The promise of entrepreneurship as a field of research

The promise of entrepreneurship as a field of research

1. The definition of a entrepreneur as a person who establishes a new organization.

2. Field of entrepreneurship is the scholarly examination of how, by whom and with what effects opportunities to create future goods and services are discovered, evaluated and exploited.

   • involves
     • Sources of opportunities
     • Discovery processes
     • evaluation of opportunities
     • Individuals who discover, evaluate and exploit them
   • 3 sets of research questions about entrepreneurship
     • Why, when and how come into existence the opportunities for new goods and services
     • why, when and how some others don't discover/exploit these opportunities.
     • why, when and how different models of action are used.
   • In equilibrium models, entrepreneurial opportunities either do not exist or are assumed to be randomly distributed across the population.

3. Framework complements sociological and economic work in which researchers have examined the population-level factors that influence firm creation.

   • We focus on the existence, discovery, and exploration of opportunities.
   • We examine the influence of individuals and opportunities
   • The framework is broader than firm creation

4. To have entrepreneurship, you must have entrepreneur opportunities

   • In which new goods, services, raw materials and organizing methods can be introduced and sold at grater then their cost of production
   • 3 categories of opportunities
     • The creation of new information
     • The exploitation of market inefficiencies
     • The reaction to shifts in the relative costs and benefits of alternative use of resources.
   • Different members of society have different beliefs about the relative value of resources.
   • The discovery
     • Although it might exist, an individual can earn this profit only if he or she recognizes that has value.
     • Factors that influence the discovery for particular people
       • The possession of the prior information necessary to identify it.
       • The cognitive properties to value it
     • Nature of the opportunity: the characteristics of them influence the willingness to exploit it.
       • The decision of exploit it involves weighing the value of the opportunity against the cost to generate value.
     • Modes of exploitation
       • hierarchies
       • Markets

5. Entrepreneurship needs different beliefs

   • Involves join productions, where have to be brought different resources
     • The resource owners must not share completely the entrepreneur's conjectures.
   • If all people possessed the same entrepreneurial conjectures, they would compete to capture the same entrepreneurial profit.

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