That is, constitutive historicism helps us account for how entrepreneurs’ understanding of their own historical context shapes the nature of the opportunity they pursue (Gerschenkron, 1966; Sabel and Zeitlin, 1997; Popp and Holt, 2013). Two entrepreneurs presented with a similar objective situation may interpret them in very different ways based on their historical understanding (p.210) of the ways events have unfolded and the possible directions they may take in the future.
It’s from Wadhwani, R. D., & Jones, G. (2014). Schumpeter’s Plea: Historical Reasoning in Entrepreneurship Theory and Research. Organizations in time. History, theory, methods, 192-216.