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Facing uncertainty: An entrepreneurial view of the future?

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  • Bridge, Simon

Abstract

In business the future is not predetermined, and the unexpected often happens. So how should entrepreneurs (and businesses) try to address that future uncertainty? This paper suggests that there are two main options:1. The often-preferred approach seeks to reduce uncertainty by forecasting and planning, using ‘left-brained’ logic and analysis. 2. The alternative way seeks to live with, and to benefit from, uncertainty by using ideas derived from exploration, effectuation, antifragility and ‘trial and error’. This paper compares the two approaches and considers their rationales and potential effectiveness. It suggests that forecasting and planning has many drawbacks and is often not the best way to operate in uncertain conditions. Nevertheless, it is often advocated and its thinking seems to have been adopted as the default philosophy for business. Therefore if, as has been suggested, uncertainty is the norm, do we need to advocate adopting a different way of thinking?

Suggested Citation

  • Bridge, Simon, 2021. "Facing uncertainty: An entrepreneurial view of the future?," Journal of Management & Organization, Cambridge University Press, vol. 27(2), pages 312-323, March.
  • Handle: RePEc:cup:jomorg:v:27:y:2021:i:2:p:312-323_6
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    Cited by:

    1. Jiang, Yiqi, 2024. "Childhood financial difficulty and entrepreneurial intention: The roles of work-family conflict and openness to experience," Journal of Business Research, Elsevier, vol. 175(C).
    2. Alexandre Rodrigues da Silva & Claudia Brito Silva Cirani & Fernando Antonio Ribeiro Serra & Angélica Pigola & Priscila Rezende da Costa & Isabel Cristina Scafuto & Roberto Lima Ruas & Marcos Rogério , 2023. "Determining Factors on Green Innovation Adoption: An Empirical Study in Brazilian Agribusiness Firms," Sustainability, MDPI, vol. 15(7), pages 1-23, April.
    3. Dafnis N. Coudounaris & Henrik G.S. Arvidsson, 2021. "Relationships between the Big-5 Model and Effectuation versus Causation Logics of Entrepreneurs in New Ventures: The Estonian IT Sector," Administrative Sciences, MDPI, vol. 11(4), pages 1-25, September.

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