The Entrepreneurial Compass: How Entrepreneurs Think, Decide, and ACT Under Uncertainty

By Holger Patzelt and Dean A. Shepherd

Entrepreneurs today face environments that shift suddenly, resist prediction, and demand constant recalibration. This open access book offers a clear, human-centered guide for navigating that uncertainty by focusing not on rigid plans, but on how people actually think, feel, and act when the stakes are high. Drawing on decades of research across entrepreneurship, psychology, and management, it shows how effective founders learn to recognize opportunities, make fast yet disciplined decisions, manage emotional highs and lows, and enroll others in an uncertain future. Readers are introduced to a practical way of organizing action that balances experimentation with judgment, ambition with care, and growth with responsibility. Along the way, the book illuminates entrepreneurship in resource-constrained, non-Western, and socially oriented settings, highlighting how ventures can alleviate suffering as well as create value. Written in an engaging and accessible style, this is a resource for scholars, students, founders, and anyone interested in how entrepreneurial action truly unfolds in the real world.

• Format: Hardcover
• Language: English
• ISBN: 3032364280
• ISBN13: 9783032364289
• Release Date: January 2027
• Publisher: Palgrave MacMillan
• Length: 70 Pages