Abstract:
What is the precise nature of entrepreneurial action in economic and
business analyses? Moreover, what is the relationship between the
entrepreneur’s action and the socio-institutional environment where
this action takes place? The difficulty in specifying the nature of the
entrepreneurial act and its interaction with the socio-institutional environment
is to be found in the lack of development of an actual theory
of action, in which entrepreneurship can be contextualised. This article
aims at the delineation of a socially situated action theory to be used in
the analysis of entrepreneurship. One of the main results of using the
action theory developed in this study is that entrepreneurial action is
defined by its institutional autonomy within society. This leads to the
conclusion that entrepreneurial action is a tridimensional praxeological
phenomenon, which integrates profit-seeking, uncertainty-bearing and
ultimate power of decision-making in the one person of the acting
entrepreneur.
