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Effectuation Publications Library
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Entrepreneurship, subjectivism, and the resource-based view: toward a new synthesis
2008
NICOLAI J FOSS Peter G. Klein YASEMIN Y KOR Joseph T. Mahoney
This article maintains that the consistent application of subjectivism helps reconcile contemporary entrepreneurship theory with the strategic management literature, particularly the resource-based view of the firm. The article synthesizes theoretical insights from Austrian economics, Penrose’s (1959) resources approach, and modern resource-based theory, focusing on the essential subjectivity of the entrepreneurial process. This new synthesis describes entrepreneurship as a creative team act in which heterogeneous managerial mental models interact to create and arrange resources to produce a collective output that is creatively superior to individual output. Copyright © 2008 Strategic Management Society.