From Rational to Wise Action: Recasting Our Theories of Entrepreneurship
Journal of Business Ethics, DOI 10.1007/s10551-009-0170-5
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.
by Laura C. Dunham
Read the article.