Journal ArticleDOI
Prior Knowledge and the Discovery of Entrepreneurial Opportunities
TLDR
In this article, the authors argue that opportunity discovery is a function of the distribution of information in society, and they show that entrepreneurs discover opportunities related to the information that they already possess.Abstract:
Before technological change leads to new processes, products, markets, or ways of organizing, entrepreneurs must discover opportunities in which to exploit the new technology. To date, research has not explained adequately why entrepreneurs discover these opportunities, which creates several conceptual problems in the entrepreneurship literature. Drawing on Austrian economics, I argue that opportunity discovery is a function of the distribution of information in society (Hayek 1945). Through in-depth case studies of eight sets of entrepreneurs who exploit a single MIT invention, I show that entrepreneurs discover opportunities related to the information that they already possess. I use these findings to draw several implications that differ from those prevailing in the entrepreneurship literature, including: (1) entrepreneurs do not always select between alternative market opportunities for new technologies; (2) the source of entrepreneurship lies in differences in information about opportunities; (3) the results of prior studies of entrepreneurial exploitation may suffer from bias; and (4) individual differences influence the opportunities that people discover, how their entrepreneurial efforts are organized, and how the government can influence this process.read more
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Posted Content
Economics of Information
TL;DR: In this article, the authors introduce the concept of ''search'' where a buyer wanting to get a better price, is forced to question sellers, and deal with various aspects of finding the necessary information.
Journal ArticleDOI
The Uppsala Internationalization Process Model Revisited: From Liability of Foreignness to Liability of Outsidership
Jan Johanson,Jan-Erik Vahlne +1 more
TL;DR: The Uppsala internationalization process model was revisited in the light of changes in business practices and theoretical advances that have been made since 1977 as mentioned in this paper, and the change mechanisms in the revised model are essentially the same as those in the original version, although they add trust-building and knowledge creation, the latter to recognize the fact that new knowledge is developed in relationships.
Journal ArticleDOI
Creating Something from Nothing: Resource Construction through Entrepreneurial Bricolage:
Ted Baker,Reed E. Nelson +1 more
TL;DR: In this paper, a field study of 29 resource-constrained firms that varied dramatically in their responses to similar objective environments is used to examine the process by which entrepreneurs in resource-poor environments were able to render unique services by recombining elements at hand for new purposes that challenged institutional definitions and limits.
Journal ArticleDOI
Knowledge‐based resources, entrepreneurial orientation, and the performance of small and medium‐sized businesses
Johan Wiklund,Dean A. Shepherd +1 more
TL;DR: It is argued that knowledge-based resources (applicable to discovery and exploitation of opportunities) are positively related to firm performance and that EO enhances this relationship.
Journal ArticleDOI
A theory of entrepreneurial opportunity identification and development
TL;DR: In this paper, a theory of the opportunity identification process is proposed, which identifies entrepreneur's personality traits, social networks, and prior knowledge as antecedents of entrepreneurial alertness to business opportunities.
References
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Book
Case Study Research: Design and Methods
TL;DR: In this article, buku ini mencakup lebih dari 50 studi kasus, memberikan perhatian untuk analisis kuantitatif, membahas lebah lengkap penggunaan desain metode campuran penelitian, and termasuk wawasan metodologi baru.
Journal ArticleDOI
Absorptive capacity: a new perspective on learning and innovation
TL;DR: In this paper, the authors argue that the ability of a firm to recognize the value of new, external information, assimilate it, and apply it to commercial ends is critical to its innovative capabilities.
Journal ArticleDOI
The Promise of Entrepreneurship as a Field of Research
TL;DR: In this article, the authors draw upon previous research conducted in the different social science disciplines and applied fields of business to create a conceptual framework for the field of entrepreneurship, and predict a set of outcomes not explained or predicted by conceptual frameworks already in existence in other fields.
Book
Theory of Economic Development
TL;DR: The theory of economic development was first published in 1911 by Schumpeter as discussed by the authors, who argued that economics is a natural self-regulating mechanism when undisturbed by "social and other meddlers." In his preface he argues that despite weaknesses, theories are based on logic and provide structure for understanding fact.