Entrepreneurs as intermediaries

Mike W. Peng*, Seung Hyun Lee, Sungjin J. Hong

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

14 Citations (Scopus)

Abstract

This paper sketches the contours of a theory of entrepreneurship focusing on the nature of entrepreneurship as intermediation under information asymmetries. While entrepreneurship, strategy, and finance researchers have studied the relationship between entrepreneurs and intermediaries, they tend to treat intermediaries, such as venture capitalists, as a separate organizational form that is parallel with (start-up) entrepreneurs. In this paper, we consider entrepreneurs as intermediaries who discover, create, and exploit entrepreneurial opportunities by bearing uncertainties stemming from intermediation between potential buyers and sellers under information asymmetries. Specifically, we focus on two key questions in entrepreneurship research: (1) Why do entrepreneurs arise and exist at all? (2) Why do some entrepreneurs perform better than others in creating entrepreneurial opportunities and ultimately creating wealth? Our discussion culminates in a new research agenda with four testable propositions.

Original languageEnglish
Pages (from-to)21-31
Number of pages11
JournalJournal of World Business
Volume49
Issue number1
DOIs
Publication statusPublished - 01 Jan 2014

Keywords

  • Entrepreneurs
  • Entrepreneurship
  • Intermediaries
  • Intermediation

ASJC Scopus subject areas

  • Business and International Management
  • Finance
  • Marketing

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