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Market Opportunity and Organizational Grind - The two Sides of Entrepreneurship

Author

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  • 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.

Suggested Citation

  • U. Witt, 2002. "Market Opportunity and Organizational Grind - The two Sides of Entrepreneurship," Papers on Economics and Evolution 2002-08, Philipps University Marburg, Department of Geography.
  • Handle: RePEc:esi:evopap:2002-08
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    Cited by:

    1. Ulrich Witt, 2007. "Firms as Realizations of Entrepreneurial Visions," Journal of Management Studies, Wiley Blackwell, vol. 44(7), pages 1125-1140, November.

    More about this item

    Keywords

    Austrian Economics; Business conception; Entrepreneurship; Firm; Routines;

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • P12 - Economic Systems - - Capitalist Systems - - - Capitalist Enterprises

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