Schumpeter’s ‘conduct model of the dynamic entrepreneur’: scope and distinctiveness

Endres, Anthony M.; Woods, Christine

doi:10.1007/s00191-009-0159-3

Cited by 36 publications

(22 citation statements)

References 35 publications

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“…In a recently published paper, Sarasvathy and Dew (2005) build on the view of endogenous growth offered by the likes of Schumpeter, Weitzman, evolutionary and "New Growth" (Romer 1994) scholars by considering the idea that entrepreneurs might have developed processes of turning an abundance of potentially new ideas into usable forms (Endres and Woods 2010). Specifically, they develop two themes:…”

Section: Transformationsmentioning

confidence: 99%

On the entrepreneurial genesis of new markets: effectual transformations versus causal search and selection

et al. 2010

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The generation of new markets is an emerging area of interest among researchers working in the traditions of evolutionary economics. And true to those traditions, the current study incorporates empirical evidence from psychology and cognitive science to develop micro-foundations for evolutionary theories of new market generation. In this paper we present an indepth analysis of how expert entrepreneurs use effectual logic to conceptualize the creation of new markets. Our results challenge received wisdom based on search and selection processes and move beyond combinatorial ideas to develop instead a "transformational" view of market genesis.

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Section: Transformationsmentioning

confidence: 99%

On the entrepreneurial genesis of new markets: effectual transformations versus causal search and selection

et al. 2010

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“…Foss and Klein (2012: 129) who maintain that the essence of entrepreneurship resides in 'ownership' so that 'attributes' of capital or assets are in the market, waiting to be found, once ownership is secured: 'Entrepreneurs who seek to create or discover new attributes of capital assets will want ownership titles to the relevant assets. There is also a strong mimetic basis to Schumpeter's leader-follower-imitator model of entrepreneurial conduct in which entrepreneurs are not all of equal ability and failure is a widely observed phenomenon (Endres and Woods, 2010). .Ownership of an asset confers the (residual) right to exploit future, as yet undiscovered, attributes of that asset'.…”

Section: Prominent 20th-century Approaches To Entrepreneurial Behaviomentioning

confidence: 99%

‘Wresting meaning from the market’: a reassessment of Ludwig Lachmann's entrepreneur

Endres

Harper

2013

Journal of Institutional Economics

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We undertake a close textual study of the entire corpus of Ludwig Lachmann's publications from 1936 to 1991 and demonstrate that his theory of entrepreneurial behaviour is sufficiently distinctive to warrant ranking alongside the theories of Schumpeter and Kirzner. Lachmann's entrepreneurs are creatively constructive change-agents who discover, exploit and create gaps in capital structures. Entrepreneurs select and interpret specific market and institutional phenomena using pre-existent rules and mental 'instruments', extract meaning about capital-forming opportunities, and generate all subsequent capital combinations. Lachmannian entrepreneurs are problem-solvers and communicate problem 'solutions' by dissolving and reforming capital combinations. We examine 20th-century Lachmannian research that builds on these foundationsresearch that emphasizes the institutional and material embeddedness of entrepreneurial behaviour and that appreciates the capacity of Lachmann's approach to explain entrepreneurial success, imitation and failure in a dynamic endogenous process. To underscore the distinctiveness of the Lachmannian entrepreneur, we compare it with Schumpeterian and Kirznerian approaches.Without . . . the steady action of the entrepreneurs in specifying the uses of capital and modifying such decisions, as the forces of change unfold, a civilized economy could not survive at all. (Lachmann, 1956: 127) *

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“…Entrepreneurship has emerged as a rich context for examining the role of docility in management. Studies examining how expert entrepreneurs create new markets, as well as new ventures, highlight the role of docility in entrepreneurial behavior (Dew, Read, Sarasvathy, & Wiltbank, 2011;Endres & Woods, 2010;Sarasvathy & Dew, 2005). In particular, docility allows entrepreneurs to leverage ambiguous parts of their "vision" by letting themselves be persuaded by the preferences of those who are willing to commit resources to the venture.…”

Section: Docilitymentioning

confidence: 99%

An Entrepreneurial Perspective on Value Creation in Public-Private Ventures

York

Sarasvathy

Wicks

2013

AMR

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Schumpeter’s ‘conduct model of the dynamic entrepreneur’: scope and distinctiveness

Abstract: Entrepreneurial behaviour, Optimisation, Cognitive limitations, Tacit knowledge, Schumpeter, Schumpeterian economics, B25, D83, L26,

Cited by 36 publications

References 35 publications

On the entrepreneurial genesis of new markets: effectual transformations versus causal search and selection

On the entrepreneurial genesis of new markets: effectual transformations versus causal search and selection

‘Wresting meaning from the market’: a reassessment of Ludwig Lachmann's entrepreneur

An Entrepreneurial Perspective on Value Creation in Public-Private Ventures

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