Entrepreneurship (Fach) / Prior Knowledge and the Discovery of Entrepreneurial Opportunities (Lektion)
In dieser Lektion befinden sich 8 Karteikarten
Scott Shane
Diese Lektion wurde von joxel erstellt.
- The three schools of entrepreneurial thought Neoclassical Equilibrium Theories Psychological Theories Austrian Theories
- Neoclassical Equilibrium Theories markets are composed of maximizing agents whose collective decisions about prices clear markets perfect information All opportunities are perceived by all people -no entrepreneurial benefit Entrepreneurs are identified by the fact that they want to become entrepreneurs
- Psychological Theories Fundamental attributes of people, rather than information about opportunities, determine who becomes an entrepreneur This process depends on people’s ability and willingness to take action
- Austrian theories People cannot recognize all entrepreneurial opportunities Information about opportunities, rather than fundamental attributes of people, determine who becomes an entrepreneur This process depends on factors other than people’s ability and willingness to take action
- Information asymmetry and the nonobviousness of opportunity o opportunities exist because different people possess different information à Incomplete information o Proposition 1: All individuals are not equally likely to recognize a given entrepreneurial opportunity
- The discovery process o Before an individual can earn an entrepreneurial profit from an opportunity, he must discover that is has value o Two alternative explanations exist for this discovery process: Search and recognition o People do not discover entrepreneurial opportunities through search, but through recognition of the value of new information that they happen to receive through other means o Proposition 2: People can and will discover entrepreneurial opportunities without actively searching for them
- Prior knowledge and the discovery process o People recognize opportunities related to information that they already possess o People have different stocks of information à Idiosyncratic life experiences/knowledge (knowledge corridor) o Sometimes blind luck o Three major dimensions of prior knowledge are important to the process of entrepreneurial discovery: prior knowledge of markets, prior knowledge of ways to serve markets, and prior knowledge of customer problems o Proposition 3a: People’s prior knowledge about markets will influence their discovery of which markets to enter to exploit a new technology o Proposition 3b: People’s prior knowledge about how to serve markets will influence their discovery of how to use a new technology to serve a market o Proposition 3c: People’s prior knowledge of customer problems will influence their discovery of products and services to exploit a new technology
- discussion · This study proposed that all people are not equally likely to recognize the same entrepreneurial opportunities which result from technological change · It also proposed the entrepreneurs can and will discover opportunities through recognition rather than search · Moreover, it proposed that the prior distribution of knowledge in society influences who discovers these opportunities