Barcode	Locations	Status
Barcode: 01156211	Locations: OPUS	Status: Online

Since Frank Knight’s (1921) seminal work on risk, uncertainty, and profit, economists, management, and entrepreneurship scholars debate what uncertainty is and how businesses might handle it best. However, uncertainty remains a rather unclear construct with limited relevance to practice. One of the most promising approaches to explaining and teaching how individuals act under conditions of uncertainty is effectuation, a mode of action that is based on empirical evidence from expert entrepreneurs. Here I show how conceptualizing uncertainty-experiencing as a process that entrepreneurs engage with based on their actions and valuing of changes in order to shape corporations and political institutions, creates a more productive and balanced uncertainty discourse. This makes uncertainty as a construct more concrete and meaningful for both academia and practice. I find that uncertainty competence, which means handling uncertainty in a way that creates an impact in entrepreneurship, corporations, and policy-making, can be taught, learned, and practiced. For example, the Covid-19 pandemic illuminates how quickly a felt sense of certainty and predictability of the future can change, and how important it is to be able to skillfully deal with uncertainty.