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Getting Nothing from Something: Unfulfilled Promises of Current Dominant Approaches to Entrepreneurial Decision-Making

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  • Richard J. Arend

    (Department of Business Administration, University of Southern Maine, P.O. Box 9300, Portland, ME 04104-9300, USA)

Abstract

We provoke. In this conceptual piece, we challenge the value of two dominant models of the entrepreneurial process that have existed over the past two decades—the creativity school and the logic of effectuation. We point out their weaknesses and their unfulfilled promises, and we argue for the field to move on forward with different ideas. We identify the lessons our field should learn so as to minimize the possibility of potentially detrimental model dominance in the future. We then outline three alternative approaches to modeling entrepreneurial decision-making that suggest further skills and policies required in improve the entrepreneurial process.

Suggested Citation

  • Richard J. Arend, 2020. "Getting Nothing from Something: Unfulfilled Promises of Current Dominant Approaches to Entrepreneurial Decision-Making," Administrative Sciences, MDPI, vol. 10(3), pages 1-22, August.
    • Handle: RePEc:gam:jadmsc:v:10:y:2020:i:3:p:61-:d:401651
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    Cited by:

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    2. Mariano Puglisi & Vincenzo Fasone & Giulio Pedrini & Deborah Gervasi & Guglielmo Faldetta, 2022. "Using a dual system of reasoning in small businesses: Entrepreneurial decisions and subjective risk intelligence," International Entrepreneurship and Management Journal, Springer, vol. 18(2), pages 529-553, June.
    3. Scazziota, Vanessa & Serra, Fernando & Sarkar, Soumodip & Guerrazzi, Luiz, 2023. "The antecedents of entrepreneurial action: A meta-synthesis on effectuation and bricolage," Journal of Business Research, Elsevier, vol. 155(PA).
    4. Arend, Richard J., 2023. "Opportunity on Mars? roving for theory in the re(a)d dust rather than beyond," Journal of Business Venturing Insights, Elsevier, vol. 19(C).
    5. Gianpaolo Abatecola & Matteo Cristofaro & Federico Giannetti & Johan Kask, 2022. "How can biases affect entrepreneurial decision making? toward a behavioral approach to unicorns," International Entrepreneurship and Management Journal, Springer, vol. 18(2), pages 693-711, June.
    6. Adam Sulich & Letycja Sołoducho-Pelc & Marcos Ferasso, 2021. "Management Styles and Decision-Making: Pro-Ecological Strategy Approach," Sustainability, MDPI, vol. 13(4), pages 1-18, February.

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