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Entrepreneurship, Subjectivism, and the Resource-Based View: Towards a New Synthesis

Author

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  • Foss, Nicolai J.

    (Center for Strategic Management and Globalization, Copenhagen Business School)

  • Klein, Peter G.

    (Contracting and Organizations Research Institute, U of Missouri)

  • Kor, Yasemin Y.

    (U of Delaware)

  • Mahoney, Joseph T.

    (U of Illinois at Urbana-Champaign)

Abstract

This paper maintains that the consistent application of subjectivism helps to reconcile contemporary entrepreneurship theory with strategic management research in general, and the resource-based view in particular. The paper synthesizes theoretical insights from Austrian economics and Penrose's (1959) resources approach, arguing that entrepreneurship is inherently subjective and firm specific. This new synthesis describes how entrepreneurship is manifested in teams, and is driven by both heterogeneity of managerial mental models and shared team experiences.

Suggested Citation

  • 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.
    • Handle: RePEc:ecl:illbus:06-0121
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    Cited by:

    1. Kim, Jongwook & Mahoney, Joseph T., 2008. "A Strategic Theory of the Firm as a Nexus of Incomplete Contracts: A Property Rights Approach," Working Papers 08-0108, University of Illinois at Urbana-Champaign, College of Business.
    2. Bettiol, M & Di Maria, E & Finotto, Vladi, 2012. "Marketing in smes: the role of entrepreneurial sensemaking," MPRA Paper 39405, University Library of Munich, Germany.
    3. Pätäri, Satu & Kyläheiko, Kalevi & Sandström, Jaana, 2011. "Opening up new strategic options in the pulp and paper industry: Case biorefineries," Forest Policy and Economics, Elsevier, vol. 13(6), pages 456-464, July.
    4. Peter Lewin & Howard Baetjer, 2011. "The capital-based view of the firm," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 24(4), pages 335-354, December.

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