Nicolai J. Foss, Peter G. Klein: Organizing entrepreneurial judgment: a new approach to the firm
This ambitious book has a three-fold purpose. First, it seeks to clarify “entrepreneurship” in a manner amenable to both modern management and economics literature. Second, it redefines the theory of the firm in order to integrate the role of the entrepreneur more fully and give a comprehensive view on why firms exist. Finally, and most successfully, it sheds light on the internal organization of the firm, and how entrepreneurship theory can augment our understanding of why firms adopt the hierarchies they do.
That entrepreneurs beget and are inseparable from firms makes intuitive sense. Yet, as Nicolai Foss and Peter Klein outline, the two may not necessarily require a direct linkage depending on one’s definition of the entrepreneur or the firm. Much literature on the firm focuses too narrowly on small start-ups (entrepreneurial firms), while theories of the entrepreneur—whether occupational, structural or functional—relegate the role to only specific types of firm. Foss and Klein...
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