Uncertainty Types and Transitions in the Entrepreneurial Process

Uncertainty Types and Transitions in the Entrepreneurial Process
Author: Mark Packard
Publisher:
Total Pages: 41
Release: 2017
Genre:
ISBN:

While judgment is typically viewed as a discrete decision process, we conceptualize it as a continuous and dynamic process of reassessment and revision. Adopting this approach, we revisit the nature of entrepreneurial decision-making under uncertainty. We begin with a novel typology of uncertainty that defines and delineates different types of uncertain contexts. We then examine the nature of decision-making within these distinct contexts, highlighting differences in how entrepreneurs make decisions within different types of uncertainty. We build these insights into a theory of the entrepreneurial process that highlights the transitory nature of uncertainty as entrepreneurs make certain judgments and revise those judgments over time. We discuss how uncertainty transitions throughout the judgment process, how the judgment process continues dynamically even after a judgment is made, and how the nature of uncertainty shifts over time due to endogenous and exogenous change.

Uncertainty in Strategic Decision Making

Uncertainty in Strategic Decision Making
Author: Richard J. Arend
Publisher: Springer Nature
Total Pages: 466
Release: 2024-01-03
Genre: Business & Economics
ISBN: 303148553X

Knight (1921) defines uncertainty as an informational market failure that, while being detrimental to most existing businesses, presents possible profitable opportunities for others. This book builds upon that classic work by providing an analysis of the alternative approaches to strategic decision-making under such uncertainty. It covers what uncertainty is, why it is important, and what connections it has to business and related fields, culminating in a new and comprehensive typology and a valuable guide for how to appropriately address various types of uncertainties, even under AI. It clarifies the current terminological and categorical confusion about ‘unknowns’ while complementing the mathematical, probability-based approaches that treat uncertainty as ‘knowable’ (i.e., as risk). It corrects the mistaken approaches that treat ‘unknowables’ as ‘shapeable’ or ‘discoverable’. This book widens the perspective for viewing uncertainty, in terms of its impacts across humanity, by offering a shrewder understanding of what roles uncertainties play in human activity. It will appeal to academics across business, economics, philosophy, and other disciplines looking for approaches to apply, test, and hone for dealing with decision-making under uncertainty.

Entrepreneurship Under Radical Uncertainty - A Cognitive Perspective on Experimenting in the Unknown

Entrepreneurship Under Radical Uncertainty - A Cognitive Perspective on Experimenting in the Unknown
Author: Bob Bastian
Publisher: Bob Bastian
Total Pages: 251
Release:
Genre: Business & Economics
ISBN:

Entrepreneurs move their venture creation process from an uncertain, unknown future toward somewhat more certain and knowable. To support present actions about future outcomes on this journey, entrepreneurs essentially need to understand what they know and don’t know yet. Individuals, however, are not destined to have a complete awareness of their ignorance. It is precisely unawareness why a certain opportunity has not yet been exploited, but decisions require fast strategies to simplify information and not lose the opportunity. Thus, knowledge only might not naturally advance opportunities. This book provides insights about how entrepreneurs cope with this apparent contradiction. Based on qualitative and experimental insights, the book explores the relevance of knowing what you don’t know with the help of the science of self-awareness. A key point is that metacognition plays an essential role to overcome cognitive barriers to come to logical judgments and decisions.

Entrepreneurial Action

Entrepreneurial Action
Author: Andrew C. Corbett
Publisher: Emerald Group Publishing
Total Pages: 327
Release: 2012-07-17
Genre: Business & Economics
ISBN: 1780529015

Volume 14 addresses the central issue of entrepreneurial action: while many factors are important to the phenomenon of entrepreneurship, entrepreneurship does not happen until someone takes action!

