the Nascent Offshore Renewable Industry

Global Entrepreneurship Monitor: Data Collection Design and Implementation 1998?2003

The Role of Creativity in Entrepreneurship

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