Entrepreneurial Opportunities Are Discovered Not Created

In: Business and Management

Submitted By TroyNH
Words 2217
Pages 9
Awareness and Exploitation of Entrepreneurial Opportunities

An awareness of entrepreneurial opportunities that occur around us everyday has led to the discovery of everything we know and possibly take for granted today. The only difference is that where one person does not recognise an opportunities potential, there is generally an entrepreneur there to grasp it and harness its true value whether it be for personal, commercial or public exploitation. This idea of an entrepreneurial opportunity will be examined by considering means-ends relationships and also the concept that these ideas are a combination of both objective and subjective forces. Throughout this essay the idea that entrepreneurial opportunities are discovered will be discussed by outlining three key attributes that propagate this discovery. In addition to this it will be argued that the notion of opportunity creation is an incremental subset of discovery and although it is not the front running process it still plays a key role in opportunity development.

Shane and Venkateraman (2000) view entrepreneurial opportunity as employing a set of resources to their best use and selling them for a profit by correctly interpreting market forces. This is generally accepted as the conceptualisation of entrepreneurial opportunities, but there are disagreements about how these opportunities arise, their origin, and their nature [ (Companys & McMullen, 2007) ]. The integration of these resources can be described as a means-ends relationship with two poles. The first associates effectuation with means, where a range of possible effects can be chosen for a given focus. The opposing pole relates causation to ends, whereby a range of means are matched to an effect in order to generate that effect [ (Sarasvathy, 2001) ]. As a result of the previous two ideas three frameworks will be presented that collectively…...

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