Entrepreneurship scholars look to Austrian economics, which is based on verbal logic rather than mathematical models. The entrepreneurship discipline has been more varied and diverse and less dominated by economic models. Strategic management became a theory of structures and constraints, and of imperfections in equilibrium (such as the concept of competitive advantage). Most strategic management theories have been based on general equilibrium models of neo-classical economics. The most famous generalizable theory in strategic management is Michael Porter’s five forces framework, which borrowed from industrial organization economics. By importing thinking from economics, these business disciplines are able to construct generalizable theories (as opposed to, for example, a case study approach). As business theories, they base their arguments on models from the field of economics, which, of course, is older and more mature. Professor Keyhani calls them “two logics” of business.īoth logics have gained legitimacy from their origins in economics. In management scholarship, strategic management and entrepreneurship are distinct fields of study. In business school thinking, there is a dichotomy between strategic management and entrepreneurship.

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