Entrepreneurship: From Opportunity Discovery to Judgment

SMG Working Paper No. 5/2008

43 Pages Posted: 26 Feb 2008

See all articles by Nicolai J. Foss

Nicolai J. Foss

Copenhagen Business School - Department of Strategy and Innovation

Peter G. Klein

Baylor University - Hankamer School of Business; Norwegian School of Economics (NHH) - Department of Strategy and Management; Ludwig von Mises Institute

Date Written: January 29, 2008

Abstract

Entrepreneurship has become a fast-growing subfield in management research, and is increasingly appearing in economics, finance, and even law. We survey a number of approaches to entrepreneurship in the economics and management literatures, and argue that modern research in this area need to be focused around ideas from Austrian economics and Frank Knight on entrepreneurial judgment. We critically discuss the recent opportunity discovery literature in management, and argue that it has partially misunderstood the Austrian origins of the theory, and fails to adequately distinguish between opportunity identification and opportunity exploitation.

Keywords: Theories of entrepreneurship, judgment, opportunity discovery

JEL Classification: B21, B53, L26

Suggested Citation

Foss, Nicolai J. and Klein, Peter G., Entrepreneurship: From Opportunity Discovery to Judgment (January 29, 2008). SMG Working Paper No. 5/2008, Available at SSRN: https://ssrn.com/abstract=1098144 or http://dx.doi.org/10.2139/ssrn.1098144

SI CBS (Contact Author)

Copenhagen Business School - Department of Strategic Management and Globalization ( email )

Kilevej 14
Frederiksberg, 2000
Denmark
+45 3815 3030 (Phone)

Nicolai J. Foss

Copenhagen Business School - Department of Strategy and Innovation ( email )

Kilen
Frederiksberg, 2000
Denmark

Peter G. Klein

Baylor University - Hankamer School of Business ( email )

Waco, TX 76798
United States
254-710-4903 (Phone)

Norwegian School of Economics (NHH) - Department of Strategy and Management ( email )

Breiviksveien 40
N-5045 Bergen
Norway

Ludwig von Mises Institute ( email )

Auburn, AL
United States

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