Is Luck a Determinant in Achieving Sustainable Entrepreneurial Opportunity?: A Theoretical Perspective

26 Pages Posted: 22 Dec 2015

See all articles by Aponso G.S.B.

Aponso G.S.B.

University of Sri Jayewardenepura

Kennedy Gunawardana

University of Sri Jayewardenepura

M. D. Pushpakumari

University of Sri Jayewardenepura

Date Written: December 7, 2015

Abstract

The entrepreneur is the engine of economic growth of a nation. Many individuals aspiring to be entrepreneurs lack the ability to conceive ideas. Although they are motivated and have the financial resources to start-up ventures they are disillusioned as to where and how opportunities are found. The cultural norms of civil society in Sri Lanka being over reliant on astrology, imposing patterns on random data, and luck have an impact on identifying and exploiting entrepreneurial opportunities. There exists a two-world view of the notion of luck that being psychological and philosophical luck, from a psychological perspective this involves the entrepreneurs’ perception of events and people. The philosophical domain focuses on morality and epistemic luck.

The purpose of this review is to analyse the importance and role of the phenomenon of luck in identifying entrepreneurial opportunities and its impact on established opportunity identification processes associated with the economic school, cultural cognitive school and the socio-political school. This is achieved by exploring the scope and limitations of the systematic variations in randomness in opportunity identification by adopting a systematic literature review of the established theories of opportunity identification in relation to the psychological and philosophical notion of luck. This study clarifies the misconceptions surrounding the notion of luck in the identification of entrepreneurial opportunities and limitations imposed by the phenomenon of luck in achieving sustainable opportunity identification.

Keywords: Psychological luck, philosophical luck, sustainability, opportunities, structuration theory

Suggested Citation

G.S.B., Aponso and Gunawardana, Kennedy and Pushpakumari, M. D., Is Luck a Determinant in Achieving Sustainable Entrepreneurial Opportunity?: A Theoretical Perspective (December 7, 2015). 12th International Conference on Business Management (ICBM) 2015. Available at SSRN: https://ssrn.com/abstract=2706343 or http://dx.doi.org/10.2139/ssrn.2706343

Aponso G.S.B. (Contact Author)

University of Sri Jayewardenepura ( email )

Nugegoda
Gandodawila
Gangodawila, Nugegoda 10250
Sri Lanka

Kennedy Gunawardana

University of Sri Jayewardenepura ( email )

Nugegoda
Gandodawila
Gangodawila, Nugegoda 10250
Sri Lanka

M. D. Pushpakumari

University of Sri Jayewardenepura ( email )

Nugegoda
Gandodawila
Gangodawila, Nugegoda 10250
Sri Lanka

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