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

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Mark Casson ()
Nigel Wadeson

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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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Publisher 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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Related research
Keywords: opportunity; project; discovery; L26; M13;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. 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. [Downloadable!]
  2. Gifford, Sharon & Wilson, Charles A, 1995. "A Model of Project Evaluation with Limited Attention," Economic Theory, Springer, vol. 5(1), pages 67-78, January.
  3. 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, November. [Downloadable!] (restricted)
  4. Mark Casson Nigel W Adeson, 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, February. [Downloadable!] (restricted)
  5. Alwyn Young, 1993. "Substitution and Complementarity in Endogenous Innovation," NBER Working Papers 4256, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Young, Alwyn, 1993. "Substitution and Complementarity in Endogenous Innovation," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 775-807, August. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. 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. [Downloadable!] (restricted)
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