Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/31798
Authors: 
Buenstorf, Guido
Year of Publication: 
2006
Series/Report no.: 
Papers on economics and evolution 0601
Abstract: 
Considerable debate surrounds the concept of entrepreneurial opportunities. This paper contributes to the discussion by bringing in concepts and findings from evolutionary economics. It makes three points. First, adopting an evolutionary market process perspective sheds new light on the nature of opportunities. Second, not only the pursuit of entrepreneurial opportunities, but also the further development of the entrepreneurial venture is dependent on subjective opportunity perception and interpretation. Third, findings on industry evolution help understand how opportunities, as well as agents’ ability and willingness to pursue them, change over time. Effects of pre-entry experience on opportunity recognition and firm performance are also discussed.
Subjects: 
opportunities
market process
business conceptions
industry evolution
spin-offs
JEL: 
B25
D21
M13
L10
Document Type: 
Working Paper

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