Using Decision Sciences to Enhance Entrepreneurial Foresight

Abstract

The theoretical simplicity of contrasting the notion of energetic search of Baron and Fiet with that of alertness (without search) of Kirzner have been winning over more complex yet more actionable formulations. In contrast, this paper introduces a less dogmatic and more actionable integrated framework that could be viewed as either passive search or active alertness. By investigates how the thinking and methods of decision sciences can assist with capturing alertness, the paper shows how foresight can be implemented in practice through a newer form of causal mapping, Acar’s Comprehensive Situation Mapping (CSM). This is an enhanced form of causal mapping that lends itself to dialectical debate and assumption analysis. It also possesses computational properties that allow it to devise and compute change scenarios. Bringing CSM into the field of entrepreneurship augments the latter’s analytical capability for opportunity recognition and contributes an actionable approach to entrepreneurial strategy selection.