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Entrepreneurial opportunity as the potential to create value

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  • Peter Lewin

    (University of Texas at Dallas)

Abstract

Unpacking the concept of entrepreneurial-opportunity to include three categories of essential ingredients, provides a fruitful framework for applying Israel Kirzner’s approach to entrepreneurship—bridging the entrepreneur as someone alert to opportunities to create value, to real world situations requiring the entrepreneur’s evaluation of resource-inputs and prospective outputs, and his perception of what actions are necessary and need to be coordinated, in an environment of sufficient mutual understandings. To fully understand how the entrepreneur makes superior evaluations, one must address all of these three categories.

Suggested Citation

  • Peter Lewin, 2015. "Entrepreneurial opportunity as the potential to create value," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 28(1), pages 1-15, March.
    • Handle: RePEc:kap:revaec:v:28:y:2015:i:1:d:10.1007_s11138-013-0245-5
    DOI: 10.1007/s11138-013-0245-5
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    2. Mahendar Kumar & Salman Bashir Memon & Mustafa Fedai ÇAVU ̧S, 2020. "Factors Influencing Individualistic Entrepreneurial Orientation," International Journal of Business and Administrative Studies, Professor Dr. Bahaudin G. Mujtaba, vol. 6(5), pages 225-235.
    3. Najoua Dali & Sana Harbi, 2016. "The Effect of Risk Perception and Cognitive Biases on the Evaluation of Opportunity in Family and Non-Family Entrepreneurs: The Case of Tunisian Entrepreneurs," Journal of Enterprising Culture (JEC), World Scientific Publishing Co. Pte. Ltd., vol. 24(03), pages 281-312, September.
    4. Victor I. Espinosa & Miguel A. Alonso Neira & Jesús Huerta de Soto, 2021. "Principles of Sustainable Economic Growth and Development: A Call to Action in a Post-COVID-19 World," Sustainability, MDPI, vol. 13(23), pages 1-14, November.
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    6. Randall G. Holcombe, 2022. "Creative destruction: getting ahead and staying ahead in a capitalist economy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 35(4), pages 467-480, December.

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