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Strategic Entrepreneurs at Work: The Nature, Discovery, and Exploitation of Entrepreneurial Opportunities

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  • Yosem Companys

    ()

  • Jeffery McMullen

    ()

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    Abstract

    What do entrepreneurial opportunities look like? How do firms discover and exploit these opportunities to create value and sustain competitive advantage? This paper reviews the strategic management and entrepreneurship literatures to identify the nature and character of entrepreneurial opportunities and the entrepreneurial strategies that firms employ to seize and commercialize these opportunities. Three emerging schools are identified. The economic school argues that entrepreneurial opportunities exist as a result of the distribution of information about material resources in society. The cultural cognitive school argues that entrepreneurial opportunities exist as a result of environmental ambiguity and the cultural resources available to interpret and define these opportunities. Finally, the sociopolitical school stresses the role of network and political structures in defining entrepreneurial opportunities. We integrate these perspectives to offer a way to improve understanding of the opportunity creation and exploitation process. Copyright Springer Science+Business Media, LLC 2007

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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: 301-322

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    Handle: RePEc:kap:sbusec:v:28:y:2007:i:4:p:301-322

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

    Related research

    Keywords: entrepreneurial opportunity; competitive advantage; information distribution; environmental ambiguity; networks; L26; M13; O32; O33; Z13;

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    References

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    1. Jerker Denrell & Christina Fang & Sidney Winter, 2003. "The Economics of Strategic Opportunity," LEM Papers Series 2003/10, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    2. Kenneth Arrow, 1962. "Economic Welfare and the Allocation of Resources for Invention," NBER Chapters, in: The Rate and Direction of Inventive Activity: Economic and Social Factors, pages 609-626 National Bureau of Economic Research, Inc.
    3. Bruce Kogut, 2002. "Capital market development and mass privatization are logical contradictions: lessons from Russia and the Czech Republic," Industrial and Corporate Change, Oxford University Press, vol. 11(1), pages 1-37, February.
    4. Ingemar Dierickx & Karel Cool, 1989. "Asset Stock Accumulation and Sustainability of Competitive Advantage," Management Science, INFORMS, vol. 35(12), pages 1504-1511, December.
    5. Paul A. David & Dominique Foray, 2005. "Economic Fundamentals Of the Knowledge Society," Development and Comp Systems 0502008, EconWPA.
    6. Henderson, Rebecca. & Cockburn, Iain., 1994. "Measuring competence? : exploring firm effects in pharmaceutical research," Working papers 3712-94., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    7. Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 60-85, March.
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    Cited by:
    1. Vincent Lefebvre & Miruna Radu Lefebvre, 2012. "Integrating Corporate Social Responsibility at the Start-up Level: Constraint or Catalyst for Opportunity Identification?," Post-Print hal-00836856, HAL.
    2. Acs, Zoltan & Audrestch, David & Braunerhjelm, Pontus & Carlsson, Bo, 2007. "The Knowledge Spillover Theory of Entrepreneurship," Working Paper Series in Economics and Institutions of Innovation 77, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
    3. Wu, Cindy & McMullen, Jeffery S. & Neubert, Mitchell J. & Yi, Xiang, 2008. "The influence of leader regulatory focus on employee creativity," Journal of Business Venturing, Elsevier, vol. 23(5), pages 587-602, September.
    4. Ács, Zoltán J. & Autio, Erkko & Szerb, László, 2014. "National Systems of Entrepreneurship: Measurement issues and policy implications," Research Policy, Elsevier, vol. 43(3), pages 476-494.
    5. Shepherd, Dean A. & Haynie, J. Michael & McMullen, Jeffery S., 2012. "Confirmatory search as a useful heuristic? testing the veracity of entrepreneurial conjectures," Journal of Business Venturing, Elsevier, vol. 27(6), pages 637-651.
    6. Tischler, Joachim, 2014. "Characteristics of technological base, pace of technological development, and growth of young technology-based firms," EconStor Preprints 96156, ZBW - German National Library of Economics.
    7. Serge Lenga, 2013. "Un Effet Moderateur Des Processus Cognitifs De L'Entrepreneur Sur Les Opportunites D'Affaires Situees Dans L'Espace Geographique," Working Papers hal-00832027, HAL.

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