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Firms as Realizations of Entrepreneurial Visions

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  • Ulrich Witt

Abstract

In the debate on why firms exist, the question of who chooses between firms and markets and on what basis is rarely addressed. This paper argues that the choice is a core element of the entrepreneurial pursuit of visions or conceptions of business opportunities. To successfully organize resources into the envisioned businesses - be it via firms or markets - resource owners must be coordinated on the entrepreneur's conception of the business and be motivated to perform properly. To solve the dual problem, the organizational form of the firm offers the entrepreneur unique advantages not feasible under the organizational form of markets. Copyright Blackwell Publishing Ltd 2007.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-6486.2007.00731.x
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Bibliographic Info

Article provided by Wiley Blackwell in its journal Journal of Management Studies.

Volume (Year): 44 (2007)
Issue (Month): 7 (November)
Pages: 1125-1140

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Handle: RePEc:bla:jomstd:v:44:y:2007:i:7:p:1125-1140

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References

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  1. George A. Akerlof & Rachel E. Kranton, 2005. "Identity and the Economics of Organizations," Journal of Economic Perspectives, American Economic Association, vol. 19(1), pages 9-32, Winter.
  2. U. Witt, 2002. "Market Opportunity and Organizational Grind - The two Sides of Entrepreneurship," Papers on Economics and Evolution 2002-08, Max Planck Institute of Economics, Evolutionary Economics Group.
  3. Ulrich Witt & Christian Zellner, 2005. "Knowledge-based entrepreneurship : The organizational side of technology commercialization," CEMI Working Papers cemi-report-2005-002, Ecole Polytechnique Fédérale de Lausanne, Collège du Management de la Technologie, Management of Technology and Entrepreneurship Institute, Chaire en Economie et Management de l'Innovation.
  4. Langlois, Richard N, 1998. "Personal Capitalism as Charismatic Authority: The Organizational Economics of a Weberian Concept," Industrial and Corporate Change, Oxford University Press, vol. 7(1), pages 195-213, March.
  5. Gartner, William B., 1990. "What are we talking about when we talk about entrepreneurship?," Journal of Business Venturing, Elsevier, vol. 5(1), pages 15-28, January.
  6. Foss, Nicolai J, 2001. "Leadership, Beliefs and Coordination: An Explorative Discussion," Industrial and Corporate Change, Oxford University Press, vol. 10(2), pages 357-88, June.
  7. repec:cup:cbooks:9780521684156 is not listed on IDEAS
  8. Nicolai J. Foss & Peter G. Klein, 2004. "Entrepreneurshoip and the Economic Theory of the Firm Any Gains from Trade?," DRUID Working Papers 04-12, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  9. U. Witt, 2003. "The Proper Interpretation of 'Evolution' in Economics and the Example of Production Theory," Papers on Economics and Evolution 2003-05, Max Planck Institute of Economics, Evolutionary Economics Group.
  10. Witt, Ulrich, 1998. "Imagination and leadership - The neglected dimension of an evolutionary theory of the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 35(2), pages 161-177, April.
  11. Busenitz, Lowell W. & Barney, Jay B., 1997. "Differences between entrepreneurs and managers in large organizations: Biases and heuristics in strategic decision-making," Journal of Business Venturing, Elsevier, vol. 12(1), pages 9-30, January.
  12. Kirzner, Israel M, 1999. " Creativity and/or Alertness: A Reconsideration of the Schumpeterian Entrepreneur," The Review of Austrian Economics, Springer, vol. 11(1-2), pages 5-17.
  13. Coase, R H, 1992. "The Institutional Structure of Production," American Economic Review, American Economic Association, vol. 82(4), pages 713-19, September.
  14. Witt, Ulrich, 2000. "Changing Cognitive Frames--Changing Organizational Forms: An Entrepreneurial Theory of Organizational Development," Industrial and Corporate Change, Oxford University Press, vol. 9(4), pages 733-55, December.
  15. Kreps, David M, 1997. "Intrinsic Motivation and Extrinsic Incentives," American Economic Review, American Economic Association, vol. 87(2), pages 359-64, May.
  16. Alchian, Armen A & Demsetz, Harold, 1972. "Production , Information Costs, and Economic Organization," American Economic Review, American Economic Association, vol. 62(5), pages 777-95, December.
  17. Oliver E. Williamson, 2002. "The Theory of the Firm as Governance Structure: From Choice to Contract," Journal of Economic Perspectives, American Economic Association, vol. 16(3), pages 171-195, Summer.
  18. Hannan, Michael T & Burton, M Diane & Baron, James N, 1996. "Inertia and Change in the Early Years: Employment Relations in Young, High Technology Firms," Industrial and Corporate Change, Oxford University Press, vol. 5(2), pages 503-36.
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Citations

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Cited by:
  1. Johann Peter Murmann & Jenny Korn & Hagen Worch, 2014. "How Fast Can Firms Grow?," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 234(2-3), pages 210-233, April.
  2. Thierry BURGER-HELMCHEN, 2008. "Plural-entrepreneurial activity for a single start-up: a case study," Working Papers of BETA 2008-01, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
  3. Vladi Finotto & Anna Moretti, 2014. "Unveiling the founder effect: a conceptual framework of entrepreneurial imprinting," Working Papers 7, Department of Management, Università Ca' Foscari Venezia.
  4. Christian Cordes & Peter J. Richerson & Richard McElreath & Pontus Strimling, 2006. "A Naturalistic Approach to the Theory of the Firm: The Role of Cooperation and Cultural Evolution," Papers on Economics and Evolution 2006-06, Max Planck Institute of Economics, Evolutionary Economics Group.
  5. Bettiol, M & Di Maria, E & Finotto, Vladi, 2012. "Marketing in smes: the role of entrepreneurial sensemaking," MPRA Paper 39405, University Library of Munich, Germany.
  6. Nir Kshetri, 2009. "Entrepreneurship in post-socialist economies: A typology and institutional contexts for market entrepreneurship," Journal of International Entrepreneurship, Springer, vol. 7(3), pages 236-259, September.
  7. Christian Cordes & Peter J. Richerson & Georg Schwesinger, 2011. "A Corporation's Culture as an Impetus for Spinoffs and a Driving Force of Industry Evolution," Papers on Economics and Evolution 2011-11, Max Planck Institute of Economics, Evolutionary Economics Group.
  8. Kraaijenbrink, Jeroen & Spender, JC & Groen, Aard, 2009. "The resource-based view: A review and assessment of its critiques," MPRA Paper 21442, University Library of Munich, Germany.
  9. Berg, Nathan, 2014. "Success from satisficing and imitation: Entrepreneurs' location choice and implications of heuristics for local economic development," Journal of Business Research, Elsevier, vol. 67(8), pages 1700-1709.
  10. Cordes, Christian & Richerson, Peter J. & Schwesinger, Georg, 2010. "How corporate cultures coevolve with the business environment: The case of firm growth crises and industry evolution," Journal of Economic Behavior & Organization, Elsevier, vol. 76(3), pages 465-480, December.
  11. Christian Cordes & Peter J. Richerson & Richard McElreath & Pontus Strimling, 2006. "How Does Opportunistic Behavior Influence Firm Size?," Papers on Economics and Evolution 2006-18, Max Planck Institute of Economics, Evolutionary Economics Group.

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