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On the entrepreneurial genesis of new markets: effectual transformations versus causal search and selection

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  • Nicholas Dew
  • Stuart Read
  • Saras Sarasvathy
  • Robert Wiltbank

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  • Nicholas Dew & Stuart Read & Saras Sarasvathy & Robert Wiltbank, 2011. "On the entrepreneurial genesis of new markets: effectual transformations versus causal search and selection," Journal of Evolutionary Economics, Springer, vol. 21(2), pages 231-253, May.
    • Handle: RePEc:spr:joevec:v:21:y:2011:i:2:p:231-253
    DOI: 10.1007/s00191-010-0185-1
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    1. Sarasvathy, D. K. & Simon, Herbert A. & Lave, Lester, 1998. "Perceiving and managing business risks: differences between entrepreneurs and bankers," Journal of Economic Behavior & Organization, Elsevier, vol. 33(2), pages 207-225, January.
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    8. François Moreau, 2004. "The role of the state in evolutionary economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 28(6), pages 847-874, November.
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    17. Giovanni Dosi & Franco Malerba & David Teece, 2003. "Twenty years after Nelson and Winter's An Evolutionary Theory of Economic Change: a preface on knowledge, the nature of organizations and the patterns of organizational changes," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 12(2), pages 147-148, April.
    18. J. Metcalfe, 2004. "The entrepreneur and the style of modern economics," Journal of Evolutionary Economics, Springer, vol. 14(2), pages 157-175, June.
    19. Hattwick, Richard E., 1979. "Perception, opportunity and profit : Studies in the Theory of Entrepreneurship. By Israel M. Kirzner. Chicago: The University of Chicago Press, 1980. Pp. 239. Price: $15.00," Journal of Behavioral Economics, Elsevier, vol. 8(2), pages 183-188.
    20. Nicholas Dew & S. Sarasvathy & S. Venkataraman, 2004. "The economic implications of exaptation," Journal of Evolutionary Economics, Springer, vol. 14(1), pages 69-84, January.
    21. Klepper, Steven & Simons, Kenneth L, 1997. "Technological Extinctions of Industrial Firms: An Inquiry into Their Nature and Causes," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 6(2), pages 379-460, March.
    22. Paul M. Romer, 1994. "The Origins of Endogenous Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 3-22, Winter.
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    Citations

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    Cited by:

