21 Pages Posted: 28 May 2013 Last revised: 13 Oct 2013
Date Written: October 12, 2013
Unpacking the concept of entrepreneurial opportunity to include three categories of essential ingredients, this paper provides a fruitful framework for applying Israel Kirzner’s approach to entrepreneurship - bridging the entrepreneur as someone alert to opportunities to create value, to real world situations requiring the entrepreneur’s evaluation of resource inputs and prospective outputs, and his perception of what actions are necessary and need to be coordinated in an environment of sufficient mutual understandings. To fully understand entrepreneurial opportunities, one must then understand not only how the entrepreneur makes superior evaluations, but also how to address all of these three categories.
Keywords: opportunity, discovery, incentives, Kirzner
JEL Classification: L26, L22
Suggested Citation: Suggested Citation