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The Origins of Entrepreneurial Opportunities

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Author Info
 Holcombe, Randall G

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Abstract

Kirzner's (1973) theory of entrepreneurship emphasizes the equilibrating role of entrepreneurship. When the market is not in equilibrium, profit opportunities exist, and entrepreneurs discover and act on these profit opportunities to equilibrate the market. Because Kirzner focuses on entrepreneurial actions when profit opportunities exist, and does not describe where they come from, one could imagine a fixed stock of profit opportunities that get used up as entrepreneurs discover them. But new profit opportunities are being created constantly. A taxonomy of the origins of entrepreneurial opportunities includes factors that disequilibrate the market, factors that enhance production possibilities, and most notably, opportunities created from previous acts of entrepreneurship. Entrepreneurial actions do not use up profit opportunities, but create them, and the critical role of entrepreneurship in the creation of new profit opportunities is emphasized. This line of reasoning leads directly to policy implications regarding the economic environment conducive to entrepreneurial discovery and the role of government in research and development. This paper enhances Kirzner's theory of entrepreneurship by illustrating how entrepreneurship enlarges the stock of future entrepreneurial opportunities, and points to entrepreneurship as the engine of economic progress. Copyright 2003 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Review of Austrian Economics.

Volume (Year): 16 (2003)
Issue (Month): 1 (March)
Pages: 25-43
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Handle: RePEc:kap:revaec:v:16:y:2003:i:1:p:25-43

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  1. Lawrence Plummer & J. Haynie & Joy Godesiabois, 2007. "An Essay on the Origins of Entrepreneurial Opportunity," Small Business Economics, Springer, vol. 28(4), pages 363-379, April. [Downloadable!] (restricted)
  2. Randall Holcombe, 2008. "Advancing economic analysis beyond the equilibrium framework," The Review of Austrian Economics, Springer, vol. 21(4), pages 225-249, December. [Downloadable!] (restricted)
  3. Douhan, Robin & Henrekson, Magnus & Eliasson, Gunnar, 2006. "Israel M. Kirzner: An Outstanding Austrian Contributor to the Economics of Entrepreneurship," Working Paper Series 678, Research Institute of Industrial Economics. [Downloadable!]
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  4. Jeffery McMullen & Lawrence Plummer & Zoltan Acs, 2007. "What is an Entrepreneurial Opportunity?," Small Business Economics, Springer, vol. 28(4), pages 273-283, April. [Downloadable!] (restricted)
    Other versions:
  5. Israel Kirzner, 2009. "The alert and creative entrepreneur: a clarification," Small Business Economics, Springer, vol. 32(2), pages 145-152, February. [Downloadable!] (restricted)
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This page was last updated on 2009-11-25.

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