Firms as Realizations of Entrepreneurial Visions
AbstractIn 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.
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Bibliographic InfoPaper provided by Max Planck Institute of Economics, Evolutionary Economics Group in its series Papers on Economics and Evolution with number 2005-10.
Length: 29 pages
Date of creation: Sep 2005
Date of revision:
Other versions of this item:
- NEP-ALL-2005-09-11 (All new papers)
- NEP-BEC-2005-09-11 (Business Economics)
- NEP-CBE-2005-09-11 (Cognitive & Behavioural Economics)
- NEP-ENT-2005-09-11 (Entrepreneurship)
- NEP-INO-2005-09-11 (Innovation)
- NEP-TID-2005-09-11 (Technology & Industrial Dynamics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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