Abstract

"A subjectivist theory of entrepreneurship"

Joseph Mahoney and Steven Michael

First Author :

Joseph Mahoney
Business Administration
University of Illinois at Urbana-Champaign
1206 S. Sixth Street, Room 339 Wohlers Hall
M/C 706
Champaign, IL 61820
USA

217-244-8257

josephm@uiuc.edu

http://www.business.uiuc.edu/faculty/mahoney.html

Second Author :

Steven Michael
Business Administration
University of Illinois at Urbana-Champaign
1206 S. Sixth Street, Room 350 Wohlers Hall
M/C 706
Champaign, IL 61820
USA

smichael@uiuc.edu

http://www.business.uiuc.edu/facultyprofile/faculty_profile.aspx?ID=130

Abstract :

The current neoclassical synthesis of economic theory does not contain a role for the entrepreneur and entrepreneurial activity. In this paper we argue that such a role can be reintroduced into the economic foundations of strategy by adopting a subjectivist theory of entrepreneurship. A subjectivist theory focuses on individuals (subjects), on their knowledge, capabilities, and resources, and on the processes of discovery and creativity that constitute the heart of entrepreneurship. To begin the development of a subjectivist theory of entrepreneurship within the context of dynamic resource-based theory, we examine the thought of Edith Penrose (1959) to suggest strategic issues that invite closer examination, and we then conclude with suggested directions for further research.

Manuscript Received : 2004

Manuscript Published : 2004

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