Excerpt
Excerpt
Entrepreneurship as Experimentation. William R. Kerr, Ramana Nanda, Matthew Rhodes-Kropf, Summer 2014, Paper. "Entrepreneurship research is on the rise, but many questions about its fundamental nature still exist. We argue that entrepreneurship is about experimentation: the probabilities of success are low, extremely skewed, and unknowable until an investment is made. At a macro level, experimentation by new firms underlies the Schumpeterian notion of creative destruction. However, at a micro level, investment and continuation decisions are not always made in a competitive Darwinian contest..." Link