Heisenberg Effects On Business Ideas

Shelef, Orie; Wuebker, Robert; Barney, Jay B.

doi:10.2139/ssrn.3581255

Cited by 5 publications

(9 citation statements)

References 73 publications

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“…This approach is meant to help entrepreneurs appreciate that their beliefs about the world may be nothing but simply that – beliefs (Ries, 2011). Importantly, this view is in line with business scholarship’s growing appreciation of entrepreneurs as ‘actors engaged in the structured testing of hypotheses through experiments’ (Shelef et al, 2020, p. 4). Experimentation helps entrepreneurs scrutinize the assumptions of otherwise sterile business plans that often boil down to expressions of wishful thinking (Agrawal et al, 2021; Hall & Hasan, 2020).…”

Section: Strategic Opportunity Thinking and The Lean Startupsupporting

confidence: 59%

“…Bennett & Chatterji, 2021) andwhat forms of experimentation with (market and nonmarket) stakeholders can be trusted and when (cf. Shelef et al, 2020). …”

Section: Discussionmentioning

confidence: 99%

“…Yet, questions relating to the relevance and value of experimentation for different ventures and stakeholders may only be addressed through further theoretical developments. Such developments ought to move beyond the temptation of oversimplified treatments of such complex epistemological problems (Felin et al, 2021; Ramoglou, 2021b), in the footsteps of Shelef and colleagues’ work towards ‘a strategic theory of experimentation’ (Shelef et al, 2020, p. 38).…”

Section: Strategic Opportunity Thinking and The Lean Startupmentioning

confidence: 99%

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Is There Opportunity Without Stakeholders? A Stakeholder Theory Critique and Development of Opportunity-Actualization

Ramoglou

Zyglidopoulos

Papadopoulou

2021

Entrepreneurship Theory and Practice

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How can stakeholder theory contribute to opportunity theory? We suggest that stakeholder theory affords appropriate theoretical lenses for grounding the opportunity-actualization perspective more firmly within the real-world constraints of business venturing. Actualization departs from a strong focus on entrepreneurial agency to conceptualize how pre-existing environmental conditions determine what entrepreneurial action can achieve. We explain that stakeholder theory can strengthen the outward-looking orientation of actualization by (1) bringing the entirety of stakeholders centre-stage, beyond a narrow focus on market stakeholders, and (2) stressing the importance of noneconomic considerations for the actualization of economic opportunities. Our theorization culminates in the concept of ‘strategic opportunity thinking’ (SOT). We conceptualize SOT as a way of protecting entrepreneurs from the blind-to-stakeholders mindset that either sleepwalks them into the territory of non-opportunity or prevents them from the actualization of real yet difficult-to-actualize opportunities in the absence of stakeholder-centric thinking.

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Section: Strategic Opportunity Thinking and The Lean Startupsupporting

confidence: 59%

“…Bennett & Chatterji, 2021) andwhat forms of experimentation with (market and nonmarket) stakeholders can be trusted and when (cf. Shelef et al, 2020). …”

Section: Discussionmentioning

confidence: 99%

Section: Strategic Opportunity Thinking and The Lean Startupmentioning

confidence: 99%

See 1 more Smart Citation

Is There Opportunity Without Stakeholders? A Stakeholder Theory Critique and Development of Opportunity-Actualization

Ramoglou

Zyglidopoulos

Papadopoulou

2021

Entrepreneurship Theory and Practice

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“…This is because these managers or entrepreneurs may have had incorrect hypotheses about when co-specialization among a certain set of resources and capabilities will generate economic value, making revision of their hypotheses necessary. In this incremental and iterative way, experiments with changing bundles of co-specialized resources and capabilities (Shelef, Wuebker, & Barney, 2021) may reveal a set of co-specialized resources and capabilities that can actually generate economic value in a particular market (Alvarez & Barney, 2007; Alvarez, Barney, & Anderson, 2013). 5 If this process is rare and socially complex, path dependent, or causally ambiguous, this bundle can be a source of sustained competitive advantage.…”

Section: What Is Resource-based Theory?mentioning

confidence: 99%

Resource-Based Theory and the Value Creation Framework

Barney

Ketchen

Wright

2021

Journal of Management

Self Cite

127

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This article explains how viewing resource-based theory within Brandenburger and Stuart’s value creation framework adds clarity to the theory as a whole and to its essential elements including the definition of its dependent variables, its approach to value creation, and its approach to the appropriation of economic value. Building on this foundation, the article addresses several questions about resource-based theory: Is it a theory or a view? Is resource-based theory tautological? Is resource-based theory static? How important are stakeholders within resource-based theory? Does resource-based theory constitute a theory of the firm? Does resource-based theory acknowledge industry structure’s role in explaining firm performance? Does resource-based theory incorporate uncertainty? Does resource-based theory have strong managerial implications? In accomplishing these tasks, the article sets the stage for the further evolution and application of resource-based theory.

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“…Because early-stage ventures are resource-constrained (Gans et al, 2019), we argue that they cannot put substantial effort on both learning processes simultaneously. Therefore, consistent with recent work in this domain (Shelef, Wuebker, & Barney, 2020), we assume that a nascent venture chooses to emphasize either experimentation or planning.…”

Section: Strategy In Early-stage Ventures: Experimentation and Planningmentioning

confidence: 96%

Experimentation, planning, and structure in early‐stage ventures: Evidence from pitch decks

Contigiani

Young-Hyman

2022

Strategic Entrepreneurship

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Research Summary An important strategic choice for early‐stage ventures is about how to learn about the market. This choice often translates into focusing on either experimentation or planning. These strategies are best supported by different structures. Hence, the fit between strategy and structure should be considered by stakeholders evaluating the venture. We hypothesize that communicating coherent combinations—experimentation and informal structure or planning and formal structure—is positively associated with evaluation and that evaluators with entrepreneurial experience are more sensitive to this coherent choice. We test this argument combining data from a university‐based venture competition and an online experiment. We find a robust positive correlation between coherent choice and evaluation. We find no clear evidence that this pattern is driven by evaluators with entrepreneurial experience. Managerial Summary The Lean Startup suggests that entrepreneurs should rely on experimentation rather than the more traditional planning approach. However, the value of experimentation might depend on the structure the venture adopts. We ask whether the fit between strategy and structure plays a role in the context of venture evaluation. We analyze data from a university‐based venture competition and an online experiment. We find evidence that ventures communicating coherent choices—experimentation and informal structure or planning and formal structure—tend to be evaluated better than those communicating alternative choices. However, contrary to our expectation, this pattern does not appear to be driven by evaluators with entrepreneurial experience.

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Heisenberg Effects On Business Ideas

Cited by 5 publications

References 73 publications

Is There Opportunity Without Stakeholders? A Stakeholder Theory Critique and Development of Opportunity-Actualization

Is There Opportunity Without Stakeholders? A Stakeholder Theory Critique and Development of Opportunity-Actualization

Resource-Based Theory and the Value Creation Framework

Experimentation, planning, and structure in early‐stage ventures: Evidence from pitch decks

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