Research Handbook on Strategic Entrepreneurship

Research Handbook on Strategic Entrepreneurship
Author: Gupta, Vishal K.
Publisher: Edward Elgar Publishing
Total Pages: 288
Release: 2022-02-15
Genre: Business & Economics
ISBN: 1789904447

This Research Handbook provides a solid foundation for exploring the vibrant field of strategic entrepreneurship, with an examination of important topics from theoretical, psychological and economic perspectives. PhD students, scholars and researchers alike who want to investigate further into strategic entrepreneurship in depth as well as uncharted territories, will find this Research Handbook a valuable resource.

De Gruyter Handbook of Entrepreneurial Finance

De Gruyter Handbook of Entrepreneurial Finance
Author: David Lingelbach
Publisher: Walter de Gruyter GmbH & Co KG
Total Pages: 340
Release: 2022-05-09
Genre: Business & Economics
ISBN: 3110726351

As of early 2022, seven of the ten largest firms in the world by market capitalization had been funded through various types of entrepreneurial finance. This handbook provides an up-to-date survey of what we know about this significant phenomenon in all its forms, and where our knowledge about it needs to head from here. The handbook embraces a wide range of established and emerging academic and practitioner voices across the globe to explore the theoretical and practical flux and tension in the field. Until recently, most studies have taken a supply side perspective, focusing on the perspective of those who provide funding to new ventures. This book takes a different, demand side perspective, beginning with the entrepreneur and gradually broadening our view to include close by and then more distant funding sources. Following this approach, it is organized into four parts detailing the individual level (founders’ resources, bricolage and bootstrapping, effectuation and portfolio entrepreneurship); the inner circle (informal financing, business groups, incubators and accelerators); the wider world (formal debt, microfinance, venture capital, corporate venture capital, business angels, government funding and family offices); and emerging perspectives (non-Western perspectives, gender, indigenous perspectives, post-conflict and disaster zones and ethics). The introduction considers the general state of the field, while the conclusion takes on additional topics relevant to entrepreneurial finance, such as decentralized finance, big data, behavioral economics, financial innovation and COVID-19, as well as possible ways in which entrepreneurial finance can have a greater impact on other disciplines. This handbook will be a core reference work for researchers, practitioners, and policy makers seeking an up-to-date academic survey of entrepreneurial finance. It can also be used as a primary text in Ph.D. seminars in entrepreneurship, entrepreneurial finance, and finance. Instructors in Master’s level courses in entrepreneurial finance and venture capital will also find the book of benefit.

Theorising Undergraduate Entrepreneurship Education

Theorising Undergraduate Entrepreneurship Education
Author: Guillermo J. Larios-Hernandez
Publisher: Springer Nature
Total Pages: 375
Release: 2022-01-31
Genre: Business & Economics
ISBN: 3030878651

This book engages ongoing debates about the nature, manifestation and purpose of entrepreneurship education (EE). It presents theoretical and practical perspectives on the challenges and opportunities that entrepreneurship educators face globally to equip undergraduate students with entrepreneurial skills, and more generally, develop their entrepreneurial mindsets and capabilities taking advantage of programmes and curricula available in their ecosystem. Divided into three sections, the chapters, written by recognized experts, deliver distinctive approaches to undergraduate EE, an analysis of entrepreneurial mindset-building perspectives, and cases and proposals of undergraduate entrepreneurship programs that go beyond the traditional higher education milieu. This volume provides entrepreneurship educators with a voice to explain how they participate in the topic of entrepreneurship, how undergraduate students engage and respond to EE, and how institutional frameworks for EE, and more generally the entrepreneurship education ecosystem, support undergraduate EE.

The International Dimension of Entrepreneurial Decision-Making

The International Dimension of Entrepreneurial Decision-Making
Author: Andrea Caputo
Publisher: Springer Nature
Total Pages: 236
Release: 2022-01-03
Genre: Business & Economics
ISBN: 3030859509

This book focuses on understanding the international behaviours of SMEs, entrepreneurial ventures, and entrepreneurs. The collection of contributions gathered in the book highlights the importance of cultures, contexts and behaviours that pertain to the international entrepreneurship arena. The respective chapters address topics such as entrepreneurial cognition, international entrepreneurial ecosystems, innovation, international market entry decisions, family SMEs, international human resources management, cross-cultural and indigenous entrepreneurship, social capital and sustainability in international markets. All contributions are based on the latest empirical and theoretical research, and provide key findings and concrete recommendations for scholars, entrepreneurs, organizations and policy makers.

