AND THE RESOURCE-BASED VIEW: TOWARD A NEW SYNTHESIS

This article maintains that the consistent application of subjectivism helps reconcile contem-porary entrepreneurship theory with the strategic management literature, particularly the resource-based view of the fi rm. The article synthesizes theoretical insights from Austrian economics, Penrose’s (1959) resources approach, and modern resource-based theory, focus-ing on the essential subjectivity of the entrepreneurial process. This new synthesis describes entrepreneurship as a creative team act in which heterogeneous managerial mental models interact to create and arrange resources to produce a collective output that is creatively superior to individual output. Copyright © 2008 Strategic Management Society