Shane, S. and S. Venkataraman (2000), The Promise of Entrepreneurship as a Field of Research
21 important questions on Shane, S. and S. Venkataraman (2000), The Promise of Entrepreneurship as a Field of Research
When does an entrepreneurial discovery occur?
When will and individual earn entrepreneurial profit?
What types of change offer a continous supply of new information about different ways to use resources to enhance wealth?
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Why do some people obtain information before others about resources lying fallow, new discoveries being made, or new markets opening up?
What can happen when entrepreneural opportunities are exploited?
What is the consequence of imitation?
- Increase overall demand
- Competition begins to dominate
On which factors does the duration of any given opportunity depend?
- The provision of monopoly rights (can increase duration)
- The slowness of information diffusion or the lags in the timeliness with which others recognize information (can increase duration)
- The inability of others to imitate, substitute, trade for or acquire the rare resources required
What are the two broad categories of factors that influence the probability that particular people will discover particular opportunities?
- The possession of the prior information necessary to identify an opportunity (information corridors)
- The cognitive properties necessary to value it
What about information corridors?
What are stocks of information?
Why do people specialize in information?
What about cognitive properties?
Why are entrepreneurs more likely to discover opportunities than other persons?
- Less likely to engage in counterfactual thinking
- Less likely to experience regret over missed opportunities
- Less susceptible to inaction inertia
Why, when, and how do some people and not others exploit the opportunities they discover?
- The opportunity
- The nature of the individual
What about the nature of the opportunity?
- Compensate for the opportunity cost of other alternatives
- The lack of liquidity of the investment of time and money
- A premium for bearing uncertainty
When is there a greater chance of exploitation regarding individual differences?
- Greater financial capital
- Useful experience in entrepreneurship (because learning reduces its cost)
- Individual differences in perceptions
What can be the individual differences in perceptions?
- The willingeness to bear risk
- Individual differences in optimism (overly optimistic)
- The willingness to exploit opportunities (greater self-efficacy and locus of control)
- Greater tolerance for ambiguity
How is the exploitation of entrepreneurial opportunities organized in the economy?
- The creation of new firms (hierarchies)
- The scale of opportunities to existing firms (markets)
What is the common assumption about the exploitation of opportunities?
When is entrepreneurship less likley to take form of de nove startups?
When is entrepreneurship more likley to take form of de nove startups
- The pursuit of the opportunity requires the effort of individuals who lack incentives to do so in large organizations
- Scale economies, first mover advantages, and learning curves do not provide advantages to the existing firms
- Industries have low barriers to entry
- Information cannot be protected well
- Opportunities are more uncertain
- Opportunities destroy competence
- Opportunities do not require complementary assets
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