Extant literature almost ubiquitously presumes entrepreneurs acting on deliberate logics. Such logics are not limited to boundedly rational planning and financial decision calculus, but also include others such as effectuation, desires for autonomy or meaning, affect-as-information, and even biased heuristics. However, less deliberate, more impulse driven logics should be at least as important for nascent entrepreneurship. Entrepreneurship involves uncertainty, which is most extreme at the earliest stage (prior to entrepreneurial behavior) (McMullen & Shepherd, 2006). Such logics not only facilitate action under uncertainty (e.g. Wiklund, Patzel, & Dimov, 2014), but may impel it. Accordingly, such logic should predict early entrepreneurial action. This should especially be the case for acting on opportunities inherently outside the formal economy – given the uncertainty created by lacking rule-of-law and property-rights, and threat of detection.
Lerner, Daniel A.
"ACTING FIRST, THINKING LATER: SENSATION SEEKING AS A LOGIC AND PSYCHOLOGICAL DETERMINANT OF ENTREPRENEURIAL ACTION (SUMMARY),"
Frontiers of Entrepreneurship Research: Vol. 35
, Article 20.
Available at: http://digitalknowledge.babson.edu/fer/vol35/iss5/20