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"Resources, Capabilities and Entrepreneurial Perceptions"

Yasemin Y. Kor, Joseph T. Mahoney, and Steven C. Michael


First Author :

Yasemin Y. Kor
Assistant Professor of Strategy, Business Administration
University of Delaware
214 Lerner Hall
Orchard Road & Amstel Avenue
Newark, DE 19716

Second Author :

Joseph T. Mahoney
Business Administration
Professor of Strategy, University of Illinois at Urbana-Champaign
339 Wohlers Hall
1206 S. Sixth Street
Champaign, IL 61820

Third Author :

Steven C. Michael
Business Administration
Associate Professor of Strategy, University of Illinois at Urbana-Champaign
350 Wohlers Hall
1206 S. Sixth Street
Champaign, IL 61820

Abstract :
We develop a subjectivist theory of entrepreneurship that focuses on individuals, their knowledge, resources and skills, and the processes of discovery and creativity, which constitute the heart of entrepreneurship. First, we establish the fundamental importance of subjectivity in entrepreneurial discovery and creativity that lead to economic change and to influencing organizational learning. Second, we build on Penrose (1959) to elaborate how entrepreneursí perceptions and personal knowledge shape a firmís subjective productive opportunity set. Third, we explain that entrepreneurial perceptions partly originate from entrepreneursí experiences in specific business settings such as the firm, the management team, and the industry. Fourth, we highlight the theoretical causal connections between subjectivity in entrepreneurship and observed heterogeneity in firm-level economic performance. Lastly, we suggest directions for further advancing a subjectivist resource-based approach to future entrepreneurship research.
Keywords :
Entrepreneurship, Resource-Based Approach, Subjective Productive Opportunity Set
Footnotes & Acknowledgements :
We thank Rajshree Agarwal, Sharon Alvarez, and Elaine Mosakowski for their comments on earlier versions of this paper. The usual disclaimer applies.
Manuscript Received : 2005
Manuscript Published : 2005
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