【正文】 arguments are based on a fundamental assumption of the future that is not merely unknown, but essentially unknowable. Only speculations and conjectures are possible about the future because the future is created by the choices that human beings make: “Entrepreneurial activity, in particular, is not to be modeled as discovery of that which is “out there.” Such activity, by contrast, creates a reality that will be different subsequent on differing choices. Hence, the reality of the future must be shaped by choices yet to be made, and this reality has no existence independent of these choices. With regard to a “yet to be created” reality, it is surely confusing to consider its emergence in terms of the discovery of “overlooked opportunities.” (178)Creative actionPursuant to the detailed arguments advanced by Buchanan and Vanberg, we propose the following answer to the first fundamental issue in strategic management: Firms behave creatively. Firms not only use rational and analytical decision making, they also use creative action as a way to figure out both goals and strategies in an intrinsically dynamic process. If we are to build theories of strategic management and entrepreneurship based on creative rather than rational action We use the terms “rational action” and “creative action” in their precise philosophical/sociological meanings – such as those used by Parsons and Joas respectively (Parsons, 19xx。 Kahneman, 1982). Although this does not imply that decision makers are irrational, it shows that they must usually use heuristics and approximate inductive logics that nevertheless often lead to very effective decisions (Gigerenzer, Hell amp。 BarHillel, 1980。 Payne, Bettman amp。s General Electric, UHaul, AES Corporation, Netscape, Beanie Babies, and the MIR space resort.Historically, opportunities have been supposed to exist and the entrepreneur either is alert to them (Kirzner, 1979) or somehow goes about discovering them (Hayek, 1945 and Schumpeter, 1976). But the idea we will explore in this chapter is that entrepreneurial opportunities often have to be created by using the entrepreneurial imagination to embody human aspirations in concrete products and markets.THE CREATIVE ENTREPRENEURIAL ASPECTS OFFUNDAMENTAL ISSUES IN STRATEGIC MANAGEMENT1. Firm Behavior Emphasizing the creativity of human actionHow do firms behave? Or, do firms really behave like rational actors, and, if not, what models of their behavior should be used by researchers and policy makers?Rational ActionEconomics has long rested on foundations of rational action。 supply has to be discovered. An example of this is Ron Popeil and his inventions for more convenient and health conscious kitchen devices. On the other side of the coin, supply might exist。s exposition of the invisible hand guided both economic policy at the government level as well as the decisions of individual economic agents and firms in the creation of free market institutions.But entrepreneurial opportunities are extremely context specific. What might be an opportunity today in the Ukraine may not be an opportunity at all in the US today or even in the Ukraine tomorrow. This means that entrepreneurial opportunities do not necessarily lie around waiting to be discovered by the serendipitous entrepreneur who stumbles upon them or even to be “divined” by entrepreneurial geniuses, if any such geniuses exist. Instead, entrepreneurial opportunities are often residuals of human activities in noneconomic spheres and emerge contingent upon conscious actions by entrepreneurs who continually strive to transform the outputs of those noneconomic activities into new products and firms and in the process fulfil and transform human aspirations into new markets.In other words, before there are products and firms, there is human imagination。 The entrepreneur not only has an idea for a product or firm, but also has some personal aspirations and/or goals in pursuing the opportunity. Goals could be as specific as making an IPO in five years to creating a legacy for their children. And aspirations could range from making money to enjoying an independent lifestyle to changing the world. Furthermore, these aspirations and goals could change and new ones could emerge over time. 3. Beliefs about things favorable to the achievement of those ends。 and (b) actions based on those beliefs. In sum, an entrepreneurial opportunity consists of:1. Supply side: New or existing idea/s or invention/s。 Sarasvathy and Simon, 2000。41 / 41STRATEGY AND ENTREPRENEURSHIP: OUTLINES OF AN UNTOLD STORYSaras D. SarasvathyUniversity of WashingtonS. VenkataramanUniversity of VirginiaInvited book chapter in the Strategic Management Handbook edited by Hitt .(Revised December 10, 2000) In his book “InventionPage: 2It was Herb’s advice not to use “editorial” adjectives while citing a work as far as possible – may be the reader thinks it is a mundane piece, for example, why turn the reader off our piece based on differences of opinion about someone we are citing? The key thing is to focus on the actual content of the cite and its usefulness in making our point than expressing our enthusiasm for it…,” Professor Norbert Wiener (1993), menting on the relative importance accorded to individuals and institutions in historical narratives of science and inventions, asks us to imagine Shakespeare’s “Romeo and Juliet” without either Romeo or the balcony. Weiner took his inspiration from the work of the English writer, Rudyard Kipling. The story is just not the same. He likens much of the study of the economic history of science and accounts of inventions as “all balcony and no Romeo.” The balcony for Norbert Wiener captures the context in which the story unfolds – the culture, the institutions, the constraints and the catalysts that move the plot forward and thicken it. Romeos