From Rational to Wise Action:
Recasting Our Theories
of Entrepreneurship |
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Authors: | Laura C Dunham |
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Institution: | 1.University of St. Thomas,St. Paul,U.S.A. |
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Abstract: | In this article, I argue that if we challenge some tacit assumptions of narrow rationality that endure in much of entrepreneurial
studies, we can elevate entrepreneurial ethics beyond mere external constraints on rational action, and move toward fuller
integration of ethics as an intrinsic part of the process of value creation itself. To this end, I propose the concept of
practical wisdom as a framework for exploring entrepreneurial decision making and action that can broaden the scope of our research to recognize
entrepreneurship as an inherently normative enterprise. Specifically, I suggest that a framework built upon a concept of practical
wisdom enables us to adopt a richer and more complex view of entrepreneurial decision making that is well suited to the dynamic
and uncertain context of entrepreneurship. Further, this framework enriches our view of entrepreneurial ethics to include
consideration of the personal character, values, and purpose of the entrepreneur. By examining entrepreneurship through a
lens of practical wisdom, we can open up new avenues of fruitful inquiry for scholars of entrepreneurship. |
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