Entrepreneurship, Subjectivism, and the Resource− Based View: towards a New Synthesis

This paper maintains that the consistent application of subjectivism helps to reconcile contemporary entrepreneurship theory with strategic management research in general, and the resource−based view in particular. The paper synthesizes theoretical insights from Austrian economics and Penrose’s (1959) resources approach, arguing that entrepreneurship is inherently subjective and firm specific. This new synthesis describes how entrepreneurship is manifested in teams, and is driven by both heterogeneity of managerial mental models and shared team experiences. Published: 2006 URL: http://www.business.uiuc.edu/Working_Papers/papers/06−0121.pdf ENTREPRENEURSHIP, SUBJECTIVISM, AND THE RESOURCEBASED VIEW: TOWARDS A NEW SYNTHESIS Nicolai J. Foss Center for Strategic Management and Globalization Copenhagen Business School Porcelainshaven 24 2000 Frederiksberg, Denmark [email protected] Peter G. Klein Contracting and Organizations Research Institute University of Missouri 135 Mumford Hall Columbia, MO 65211 USA [email protected] Yasemin Y. Kor Department of Business Administration University of Delaware 214 Lerner Hall Orchard Road & Amstel Avenue Newark, DE 19716-2710 [email protected] Joseph T. Mahoney Department of Business Administration University of Illinois at Urbana-Champaign 140C Wohlers Hall 1206 South Sixth Street Champaign, IL 61820 [email protected]