Entrepreneurship and Behavioral Strategy

Entrepreneurship and Behavioral Strategy
Author: T. K. Das
Publisher: IAP
Total Pages: 321
Release: 2020-06-01
Genre: Business & Economics
ISBN: 164802050X

Behavioral strategy continues to attract increasing research interest within the broader field of strategic management. Research in behavioral strategy has clear scope for development in tandem with such traditional streams of strategy research that involve economics, markets, resources, and technology. The key roles of psychology, organizational behavior, and behavioral decision making in the theory and practice of strategy have yet to be comprehensively grasped. Given that strategic thinking and strategic decision making are importantly concerned with human cognition, human decisions, and human behavior, it makes eminent sense to bring some balance in the strategy field by complementing the extant emphasis on the “objective” economics-based view with substantive attention to the “subjective” individual-oriented perspective. This calls for more focused inquiries into the role and nature of the individual strategy actors, and their cognitions and behaviors, in the strategy research enterprise. For the purposes of this book series, behavioral strategy would be broadly construed as covering all aspects of the role of the strategy maker in the entire strategy field. The scholarship relating to behavioral strategy is widely believed to be dispersed in diverse literatures. These existing contributions that relate to behavioral strategy within the overall field of strategy has been known and perhaps valued by most scholars all along, but were not adequately appreciated or brought together as a coherent sub-field or as a distinct perspective of strategy. This book series on Research in Behavioral Strategy will cover the essential progress made thus far in this admittedly fragmented literature and elaborate upon fruitful streams of scholarship. More importantly, the book series will focus on providing a robust and comprehensive forum for the growing scholarship in behavioral strategy. In particular, the volumes in the series will cover new views of interdisciplinary theoretical frameworks and models (dealing with all behavioral aspects), significant practical problems of strategy formulation, implementation, and evaluation, and emerging areas of inquiry. The series will also include comprehensive empirical studies of selected segments of business, economic, industrial, government, and non-profit activities with potential for wider application of behavioral strategy. Through the ongoing release of focused topical titles, this book series will seek to disseminate theoretical insights and practical management information that will enable interested professionals to gain a rigorous and comprehensive understanding of the subject of behavioral strategy. Entrepreneurship and Behavioral Strategy contains contributions by leading scholars in the field of entrepreneurship with an interest in researching behavioral perspectives. The 10 chapters in this volume deal with a number of significant issues relating broadly to the behavioral aspects of entrepreneurship, covering topics such as entrepreneurial process orientation, a machine learning approach to reviewing the intersection of the entrepreneurship and behavioral strategy literatures, the temporalities of entrepreneurial risk behavior, entrepreneurs under ambiguity, disruptive business model innovations, international attention, entrepreneurial team formation, building alliances in new and small ventures, the role of insight in entrepreneurial action, and the effects of foreign competition on entrepreneurship activities. The chapters include empirical as well as conceptual treatments of the selected topics, and collectively present a wide-ranging review of the noteworthy research perspectives on the confluence of entrepreneurship and behavioral strategy.

Ambiguity in Organization Theory

Ambiguity in Organization Theory
Author: Giulia Cappellaro
Publisher: Cambridge University Press
Total Pages: 120
Release: 2023-01-31
Genre: Business & Economics
ISBN: 1009358472

This Element presents and discusses the main trajectories in the evolution of the concept of ambiguity and the most relevant theoretical contributions developed around it. It specifically elaborates on both the intrinsic perspectives on ambiguity as an inherent part of organizational decision-making processes and the more recent strategic perspectives on discursively constructed strategic ambiguity. It helps illuminate the path ahead of organizational scholars and offers new avenues for future research. This is important given the ever more pervasive presence of ambiguity in and around organizations and societies.