L6 Flashcards
(8 cards)
Sumarize Creativity and/or alertness: A Reconsideration of the Schumpeterian Entrepreneur (Israel M. Kirzner)
Entrepreneurial opportunity = come up with new mean-ends relationship
Do something that already exist in a better way or bring into new market or both
It is only an opportunity if it creates value
Schumpeterian
Innovation Dis-equilibrating Creation Rare Require new info
Kirznerian
Arbitrage Equilibrating Discovery Common No new info
Schumpeterian (creation) vs Kirznerian (discovery) Leadership Decision making HR practies Strategy Finance
Charisma vs experience and expertise
Inductive, incremental vs specific financial goals
Broad network and skills vs specific human capital
Emergent and changing vs relatively complete and unchanging
Family, friends vs banks and venture capital firms
Sumarize Opportunity recognition as pattern recognition: How entrepreneurs “Connect the Dots” to identify New Business Opportunities (Robert A. Baron)
Pattern recognition explains why some persons but not others find specific opportunities and who person can be trained to recognize opportunity
Three factors in opportunity recognition (Baron)
Active search
Alerntness (creativity, optimism, perception of risk)
Prior knowledge
Two types of models for pattern recognition (Baron)
Prototype = representants of category, patterns in events and trends
Exemplar models = specific knowledge, experiences
Individuals may use prototype models before they gained more specific knowledge and later rely more on exemplar
Prototype in left side or brain and exemplar in right side
Pattern recognition explain that
Active search involve searching for links between events
Alertness is capacity to recognize opportunities, depending on possessing appropriate prototypes or exemplars
Prior knowledge helps entrepreneurs develop appropriate prototypes and exemplars in order to find patterns
