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Towards an Untrepreneurial Economy? The Entrepreneurship Industry and the Rise of the Veblenian Entrepreneur

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... While the lean startup approach emphasizes that entrepreneurs need to "act and learn", our approach stresses that they need to "think, act and learn". The primary concern for the entrepreneur is thus not acceleration and fast trial and error, as advocated in lean startup, because such a procedure likely leads to lower quality outcomes (Hartmann, Krabbe, & Spicer, 2019). The more appropriate entrepreneurial process often involves delaying feedback and pivots, as an entrepreneur carefully structures the problem that underlies a belief thereby enabling very low cost "thought experiments", well composed physical experiments, and more effective interpretation of feedback (McDonald & Eisenhardt, 2020). ...
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