Firms as Realizations of Entrepreneurial Visions

Ulrich Witt

Papers on Economics and Evolution from Philipps University Marburg, Department of Geography

Abstract: In the debate on why firms exist, the question of who chooses between firms and markets and on what basis is rarely addressed. This paper argues that the choice is a core element of the entrepreneurial pursuit of visions or conceptions of business opportunities. To successfully organize resources into the envisioned businesses – be it via firms or markets – resource owners must be coordinated on the entrepreneur’s conception of the business and be motivated to perform properly. To solve the dual problem, the organizational form of the firm offers the entrepreneur unique advantages not feasible under the organizational form of markets.

Pages: 29 pages
Date: 2005-09
New Economics Papers: this item is included in nep-bec, nep-cbe, nep-ent, nep-ino and nep-tid
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Citations: View citations in EconPapers (1)

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Journal Article: Firms as Realizations of Entrepreneurial Visions (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:esi:evopap:2005-10

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