Entrepreneurship in Creative Capitalism: Revisiting An Opportunity Recognition Model
15 Pages Posted: 8 Dec 2015
Date Written: December 8, 2015
The “profit-seeking potential venture” is a common theme in entrepreneurship literature (e.g. Hulbert, et al. 1997, Christensen, Madsen, and R. Peterson, 1989, Singh, 2000). The mindset of “profit-seeking” is widely accepted by scholars, researchers, and entrepreneurs since we operate on capitalism system in which profit is the only driver to start a business (Friedman, 1970). However, an emerging school of thought has been growing rapidly in the literature, which Gates (2008) called “creative capitalism”. Creative capitalism is a system where self- interest and caring for others come together hand in hand to serve the interest of entrepreneur and society (Gates, 2008). Creative capitalism is a way to expand the market to include its long ignored segment “Bottom Of the Pyramid” (Prahalad, 2006). Using the Bhave (1994) model of opportunity recognition, the purpose of this paper is to explore the how entrepreneurs in creative capitalism recognize an opportunity.
Keywords: Opportunity recognition, Creative Capitalism, Bhave Model
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