Resumo

What is the relationship between entrepreneurship and the firm? On one hand, we have researchers like Barney (1991), Teece (2007), etc. They discuss the firm, focusing on the American corporation. They do not focus on entrepreneurship. Researchers, such as Kirzner (1973), in turn, focus on the study of entrepreneurship. They accord less importance to the firm and its relationship with entrepreneurship. Researchers such as Foss & Klein (2012) see a close link between firms and entrepreneurship. They employ a judgment-based approach, a tradition started by Knight (1921).

This work seeks to study how entrepreneurship and the firm depend on each other. It does this through a theoretical, conceptual article.

Firms are designed orders (Hayek 1964). They emerge as a consequence of deliberation. Entrepreneurs structure firms to coordinate work. They also deliberate about resource use (Salerno 1990, 2008). Entrepreneurs control the firms, within which they establish plans of production and strategies. As asserted by Klein & Foss (2012), through firms entrepreneurs can delegate judgment. Firms also allow aligning knowledge and expectations (Langlois & Foss 1999; Lachmann 1970).

Firms require entrepreneurs. Resource controllers direct processes. They set production plans and implement strategies. Additionally, entrepreneurs need firms. Within them, they formulate cohesive strategies. Consequently, they coordinate the utilization of resources and the division of labour.

It was realized that the firm is the result of entrepreneurship. This is the best way for the entrepreneur to delegate decision-making and resource use through derived judgment. It shows that without entrepreneurship, there is no firm.

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