Market Opportunity and Organizational Grind - The two Sides of Entrepreneurship

Ulrich Witt

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

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.

Keywords: Austrian Economics; Business conception; Entrepreneurship; Firm; Routines (search for similar items in EconPapers)
JEL-codes: B52 B53 D21 D23 D83 L21 M13 M14 P12 (search for similar items in EconPapers)
Date: 2002-09
Note: The paper will be emailed on request. Please contact evopapers@econ.mpg.de
References: Add references at CitEc
Citations: View citations in EconPapers (1)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:esi:evopap:2002-08

Access Statistics for this paper

More papers in Papers on Economics and Evolution from Philipps University Marburg, Department of Geography Deutschhausstrasse 10, 35032 Marburg. Contact information at EDIRC.
Bibliographic data for series maintained by Christoph Mengs ( this e-mail address is bad, please contact ).