The Practical Wisdom of Entrepreneurial Judgment

Vladimir Topan, Matthew Mccaffrey, Nicolai Foss

Research output: Chapter in Book/Report/Conference proceedingChapter


Entrepreneurship, defined as judgmental decision-making under conditions of uncertainty, is studied in many different disciplines across the social sciences and humanities. Despite the growth of the field, however, there is still relatively little research on the philosophical foundations of entrepreneurial action. This chapter highlights some connections between this entrepreneurial judgment and practical wisdom. It first examines the roots of entrepreneurial decision-making as explained through the framework of “Austrian” economics, especially with regard to action, choice, and uncertainty. It then compares entrepreneurial judgment and practical wisdom in light of Aristotle’s five intellectual virtues, noting some similarities and tensions. Finally, it discusses some moral aspects of entrepreneurial action and their relation to human flourishing, and the institutional foundations that support this relationship.
Original languageEnglish
Title of host publicationHandbook of Practical Wisdom in Business and Management
EditorsBarry Schwartz, Caleb Bernacchio, César González-Cantón, Angus Robson
Place of PublicationCham, Switzerland
PublisherSpringer Nature
Number of pages12
ISBN (Electronic)9783030001407
ISBN (Print)9783030001407
Publication statusPublished - 5 Aug 2022

Publication series

NameInternational Handbooks in Business Ethics
ISSN (Print)2213-106X
ISSN (Electronic)2213-1078


  • entrepreneurship
  • judgment
  • uncertainty
  • economic calculation
  • institutions


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