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Small Business Economics

Erschienen in:

01.03.2015

Toward a theory of the entrepreneurial process

verfasst von: Dennis P. Leyden, Albert N. Link

Erschienen in: Small Business Economics | Ausgabe 3/2015

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Abstract

This paper models the entrepreneurial process as both creation and discovery composed of an iterative two-step process where entrepreneurs create social networks based on subjective expectations about the future effectiveness of those networks, and then choose the innovation to pursue and map a search process to discover how to bring the innovation to fruition. Critical to this process is the mix of strong ties and weak ties that make up social networks and the ability to carry forward the social capital embodied in such networks. The tendency of long-existing entrepreneurs to be less innovative can be explained using this model.

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de Jong and Marsili (2014) present important empirical evidence that the realization of opportunities exhibits both Schumpeterian and Kirznerian characteristics.

This point is emphasized by Schott and Sedaghat (2014) under the implicit assumption that the size of the network and its effectiveness are positively related.

To the extent that size of the network is positively related to the size of the firm and to the technological maturity of the firm, then Link’s (1980) finding—formulated as a test of the Schumpeterian hypothesis—that the returns to R&D investments at the firm level is a function of the size of the firm might have policy implications regarding public support of R&D and related innovative activity in small versus large firms.

Acs, Z. J., & Audretsch, D. B. (1988). Innovation in large and small firms: an empirical analysis. American Economic Review, 78(4), 678–690.

Alvarez, S. A., & Barney, J. B. (2007). Discovery and creation: alternative theories of entrepreneurial action. Strategic Entrepreneurship Journal, 1(1), 11–26.CrossRef

Burt, R. S. (2005). Brokerage and Closure: An Introduction to Social Capital. Oxford: Oxford University Press.

de Jong J.P.J., & Marsili, O. (2014). The distribution of Schumpeter and Kirznerian opportunities. Small Business Economics. doi:10.1007/s11187-014-9585-1.

Granovetter, M. S. (1973). The strength of weak ties. The American Journal of Sociology, 78(6), 1360–1380.CrossRef

Hébert, R. F., & Link, A. N. (2006a). Historical perspectives on the entrepreneur. Foundations and Trends in Entrepreneurship, 2(4), 261–408.CrossRef

Hébert, R. F., & Link, A. N. (2006b). The entrepreneur as innovator. Journal of Technology Transfer, 31(5), 589–597.CrossRef

Kirzner, I. M. (1985). Discovery and the Capitalist Process. Chicago: University of Chicago Press.

Knight, F. H. (1921). Risk, Uncertainty, and Profit. Boston: Houghton Mifflin.

Leyden, D. P., Link, A. N., & Siegel, D. S. (2014). A theoretical analysis of the role of social networks in entrepreneurship. Research Policy, 43(7), 1157–1163. doi:10.1016/j.respol.2014.04.010.CrossRef

Link, A. N. (1980). Firm size and efficient entrepreneurial activity: a reformulation of the Schumpeter hypothesis. Journal of Political Economy, 88(4), 771–782.CrossRef

Link, A. N., Ruhm, C. J., & Siegel, D. S. (2014). Private equity and the innovation strategies of entrepreneurial firms: empirical evidence from the Small Business Innovation Research program. Managerial and Decision Economics, 35(2), 103–113.CrossRef

Schott, T., & Sedaghat, M. (2014). Innovation embedded in entrepreneurs’ networks and national educational systems. Small Business Economics, 43(2), 463–476.CrossRef

Schumpeter, J. A. (1934). The Theory of Economic Development. Cambridge: Harvard University Press.

Shackle, G. L. S. (1979). Imagination and the Nature of Choice. Edinburgh: Edinburgh University Press.

Shane, S. (2013). Reflections on the 2010 AMR Decade Award: delivering on the promise of entrepreneurship as a field of research. Academy of Management Review, 37(1), 10–20.CrossRef

Shane, S., & Venkataraman, S. (2000). The promise of entrepreneurship as a field of research. Academy of Management Review, 25(1), 217–226.

Titel: Toward a theory of the entrepreneurial process
verfasst von: Dennis P. Leyden
Albert N. Link
Publikationsdatum: 01.03.2015
Verlag: Springer US
Erschienen in: Small Business Economics / Ausgabe 3/2015
Print ISSN: 0921-898X
Elektronische ISSN: 1573-0913
DOI: https://doi.org/10.1007/s11187-014-9606-0

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