    1. Peterson, Mark, 2020. "Modeling country entrepreneurial activity to inform entrepreneurial-marketing research," Journal of Business Research, Elsevier, vol. 113(C), pages 105-116.
    2. Antoni Olive-Tomas & Susan S. Harmeling, 2020. "The rise of art movements: an effectual process model of Picasso’s and Braque’s give-and-take during the creation of Cubism (1908–1914)," Small Business Economics, Springer, vol. 54(3), pages 819-842, March.
    3. Chetty, Sylvie & Martín Martín, Oscar & Bai, Wensong, 2024. "Causal foreign market selection and effectual entry decision-making: The mediating role of collaboration to enhance international performance," Journal of Business Research, Elsevier, vol. 172(C).
    4. Marko Matalamäki & Tero Vuorinen & Elina Varamäki & Kirsti Sorama, 2017. "Business Growth in Established Companies; Roles of Effectuation and Causation," Journal of Enterprising Culture (JEC), World Scientific Publishing Co. Pte. Ltd., vol. 25(02), pages 123-148, June.
    5. Stephen X. Zhang & Elco Burg, 2020. "Advancing entrepreneurship as a design science: developing additional design principles for effectuation," Small Business Economics, Springer, vol. 55(3), pages 607-626, October.
    6. Guerola-Navarro, Vicente & Oltra-Badenes, Raul & Gil-Gomez, Hermenegildo & Iturricha Fernández, Agustín, 2021. "Customer relationship management (CRM) and Innovation: A qualitative comparative analysis (QCA) in the search for improvements on the firm performance in winery sector," Technological Forecasting and Social Change, Elsevier, vol. 169(C).
    7. Giovanni Bonifati, 2013. "Exaptation and emerging degeneracy in innovation processes," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 22(1), pages 1-21, January.
    8. Benedetto Cannatelli & Matteo Pedrini & Michael Braun, 2019. "Individual-level antecedents of the entrepreneurial approach: the role of different types of passion in the Italian craft brewing industry," International Entrepreneurship and Management Journal, Springer, vol. 15(4), pages 1193-1219, December.
    9. Zhang, Stephen X. & Foo, Maw-Der & Vassolo, Roberto S., 2021. "The ramifications of effectuation on biases in entrepreneurship – Evidence from a mixed-method approach," Journal of Business Venturing Insights, Elsevier, vol. 15(C).
    10. Mika Gabrielsson & Markus Raatikainen & Saara Julkunen, 2022. "Accelerated Internationalization Among Inexperienced Digital Entrepreneurs: Toward a Holistic Entrepreneurial Decision-Making Model," Management International Review, Springer, vol. 62(2), pages 137-168, April.
    11. Oladapo Rasul & Festus Victor Bekun & Seyi Saint Akadiri, 2017. "The Impact of Self-efficacy on International Student Entrepreneur Intention," International Review of Management and Marketing, Econjournals, vol. 7(1), pages 169-174.
    12. Reed Nelson & Edmilson Lima, 2020. "Effectuations, social bricolage and causation in the response to a natural disaster," Small Business Economics, Springer, vol. 54(3), pages 721-750, March.
    13. Shirokova, G. V. & Bogatyreva, K. A. & Morris, M. H., 2014. "Expertise, university Infrastructure and cognitive logic: Assessing students who start ventures," Working Papers 6253, Graduate School of Management, St. Petersburg State University.
    14. Masoud Karami & Ben Wooliscroft & Lisa McNeill, 2020. "Effectuation and internationalisation: a review and agenda for future research," Small Business Economics, Springer, vol. 55(3), pages 777-811, October.
    15. Lichtenstein Benyamin, 2016. "Emergence and Emergents in Entrepreneurship: Complexity Science Insights into New Venture Creation," Entrepreneurship Research Journal, De Gruyter, vol. 6(1), pages 43-52, January.
    16. Alexander McKelvie & Gaylen N. Chandler & Dawn R. DeTienne & Anette Johansson, 2020. "The measurement of effectuation: highlighting research tensions and opportunities for the future," Small Business Economics, Springer, vol. 54(3), pages 689-720, March.
    17. Dorado, Silvia & Ventresca, Marc J., 2013. "Crescive entrepreneurship in complex social problems: Institutional conditions for entrepreneurial engagement," Journal of Business Venturing, Elsevier, vol. 28(1), pages 69-82.
    18. Pavel Kuchař, 2016. "Entrepreneurship and institutional change," Journal of Evolutionary Economics, Springer, vol. 26(2), pages 349-379, May.
    19. Hawkins, Richard & Langford, Cooper H. & Saunders, Chad, 2015. "Assessing the practical application of social knowledge: A survey of six leading Canadian Universities," Research Policy, Elsevier, vol. 44(1), pages 83-95.
    20. Tamara Galkina & Sylvie Chetty, 2015. "Effectuation and Networking of Internationalizing SMEs," Management International Review, Springer, vol. 55(5), pages 647-676, October.
    21. Mumford, Jonathan Van & Zettinig, Peter, 2022. "Co-creation in effectuation processes: A stakeholder perspective on commitment reasoning," Journal of Business Venturing, Elsevier, vol. 37(4).
    22. Tamara Galkina & Irina Atkova, 2020. "Effectual Networks as Complex Adaptive Systems: Exploring Dynamic and Structural Factors of Emergence," Entrepreneurship Theory and Practice, , vol. 44(5), pages 964-995, September.
    23. Magdalena Meusburger & Alexander Josef Antonites, 2016. "Assessing Antecedents Of Entrepreneurial Activities Of Academics At South African Universities," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 20(06), pages 1-39, August.
    24. Parida, Vinit & George, Nerine Mary & Lahti, Tom & Wincent, Joakim, 2016. "Influence of subjective interpretation, causation, and effectuation on initial venture sale," Journal of Business Research, Elsevier, vol. 69(11), pages 4815-4819.

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    More about this item

    Keywords

    Entrepreneurship; Transformation; Industrial dynamics; New market creation; D4; D52; D71; D72; L1; L2; M13; M31; P42;
    All these keywords.

    JEL classification:

    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • P42 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Productive Enterprises; Factor and Product Markets; Prices

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