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Entrepreneurial wisdom: incorporating the ethical and strategic dimensions of entrepreneurial decision-making

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  • Laura Dunham
  • John McVea
  • R. Edward Freeman

Abstract

Entrepreneurs face particularly ambiguous and complex decision contexts (Busenitz and Barney, 1997). Furthermore, many of the decisions entrepreneurs make are fraught with ethical tensions, given the many moral considerations and consequences that arise from entrepreneurial action (e.g., Dees and Starr, 1992). However, while a growing body of work in entrepreneurial cognition (e.g., Mitchell et al., 2004; Forbes, 1999) has sought to understand how entrepreneurs make decisions despite uncertainty, and various decision-making models have been put forth, to date very little of this work has explored how entrepreneurs address the ethical dimensions of the decisions they make. In this paper, we offer a conceptualisation of entrepreneurial wisdom that we believe addresses the need to better integrate the ethical dimensions into entrepreneurial decision making. Such an approach enables us to adopt an explicitly creative, aesthetic and adaptive perspective that is well suited to the dynamic and complex challenges of the entrepreneurial context.

Suggested Citation

  • Laura Dunham & John McVea & R. Edward Freeman, 2008. "Entrepreneurial wisdom: incorporating the ethical and strategic dimensions of entrepreneurial decision-making," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 6(1), pages 8-19.
    • Handle: RePEc:ids:ijesbu:v:6:y:2008:i:1:p:8-19
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    Citations

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    Cited by:

    1. Claudius Bachmann & André Habisch & Claus Dierksmeier, 2018. "Practical Wisdom: Management’s No Longer Forgotten Virtue," Journal of Business Ethics, Springer, vol. 153(1), pages 147-165, November.
    2. Harris, Jared D. & Sapienza, Harry J. & Bowie, Norman E., 2009. "Ethics and entrepreneurship," Journal of Business Venturing, Elsevier, vol. 24(5), pages 407-418, September.
    3. Mohammad Daradkeh, 2023. "Navigating the Complexity of Entrepreneurial Ethics: A Systematic Review and Future Research Agenda," Sustainability, MDPI, vol. 15(14), pages 1-30, July.
    4. Laura Dunham, 2010. "From Rational to Wise Action: Recasting Our Theories of Entrepreneurship," Journal of Business Ethics, Springer, vol. 92(4), pages 513-530, April.
    5. Laura Sasse-Werhahn, 2019. "The Practical Wisdom behind the GRI," Humanistic Management Journal, Springer, vol. 4(1), pages 71-84, July.
    6. Claudius Bachmann & Laura Sasse & Andre Habisch, 2018. "Applying the Practical Wisdom Lenses in Decision-Making: An Integrative Approach to Humanistic Management," Humanistic Management Journal, Springer, vol. 2(2), pages 125-150, February.

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