scholarly journals Thermodynamics and Gradient Manipulation Mechanism in Entrepreneurial Actions

2021 ◽  
Vol 16 (9) ◽  
pp. 29
Author(s):  
David Leong
Keyword(s):  
Invisible Hand ◽  
Imperfect Markets ◽  
Entrepreneurial Process ◽  
Paradigmatic Shift ◽  
Naturally Occurring ◽  
Energy Gradient ◽  
Key Concepts ◽  
Process View ◽  
Thermodynamic Forces ◽  
Entrepreneurial Action

Entrepreneurship researches started to have traction at the start of 1980 and underwent paradigmatic shift. However despite the varied veins of exploration from opportunities to innate traits, entrepreneurship literatures have yet developed a unifying conceptualization and theory with key concepts that can clearly explain why entrepreneurs act the way they do? What inspires them to action? What seduce them to move at all? This paper intends to relate the study of entrepreneurship, entrepreneurial actions and activities with references to thermodynamic and energy gradient manipulation mechanism. Studying business ventures from a process view in an attempt to reconstruct the entrepreneurial process by illustrating a range of relevant perspectives from energy gradients in naturally occurring chemicals and suspension coils, this paper hopes to pull together a unifying theory on entrepreneurship basing on the forces at work with thermodynamic concepts and expressions with gradient-manipulation mechanism to explain the entrepreneurial action-motion phenomena. The gradient-manipulating mechanism and thermodynamic expressions thus become the “nature” invisible hand that operates the motion of actions. Kirzner’s theory of entrepreneurship explains the coordination of markets and of knowledge. It is that knowledge, the recognition of the opportunities in the actual imperfect markets that triggers the gradient-manipulation mechanism. The findings of this paper suggest that entrepreneurial actions are force-driven by the lure of profits to select of best pathways and means to achieve the ends. The idea that entrepreneurial actions are the results of the play of forces with thermodynamic forces at work is a powerful suggestion in the finding of this paper.

scholarly journals Thermodynamics Expression in Action within Entrepreneurial Process

2021 ◽  
Author(s):  
David Leong
Keyword(s):  
Social Constructionist ◽  
Invisible Hand ◽  
Imperfect Markets ◽  
Unified Theory ◽  
Entrepreneurial Process ◽  
Physical Systems ◽  
Naturally Occurring ◽  
Energy Gradient ◽  
Process View ◽  
Entrepreneurial Action

<div> <div> <div> <p>Up until now, entrepreneurship study has not developed a unified theory with key concepts that can elucidate the holistically process-driven characteristics of entrepreneurial venturing. What spur entrepreneurs to action along the process-driven pathway? This paper intends to relate the business of entrepreneurship and entrepreneurial actions and activities to thermodynamic and energy gradient-manipulation mechanism. Taking entrepreneurial venturing from a process view and in an attempt to reconstruct the entrepreneurial process by illustrating a range of relevant perspectives from energy gradients in naturally occurring chemical , biological and physical systems basing on interpretive and phenomenological, social constructionist angle; this paper hopes to pull together a unifying theory on action-based activities in entrepreneurial venturing with thermodynamic concepts and expressions with gradient-manipulation mechanism to explain the entrepreneurial action-motion phenomena. The gradient-manipulating mechanism and thermodynamic expressions thus become the “nature” invisible hand that operates the motion of actions. Kirzner’s theory of entrepreneurship explains the coordination of markets and of knowledge. It is that knowledge, the recognition of the opportunities in the actual imperfect markets that triggers the gradient-manipulation mechanism. </p> </div> </div> </div>

scholarly journals Thermodynamics Expression in Action within Entrepreneurial Process

2021 ◽  
Author(s):  
David Leong
Keyword(s):  
Social Constructionist ◽  
Invisible Hand ◽  
Imperfect Markets ◽  
Unified Theory ◽  
Entrepreneurial Process ◽  
Physical Systems ◽  
Naturally Occurring ◽  
Energy Gradient ◽  
Process View ◽  
Entrepreneurial Action

