Abstract
The problem studied is related to new venture creation. The question the authors will examine here is: What are the knowledge conditions for new venture creation? The methodology used is conceptual generalization. The purpose of the paper is to bring new understandings to venture creation. In attempting to answer the research question, the authors hope to make a contribution to a policy for supporting entrepreneurship, both corporate entrepreneurship and independent entrepreneurship. The approach the authors adopt here has its roots in the Austrian School. The area of research is the global knowledge economy of the 21st century. Finding one, in this paper, is that entrepreneurial policy has to take four types of knowledge (explicit, tacit, implicit, hidden) into consideration in order to effectively bring forward new venture creation. Finding two is a mini theory, i.e., a system of propositions for new venture creation. Finding three is a system of methodology developed to bring forward the four knowledge types mentioned in finding one
Highlights
During the last part of the 21 century, a behavioral approach in the study of entrepreneurship emerged (Collins et al, 2004, pp. 95-117)
The research question in this paper was: What are the knowledge conditions for new venture creation? The short answer is that the foundation for entrepreneurial action lies upon four types of knowledge: explicit knowledge, tacit knowledge, implicit knowledge and hidden knowledge
The deeper answer to the research question is stated in the mini-theory developed through this paper represented in five propositions with implications and four methodological propositions
Summary
During the last part of the 21 century, a behavioral approach in the study of entrepreneurship emerged (Collins et al, 2004, pp. 95-117). Behaviors are explicit and observable, but behind what can be demonstrated lies some knowledge processes. These knowledge processes are missed in the study of entrepreneurial behavior. One may measure behavior in objective ways, but one may loose knowledge about new venture creation when trying to measure entrepreneurial behavior. We manage what is measured, not all of the knowledge processes used by entrepreneurs, as we try to show in this paper. The entrepreneurs can learn and change as they develop their new ventures. This knowledge and learning in action is, to say at least, difficult in a psychological trait approach, or even in the entrepreneurial behavior approach.
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