Entrepreneurial Behavior

The term 'entrepreneur' was introduced to economics by Richard Cantillon in 1755; since then, entrepreneurship and its central ....., the entrepreneur, have been the focus of numerous studies, including the qualities of entrepreneurial behavior, and corporate entrepreneurship.

Recently, a new stream of literature has formed ..... strategic entrepreneurship (Hitt et al. 2002a; Meyer and Heppard).

This new area of research is different from what has been traditionally ..... as strategic management research.

Instead of focusing on the ..... that can be used to sustain competitive advantage (i.e., existing market position), strategic entrepreneurship is about recognizing and taking advantage of new profit opportunities.

A firm that manages for strategic flexibility and constant renewal is able to ..... above-average profits and thus is rewarded for its entrepreneurial behavior.

The return to entrepreneurial behavior is entrepreneurial rent, and unlike most factor costs, entrepreneurial rents are noncontractible; this is because the entrepreneur ..... judgments to allocate resources in an uncertain environment.

Because the judgments are framed in an uncertain environment, the judgments themselves are uncertain and are thus ex ..... noncontractible.

Because entrepreneurship is not as ..... as other factors, the analysis of payments to entrepreneurial behavior is complex.

The aim of Ross and Westgren's paper is to include entrepreneurship in a model of the firm while reducing this dimensionality to two categories, arbitrage and innovation; they highlight what the entrepreneur receives for these activities and what governs their ..... from the stream of profits.

Following this model, entrepreneurial rents are then ..... calculated for a three-site hog production farm.