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Samenvatting - Essentials of Entrepreneurship
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- Universiteit Utrecht (UU)
All articles summarised essentials of entrepreneurship
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Summary essentials of EntrepreneurshipArticle 1 ‘The promise of entrepreneurship as a field or research.’
By Scott Shane and S. Venkatmaran
Aims to add to entrepreneurship by building a conceptual framework, as it is a field of social
science this framework aims to explains and predict a set of empirical phenomena. Instead
of explaining and predicting entrepreneurship is now a broad label. Since strategic
management scholars also examine small or new businesses the concept of
entrepreneurship studying the same is not unique. It shows that performance alone is not
sufficient to examine entrepreneurship. The framework built aims to shed light on
unexplained phenomena and enhances the quality of research using the following steps;
1. Define the domain of the field.
2. Explain why organizational researchers should study entrepreneurship.
3. Why entrepreneurial opportunities exist and why some people and not others
discover and exploit those.
4. Consider the different modes of exploitation of entrepreneurial opportunities.
5. Conclude with a reflection.
Till now most researchers define entrepreneurs by who it is and what he/she does. This
leads to incomplete definitions. To define entrepreneurs as a person excludes consideration
of the variation of quality in the opportunities. In this case entrepreneurship is defined as
the scholarly examination of how, by whom, and with what effect opportunities to create
future goods and services are discovered, evaluated, and exploited. There are three main
questions in the field that studies entrepreneurship; 1. Why, when, and how opportunities
for the creation of goods and services come into existence. 2. Why, when and how some
people and not others discover and exploit these opportunities. 3. Why, when, and how
different modes of action are used to exploit entrepreneurial opportunities. There are some
caveats about this approach; 1. They take a disequilibrium approach. People in equilibrium
models cannot discover opportunities that differ in value from those discovered by others.
They find that these models are incomplete, they state that entrepreneurial behavior is
transitory. They suggest that a large and diverse group engage in entrepreneurship it is
unlikely that it can explained by one-character trait. 2. We argue that entrepreneurship does
not require, but can include the creation of new organizations. It can also occur in existing
corporations. 3. Our framework complements sociological and economic work in which
researchers have examined the population level factors in which researchers have examined
the population level factors that influence the firm creation. 4. This framework also
complements research on the process of firm creation.
They offer three reasons to study entrepreneurship; 1. Much technical information is
ultimately embodied in products and services and entrepreneurship is a mechanism by
which society converts technical information into products and services. 2. Entrepreneurship
is a mechanism through which temporal and spatial inefficiencies in and economy are
discovered and mitigated. 3. Schumpeter isolated entrepreneurially driven innovation in
products and process as the engine driving the change process.
,To have entrepreneurship one must first have entrepreneurial opportunities in which new
goods, services and raw materials and organizing methods are introduced. Entrepreneurial
opportunities differ from the larger set because they require the discovery of new means-
ends relationships. Drucker described three opportunities; 1. The creation of new
information (technologies) 2. The exploitation of market inefficiencies that result from
information asymmetry. 3. The reaction to shifts in the relative costs and benefits of
alternative uses for resources. Entrepreneurship involves joint production. Second, if all
people possessed the same entrepreneurial conjectures, they would compete to capture the
entrepreneurial profit. The opportunity to earn entrepreneurial profit will provide an
incentive to many economic actors. As opportunities are exploited information diffuses to
other members of society who can imitate the innovators entrepreneurial profit.
There are two factors that mainly influence opportunity discovery; 1. Possession of prior
information. 2. Cognitive ability to transform these opportunities. The decision to exploit
these opportunities depends on; nature of the opportunity, individual differences.
, Article 2.
Discovery and Creation: Alternative Theories of Entrepreneurial action.
By Alvarez S. & Barney.
Do entrepreneurial opportunities exist, independent of the perceptions of entrepreneurs, or
are these opportunities created by entrepreneurs. Discovery theory and creation theory are
discussed. The implications of these theories for seven of these actions are described, along
with a discussion of some of the broader theoretical implications of these two theories. If
opportunities exist as objective phenomena, then the task of ambitious entrepreneurs is to
discover these opportunities. But what if these competitive imperfections in markets were
created by the actions of entrepreneurs. Assuming that opportunities are created rather
than discovered may also have very important implications for entrepreneurial action. This
paper described the theories of entrepreneurship, and to understand the actions of
entrepreneurs associated with these theories. It begins by examining the assumptions that
all theological theories of human action, must make.
Theological theories of human action explain human behavior in terms of the impact of that
behavior on the ability of individuals to accomplish their purposes. These theories assert
that behavior that facilitates the accomplishment of one’s purposes is more likely to occur
than behavior that does not. These include motivation theories in psychology, functional
theory in anthropology, and institutional theory in sociology. All theological theories must
make three critical assumptions; 1. Assumptions about the nature of individuals. 2.
Assumptions about the nature of individuals. 3. Assumptions about the nature of the
decision-making context. These three assumptions are an effective basis on which to
compare and contrast different theological theories. The two theories (discovery and
creation) both seek to explain the same dependent variable (the actions that entrepreneurs
to create and exploit opportunities). They do often generate different predictions about the
effectiveness of an entrepreneurial action.
Both discovery theory and creation theory assume that the goal of entrepreneurs is to form
and exploit opportunities. These theories also recognize that opportunities exist when
competitive imperfections exist in a market. In discovery theory, competitive imperfections
are assumed to arise exogenously from changes in tech. This emphasis on exogenous shocks
forming opportunities has several implications. This suggests that discovery theory is based
on realist assumptions. It also suggests that it focuses on search, where entrepreneurs
, concern both direction and duration. The assumption made is that the nature of
entrepreneurs follows directly from its assumption about the nature of opportunities. It
must assume that entrepreneurs are significantly different in their ability to discover
opportunities compared to others. The decision-making context within which entrepreneurs
choose to exploit an opportunity is assumed to be risky rather than uncertain. A decision-
making context is risky, if the decision maker can gather information about a decision to
anticipate outcomes. And uncertain if a decision maker cannot collect said information.
Decisions in discovery theory are risky because they assume opportunities that are objective
in nature.
Creation theory is a logical theoretical alternative to discovery theory. This theory does not
view opportunities as objective phenomena. They are created by the actions, reactions, and
enactment of entrepreneurs exploring ways to produce new products or services. They act
and observe the reactions of consumers in order to gauge the level of success for their
product. It is linked to evolutionary theory where both suggest blind actions can lead to
unpredictable reactions. The actions don’t have to be blind, but the outcome is unexpected.
Path dependent processes play an important role in multiple fields of social science. A
central assumption is that entrepreneurs that do form and exploit opportunities are not so
different from those that do not. This would suggest that a local environment can play a
role. The decision-making contact is uncertain, because opportunities do not exist until they
are created. Under uncertainty, even entrepreneurs with a great deal of time or with
analytical abilities will not be able to distinguish the probability distributions.
Some management disciplines have been critized for having too many theories, this paper
suggest that the field of entrepreneurship lacks exactly that. Only one theory has been
described in the literature, discovery theory. This paper actually aims to add to that by
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