Summary
HC 4 - I&E summary
- Course
- Institution
Summary lectures innovation & entrepreneurship
[Show more]
Seller
Follow
Jasmijn1993
Reviews received
Content preview
HC 4 – Entrepreneurship process and the role ofinnovation 03-05-2016
Definition on slide of entrepreneurship Academy of Management
The entrepreneurial process
Opportunity is also associated with something new close to innovation.
Entrepreneurship = Existence, Recognition and Exploitation of opportunities
(Article Shane & V)
- Existence (situation (growth), individual (asymmetries of info)
- Recognition (individual (perceptions, heuristics)
- Exploitation also implemented innovation (situation (costs),
individual (self-efficacy).
Relationship between entrepreneur and the environment.
Three perspectives about opportunity recognition
1. Info based perspective
a. Try to achieve equilibrium, role entrepreneurship job to come
close to the equilibrium, but never achieve the equilibrium = not
possible.
b. People process different info (how people perceive the
disequilibrium, most of the time specialists in the field e.g.
economist or engineering students).
c. People cannot recognize all opportunities
d. Info determines who becomes an entrepreneur
e. Knowledge and discovery are driving forces (so start an
enterprise in your specialist area)
Macroeconomic consequences:
o Policy fund frequently disadvantaged groups, but these groups
might fail because of lack in knowledge
o Policy should invest in knowledge
o Centralized economies procedure because they reduce
uncertainty and difference in knowledge
o Patent holding and licensing produce disadvantages because it
prevents the exploitation of more valuable opportunities.
Critique:
o Search can be deliberately done
o Knowledge and info should not always lead to new business
entry
o The approach lacks explaining radical innovations
o Purely focused on knowledge, ignoring e.g., creativity, optimism.
2. Person based perspective
- Memory is essential
- Entrepreneurs perceive/organize/transform/use info differently
Cognitive process related to opportunity recognition:
- Pattern recognition
o E.g. characteristic opportunity = solve a problem, need, gaining
something, improve something, innovative
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Jasmijn1993. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $4.01. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52510 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now