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Uncertainty and effectuation in corporate and policy entrepreneurship

Author: Search for this author Braun, Sophia Marie, 1992- (author)
Statement of Responsibility: Sophia Marie Braun
Year: 2024
Publisher: Berlin, ESCP Business School Berlin
Media group: eBook/eResource
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Barcode: 01156211 Locations: OPUS Status: Online

Content

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.

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Author: Search for this author Braun, Sophia Marie, 1992- (author)
Statement of Responsibility: Sophia Marie Braun
Year: 2024
Publisher: Berlin, ESCP Business School Berlin
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Description: 1 Online-Ressource (56 Seiten), Illustrationen
Tags: Corporate Entrepreneurship, Effectuation, Entrepreneurial Action, Policy Entrepreneurship, Decision Under Uncertainty, Unternehmerisches Handeln, Unternehmerische Aktion, Entscheidung unter Unsicherheit, Politisches Unternehmertum, Uncertainty, Unsicherheit
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Language: eng
Media group: eBook/eResource