Market Opportunity and Organizational Grind - The two Sides of Entrepreneurship

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Market Opportunity and Organizational Grind - The two Sides of Entrepreneurship

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U. Witt

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Ulrich Witt

Abstract

In pursuing profit opportunities, entrepreneurs often use multi-person firms. Since employment contracts leave some discretion to the employees, organizational coherence requires that they are coordinated on the entrepreneurial business conception as their own frame of action. Accordingly, the entrepreneurial reorganization of production and trade implies two different coordinating tasks: the exploitation of market opportunities and the seeing through of the business conception in the firms= daily organizational grind. The former has been center stage in the Austrian school of economics. For the neglected latter task a cognitive theory is suggested which highlights an Austrian, or entrepreneurial, approach to the firm.

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Paper provided by Max Planck Institute of Economics, Evolutionary Economics Group in its series Papers on Economics and Evolution with number 2002-08.

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Date of creation: Sep 2002
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Handle: RePEc:esi:evopap:2002-08

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Find related papers by JEL classification:
B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
D21 - Microeconomics - - Production and Organizations - - - Firm Behavior
D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
M13 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - New Firms; Startups
M14 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - Corporate Culture; Social Responsibility
P12 - Economic Systems - - Capitalist Systems - - - Capitalist Enterprises

Cited by:
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U. Witt, 2005. "Firms as Realizations of Entrepreneurial Visions," Papers on Economics and Evolution 2005-10, Max Planck Institute of Economics, Evolutionary Economics Group.
Other versions:
- Ulrich Witt, 2007. "Firms as Realizations of Entrepreneurial Visions," Journal of Management Studies, Blackwell Publishing, vol. 44(7), pages 1125-1140, November. [Downloadable!] (restricted)

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