A theory of venturing: A critical realist explanation of why my father is not like Richard Branson

Abstract

This article presents a theory of venturing using a critical realist approach. Venturing is presented as an outcome of reflexive engagement between individuals and circumstances, where opportunity is perceived in relation to some idiosyncratically defined value. Traditionally, venturing has been considered as necessarily involving financial value orientation. Removing the primacy of financial ambitions affords better explanation of real-life business activity. Venturing is presented also as temporally informed and informing through a lifetime, and thus it influences ongoing work choices, including further venturing. The benefits to theory and practice are outlined, including informing support of disparate venturing and of entrepreneurship as a specific type.

Entrepreneurial Intentions: Moving the Field Forwards

“…Norms are a contextually dependent and dynamic phenomenon both affecting and being affected by the actions of individuals (Rimal & Lapinski, 2015). Society is in constant recreation from such behaviours and although dependent upon interpretations at a given temporal timepoint their existence will subsist throughout (Galloway et al, 2019). From this outlook, individuals can be selective as to which norms to comply and may exhibit differentials in terms of the value they attribute to these and their source.…”

Contesting effectuation theory: Why it does notexplainnew venture creation

“…Carter et al, 1996;Newbert, 2005). From birth, individuals are enmeshed in intersecting structural and cultural contexts that shape the life course, including the capacity to start a business (Galloway et al, 2019;Jayawarna et al, 2013Jayawarna et al, , 2014Jones et al, 2014;Kitching and Rouse, 2017;Martin and Wilson, 2014). Entrepreneurs conceive of, and attempt to actualise, new ventures in circumstances that predate their actions, are largely not of their own making and which often resist their efforts to transform them just as they wish.…”

Are we ignorant about enterprise: Questioning assumptions?

“…Also Milton Friedman once famously declared that ‘the social responsibility of a business is to increase its profits’ (but see Case study 2). Thus it is not surprising that many people believe that businesses are focused primarily on profit – despite findings that in reality many owners of smaller business have wider and/or different motives (e.g., Amit, MacCrimmon, Zietsma, & Oesch, 2001; Reijonen & Komppula, 2007; Hurst & Pugsley, 2011; Balog, Baker, & Walker, 2014; Galloway, Kapasi, & Wimalasena, 2019).…”