Organizing Entrepreneurial Judgment

By N. J. Foss, Peter G. Klein. 2012

227 citations recorded by the source corpus.

Entrepreneurship, long neglected by economists and management scholars, has made a dramatic comeback in the last two decades, not only among academic economists and management scholars, but also among policymakers, educators and practitioners. Likewise, the economic theory of the firm, building on Ronald Coase's (1937) seminal analysis, has become an increasingly important field in economics and management. Despite this resurgence, there is still little connection between the entrepreneurship literature and the literature on the firm, both in academia and in management practice. This book fills this gap by proposing and developing an entrepreneurial theory of the firm that focuses on the connections between entrepreneurship and management. Drawing on insights from Austrian economics, it describes entrepreneurship as judgmental decision made under uncertainty, showing how judgment is the driving force of the market economy and the key to understanding firm performance and organization.

Subfields: Accounting, Economics and Econometrics, Management of Technology and Innovation

View Paper: https://www.semanticscholar.org/paper/32a0684c7b5415b8fc110964f7277b127ff35bb7

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Citations in the corpus

Time and the Entrepreneurial Journey: The Problems and Promise of Studying Entrepreneurship as a Process (2013, background): “…and the idea of entrepreneurial judgment as applicable to any context of resource deployment under uncertainty in anticipation of future gain (e.g., Foss and Klein, 2012), suggest that as long as time continues to pass – with the constant uncertainty this introduces to those looking forward – the…”
Action! Moving beyond the intendedly-rational logics of entrepreneurship (2018, background): “To date, extant entrepreneurship theory has been based on intendedly-rational action and actors, with entrepreneurial action underpinned by some form of reasoned intentionality undergirding decision-making processes (McMullen and Shepherd, 2006; Shepherd, 2015; Foss and Klein, 2012).”
Behavioral Strategy and the COVID-19 Disruption (2020, background): “This is particularly problematic exactly when the problems faced by decision makers are ill structured (Mintzberg et al., 1976), and it may be important to also bring intuition and “soft data” to bear on the issues (Foss & Klein, 2012) or when it is important to act very quickly.”