Bridging Behavioral Models and Theoretical Concepts: Effectuation and Bricolage in the Opportunity Creation Framework

Opportunity creation, effectuation, and bricolage are three concepts that describe value creation and the central role of entrepreneurial action in that process. Although research often conceptualizes these concepts as interrelated, precisely how they relate to and compliment one another and where they diverge remains unclear. This paper examines the roots of each of these concepts and their underlying assumptions, organizing them within a unifying conceptual frame. Our analysis reveals a set of entailing implications that can guide future work in entrepreneurship, and advances our understanding of value creation and capture in strategy, organization theory, management, and related fields.