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An Entrepreneurial Context for the Theory of the Firm: Exploring Assumptions and Consequences
  • Arturo E. Osorio, Rutgers University - Newark
  • Paul Donnelly, Dublin Institute of Technology
  • Banu Ozkazanc-Pan, University of Massachusetts Boston
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This item is available under a Creative Commons License for non-commercial use only
Publication Details

New England Journal of Entrepreneurship, 18(1): 71–85., 2015.


While entrepreneurship may be driven by personal interests and lifestyle choices, entrepreneurial actions are not only economically driven opportunity-searching processes but also enactments of social transformation that may or may not lead to socioeconomic benefits. We advance that exploring these entrepreneurial processes can inform a theory of the firm that may explain how socioeconomic processes shape the socioeconomic environment of communities while serving individuals. This article discusses several understandings of the firm, as theorized in extant literature. Guided by these different conceptualizations, we present a case study of an artist and artisan cluster in Western Massachusetts to demonstrate various understandings of entrepreneurial processes. By way of conclusion, we develop the idea of the firm as a geographically embedded relational understanding aiding entrepreneurs to achieve personal goals while co-constructing their local environment.

Citation Information
Osorio, Arturo E.; Ozkazanc-Pan, Banu; and Donnelly, Paul F. (2015) "An Entrepreneurial Context for the Theory of the Firm: Exploring Assumptions and Consequences," New England Journal of Entrepreneurship: Vol. 18: No. 1, Article 6. Available at: