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Summary colleges Essentials of Entrepreneurship
- Instelling
- Universiteit Utrecht (UU)
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Voorbeeld van de inhoud
Essentials of EntrepreneurshipDifference risk & uncertainty
College 1
Cantillon: entrepreneurs bring equilibrium into supply-demand because they create
better matches
Say: entrepreneurs are coordinators, not many can do it
Mars: entrepreneurs drive the production and distribution process, they coordinate
supply and demand, yield innovation and progress
Schumpeter: entr is prime mover of economic progress
Knight: entr is responsible for direction and control whenever uncertainty is involved
- Entrepreneurial ability: high degree of self confidence, leadership, intellectual
Kirzner: entr no special ability, but need special type of knowledge → know where to
look and exploit opportunity
Shane & Venkatamaran (200): The promise of entrepreneurship as a field of
research
The absence of entrepreneurship from our collective theories of markets, firms,
organizations, and change makes our understanding of the business landscape
incomplete.
Three different categories of opportunities:
- The creation of new information, as occurs with the invention of new technologies
- The exploitation of market inefficiencies that result from information asymmetry,
as occurs across time and geography
- The reaction to shifts in the relative costs and benefits of alternative uses for
resources, as occurs with political, regulatory, or demographic changes
Creation, exploitation, evaluation
VB categories:
- Creation of info/opportunity evaluation: seeing what is the problem and if there
could be a benefit in it, landing page
- Opportunity exploitation: what is done to meet demand and build the business:
building website, offering discounts, putting money into it
,Two broad categories of factors that influence the probability that particular people will
discover particular opportunities:
- The possession of the prior information necessary to identify an opportunity and
- The cognitive properties necessary to value it
The Decision to Exploit Entrepreneurial Opportunities is a function of the joint
characteristics of the opportunity and the nature of the individual.
Eigen woorden
3 different categories of opportunities:
- Creation of new information with invention of new tech
- Exploitation of market inefficiencies
- Reaction to shifts in relative costs and benefits of alternative uses of resources
Categories of probability that someone discovers an opportunity:
- Possession of prior information to identify opportunity
- Cognitive properties to value it
Alvarez & Barney (2007): Alternative theory of entrepreneurial action
Purpose of paper:
- Describe entrepreneurial theories of mountain climbing and mountain building
- Understand implications for actions of entrepreneurs associated with these
theories
Mountain climbing: discovery theory that says that entrepreneurial opportunities are like
mountains waiting to be climbed/exploited
Mountain building: creation theory that says that opportunities are created by the
actions of entrepreneurs
The 3 assumptions for teleological theories of human actions:
- Nature of human objectives
- Nature of individual
- Nature of decision making context
Discovery:
- Objectives:
- Individual:
- Decision making:
Creation:
, - Objectives:
- Individual:
- Decision making:
The decision-making context in discovery theory is risky because it assumes that
opportunities are objective in nature. As objective phenomena, entrepreneurs can use a
variety of data collection and analysis techniques to understand the possible outcomes
associated with an opportunity, along with the probability of those outcomes.
The decision-making context in creation theory is uncertain. This is because, according
to this theory, opportunities do not exist until they are created. At the point when a
decision about whether to try to form an opportunity is made, the information required to
know the possible outcomes associated with this decision, and their probability, does
not yet exist.
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