<div> <div> <div> <p>Up until now, entrepreneurship study has not developed a unified theory with key concepts that can elucidate the holistically process-driven characteristics of entrepreneurial venturing. What spur entrepreneurs to action along the process-driven pathway? This paper intends to relate the business of entrepreneurship and entrepreneurial actions and activities to thermodynamic and energy gradient-manipulation mechanism. Taking entrepreneurial venturing from a process view and in an attempt to reconstruct the entrepreneurial process by illustrating a range of relevant perspectives from energy gradients in naturally occurring chemical , biological and physical systems basing on interpretive and phenomenological, social constructionist angle; this paper hopes to pull together a unifying theory on action-based activities in entrepreneurial venturing with thermodynamic concepts and expressions with gradient-manipulation mechanism to explain the entrepreneurial action-motion phenomena. The gradient-manipulating mechanism and thermodynamic expressions thus become the “nature” invisible hand that operates the motion of actions. Kirzner’s theory of entrepreneurship explains the coordination of markets and of knowledge. It is that knowledge, the recognition of the opportunities in the actual imperfect markets that triggers the gradient-manipulation mechanism. </p> </div> </div> </div>

Institutions, uncertainty, and entrepreneurial judgment

2021 ◽  
pp. 1-11
Author(s):  
Claus Wiemann Frølund
Keyword(s):  
Human Interaction ◽  
Knightian Uncertainty ◽  
Entrepreneurial Process ◽  
Course Of Action ◽  
Judgment Process ◽  
Entrepreneurial Action ◽  
The Way

Abstract Entrepreneurial action takes place in a context of Knightian uncertainty. In order to overcome this uncertainty, entrepreneurs engage in a process of judgment resulting in a decision about the course of action. Institutions arise mainly to reduce economic friction by providing structure to human interaction and thus reducing uncertainty. However, institutions may also introduce further uncertainty and thus disrupt the judgment process preceding entrepreneurial action. The present paper builds upon recent efforts to integrate the concepts of uncertainty and institutions within the entrepreneurial context. Drawing on Frank H. Knight's seminal insight, the judgment-based view of entrepreneurship, and relevant concepts of entrepreneurial outcomes, the main contribution of the paper lies in the development of a model offering a coherent description of the way institutions affect uncertainty and the entrepreneurial process.

Entrepreneurial Action and Competencies: Exploring Pathways to Venturing Accomplishments

2020 ◽  
Vol 0 (0) ◽  
Author(s):  
Melodi Botha ◽  
Michael Pietersen
Keyword(s):  
South African ◽  
Structural Equation ◽  
Online Survey ◽  
Influential Factors ◽  
Equation Modeling ◽  
Mediation Model ◽  
Competency Development ◽  
Entrepreneurial Process ◽  
Efficiency And Effectiveness ◽  
Entrepreneurial Action

AbstractScholars often cite an entrepreneur’s actions and their skills, know-how and entrepreneurial competencies (ECs) as the most influential factors related to the accomplishment of important venturing outcomes. Yet the joint impact of these factors on venturing accomplishments is yet to be explored. This paper aims to fill this void by empirically developing and testing a mediation model exploring three EC mechanisms by which entrepreneurial actions—specifically discovery and exploitation activities—led to the achievement of specific venturing accomplishments—namely the time to breakeven and turnover achieved. Data were collected from 1150 South African entrepreneurs using an online survey. Covariance-based structural equation modeling was used to test the hypothesized model. Results show that entrepreneurial action (EA) significantly impacts on the efficiency and effectiveness of a venture through the development of three key ECs. Furthermore, the type of action taken by entrepreneurs during the entrepreneurial process differentially influences competency development and venturing accomplishments. More specifically, opportunity discovery and exploitation activities have a varying impact on EC development, as the engagement in these distinct venture-related activities provides unique feedback for the development of appropriate behavioral scripts for specific contexts which lead to distinct venturing accomplishments. This research offers novel insights into the newly emerging scholarly conviction that engagement in the entrepreneurial process itself may affect key entrepreneurial abilities and accomplishments. In so doing, this paper builds on, and has implications for, theories of competency development and venturing performance, as well as pedagogical interventions aimed at enhancing entrepreneurship.

