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Resources, Capabilities and Entrepreneurial Perceptions

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  • Yasemin Y. Kor
  • Joseph T. Mahoney
  • Steven C. Michael
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    Abstract

    We review and develop a subjectivist theory of entrepreneurship that focuses on individuals, their knowledge, resources and skills, and the processes of discovery and creativity, which constitute the heart of entrepreneurship. First, we establish the fundamental importance of subjectivity in entrepreneurial discovery and creativity. Second, we build on Penrose (1959) to elaborate how entrepreneurs' perceptions and personal knowledge shape a firm's "subjective productive opportunity set". Third, we explain that entrepreneurial perceptions and knowledge partly originate from entrepreneurs' experiences in specific business settings such as the firm, the management team, and the industry. Fourth, we highlight the causal connections between subjectivity in entrepreneurship and observed heterogeneity in firm-level economic performance. Lastly, we suggest directions for further advancing a subjectivist resource-based approach to future entrepreneurship research. Copyright Blackwell Publishing Ltd 2007.

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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: 1187-1212

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    Handle: RePEc:bla:jomstd:v:44:y:2007:i:7:p:1187-1212

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2380

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    Cited by:
    1. Capelleras , Joan-Lluís & Contín-Pilart , Ignacio & Martin-Sanchez, Victor & Larraza-Kintana , Martín, 2013. "The influence of individual perceptions and the urban/rural environment on nascent entrepreneurship," Investigaciones Regionales, Asociación Española de Ciencia Regional, issue 26, pages 97-113.
    2. Thai, Mai Thi Thanh & Turkina, Ekaterina, 2014. "Macro-level determinants of formal entrepreneurship versus informal entrepreneurship," Journal of Business Venturing, Elsevier, vol. 29(4), pages 490-510.
    3. Malik, Omar R., 2008. "Adapting to market liberalization: The role of dynamic capabilities, initial resource conditions, and strategic path choices in determining evolutionary fitness of Less Developed Country (LDC) firms," Journal of International Management, Elsevier, vol. 14(3), pages 217-231, September.
    4. Foss, Nicolai J. & Klein, Peter G. & Kor, Yasemin Y. & Mahoney, Joseph T., 2006. "Entrepreneurship, Subjectivism, and the Resource-Based View: Towards a New Synthesis," Working Papers 06-0121, University of Illinois at Urbana-Champaign, College of Business.
    5. A. Arrighetti & F. Landini & L. Caricati & N. Monacelli, 2013. "Explaining entrepreneurial orientation among university students: evidence from Italy," Economics Department Working Papers 2013-EP04, Department of Economics, Parma University (Italy).
    6. Ye, Guangliang & Mukhopadhyay, Samar K., 2013. "Role of demand-side strategy in quality competition," International Journal of Production Economics, Elsevier, vol. 145(2), pages 696-701.
    7. Traikova, Diana, 2013. "Determinants of non-farm entrepreneurial intentions in a transitional context: Evidence from rural Bulgaria," Studies on the Agricultural and Food Sector in Central and Eastern Europe, Leib­niz Institute of Agricultural Development in Central and Eastern Europe (IAMO), volume 72, number 72.
    8. 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.
    9. Peter G. Klein & Joseph T. Mahoney & Anita McGahan & Christos N. Pitelis, 2010. "Toward a Theory of Public Entrepreneurship," DRUID Working Papers 10-07, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    10. Peter Lewin & Howard Baetjer, 2011. "The capital-based view of the firm," The Review of Austrian Economics, Springer, vol. 24(4), pages 335-354, December.
    11. Neill, Stern & York, Jonathan L., 2012. "The entrepreneurial perceptions of strategy makers: Constructing an exploratory path in the pursuit of radical growth," Journal of Business Research, Elsevier, vol. 65(7), pages 1003-1009.
    12. Pettus, Michael L. & Kor, Yasemin Y. & Mahoney, Joseph T., 2007. "A Theory of Change in Turbulent Environments: The Sequencing of Dynamic Capabilities Following Industry Deregulation," Working Papers 07-0100, University of Illinois at Urbana-Champaign, College of Business.
    13. Welsh, Dianne H.B. & Memili, Esra & Rosplock, Kirby & Roure, Juan & Segurado, Juan Luis, 2013. "Perceptions of entrepreneurship across generations in family offices: A stewardship theory perspective," Journal of Family Business Strategy, Elsevier, vol. 4(3), pages 213-226.
    14. Hutzschenreuter, Thomas & Horstkotte, Julian, 2013. "Performance effects of international expansion processes: The moderating role of top management team experiences," International Business Review, Elsevier, vol. 22(1), pages 259-277.
    15. Majid Aramand & Dave Valliere, 2012. "Dynamic capabilities in entrepreneurial firms: A case study approach," Journal of International Entrepreneurship, Springer, vol. 10(2), pages 142-157, June.

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