Entrepreneurship (Fach) / Opportunities and Entrepreneutship (Lektion)
In dieser Lektion befinden sich 11 Karteikarten
Eckhardt&Shane
Diese Lektion wurde von joxel erstellt.
- General topic of the article Focus has shifted from identifying those who want to become entrepreneur toward the interplay of enterprising individuals and valuable opportunities
- Equilibrium and entrepreneurship -Equilibrium is assumed, but static cross-sectional data is used which would only make sense if phenomenon under investigation is time-irrelevant -Equilibrium would erase need for entrepreneurship as there would be no incentive to change -Equilibrium assumes prices convey all information, which is wrong as future events are not knowledgabe (scarce resources, new market, new technology) -
- Equilibrium versus Opportunity Equilibrium theories assume away opportunities – authors view that entrepreneurship requires these opportunities. · An entrepreneur exploits an opportunity if value of resources is higher than of they are exploitet in their current form à the more people know this, the higher the prices for a resource, the less interesting the opportunity à since this difference in perception of value exists, market prices do not convey all information
- Exploiting an opportuntiy and the transient success If an entrepreneur does discover a valuable opportunity, and that opportunity generates entrepreneurial profit, that profit is likely to be transient due to external and internal factors. First, the disequilibrating shocks that initially generated the opportunity are often replaced by other shocks that open up new opportunities and close up the existing ones. Second, even when new shocks are not triggered, the opportunities become exhausted by competition. The information asymmetry that creates opportunities in the first place is subsequently reduced by the diffusion of information about the opportunity.
- The two types of opportunity are 1. Locus of change 2. Source of Change
- Locus of change There can be five loci (orte) 1. from the creation of new products or services 2. from the discovery of new geographical markets 3. from the creation or discovery of new raw materials 4.from new methods of production, 5. generated from new ways of organizing.
- the 4 sources of change 1. Information asymmetry vs. exogenous shocks 2. Supply vs. demand side changes 3. Productivity-enhancing vs. rent-seeking opportunities 4. Initiator of the change
- Information asymmetry vs. exogenous shocks -Exogenous shocks come from outside 1.government action (deregulation) 2.demographic changes (babyboom etc) 3.new knowledge ( create new goods, to introduce new methods of production, to utilize new sources of supply, to restructure industries, and to create new markets in new regions) -
- Supply vs. demand side changes -Supply side like production process or products can be a source, but also -exogenous shifts in culture, perception, tastes, or moods, can generate opportunities
- Productivity-enhancing vs. rent-seeking opportunities The pursuit of entrepreneurial opportunity has productivity-enhancing outcomes, as economies are made more efficient Rent-seeking is opportunities that generate personal value, but no social value such as crime, piracy, and corruption
- Initiator of the change Entrepreneurial opportunity is generated as a result of initiation of different entitited non-commercial entities, such as governments or universities, and existing commercial entities in an industry such as independent entrepreneurs and diversifying entrants