Entrepreneurship: From Opportunity Discovery to Judgment
SMG Working Paper No. 5/2008
43 Pages Posted: 26 Feb 2008
Date Written: January 29, 2008
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: Suggested Citation