Journal of Economics and Management Volume 22, No. 1 March, 2026

A Discourse on Entrepreneurial Judgment: An Experienced-based Perspective

Diana S. Kwan

Faculty of Medical Sciences, University College of London, UK

Fu-Lai Tony Yu

Department of Land Management, Feng Chia University, Taiwan

Abstract

Frank Knight presents a theory of entrepreneurship incorporating uncertainty and judgment. He argues that facing uncertainty, entrepreneurs bet on their judgment. If their foresight is correct, then they will earn profit. However, in-depth study of entrepreneurial judgment based on experience is lacking. This paper fills the gap. Using phenomenology developed by Edmund Husserl and Alfred Schutz, this paper formulates an experience-based perspective of entrepreneurial judgment. It will argue that judgment is based on experience which is meaningful, future-oriented, intersubjective, and shares common consciousness in social community. It is a process of knowledge transmission. With a new perspective on entrepreneurial judgment, this paper draws implications on intuition, profit and loss, error repetition, mental rigidity and family business succession.

Keywords：Entrepreneurial Judgment, Phenomenology, Experience, Edmund Husserl, Alfred Schutz

JEL Classifications：B310, B530

BACK