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Entrepreneurship As Decision Making: Rational, Intuitive And Improvisational Approaches

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  • MIGUEL PINA E CUNHA

    (Faculdade de Economia, Universidade Nova de Lisboa, Portugal)

Abstract

In this paper entrepreneurship is presented as decision making. Mintzberg and Westley's (2001) decision making typology is adapted to the case of entrepreneurial decision making. These authors complemented the rational, step-by-step mode of decision making, with the intuitive and improvisational modes, Complementing the rational view of decision making with the analysis of entrepreneurship as intuitive or improvisational decision making, a richer and more integrated understanding of entrepreneurial behavior is obtained. To make the implications of the three decision making approaches to entrepreneurship clear, the entrepreneurial process under each of the three modes, will be considered. Ireland, Hitt and Sirmon's (2003) model of strategic entrepreneurship is used as a framework. With this framework, the three resulting theoretical representations of the entrepreneurial process will be discussed. Irelandet al,'s model of strategic entrepreneurship suggests that to understand how entrepreneurial activity leads to competitive advantage and wealth creation, four building blocks of entrepreneurial activity should be considered: entrepreneurial mindset, entrepreneurial culture and leadership, strategic management of resources and application of creativity and development of innovation.

Suggested Citation

  • Miguel Pina E Cunha, 2007. "Entrepreneurship As Decision Making: Rational, Intuitive And Improvisational Approaches," Journal of Enterprising Culture (JEC), World Scientific Publishing Co. Pte. Ltd., vol. 15(01), pages 1-20.
    • Handle: RePEc:wsi:jecxxx:v:15:y:2007:i:01:n:s0218495807000022
    DOI: 10.1142/S0218495807000022
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    Cited by:

    1. Terry Noel & Laura Erskine, 2013. "The Silent Story: Using Computer-Aided Text Analysis to Predict Entrepreneurial Performance," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 22(1), pages 1-14, March.
    2. Daniela Vidal Flores & Rogerio Domenge Muñoz, 2017. "Simulador de vuelo ejecutivo como medio de aprendizaje en la planeación de recursos de nuevas empresas bajo el enfoque del marcador balanceado," Contaduría y Administración, Accounting and Management, vol. 62(2), pages 24-25, Abril-Jun.
    3. Mohammad Fakhar Manesh & Giulia Flamini & Damiano Petrolo & Rocco Palumbo, 2022. "A round of dancing and then one more: embedding intuition in the ballet of entrepreneurial decision making," International Entrepreneurship and Management Journal, Springer, vol. 18(2), pages 499-528, June.

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