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Perception and pursuit of entrepreneurial opportunities: an evolutionary economics perspective

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G. Buenstorf ()

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Abstract

Considerable 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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Paper provided by Max Planck Institute of Economics, Evolutionary Economics Group in its series Papers on Econonmics and Evolution with number 2006-01.

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Length: 24 pages
Date of creation: Jan 2006
Date of revision:
Handle: RePEc:esi:evopap:2006-01

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Related research
Keywords: opportunities market process business conceptions industry evolution spin-offs

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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
M13 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - New Firms; Startups
L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General

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  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. 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)
  4. S. Klepper & S. Sleeper, 2002. "Entry by Spinoffs," Papers on Econonmics and Evolution 2002-07, Max Planck Institute of Economics, Evolutionary Economics Group.
  5. Guido Buenstorf, . "Designing Clunkers: Demand-Side Innovation and the Early History of the Mountain Bike," Papers on Econonmics and Evolution 2001-05, Max Planck Institute of Economics, Evolutionary Economics Group.
  6. 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:
  7. 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.
  8. 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!]
  9. G. Buenstorf & S. Klepper, 2005. "Heritage and Agglomeration: The Akron Tire Cluster Revisited," Papers on Econonmics and Evolution 2005-08, Max Planck Institute of Economics, Evolutionary Economics Group. [Downloadable!]
  10. Ulrich Witt, . "How Evolutionary is Schumpeter's Theory of Economic Development?," Papers on Econonmics and Evolution 2001-12, Max Planck Institute of Economics, Evolutionary Economics Group.
  11. Klepper, Steven, 1997. "Industry Life Cycles," Industrial and Corporate Change, Oxford University Press, vol. 6(1), pages 145-81.
  12. 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.
  13. Klepper, Steven, 1996. "Entry, Exit, Growth, and Innovation over the Product Life Cycle," American Economic Review, American Economic Association, vol. 86(3), pages 562-83, June. [Downloadable!] (restricted)
  14. U. Witt, 2006. "Evolutionary Economics," Papers on Econonmics and Evolution 2006-05, Max Planck Institute of Economics, Evolutionary Economics Group.
  15. Christian Cordes, 2004. "Darwinism in Economics: From Analogy to Continuity," Papers on Econonmics and Evolution 2004-15, Max Planck Institute of Economics, Evolutionary Economics Group.
    Other versions:
  16. Guido Buenstorf, 2006. "Evolution on the Shoulders of Giants: Entrepreneurship and Firm Survival in the German Laser Industry," Papers on Econonmics and Evolution 2005-20, Max Planck Institute of Economics, Evolutionary Economics Group.
    Other versions:
  17. 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.
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