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| Title: | | Firms as realizations of entrepreneurial visions  |
| Authors: | | Witt, Ulrich |
| Issue Date: | | 2005 |
| Series/Report no.: | | Papers on economics and evolution 0510 |
| Abstract: | | In the debate on why firms exist, the question of who chooses between firms and markets and on what basis is rarely addressed. This paper argues that the choice is a core element of the entrepreneurial pursuit of visions or conceptions of business opportunities. To successfully organize resources into the envisioned businesses be it via firms or markets resource owners must be coordinated on the entrepreneurs conception of the business and be motivated to perform properly. To solve the dual problem, the organizational form of the firm offers the entrepreneur unique advantages not feasible under the organizational form of markets. |
| Document Type: | | Working Paper |
| Appears in Collections: | | Papers on Economics and Evolution, MPI für Ökonomik
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