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

  • Yosem Companys

    ()

  • Jeffery McMullen

    ()

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    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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    File URL: http://hdl.handle.net/10.1007/s11187-006-9034-x
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    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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    1. 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.
    2. Paul A. David & Dominique Foray, . "Economic Fundamentals of the Knowledge Society," Working Papers 02003, Stanford University, Department of Economics.
    3. 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.
    4. 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.
    5. Ingemar Dierickx & Karel Cool, 1989. "Asset Stock Accumulation and Sustainability of Competitive Advantage," Management Science, INFORMS, vol. 35(12), pages 1504-1511, December.
    6. F. M. Scherer & Dietmar Harhoff & J, rg Kukies, 2000. "Uncertainty and the size distribution of rewards from innovation," Journal of Evolutionary Economics, Springer, vol. 10(1), pages 175-200.
    7. 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.
    8. 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.
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