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Creation and Pursuit of Entrepreneurial Opportunities: An Evolutionary Economics Perspective

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Author Info
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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File URL: http://hdl.handle.net/10.1007/s11187-006-9039-5
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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: 323-337
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
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

For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).

Related research
Keywords: business conceptions; industry evolution; market process; opportunities; spin-offs; B25; D21; L10; 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. 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. [Downloadable!] (restricted)
  2. Peter Thompson & Steven Klepper, 2003. "Submarkets and the Evolution of Market Structure," Working Papers 0303, Florida International University, Department of Economics. [Downloadable!]
  3. 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. [Downloadable!] (restricted)
  4. 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. [Downloadable!] (restricted)
  5. S. Klepper & S. Sleeper, 2002. "Entry by Spinoffs," Papers on Economics and Evolution 2002-07, Max Planck Institute of Economics, Evolutionary Economics Group.
  6. Guido Buenstorf, . "Designing Clunkers: Demand-Side Innovation and the Early History of the Mountain Bike," Papers on Economics and Evolution 2001-05, Max Planck Institute of Economics, Evolutionary Economics Group.
  7. 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. [Downloadable!] (restricted)
    Other versions:
  8. 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.
  9. 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. [Downloadable!]
  10. G. Buenstorf & S. Klepper, 2005. "Heritage and Agglomeration: The Akron Tire Cluster Revisited," Papers on Economics and Evolution 2005-08, Max Planck Institute of Economics, Evolutionary Economics Group. [Downloadable!]
    Other versions:
  11. Ulrich Witt, . "How Evolutionary is Schumpeter's Theory of Economic Development?," Papers on Economics and Evolution 2001-12, Max Planck Institute of Economics, Evolutionary Economics Group.
  12. Klepper, Steven, 1997. "Industry Life Cycles," Industrial and Corporate Change, Oxford University Press, vol. 6(1), pages 145-81.
  13. 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.
  14. U. Witt, 2006. "Evolutionary Economics," Papers on Economics and Evolution 2006-05, Max Planck Institute of Economics, Evolutionary Economics Group.
  15. 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, Max Planck Institute of Economics, Evolutionary Economics Group.
    Other versions:
  16. 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.
  17. Christian Cordes, 2006. "Darwinism in economics: from analogy to continuity," Journal of Evolutionary Economics, Springer, vol. 16(5), pages 529-541, December. [Downloadable!] (restricted)
    Other versions:
Full references

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. G. Bünstorf, 2007. "Opportunity Spin-offs and Necessity Spin-offs," Papers on Economics and Evolution 2007-18, Max Planck Institute of Economics, Evolutionary Economics Group. [Downloadable!]
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This page was last updated on 2009-11-25.

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