Shane & Venkataraman: promise of entrepreneurship as a field of research
7 important questions on Shane & Venkataraman: promise of entrepreneurship as a field of research
Entrepreneurial opportunities come in a variety of forms. Although the focus in most prior research has been on opportunities in product markets, we distinguish three different categories of opportunities:
- Creation of new information
- exploitation of market inefficiencies
- alternative use of resources
Because entrepreneuial opportunities depend on asymmetries of information and beliefs, they eventually become inefficient to pursue.
For two reasons
- Profit will provide incentive (prikkel) to many economic actors. As they exploit it, information diffuses, and other member can imitate innovator.
- Exploitation of opportunity provides information to resource providers about value of these resources. leads them to raise their prices, to capture some of entrepreneurs profit for themselves
Definition of entrepreneurship is largest obstacle for creating conceptual framework for it. Its mostly defined in terms of Who he is and What he does. Two problems in this approach
- presence of lucrative opportunities
- presence of enterprising indiviuals
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All opportunities must not be obvious for everyone at all time, because
The entrepreneurial process goes in two steps: discovery and exploitation, but first we have
- Existence: entrepreneurial opportunities.
- Those situations in which new goods can be introduced and sold at greater cost of production.
- Those opportunities are objective phenomena, not known for all parties at all time.
In contrast to previous research, Shane & Venkataraman define entrepreneurship as
the entrepreneurial process`
Exploitation
Subsequent to the discovery of an opportunity, a entrepreneur must decide to exploit the opportunity. Why do some people and not others exploit this?
- nature of opportunity: characteristics op opportunity themselfs influence the willingness of people to expoloit them
- individual differences: not all potential entrepreneurs will exploit opportunities with same expected value.
- It requires for entrepreneur to believe that expected value will be large enough to cover costs
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