The firm as an institution

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Chapter 5 in Entrepreneurship and the Market Economy, 2024, pp 99-117 from Edward Elgar Publishing

Abstract: The firm functions as a contractual hub for an entrepreneur, or a group of entrepreneurs. It also offers an institutional framework that simplifies the financing of an entrepreneur’s activities. This chapter provides a comprehensive overview of the conceptual and theoretical issues relating to the nature of the firm, presented from an entrepreneurial perspective. The focus is on a market-making firm set up to innovate a new product. Key activities are examined in detail, including contacting potential customers, advertising, delivery, collecting and processing payment, and provision of aftersales service.

Keywords: Business and Management; Economics and Finance (search for similar items in EconPapers)
Date: 2024
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