Thermodynamics Expression in Action within Entrepreneurial Process

Abstract

<div> <div> <div> <p>Up until now, entrepreneurship study has not developed a unified theory with key concepts that can elucidate the holistically process-driven characteristics of entrepreneurial venturing. What spur entrepreneurs to action along the process-driven pathway? This paper intends to relate the business of entrepreneurship and entrepreneurial actions and activities to thermodynamic and energy gradient-manipulation mechanism. Taking entrepreneurial venturing from a process view and in an attempt to reconstruct the entrepreneurial process by illustrating a range of relevant perspectives from energy gradients in naturally occurring chemical , biological and physical systems basing on interpretive and phenomenological, social constructionist angle; this paper hopes to pull together a unifying theory on action-based activities in entrepreneurial venturing with thermodynamic concepts and expressions with gradient-manipulation mechanism to explain the entrepreneurial action-motion phenomena. The gradient-manipulating mechanism and thermodynamic expressions thus become the “nature” invisible hand that operates the motion of actions. Kirzner’s theory of entrepreneurship explains the coordination of markets and of knowledge. It is that knowledge, the recognition of the opportunities in the actual imperfect markets that triggers the gradient-manipulation mechanism. </p> </div> </div> </div>

Re-contextualizing Entrepreneurial Opportunity as artefact Signalling for Entrepreneurial Action

“…Entrepreneurial venturing includes uncovering such tensions and looking at means to bring these tension to rest by extracting value from the process of dissipation. In short, the perceived energy gradients are waiting to be dissipated by alert entrepreneurs who will use all creative means to achieve the dissipation (Leong, 2021). Opportunity-asartefact must elicits signal fit and occurring with sufficient frequency for entrepreneurs to be persuaded to eventually act.…”

“…'The sifting and sorting and processing of an opportunity's potential plays out on a patently micro-level scale where a priori uncertainties cannot be hedged in advance of the entrepreneur taking action.' (Hansen et al, 2011, p. 36) Uncertainty is prevalent in all stages of the entrepreneurial venture setting to a larger or lesser degree as it is pervasive in entrepreneurial settings (Leong, 2021).…”

“…Entrepreneurial venturing involves constant seeking of opportunities and dissipating the gradients through gradientmanipulation mechanism (Leong, 2021). The entrepreneur will adopt exploitative strategies and actions to maintain these dissipative structures in the face of a fluctuating physical environment which is in a state of disequilibrium.…”