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Market Opportunity and Organizational Grind - The two Sides of Entrepreneurship

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Author Info

  • U. 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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Bibliographic Info

Paper provided by Philipps University Marburg, Department of Geography 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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Keywords: Austrian Economics; Business conception; Entrepreneurship; Firm; Routines;

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Cited by:
  1. U. Witt, 2005. "Firms as Realizations of Entrepreneurial Visions," Papers on Economics and Evolution, Philipps University Marburg, Department of Geography 2005-10, Philipps University Marburg, Department of Geography.

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