The word first appeared in the French dictionary entitled Dictionnaire Universel de Commerce compiled by Jacques des Bruslons and published in Cantillon considered the entrepreneur to be a risk taker who deliberately allocates resources to exploit opportunities in order to maximize the financial return.
Javier Monllor This article appears in Vol. Hansen is an assistant professor of entrepreneurship at the College of Charleston.
His primary research focus examines the interface between entrepreneurial opportunity, product innovation and creativity.
He is particularly interested in the conception and development of ideas into new products and businesses. He is also interested in researching in the context of sustainable entrepreneurship.
Rodney Shrader is an associate professor of management and entrepreneurship at University of Illinois at Chicago. His research on high-growth entrepreneurial ventures has focused primarily on internationalization, acquisitions, biotechnology, and opportunity recognition. Javier Monllor is an assistant professor of management and entrepreneurship at DePaul University in Chicago, Illinois.
His research interests include social entrepreneurship, opportunity recognition, creativity and entrepreneurial cognition. We would like to thank the attendees of both presentations for their helpful comments. We found 56 articles in six entrepreneurship-focused publications, with a total of 49 conceptual definitions and 32 operational definitions.
Among those definitions, we identified 25 distinct conceptual and 12 operational elements of opportunity plus 48 definitional and 39 operational elements of opportunity-related processes. We found considerable fragmentation across conceptual and operational elements.
However, based on commonalities among conceptual definitions, we developed six composite conceptual definitions of opportunity and eight composite conceptual definitions of opportunity-related processes, which we hope will help reduce the fragmentation of the entrepreneurial opportunity literature.
However, scholars have approached entrepreneurial opportunity from a variety of theoretical perspectives, which has led to inconsistent conceptual and operational definitions.
Any examination of the entrepreneurship literature will quickly reveal that few scholars explicitly define opportunity and when they do, their definitions are often generated by themselves for the particular article. This leads to a second quick observation: That is, if one were to select any conceptual or operational definition of entrepreneurial opportunity or opportunity recognition or opportunity identification, etc.
This suggests that any conceptual developments or empirical findings related to entrepreneurial opportunity and processes of opportunity recognition, identification, discovery, or creation henceforth simply referred to as opportunity-related processes cannot be generalized to our understanding of the concepts.
Theory building is frustrated by the fact that these scholars were not all examining the same theoretic constructs. To help with this issue, we present results of an investigation of the entrepreneurship literature examining entrepreneurial opportunities.
Specifically, we systematically examined the various conceptual and operational definitions of entrepreneurial opportunity and the various processes involving opportunity for example, recognition, discovery, and creation and found enough similarity among disparate definitions to develop a set of composite conceptual definitions, one set for entrepreneurial opportunity and one set for opportunity-related processes.
Defragmenting Definitions of Entrepreneurial Opportunity 4 The composite conceptual definitions and the associated research articles should be useful for researchers to more appropriately build on prior research of entrepreneurial opportunity by identifying the streams of research that are consistent with their own theoretical perspectives.
In the following article we first provide a brief review of the diversity of views found in the literature along four approaches used to improve our understanding of the phenomena: We then describe what literature we examined and how we examined it.To illustrate our framework.
exploiting the opportunity either through a new ﬁrm or an established ﬁrm – our entrepreneur also makes decisions about how best to exploit the opportunity in order to maximize its value (i.
). An Essay on the Origins of Entrepreneurial Opportunity leave the original opportunity available to others to pursue. - William Penn, an English entrepreneur, had an unforeseen impact on the history of the United States of America.
In the late ’s and early ’s, Penn was already a champion for democracy, religious freedom, and anti-slavery movements. The actor is the entrepreneur and the act is the entrepreneurship in this process. The result of the actor and the act is called the enterprise.
An enterprise is a business that is . Entrepreneurial opportunity emerges at the nexus of individual aspirations with economic and social conditions perceived as favourable to create a new product or service, either in . Randall G. Holcombe (), ‘The Origins of Entrepreneurial Opportunities’ 5.
Lawrence A. Plummer, J. Michael Haynie and Joy Godesiabois (), ‘An Essay on the Origins of Entrepreneurial Opportunity’. In this article, we apply a process of logical inference to draw conclusions about the origins of entrepreneurial opportunity from existing conversations in the field of strategic management.