The Entrepreneurial Organization of Heterogeneous Capital*

Foss, Kirsten; Foss, Nicolai J.; Klein, Peter G.; Klein, Sandra K.

doi:10.1111/j.1467-6486.2007.00724.x

Cited by 200 publications

(117 citation statements)

References 104 publications

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“…In other words, do they take the capital attributes as "given", or do they seek to "discover new valued attributes (p. 1173)"? [19]. This debate goes to the heart of why firms exist, and reflects a subjectivist epistemology of entrepreneurship.…”

Section: Literature Review and Theory Developmentmentioning

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: Literature Review and Theory Developmentmentioning

confidence: 99%

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

2015

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“…Decisions, based on judgments concerning evaluations of future events, assume principally unknown distribution of their probable occurrence. As for the risk, it is characterized by known distribution of events probability and is brought to the choice of one of them as distinct from uncertainty [18].…”

Section: Creative Work Mystification In Entrepreneur Activitymentioning

confidence: 99%

“…should be described incrementally, when their quantity can be supplied in gradually increasing volumes, corresponding with marginal return. However, entrepreneur judgments are heterogenic and subjective, so they cannot be evaluated and paid as a specific kind of services [23]. This means that entrepreneurial services are not subjected to the contract in principle and entrepreneur`s judgment (decision) can be realized only in the form and in the frames of a new or functioning enterprise.…”

Section: Creative Work Mystification In Entrepreneur Activitymentioning

confidence: 99%

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A Value-based Approach to Unspelling Entrepreneurship

Baryshev

Барышева

2016

SHS Web of Conferences

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Abstract. Entrepreneurship and the entrepreneur figure are social phenomena subjected to constant mutations. Extant definitions of entrepreneurship are always based on current characteristics of entrepreneur activity and, as a rule, absolutize them as essential. In the article main mystifications of entrepreneurship are analyzed due to the fact that it is attributed general properties of entrepreneurial activity in the way they are understood in a certain historical period. The paper suggests a way out of the succession of mystifications by rejecting the entrepreneurship definition in the frame of a subjectobject interpretive scheme and the development of the entrepreneur activity concept as a kind of social activity. The social action theory and the theory of social objects fetishization are the methodological research foundation. The results of the research are the following. First, the interpretation of the entrepreneur and entrepreneurship on the basis of personal traits, functions and ways of the construction of the future are mystifications ascribing the monopoly on arising and developing human action characteristics in different historical periods to entrepreneurship. Second, the cause of mystifications is the transfer of the human action analysis according to the scheme «subject-processobject» to the research of entrepreneurship. Third, attempts to overcome mystifications while preserving the naturalistic approach result in the multiplication of entrepreneurial mystifications as the reflection of new arising general characteristics of human action. Fourth, a general approach to the definition of the entrepreneurial action as a kind of the social action, which has sense in the value production and is capable of everlasting enrichment with new modus of actions and created values, is suggested. Perspectives of further research include the investigation of synchronic and diachronic peculiarities of entrepreneurial action modus and produced values.

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“…Research in economics (e.g., Schumpeter 1934, Schmookler 1966, Kirzner 1973, Baumol 1993, Lewin 1999, and strategic management and organization (e.g., Shane and Venkataraman 2000, Alvarez and Barney 2004, Foss et al 2007) has highlighted how entrepreneurs shape organizations and how organizations support entrepreneurial action, thus providing a framework for explaining the dynamic forces that affect the boundaries of the firm and the rise of business services.…”

Section: The Entrepreneurial Theory Of the Firm: Shifting Boundaries mentioning

confidence: 99%

Division of Labor between Firms: Business Services, Non-Ownership-Value and the Rise of the Service Economy

Ehret

Wirtz

2010

Service Science

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Why have services grown into the dominant sector of developed economies? Our analysis of macroeconomic data shows that business services make the strongest contribution to the rise of the service sector. We integrate three related economic theories of the firm to explain business services in shaping firms, industries and economies. Business service providers relieve their clients from the costs of asset ownership (Property Rights Theory), unlock management capacity (Resource-Based View) and support their clients in navigating their firm's boundaries towards their most valuable business opportunities (Entrepreneurial Theory of the Firm). We show how these theories build on the non-ownership value provided by business services that result from sound division of labor between organizations. We highlight three areas that call for research and provide opportunities for service science: (1) Systematic design of business-models for fostering service performance, (2) the transformation of high-tech-products into service-hubs, and (3) service-driven innovation and the transformation of R&D into a service industry. [Service Science, ISSN 2164-3962 (print), ISSN 2164-3970 (online), was published by Services Science Global (SSG) from 2009 to 2011 as issues under ISBN 978-1-4276-2090-3.]

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The Entrepreneurial Organization of Heterogeneous Capital*

Cited by 200 publications

References 104 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

A Value-based Approach to Unspelling Entrepreneurship

Division of Labor between Firms: Business Services, Non-Ownership-Value and the Rise of the Service Economy

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