Risk and uncertainty
Risk and uncertainty
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DOI:
10.1002/sej.17
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发表时间:
2007-11
影响因子:
6.3
通讯作者:
D. Schendel
中科院分区:
文献类型:
--
作者:
D. Schendel
How often have you heard that entrepreneurs are risk-takers, persons who against all odds persevere, sometimes win, but always are willing to try, seemingly against all odds? Probably the foremost characteristic of entrepreneurs in the minds of most is that they are willing to take risks, are willing to go where others will not. Yet, as the two papers in this section on Risk and Uncertainty tell us, there is much more to it than this common conception of risk taking. First of all, much of the conventional wisdom is based on what, at least, students of risk would agree is not risk at all that confronts the entrepreneur, but uncertainty, even ignorance. There is much to be gained by carefully distinguishing between risk and uncertainty as concepts of value in thinking about entrepreneurship, especially strategic entrepreneurship, involving inevitably as it does, organizations and not individuals acting alone, and with that, often agency problems.There is a sharp distinction drawn in studies of entrepreneurship between opportunities and their origin, and exploitation of these opportunities. We have already seen that in the prior topic in this volume labeled, Strategy versus Entrepreneurship. It is one thing to see an opportunity, it is quite another to use and exploit opportunities. It is contemplation of just what an opportunity is in conjunction with its use that the distinctions carefully drawn in this section are useful to our thinking about entrepreneurship.