The Promise of Entrepreneurship as a Field of Research

Literature Summary THE PROMISE OF ENTREPRENEURSHIP AS A FIELD OF RESEARCH 1.0 Introduction To date, the phenomenon of entrepreneurship has lacked a conceptual framework. A research has been conducted in the difference social science disciplines and applied fields of business to create a conceptual framework for entrepreneurship. 2.0 Definition of Entrepreneurship Entrepreneurship is defined solely by the researchers in terms of who the entrepreneur is and what he or she does. The study of entrepreneurship must involve two phenomena, the presence of lucrative opportunities and the presence of enterprising individuals. In other words we can say that an entrepreneur is a person who establishes a new organization in the presence†¦show more content†¦The focus has been on opportunities in product markets and factor markets. Factor markets mean discovery of new materials. Within product market entrepreneurship, there are three categories of opportunities: 1) the creation of new information, as occurs with the invention of new technologies. 2) The exploitation of market inefficiencies. 3) The reaction to shifts of alternative uses for resources. 4.2 The Discovery of Entrepreneurial Opportunities Entrepreneurial opportunities are not always obvious to everyone all the time. An individual can earn profits only if he or she recognizes that the opportunity exists and has value. There are two factors people will discover particular opportunities. Firstly are information corridors. An entrepreneur has to have prior and new information to exploit profitable opportunities. This information might be about user needs or specific aspects of the production function. The development of internet is a good example providing information needed. Second factor is cognitive properties. A successful entrepreneur is able to combine existing concepts and information into new ideas. They are willing to take risks and less likely to engage in counterfactual thinking. 4.3 The Decision to Exploit Entrepreneurial Opportunities The characteristics of opportunities themselvesShow MoreRelatedImportance Of Entrepreneurship During The 21st Century Essay1572 Words   |  7 Pages IMPORTANCE OF ENTREPRENEURSHIP In the last two decades, the citizen sector has discovered what the industry learned long ago: Nothing is as powerful as a new idea in the hands of a first-class businessman. Social entrepreneurs are individuals with innovative solutions to the most pressing social problems of the solutions of the company. They are ambitious and persistent, tackling major social issues and offering new ideas for big changes. 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