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Effectuation Publications Library
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Strategy and Entrepreneurship: Outlines of an Untold Story
2001
Saras Sarasvathy S. Venkataraman
In their 1994 book, Rumelt, Schendel, and Teece identify four fundamental issues that comprise a research agenda in strategic management: (1) How do firms behave? (2) Why are firms different? (3) What limits the scope of the firm? (4) What determines success or failure in international competition? In answering the four questions stated above, economics and strategic management theories generally tend to focus on rational decision making (whether unbounded or bounded and linear or non-linear) based on causal reasoning and the logic of prediction. Based on effectual reasoning and the logic of control, we provide alternative answers to these four fundamental issues in strategy. These new answers together connect strategy and entrepreneurship in a new synthesis.