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Bounded Opportunity: A Knowledge-Based Approach to Opportunity Recognition and Development

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  • de Bruin Anne M.
  • Ferrante Francesco M.

Abstract

This article is premised on the underlying notion that knowledge is crucial to the opportunity recognition and development process. Springboarding from the insights of Atkinson and Stiglitz (1969) on the localized nature of knowledge accumulation, we define a feasible solution space and examine the implications of entrepreneurial knowledge in the recognition and development of opportunity within this space. Distinguishing between two forms of entrepreneurial knowledge, namely context dependent idiosyncratic knowledge or tacit knowledge, and codified knowledge, the primary aim of this article is to propose a knowledge-based model of opportunity within a bounded solution space. Our discussion of this model includes elaboration on how the composition of entrepreneurial knowledge predicts major path differences for the expansion and development of opportunities.

Suggested Citation

  • de Bruin Anne M. & Ferrante Francesco M., 2011. "Bounded Opportunity: A Knowledge-Based Approach to Opportunity Recognition and Development," Entrepreneurship Research Journal, De Gruyter, vol. 1(4), pages 1-23, October.
    • Handle: RePEc:bpj:erjour:v:1:y:2011:i:4:n:2
    DOI: 10.2202/2157-5665.1018
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    2. Ferrante, Francesco & Supino, Stefano, 2014. "Le misure di sostegno alla nuova imprenditorialità. Le buone pratiche su scala europea, con particolare riferimento all’educazione imprenditoriale [Supporting early-stage entrepreneurship]," MPRA Paper 68930, University Library of Munich, Germany.
    3. Block Joern H. & Hoogerheide Lennart & Thurik Roy, 2012. "Are Education and Entrepreneurial Income Endogenous? A Bayesian Analysis," Entrepreneurship Research Journal, De Gruyter, vol. 2(3), pages 1-29, July.
    4. Ferrante, Francesco & Ruiu, Gabiele, 2014. "Entrepreneurship. How important are institutions and culturally-based prior beliefs?," MPRA Paper 41915, University Library of Munich, Germany.
    5. Giovanna Mariani & Davide Morelli & Leonardo Bartoloni, 2019. "Managing uncertainty in the start-up environment. Is a business plan an incentive or a limitation?," MANAGEMENT CONTROL, FrancoAngeli Editore, vol. 2019(1), pages 73-96.
    6. Wendy Phillips & Elizabeth A. Alexander & Hazel Lee, 2019. "Going It Alone Won’t Work! The Relational Imperative for Social Innovation in Social Enterprises," Journal of Business Ethics, Springer, vol. 156(2), pages 315-331, May.
    7. Ferrante, Francesco & Federici, Daniela & Parisi, Valentino, 2017. "University Students and Entrepreneurship. Some insights from a population-based survey," MPRA Paper 76980, University Library of Munich, Germany.
    8. Khursheed, Ambreen & Fatima, Maham & Mustafa, Faisal & Nawaz Lodhi, Rab & Akhtar, Ayesha, 2021. "An Empirical Analysis of the Factors Influencing Social Entrepreneurship: A Gendered Approach," Cuadernos de Gestión, Universidad del País Vasco - Instituto de Economía Aplicada a la Empresa (IEAE).

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