RE-CONTEXTUALIZING OPPORTUNITY AS ARTIFACT SIGNALLING FOR ENTREPRENEURIAL ACTION

2021 ◽  
pp. 2150021
Author(s):  
DAVID LEONG
Keyword(s):  
Dynamic Approach ◽  
Entrepreneurial Process ◽  
Developmental Context ◽  
Entrepreneurial Opportunities ◽  
Signalling Theory ◽  
Entrepreneurial Action ◽  
Over Time

In exploring entrepreneurial action as a response to opportunities, this paper uses signalling theory to provide new insights as the entrepreneur moves from perception to recognition to enactment. We adopt a dynamic approach to how entrepreneurs perceive opportunities and form initial opportunity beliefs, recognizing that, over time, beliefs change. The perceived potentialities from the signals arising from opportunities also change. Strength of the initial opportunity beliefs, morph-ability of opportunities, frequency of opportunity appearances, multiple interpretations of opportunity, latency of opportunity, observability (intensity, visibility, strength and clarity), distortions of opportunity and false opportunity are topics that are not sufficiently addressed in research on entrepreneurial opportunities. We argue that the signalling effects open new avenues of inquiry related to the central role of opportunity in the entrepreneurial process. Instead of seeing opportunity from either the discovery or creation approaches, opportunity should be viewed as an artifact with embedded perceived potentialities. Implications are drawn for the developmental context.

VENTURE ARCHETYPES AND THE ENTREPRENEURIAL EVENT: CROSS-CULTURAL EMPIRICAL EVIDENCE

2006 ◽  
Vol 14 (01) ◽  
pp. 27-48 ◽  
Author(s):  
TOBIAS KOLLMANN ◽  
ANDREAS KUCKERTZ
Keyword(s):  
Empirical Evidence ◽  
Influencing Factors ◽  
Implementation Process ◽  
Cross Cultural ◽  
The Other ◽  
Entrepreneurial Process ◽  
Business Opportunity ◽  
Empirical Results ◽  
Entrepreneurial Action ◽  
The Moment

This study sheds light on the so-called 'entrepreneurial event' which is of utmost importance within the entrepreneurial process. We develop a framework describing the occurrence of such an event in terms of characteristics of the business opportunity as well as in terms of characteristics of the implementation process. Furthermore, possible entrepreneurial events and influencing factors are theoretically identified. To test our assumptions, a cross-cultural survey among 110 entrepreneurs from seven distinct cultural regions was conducted. Empirical results suggest there are primarily two classes of entrepreneurial events: One part of the entrepreneurial population perceives the moment of first entrepreneurial action as their entrepreneurial event, while the other part needs market acceptance to believe in the viability of the entrepreneurial project. Furthermore, we provide evidence for the existence of four venture archetypes which are related to the circumstances of the entrepreneurial event.

scholarly journals Psychological Well-Being Sustainable during Entrepreneurial Process—The Moderating Role of Entrepreneurial Creativity

2021 ◽  
Vol 13 (19) ◽  
pp. 10732
Author(s):  
Chengchun Wang ◽  
Norbert Mundorf ◽  
Ann Salzarulo-McGuigan
Keyword(s):  
Early Stage ◽  
New Ventures ◽  
Well Being ◽  
Entrepreneurial Process ◽  
Psychological Well Being ◽  
Student Entrepreneurs ◽  
Dynamic Perspective ◽  
Entrepreneurial Action ◽  
Moderating Role

Despite pitfalls during the entrepreneurial journey, entrepreneurship offers the opportunity to illuminate new ventures and preserve psychological well-being to sustain entrepreneurial development. From a dynamic perspective, this study discusses the early stage of the entrepreneurial process affecting student entrepreneurs’ psychological well-being and examines the moderating role of entrepreneurial creativity. By building a framework with the data of 1873 student entrepreneurs across 36 university business incubators in China involved in entrepreneurship activity, we found that entrepreneurial passion, alertness and intention had a positive correlation with entrepreneurs’ psychological well-being, but entrepreneurial action had the opposite effect. Entrepreneurial creativity positively moderated relationships between entrepreneurial action and students’ psychological well-being. This finding contributes to a full understanding of students’ psychological well-being on their entrepreneurial journey in the context of COVID-19 and eases the pressure of entrepreneurship by strengthening entrepreneurial creativity education.

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