Perception and pursuit of entrepreneurial opportunities: an evolutionary economics perspective
AbstractConsiderable debate surrounds the concept of entrepreneurial opportunities. This paper contributes to the discussion by bringing in concepts and findings from evolutionary economics. It makes three points. First, adopting an evolutionary market process perspective sheds new light on the nature of opportunities. Second, not only the pursuit of entrepreneurial opportunities, but also the further development of the entrepreneurial venture is dependent on subjective opportunity perception and interpretation. Third, findings on industry evolution help understand how opportunities, as well as agents' ability and willingness to pursue them, change over time. Effects of pre-entry experience on opportunity recognition and firm performance are also discussed.
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Bibliographic InfoPaper provided by Max Planck Institute of Economics, Evolutionary Economics Group in its series Papers on Economics and Evolution with number 2006-01.
Length: 24 pages
Date of creation: Jan 2006
Date of revision:
Find related papers by JEL classification:
- B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian
- D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
- M13 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - New Firms; Startups
- L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-02-26 (All new papers)
- NEP-BEC-2006-02-26 (Business Economics)
- NEP-CSE-2006-02-26 (Economics of Strategic Management)
- NEP-ENT-2006-02-26 (Entrepreneurship)
- NEP-EVO-2006-02-26 (Evolutionary Economics)
- NEP-INO-2006-02-26 (Innovation)
- NEP-PKE-2006-02-26 (Post Keynesian Economics)
- NEP-TID-2006-02-26 (Technology & Industrial Dynamics)
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