Philosophical Reflexivity and Entrepreneurship Research

12Uncertainty under entrepreneurship

Dimo Dimov

Entrepreneurship represents a diverse set of economic activities. In our quest for a theory of entrepreneurship, we strive to identify a common denominator to these activities. There is consensus that this denominator is the bearing of uncertainty (Venkataraman, 1997), as originally discussed by Frank Knight (1921). Indeed, Knightian uncertainty is considered a defining feature of the context of entrepreneurial action (Sarasvathy, 2001).

But what does bearing uncertainty mean? The dictionary definition of ‘bear’ is to endure; endurance pertains to a situation or experience and it refers to how a person relates to it. It is therefore a subjective experience. In order to get a closer sense of endurance, ...