constraining their ability to function if their potential is to be realized. For example, there is a need for governance mechanisms to help ensure that dominant CEOs in micro-finance organizations do not pursue risky strategies that jeopardize the achievement of blended value goals (Galema, Lensink and Mersland, 2012). Focusing on the concept of blended value itself can help spur additional conceptual and empirical clarifications in future entrepreneurship research. The intent of considering financial, social and environmental wealth is to ensure balanced attention to these different types of value (Nicholls, 2009). Still, the concept is laden with complexity (McMullen and Warnick, 2015). What is social wealth? What is environmental wealth? How can entrepreneurs create both? How can they effectively measure and evaluate social and environmental wealth? Do they weigh them differently? Given the dynamic nature of these concepts, how can balance be achieved and maintained over time? Future research can better clarify the domain of each of these concepts and how they connect with each other. Researchers also need to explore how blended value might apply to different stages of firm development, mission and ownership structures. These factors are likely to attenuate the relationships observed between blended value and other organizational outcomes or variables. Understanding the effect of environmental (e.g., state of economic development in a country) and organizational (e.g., culture and decision making processes) variables on blended value would enrich our appreciation of its usefulness as a criterion that guides managerial action. Discussion
constraining their ability to function if their potential is to be realized. For example, there is a need for governance mechanisms to help ensure that dominant CEOs in micro-finance organizations do not pursue risky strategies that jeopardize the achievement of blended value goals (Galema, Lensink and Mersland, 2012). Focusing on the concept of blended value itself can help spur additional conceptual and empirical clarifications in future entrepreneurship research. The intent of considering financial, social and environmental wealth is to ensure balanced attention to these different types of value (Nicholls, 2009). Still, the concept is laden with complexity (McMullen and Warnick, 2015). What is social wealth? What is environmental wealth? How can entrepreneurs create both? How can they effectively measure and evaluate social and environmental wealth? Do they weigh them differently? Given the dynamic nature of these concepts, how can balance be achieved and maintained over time? Future research can better clarify the domain of each of these concepts and how they connect with each other. Researchers also need to explore how blended value might apply to different stages of firm development, mission and ownership structures. These factors are likely to attenuate the relationships observed between blended value and other organizational outcomes or variables. Understanding the effect of environmental (e.g., state of economic development in a country) and organizational (e.g., culture and decision making processes) variables on blended value would enrich our appreciation of its usefulness as a criterion that guides managerial action. Discussion