EXPERIMENTATION AS AN REQUIRED COMPONENT OF THE CORPORATE ENTREPRENEURSHIP MODEL

Entrepreneurship as Experimentation

Entrepreneurship research is on the rise but many questions about its fundamental nature still exist. We argue that entrepreneurship is about experimentation: the probabilities of success are low, extremely skewed and unknowable until an investment is made. At a macro level experimentation by new firms underlies the Schumpeterian notion of creative destruction. However, at a micro level investm...

nano-rods zno as an efficient catalyst for the synthesis of chromene phosphonates, direct amidation and formylation of amines

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Entrepreneurship and Corporate Governance

This paper explores the relationship between the theory of the firm and the theory of financial markets. I begin with Mises’s claim that the defining feature of an industrialized, market economy is the use of financial markets to allocate capital among firms and among industries. This presupposes a market for the ownership and control of productive assets. Unfortunately, the Austrian theory of ...

Experimentation and the Returns to Entrepreneurship

Previous studies have argued that entrepreneurs earn less and bear more risk than salaried workers with otherwise similar characteristics. In a simple model of entrepreneurship, I show that estimates of mean and variance of returns to entrepreneurship used by these previous studies are biased, as they fail to account for the option value of experimenting with new ideas. Using longitudinal data,...

Corporate Entrepreneurship: How?