Abstract

Management has tended to be established as science (Episteme) by using scientific methodologies and techniques. Although the era of Grand Theories has passed some time ago in social sciences, management has been still indicating the tendencies to develop ‘Grand Theories’. However, economic developments associated with globalization and the ‘Lehman brothers’ big bang in financial sector has shaken some assumptions about the nature of management as science and also about the methodologies by which management and entrepreneurship can or could be studied. Specific shift to the future developments through Aristoteles’s intellectual virtue Phronesis has been traced in the work of theorists, such as Flyvbjerg, and others. They indicate new approach to organization studies, called phronetic organization research. In this paper, our exploration of research methodologies builds on Phronesis. Based on results of empirical study of business models in small and medium size companies in Slovenia, and extensive literature review we inductively build theoretical foundations for phronetic studies in the field of management and entrepreneurship and introduce the concept, called ‘phronetic bricolage’. It is based on understanding of management as ‘practical activity’ of ‘wise managers’ and bricolage—the research design (or approach) that builds knowledge from pieces of research from different fields, with different methods and various sources of data. We argue that phronetic bricolage is approach in management studies that links wisdom with complexity and variety of methods and sources of data.