Table of Contents

A Psychological Approach to Entrepreneurship

A Psychological Approach to Entrepreneurship

Selected Essays of Dean A. Shepherd

Dean A. Shepherd

Within an entrepreneurial context, what a person thinks and feels and how they behave are hugely consequential. Entrepreneurs often work in scenarios of considerable time pressure, task complexity, uncertainty and high performance variance. This fascinating volume explores the unique psychological qualities of individuals directly involved in the entrepreneurial process.

Chapter 1: Entrepreneurial Action and the Role of Uncertainty in the Theory of the Entrepreneur

Jeffery S. McMullen and Dean A. Shepherd

Subjects: business and management, entrepreneurship


Entrepreneurship requires action. Whether conceptualized as the creation of new products or processes (Schumpeter, 1934), entry into new markets (Lumpkin & Dess, 1996), or the creation of new ventures (Gartner, 1985), entrepreneurship typically involves a mesolevel phenomenon in which personal initiative influences system-wide activity and outcomes (Kilby, 1971; Stevenson & Jarillo, 1990). To be an entrepreneur, therefore, is to acton the possibility that one has identified an opportunity worth pursuing.