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The Discovery of Opportunities: Extending the Economic Theory of the Entrepreneur

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  • Mark Casson

    ()

  • Nigel Wadeson

Abstract

Shane ( 2003 ) [A General Theory of Entrepreneurship: The Individual-Opportunity Nexus. Cheltenham: Edward Elgar] has shown convincingly that modern theories of entrepreneurship perform reasonably well in explaining the empirical results obtained in different areas of research upon the subject. His book also shows that the cognitive aspects of entrepreneurship in general—and opportunity recognition in particular—are important areas that warrant further research. This paper argues that the concept of opportunity is closely related to the concept of a project, as an opportunity is essentially a project that would prove beneficial if it were exploited. It is suggested that modelling individual search across potential projects, and the screening of projects by the use of symptoms, holds the key to the successful modelling of entrepreneurship in terms of opportunity. Copyright Springer Science+Business Media, LLC 2007

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File URL: http://hdl.handle.net/10.1007/s11187-006-9037-7
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Bibliographic Info

Article provided by Springer in its journal Small Business Economics.

Volume (Year): 28 (2007)
Issue (Month): 4 (April)
Pages: 285-300

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Handle: RePEc:kap:sbusec:v:28:y:2007:i:4:p:285-300

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Web page: http://www.springerlink.com/link.asp?id=100338

Related research

Keywords: opportunity; project; discovery; L26; M13;

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References

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  1. Nigel Wadeson, 2004. "Multi-dimensional search: choosing the right path," International Journal of the Economics of Business, Taylor and Francis Journals, vol. 11(3), pages 287-301.
  2. Mark Casson & Nigel Wadeson, 1998. "Communication Costs and the Boundaries of the Firm," International Journal of the Economics of Business, Taylor and Francis Journals, vol. 5(1), pages 5-27.
  3. Alwyn Young, 1993. "Substitution and Complementarity in Endogenous Innovation," NBER Working Papers 4256, National Bureau of Economic Research, Inc.
  4. David B. Audretsch & Max Keilbach, 2006. "Entrepreneurship, Growth and Restructuring," Papers on Entrepreneurship, Growth and Public Policy 2006-13, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
  5. Gifford, Sharon & Wilson, Charles A, 1995. "A Model of Project Evaluation with Limited Attention," Economic Theory, Springer, vol. 5(1), pages 67-78, January.
  6. Lippman, Steven A & McCall, John J, 1976. "The Economics of Job Search: A Survey," Economic Inquiry, Western Economic Association International, vol. 14(3), pages 347-68, September.
  7. Young, Alwyn, 1993. "Substitution and Complementarity in Endogenous Innovation," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 775-807, August.
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Citations

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Cited by:
  1. Chandler, Gaylen N. & DeTienne, Dawn R. & McKelvie, Alexander & Mumford, Troy V., 2011. "Causation and effectuation processes: A validation study," Journal of Business Venturing, Elsevier, vol. 26(3), pages 375-390, May.
  2. Petrik Runst, 2011. "Post-Socialist Culture and Entrepreneurship," SOEPpapers on Multidisciplinary Panel Data Research 373, DIW Berlin, The German Socio-Economic Panel (SOEP).
  3. Lie, Helene & Rich, Karl M. & Kurwijila, Lusato R. & Jervell, Anne M., 2012. "Improving Smallholder Livelihoods Through Local Value Chain Development: A Case Study of Goat Milk Yogurt in Tanzania," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association (IAMA), vol. 15(3).
  4. Nicolaou, Nicos & Shane, Scott & Cherkas, Lynn & Spector, Tim D., 2009. "Opportunity recognition and the tendency to be an entrepreneur: A bivariate genetics perspective," Organizational Behavior and Human Decision Processes, Elsevier, vol. 110(2), pages 108-117, November.
  5. Gries, Thomas & Jungblut, Stefan & Naudé, Wim, 2012. "New firm creation and failure: A matching approach," UNU-MERIT Working Paper Series 015, United Nations University, Maastricht Economic and social Research and training centre on Innovation and Technology.
  6. Isabel Salavisa & Pedro Videira & Filipa Santos, 2009. "Entrepreneurship and social networks in IT sectors: the case of the software industry in Portugal," Journal of Innovation Economics, De Boeck Université, vol. 0(2), pages 15-39.
  7. Alex Coad & Julian Frankish & Richard G. Roberts & David J. Storey, 2012. "New Venture Survival and Growth: When does the fog lift?," SPRU Working Paper Series 202, SPRU - Science and Technology Policy Research, University of Sussex.
  8. Gary Akehurst & José Comeche & Miguel-Angel Galindo, 2009. "Job satisfaction and commitment in the entrepreneurial SME," Small Business Economics, Springer, vol. 32(3), pages 277-289, March.
  9. Thierry Burger-helmchen & Patrick Llerena, 2008. "A case study of a creative start-up: governance, communities and knowledge management," Journal of Innovation Economics, De Boeck Université, vol. 0(2), pages 125-146.

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