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Creation and Pursuit of Entrepreneurial Opportunities: An Evolutionary Economics Perspective

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  • Guido Buenstorf

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Abstract

Considerable debate surrounds the concept of entrepreneurial opportunities. This paper approaches the opportunity concept from an evolutionary market process perspective. It argues that new opportunities for entrepreneurial activity frequently emerge as by-products of market competition. Agents may deliberately or unwittingly create opportunities. Organizational development and the evolution of industries are additional sources of new entrepreneurial opportunities. At the same time, they enable agents to acquire the skills required to exploit these opportunities. 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: 323-337

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Handle: RePEc:kap:sbusec:v:28:y:2007:i:4:p:323-337

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

Related research

Keywords: business conceptions; industry evolution; market process; opportunities; spin-offs; B25; D21; L10; L26; M13;

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References

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  1. Agarwal, Rajshree & Echambadi, Raj & Franco, April M. & Sarkar, M. B., 2002. "Knowledge Transfer through Congenital Learning: Spin-Out Generation, Growth and Survival," Working Papers 02-0101, University of Illinois at Urbana-Champaign, College of Business.
  2. Guido Buenstorf, . "Designing Clunkers: Demand-Side Innovation and the Early History of the Mountain Bike," Papers on Economics and Evolution 2001-05, Philipps University Marburg, Department of Geography.
  3. Ingemar Dierickx & Karel Cool, 1989. "Asset Stock Accumulation and Sustainability of Competitive Advantage," Management Science, INFORMS, vol. 35(12), pages 1504-1511, December.
  4. Steven Klepper, 2002. "The capabilities of new firms and the evolution of the US automobile industry," Industrial and Corporate Change, Oxford University Press, vol. 11(4), pages 645-666, August.
  5. Christian Cordes, 2004. "Darwinism in Economics: From Analogy to Continuity," Papers on Economics and Evolution 2004-15, Philipps University Marburg, Department of Geography.
  6. Guido Buenstorf & Johann Peter Murmann, 2005. "Ernst Abbe's scientific management: theoretical insights from a nineteenth-century dynamic capabilities approach," Industrial and Corporate Change, Oxford University Press, vol. 14(4), pages 543-578, August.
  7. Foster, John, 1997. "The analytical foundations of evolutionary economics: From biological analogy to economic self-organization," Structural Change and Economic Dynamics, Elsevier, vol. 8(4), pages 427-451, October.
  8. Peter Thompson & Steven Klepper, 2003. "Submarkets and the Evolution of Market Structure," Working Papers 0303, Florida International University, Department of Economics.
  9. Ulrich Witt, . "How Evolutionary is Schumpeter's Theory of Economic Development?," Papers on Economics and Evolution 2001-12, Philipps University Marburg, Department of Geography.
  10. Guido Buenstorf & Ulrich Witt, 2006. "How Problems of Organisational Growth in Firms Affect Industry Entry and Exit," Revue de l'OFCE, Presses de Sciences-Po, vol. 97(5), pages 47-62.
  11. S. Klepper & S. Sleeper, 2002. "Entry by Spinoffs," Papers on Economics and Evolution 2002-07, Philipps University Marburg, Department of Geography.
  12. Witt, Ulrich, 1998. "Imagination and leadership - The neglected dimension of an evolutionary theory of the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 35(2), pages 161-177, April.
  13. Guido Buenstorf & Steven Klepper, 2009. "Heritage and Agglomeration: The Akron Tyre Cluster Revisited," Economic Journal, Royal Economic Society, vol. 119(537), pages 705-733, 04.
  14. Ulrich Witt, 2006. "Evolutionary Economics," Papers on Economics and Evolution 2006-05, Philipps University Marburg, Department of Geography.
  15. Witt, Ulrich, 2000. "Changing Cognitive Frames--Changing Organizational Forms: An Entrepreneurial Theory of Organizational Development," Industrial and Corporate Change, Oxford University Press, vol. 9(4), pages 733-55, December.
  16. Guido Buenstorf, 2006. "Evolution on the Shoulders of Giants: Entrepreneurship and Firm Survival in the German Laser Industry," Papers on Economics and Evolution 2005-20, Philipps University Marburg, Department of Geography.
  17. Robert A. Burgelman, 1983. "Corporate Entrepreneurship and Strategic Management: Insights from a Process Study," Management Science, INFORMS, vol. 29(12), pages 1349-1364, December.
  18. Buchanan, James M. & Vanberg, Viktor J., 1991. "The Market as a Creative Process," Economics and Philosophy, Cambridge University Press, vol. 7(02), pages 167-186, October.
  19. Klepper, Steven, 1997. "Industry Life Cycles," Industrial and Corporate Change, Oxford University Press, vol. 6(1), pages 145-81.
  20. Witt, Ulrich, 1999. " Do Entrepreneurs Need Firms? A Contribution to a Missing Chapter in Austrian Economics," The Review of Austrian Economics, Springer, vol. 11(1-2), pages 99-109.
  21. 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.
  22. Margaret A. Peteraf & Jay B. Barney, 2003. "Unraveling the resource-based tangle," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 24(4), pages 309-323.
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Cited by:
  1. Carlsson, Bo & Braunerhjelm, Pontus & McKelvey, Maureen & Olofsson, Christer & Persson, Lars & Ylinenpää, Håkan, 2013. "The Evolving Domain of Entrepreneurship Research," Working Paper Series 948, Research Institute of Industrial Economics.
  2. 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.
  3. Braunerhjelm, Pontus, 2010. "Entrepreneurship, Innovation and Economic Growth - past experience, current knowledge and policy implications," Working Paper Series in Economics and Institutions of Innovation 224, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
  4. Gries, Thomas & Jungblut, Stefan & Naudé, Wim, 2012. "New firm creation and failure: A matching approach," MERIT Working Papers 015, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
  5. O'Connor, Allan, 2013. "A conceptual framework for entrepreneurship education policy: Meeting government and economic purposes," Journal of Business Venturing, Elsevier, vol. 28(4), pages 546-563.
  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. Jason Arentz & Frederic Sautet & Virgil Storr, 2013. "Prior-knowledge and opportunity identification," Small Business Economics, Springer, vol. 41(2), pages 461-478, August.
  8. repec:pdn:wpaper:39 is not listed on IDEAS
  9. Ibrahim, Gamal & Galt, Vaughan, 2011. "Explaining ethnic entrepreneurship: An evolutionary economics approach," International Business Review, Elsevier, vol. 20(6), pages 607-613.
  10. Guido Buenstorf, 2007. "Opportunity Spin-offs and Necessity Spin-offs," Papers on Economics and Evolution 2007-18, Philipps University Marburg, Department of Geography.

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