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Still Searching (Systematically) 1 for Entrepreneurial Discoveries

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  • James Fiet
  • Alexandre Piskounov
  • Pankaj Patel

Abstract

We examine how entrepreneurs can search deliberately for discoveries. We use consideration sets to impose constraints on how and where they search. A consideration set is a promising set of information channels, which entrepreneurs can select and search based on prior knowledge. To decide how to search the channels in a consideration set, we apply existing mathematical formalism to illustrate a maximal search sequence. Because there is some probability that a search sequence could continue indefinitely, we determine stopping rules. We argue that entrepreneurial search is more feasible within a consideration set than it is in the rest of the world. Copyright Springer 2005

Suggested Citation

  • James Fiet & Alexandre Piskounov & Pankaj Patel, 2005. "Still Searching (Systematically) 1 for Entrepreneurial Discoveries," Small Business Economics, Springer, vol. 25(5), pages 489-504, December.
    • Handle: RePEc:kap:sbusec:v:25:y:2005:i:5:p:489-504
    DOI: 10.1007/s11187-004-2277-5
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    References listed on IDEAS

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    1. Hey, John D, 1993. "Dynamic Decision Making under Uncertainty: An Experimental Study of the Dynamic Competitive Firm," Oxford Economic Papers, Oxford University Press, vol. 45(1), pages 58-82, January.
    2. Peter J. Boettke (ed.), 1994. "The Elgar Companion to Austrian Economics," Books, Edward Elgar Publishing, number 53.
    3. Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 60-85, March.
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    Citations

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    Cited by:

    1. Mikael Samuelsson & Per Davidsson, 2009. "Does venture opportunity variation matter? Investigating systematic process differences between innovative and imitative new ventures," Small Business Economics, Springer, vol. 33(2), pages 229-255, August.
    2. Per Davidsson & Jan Henrik Gruenhagen, 2021. "Fulfilling the Process Promise: A Review and Agenda for New Venture Creation Process Research," Entrepreneurship Theory and Practice, , vol. 45(5), pages 1083-1118, September.
    3. James Fiet & Pankaj Patel, 2008. "Entrepreneurial Discovery as Constrained, Sytematic Search," Small Business Economics, Springer, vol. 30(3), pages 215-229, March.
    4. Matthew McCaffrey, 2014. "On the Theory of Entrepreneurial Incentives and Alertness," Entrepreneurship Theory and Practice, , vol. 38(4), pages 891-911, July.
    5. Pankaj C. Patel & James O. Fiet, 2009. "Systematic Search and Its Relationship to Firm Founding," Entrepreneurship Theory and Practice, , vol. 33(2), pages 501-526, March.
    6. Nerine Mary George & Vinit Parida & Tom Lahti & Joakim Wincent, 2016. "A systematic literature review of entrepreneurial opportunity recognition: insights on influencing factors," International Entrepreneurship and Management Journal, Springer, vol. 12(2), pages 309-350, June.
    7. James O. Fiet & Pankaj C. Patel, 2008. "Forgiving Business Models for New Ventures," Entrepreneurship Theory and Practice, , vol. 32(4), pages 749-761, July.
    8. Eduardo Terán-Yépez & David Jiménez-Castillo & Manuel Sánchez-Pérez, 2021. "International opportunity recognition: A comprehensive bibliometric review," Journal of International Entrepreneurship, Springer, vol. 19(1), pages 18-52, March.
    9. Wang, Ming-Chao & Chen, Pei-Chen & Fang, Shih-Chieh, 2018. "A critical view of knowledge networks and innovation performance: The mediation role of firms' knowledge integration capability," Journal of Business Research, Elsevier, vol. 88(C), pages 222-233.
    10. Masoud Karami & Ben Wooliscroft & Lisa McNeill, 2020. "Effectuation and internationalisation: a review and agenda for future research," Small Business Economics, Springer, vol. 55(3), pages 777-811, October.
    11. Zaefarian, Reza & Eng, Teck-Yong & Tasavori, Misagh, 2016. "An exploratory study of international opportunity identification among family firms," International Business Review, Elsevier, vol. 25(1), pages 333-345.
    12. Deniz Ucbasaran & Paul Westhead & Mike Wright, 2008. "Opportunity Identification and Pursuit: Does an Entrepreneur’s Human Capital Matter?," Small Business Economics, Springer, vol. 30(2), pages 153-173, February.
    13. Marco Cucculelli & Ivano Dileo & Marco Pini, 2022. "Filling the void of family leadership: institutional support to business model changes in the Italian Industry 4.0 experience," The Journal of Technology Transfer, Springer, vol. 47(1), pages 213-241, February.

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    More about this item

    Keywords

    search; learning; information; knowledge; D83; M13;
    All these keywords.

    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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