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What is an Entrepreneurial Opportunity?

Author

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  • Jeffery McMullen
  • Lawrence Plummer
  • Zoltan Acs

Abstract

The nature and source of entrepreneurial opportunity are important issues for understanding how markets function and come into being. In addition to describing the forum held on the topic and summarizing the contributions of the articles that appear in the special issue, this article shares a number of lessons learned during the workshop and the editorial process. We explore three of the most important reasons for confusion about the opportunity construct: (1) the “objectivity” of opportunity, (2) the perceived importance of one particular individual in determining the direction of the social world and (3) what distinguishes the sub-class of “entrepreneurial” opportunity from the broader category of opportunity in general. Finally, we offer some directions for future research by illuminating important issues that emerged from the workshop but that remain largely unanswered by the papers of this special issue. Copyright Springer Science+Business Media, LLC 2007

Suggested Citation

  • Jeffery McMullen & Lawrence Plummer & Zoltan Acs, 2007. "What is an Entrepreneurial Opportunity?," Small Business Economics, Springer, vol. 28(4), pages 273-283, April.
    • Handle: RePEc:kap:sbusec:v:28:y:2007:i:4:p:273-283
    DOI: 10.1007/s11187-006-9040-z
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    References listed on IDEAS

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    1. Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 60-85, March.
    2. R. Kanbur & A.J. Venables, 2003. "Editors' Introduction:," Journal of African Economies, Centre for the Study of African Economies, vol. 12(4), pages 473-475, December.
    3. Simon, Herbert A, 1986. "Rationality in Psychology and Economics," The Journal of Business, University of Chicago Press, vol. 59(4), pages 209-224, October.
    4. Hébert, Robert F. & Link, Albert N., 2007. "Historical Perspectives on the Entrepreneur," Foundations and Trends(R) in Entrepreneurship, now publishers, vol. 2(4), pages 261-408, February.
    5. J. David Baldwin & Ronald L. Oaxaca, 2003. "Editors' Introduction," American Economic Review, American Economic Association, vol. 93(2), pages 7-7, May.
    6. Holcombe, Randall G, 2003. "The Origins of Entrepreneurial Opportunities," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 16(1), pages 25-43, March.
    7. Jeffery S. McMullen & Dean A. Shepherd, 2006. "Encouraging Consensus‐Challenging Research in Universities," Journal of Management Studies, Wiley Blackwell, vol. 43(8), pages 1643-1669, December.
    8. S. Fukuda-Parr, 2003. "Editor's Introduction," Journal of Human Development and Capabilities, Taylor & Francis Journals, vol. 4(3), pages 323-324.
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    More about this item

    Keywords

    creation; discovery; entrepreneurial opportunity; knowledge; strategy; D5; L26; M13;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium

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